I am thinking about doing an MBA but have only 2 years of consulting experience. should I stay put or take the hit now. which will help me progress quicker over the next 5 years or so

I'd only recommend it if you are going to go to one of the top schools, and are planning a move into the strat firms. Otherwise the value in terms of financial return is pretty limited. Having said that, there are plenty of other benefits to doing an MBA, so it depends what your motivation is.I would stay put, and get involved in challenging projects and business development. Also - two years probably isn't enough experience to really get the max benefit. If you want to get the most out of it, I'd wait another 1-2 years.