Basically, both schools are pretty much similar based on the Businessweek rankings and profiles. You need to very carefully research each school, pay a visit if at all possible, to see which one is a better match for you and your post-MBA goals personally.
That said, I would make a couple of pointers to formal profiles.
* Pamplin seems to have somewhat stronger academics, because they have PhD program, Hofstra does not.
* Pamplin has higher median GMAT score (640 vs 600 at Hofstra) and higher selectivity (37% admitted vs 66% at Hofstra). This means that you mayl have somewhat higher quality of the classmates.
Again, this is based just on formal info from profiles. But from my personal experience these two criteria may be very important in your overall MBA experience.
As for job opportunities, inquire from each school information about their Career Services and companies that hire from them.

On a lighter note, I liked the paradox in your post: Got admitted to the school of which you had never heard. :)

Thanks for Reply. I appreciated your answer. will surely keep these points in mind but Hofstra increased my scholarship to 80% financial aid for both of years that looks very lucrative to me. I need to pay only $ 7800 for both of years whereas For VT, the amount is $ 44000 for two years.

Sorry for paradox in previous post. :)

Thanks for Reply. I appreciated your answer. will surely keep these points in mind but Hofstra increased my scholarship to 80% financial aid for both of years that looks very lucrative to me. I need to pay only $ 7800 for both of years whereas For VT, the amount is $ 44000 for two years.

Sorry for paradox in previous post. :)

Just as I said, evaluate carefully your personal situation. Cost of attendance is a significant factor, along with others, in your decision making. For example, I passed on the Smith part-time MBA (which is formally higher-ranked program) in favor of GWU, in part based on the scholarship I got from GWSB. So look out for your best based on all the factors.

Hofsta has very strong ties to Wall Street, over 1000 alumni at Goldman Sachs. Bernie Madoff is a Hofstra alumni.
It is kind of known for smart long island jewish lawyers and finance guys, take it for what its worth.

The school is named after alumni named Zarb, former chairman of Nasdaq, current Dean also alumni was chairman of Amex.

If you aspire to work in finance in NYC, then Hofstra is an obvious choice. If you are going to work anywhere else in the country then Virginia Tech is better known.