Here's my two cents, but please keep in mind I'm speaking entirely off the record and based only on personal anecdotes and general school vibe rather than anything empirical. At Columbia, and I would imagine at other M7 schools, general management (and I'm lumping marketing, manufacturing, and other 9-5 type of jobs in here too) is viewed kind of as a backup to the aforementioned IB or MC. Again, not trying to knock the GM path at all, but a big part of the value of a top MBA is access to high paying, high prestige jobs in IB/PE/MC. In fact, about 75% of our class goes into either finance or consulting (
http://www7.gsb.columbia.edu/recruit...ploymentreport), with entrepreneurship, non-profit, and general management making up the remainder. Even Harvard, which is generally touted as the top general management program, primarily sends its "management track" graduates to Mckinsey or BCG first before they go on into executive level positions in corporations.
That being said, even at a traditional finance heavy school like Columbia, LDP programs from top companies such as Chevron, GE, etc. recruit here regularly. I can't speak from experience, but most of the second years I have talked to are not at all worried about landing jobs in general management, so if that is your desire I'm pretty confident about your chances here at Columbia. However, you may want to consider a more regional, and perhaps cheaper alternative for your MBA. For example, UTA places extremely well in oil and gas, and despite its mediocre ranking it'd be an excellent general management destination. I've heard similar things for Georgetown and healthcare. Hope that helps.