This is Nishant, an MBA in Finance and right now working with a company which is in the field of risk management.
Its really a very interesting question that u asked and I am quiet sure different people will respond differently. It completely depends how do the people think about it?
What can I advice for you or any other like you who is just at the outset of her/his career, must think about her/his capability and the time frame under what you have to achieve your desired result. One thing that I would like to mention here that many companies ask for the trainees (as a fresh MBA Graduate) so that they could mould these trainees according to their expectations and requirement.
And this is also a fact that as the time passes the ability to sit on a table-chair and study a lot of reference book to get better marks in the MBA (pre and post) exams declines.
Regarding colleges, if u ask then in a single line I can say- Believe in the Best and only Best.
Any more specific question u can ask at kr_nishantkr@rediffmail.com, if I could answer better. I feel since I have faced these issues, I can tell you better.