"U.S. News & World Report," one of the most popular rankings of colleges, universities and graduate schools, in its 2010 MBA ranking has Harvard ranked No. 1. Stanford is second and Massachusetts Institute of Technology third. The tuition at each university is over $45,000 a year; Stanford is the most expensive of the three, at $51,321.
Not everyone has the resources to go to whatever schools accept him. Many MBA students work full time, have families, or have ties to their community that can't be put on hold for a couple of years. You needn't be in California or Massachusetts to attend a school that will open doors for you. Local employers tend to draw from local universities; it becomes a habit. Competing with an Ivy League applicant may put you at a slight disadvantage, but competitors with a degree from a lesser-known top 25 school from out of state may not be able to beat your home court advantage.
Program fit is probably the single most important factor in picking the best program for you. If you have tuition covered, location isn't an issue and you have the test scores to take you wherever you want to go, choosing the right school is better than choosing the best-known school. It may be helpful to visit the school. Talk to students and alumni. Review course listings. Even if you spend a week and travel costs investigating each of school on your list, it's much less expensive that realizing, after you've invested a semester or more, that you made the wrong choice.
According to the All Business Schools website, "Though the reputation of a top-ranked school will likely impress your prospective employers, your career prospects won't necessarily be much affected if you don't attend a highly ranked school." So if you can afford a high-prestige program and it fits your objectives -- all other things being equal -- it's an appropriate choice. Choosing the wrong program at Harvard is less useful than a good fit at your state university.