The Latest in Rankings News

Tuesday, March 13th, 2012

While I don’t like to encourage clients to focus too heavily on rankings when they’re making their MBA program selections, I know those headed for b-school really can’t help themselves.

With that in mind, check out U.S. News‘s 2013 Best Graduate Schools Rankings, released today, and the Financial Times‘ seventh annual listing of the world’s top online MBA programs, also announced this week.

I’m pleased to see that my alma mater, Kellogg School of Management, has taken the number-one spot for part-time MBA programs, and is tied for fourth place in the full-time MBA rankings.

Do you see any surprises on these lists? How much weight do you place on rankings as part of your school selection process? Leave a comment below to let us know.

Reputation and Rankings Trump All in B-School Selection

Monday, March 12th, 2012

This post originally appeared on the U.S. News–Strictly Business MBA Admissions Blog

I must confess; I’m a sucker for surveys. Whether it’s from a favorite website, magazine, or even my cable provider, I can usually be counted on to share my opinions, because I believe consumer feedback is one of the best tools companies have to improve their products and services. As an M.B.A. admissions consultant, I like to get feedback from my clients from time to time, so my company can better tailor its services to help them achieve their educational and professional goals. With that in mind, Stacy Blackman Consulting surveyed 652 business school applicants in February 2012 to find out what matters most to today’s applicants and why.

When you consider the hefty price tag that accompanies an M.B.A. degree from a top-tier business school, it comes as little surprise that prospective applicants consider ranking and reputation the two most influential factors when deciding which programs to target. There’s a level of credibility automatically conferred to certain schools, and by extension, to their graduates, and many applicants rightly believe they will benefit considerably by attending an M.B.A. program with an outstanding pedigree. This is especially true as the public bruising some schools took during the financial crisis becomes more of a distant memory.

While reputation is a legitimate consideration in the selection process, placing a heavy emphasis on rankings can actually become a distraction for some applicants. Two thirds of respondents to my survey said that a school’s rankings are “extremely important,” while another one third categorized rankings as “somewhat important” and less than 1 percent of those polled said rankings are “not at all important” to them. I’m always surprised by the extreme interest in rankings, which are, after all, rather fleeting. You may have your sights set on the “No. 1″ school, but a decade from now, that same stellar program might have slipped to number 10.

Take my alma mater, Northwestern University’s Kellogg School of Management, as an example. Forbes magazine ranked Kellogg 7th in 2011; the 2012 Financial Times Global M.B.A. Rankings puts Kellogg at 16th; and U.S. News ranks Kellogg somewhere within the top 10 in its upcoming 2013 Best Graduate Schools rankings, out March 13.

Each publication uses somewhat different methodology in its ranking process. For instance, one might place greater emphasis on return on investment, job placement rate, or alumni satisfaction levels. While rankings should inform your decision of where to apply, I think applicants would do well to focus more on a program’s culture, size, or the strength of its alumni network. Fewer than 12 percent of survey respondents considered culture a top priority, and a mere handful noted that program content was the most important factor influencing the decision to attend a particular business school. I find these results troubling, because it means people aren’t paying enough attention to the program that’s truly a good fit for them.

Although some schools, including Kellogg, plan to refocus their energies on the one-year M.B.A. program going forward, 89 percent of those surveyed said they are considering a two year, full-time M.B.A. program. And while applicants traditionally have applied to an average of three schools, that trend has shifted, with 21 percent of respondents applying to five business schools, 14 percent applying to six, and 8.3 percent applying to eight or more.

Most of my clients apply to one to four schools each, so I wonder whether applicants might think they’ll apply to more programs until it dawns on them just how much work is involved in drafting a customized application for each school. In the end, aiming to submit about four to six applications is a good strategy, because you really want to diversify and not get hung up on one or two schools.

The survey also drove home one important point, and it’s one I think the schools should take note of: When asked which standardized test applicants did or would submit, a whopping 97 percent indicated that the Graduate Management Admissions Test (GMAT) is still the exam of choice for b-school admissions. Despite the buzz over the number of M.B.A. programs now accepting the Graduate Record Exam (GRE), applicants seem to have trouble believing the schools really do accept it without a negative bias.

