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I think in your case, M7 makes sense to take. 50K is a good scholarship and should help offset the cost a good bit. Option 2 sounds really risky, and while interesting, probably will be challenging at this point in your career. 150K isn’t a TC that makes an MBA not worth it
Can you do option 2 and a weekend mba program like kellogg or booth?
If your long term interests are in Consumer and Retail corporate work, this is a great 3rd option. I took this route. I was previously in consulting and exited to the industry and am currently a Manager of M&A and Corporate Strategy. I’m enrolled in the Part Time MBA program at Booth. You can still use on campus resources to switch back into consulting or something else if you want towards the end of your MBA