My question is simple: How and when do you tell your boss you're going to apply to business school? This has been briefly touched on in other threads but I'm very curious as to what folks thought the appropriate timing for telling your bosses that you're applying to b-school is. I'm especially interested in those of you that do NOT work for mega funds in PE/HF/VC because the culture isn't necessarily 2 and out (to MBA). I have a ton of friends who work for mega funds - most of them got into HBS and they were basically shooed their by their fund (a few are having it paid for). It's apples and oranges when comparing to MM/specialized funds that don't necessarily value the MBA.
One issue that's been bugging me is that reviews and bonuses generally occur in December, which would leave you with 2-4 weeks to do b-school apps from start to finish if you didn't want your bonus to be affected. (I think it's total bs if you claim that telling your bosses you plan to apply for a MBA has no bearing on your bonus. It absolutely will. You're no longer viewed as a long term investment for the firm...mega-caps aside).
Lastly, some background: I'm an associate in PE and at my shop business school is not valued at all. I'm pretty confident that it would take at least 4-5 more years for a Principal spot to even open up and the upwards mobility is by no means guaranteed. I'm applying to business school either in Round II this year (deadlines in early January) or Round I next year, depending on how quickly I get my apps together over the next 6 weeks and if I figure out how to break the news the right way. I went to a top 3 school, did banking in NYC for one of the top 3 BBs and transitioned to PE after. 760 GMAT.