CAT

I dont think so. For one thing, you would find it nearly impossible to get into a highly selective or highly ranked program. That because schools want to assemble classes with individuals who have something to contribute to the overall learning. Without having spent any time in the world of work, you would have little to add to many of the discussions.
Secondly, you would fail to get the full benefit of the MBA experience. Without having experience, you wouldn't see how what you learn has applicability to your effectiveness at work. Lacking that foundation would make a big difference in what you take away from the program and how much of it stays with you.
Finally, the companies that employ MBAs want people who have had work experience prior to getting the degree and the maturity in a candidate that comes from it. So graduating with no work experiencemost likely from a third-tier schoolwill not help your employment outcomes.
By the way, just so you have more inside information on what a particular school offers in its MBA program, you might want to download one of these free in-depth Insider Guides. We have them for the top 16 U.S. business schools. I think that after reading one of these on a school you would most love to attend, you will more completely understand how bringing two to four years of work experience into a program would make total sense.
Start preparing for CAT but give it after work experience