This is a message that M.B.A. programs need to better communicate with prospective students if they hope to diversify their applicant pool by accepting the GRE as an alternative in the admissions process

Who Are the Most Satisfied MBAs?

Thursday, December 8th, 2011

Are you banking on the belief that earning an MBA is the golden ticket for contentment? You may want to assess the satisfaction index of b-school grads that have gone before you, suggests a recent Forbes.com article on the most satisfied business school graduates.

Harvard Business School does top Forbes’s rankings when it comes to return on investment, but apparently, money doesn’t necessarily buy happiness—overall satisfaction with their MBA degrees ranks 20th out of 50 U.S. b-schools, and their happiness level at their current jobs is ranked 31st. So just how does Forbes measure satisfaction?

Forbes reached out to 16,000 alumni that graduated in 2006 from more than 100 schools around the world to gauge satisfaction. We heard back from nearly 5,000 of them. We looked at satisfaction in three areas: MBA education, current job and preparedness relative to other MBA alumni. We averaged the three satisfaction ratings to put together our list of the most satisfied b-school grads.

Turns out, the most satisfied grads come from Stanford Graduate School of Business, which ranked in the top five among U.S. schools in all three areas of satisfaction in which alumni were surveyed, Forbes.com states. Stanford MBAs also ranked as the most satisfied two years ago when alumni were last surveyed. Stanford ranked second this year in the magazine’s ROI ranking.

Getting into über competitive Stanford GSB may kick-start the good feelings— 6,618 applicants competed for just 397 spots in the Class of 2013, Forbes.com reports. The second most satisfied b-school alumni are at the University of Virginia’s Darden School of Business, and MIT Sloan School of Management, Chicago Booth School of Business, and Carnegie Mellon’s Tepper School of Business round out the top five.

Forbes separated out business schools located outside the U.S., so to learn who are the most satisfied MBA graduates abroad, follow this link back to the complete story.

 

 

QS Global 200 Business Schools Report

Wednesday, December 7th, 2011

The annual report of the world’s top 200 business schools according to MBA employers came out Monday on www.topmba.com. The QS Global 200 Business Schools Report provides an alternative to traditional MBA rankings by highlighting the value of MBA programs around the world according to the qualification’s end consumer—the MBA employer. Over 2,000 responses were received from 42 countries, making this the largest survey of its kind.

MBA employers were asked to identify the business schools from which they prefer to recruit. Respondents also identified business schools they deem to produce excellent hires in ten areas of elective specialization: finance; strategy; marketing; entrepreneurship; corporate social responsibility; information management; innovation and international management.

If you’re considering pursuing an MBA, the QS Global 200 Business Schools Report can help in your research process by identifying which business schools are meeting the needs of international employers and revealing some of the newer programs that are gaining in reputation.

Top Three Business Schools, by Region

 North America

  1. Harvard Business School
  2. Stanford Graduate School of Business
  3. Northwestern Kellogg School of Management

Latin America

  1. Pontificia Universidad Católica de Chile (Chile)
  2. Business School Sao Paulo (Brazil)
  3. Fundacao Getulio Vargas (Brazil)

Europe

  1. INSEAD
  2. London Business School
  3. Saïd Business School (University of Oxford)

Middle East and Africa

  1. University of Cape Town (South Africa)
  2. American University in Cairo (Egypt)
  3. University of Stellenbosch (South Africa)

Asia-Pacific

  1. INSEAD-Singapore
  2. IIM Ahmedabad (India)
  3. Melbourne Business School (Australia)

Top Three Business Schools, by Specialization

Finance

  1. Wharton School
  2. Chicago Booth School of Business
  3. London Business School

International Management

  1. INSEAD
  2. Harvard Business School
  3. Thunderbird School of Management

Marketing

  1. Kellogg School of Management
  2. Wharton School
  3. Harvard Business School

Entrepreneurship

  1. Harvard Business School
  2. Stanford Graduate School of Business
  3. Wharton School

Operations Management

  1. MIT Sloan School of Management
  2. Harvard Business School
  3. Wharton School

Information Management

  1. MIT Sloan School of Management
  2. Harvard Business School
  3. Wharton School

Strategy

  1. Harvard Business School
  2. Wharton School
  3. INSEAD

Leadership

  1. Harvard Business School
  2. Wharton School
  3. INSEAD

Corporate Social Responsibility

  1. Harvard Business School
  2. Stanford Graduate School of Business
  3. INSEAD

Innovation

  1. MIT Sloan School of Management
  2. Stanford Graduate School of Business
  3. Harvard Business School

Nunzio Quacquarelli, managing director of QS says, “Despite the global economic turbulence, the report found record numbers of companies turning towards hiring MBAs. The qualification’s international appeal is becoming increasingly relevant in today’s globally interconnected economy.”

Full results by region and specialization on www.topmba.com.

Businessweek Ranks Best Part-Time, EMBA Programs

Monday, November 14th, 2011

An uncertain job market and increased reluctance to take on enormous amounts of student loan debt are just two of the reasons cited by Bloomberg Businessweek for the recent surge in interest in part-time and executive MBA programs. According to a Graduate Management Admission Council application trends survey published this summer, more than 40 percent of part-time and executive programs have seen an increase, while applications to full-time programs have dipped at more than two-thirds of responding schools.

For the 2011 Best Part-Time MBA and Best EMBA rankings, Bloomberg Businessweek surveyed 10,000-plus recent graduates from both types of programs at more than 100 B-schools. Among the part-timers, 58 percent identified themselves as either a job changer or a career switcher, which means access to the MBA career office is in especially high demand.

Top Five Part-Time MBA Programs

  1. Elon University’s Love School of Business
  2. UCLA Anderson School of Management
  3. Carnegie Mellon Tepper School of Business
  4. University of Nevada, Reno
  5. UC Berkeley Haas School of Business

Top Five Executive MBA Programs

  1. Chicago Booth School of  Business
  2. Columbia Business School
  3. Kellogg School of Management
  4. IE Business School
  5. UCLA Anderson School of Management

Only 19 percent of respondents to this year’s EMBA survey were completely funded by their employers, down from 32 percent in 2007, says Bloomberg Businessweek. And 42 percent paid their entire tuition on their own, vs. 28 percent four years ago. According to the survey, prospective EMBAs want more than just strong core business teachings; they want access to classes in areas such as entrepreneurship, career advancement, and leadership.

Avid rankings watchers will no doubt notice that this latest EMBA ranking features a shakeup at the very top. Bloomberg Businessweek reports that the University of Chicago’s Booth School of Business has captured the No. 1 spot for the first time since the ranking began 20 years ago, ousting Chicago-area rival Northwestern’s Kellogg School of Management, which until now was the only No. 1 school in the ranking’s history.

Click through the links above to read the complete rankings for each category. To learn what criteria Bloomberg Businessweek uses to rank the schools, read this explainer.

 

 

Best MBA Programs for Social, Environmental Impact

Wednesday, September 28th, 2011

The recently released 2011-2012 Beyond Grey Pinstripes survey, the only MBA ranking focused on social and environmental impact, has named the Stanford Graduate School of Business number one in the United States, followed by the University of Notre Dame and Yale School of Management.

Conducted by the Aspen Institute, this independent, biennial survey reflects how academic institutions prepare students to meet the business challenges of tomorrow. Rankings are based on required and elective courses addressing social and environmental impact, and published on relevant topics. For prospective students interested in a more “green” MBA, the results are particularly helpful in illuminating which programs most closely align with their goals and interests.

Stanford GSB leads the pack due to the array of courses the school offers with social and environmental content, as well as classes that directly examine the role mainstream business can play in improving society, the survey authors noted. In addition, Stanford receives high marks for creating an environment that allows faculty to explore these topics in their research, they said.

The Top Ten US MBA Programs

  1. Stanford Graduate School of Business
  2. Notre Dame Mendoza College of Business
  3. Yale School of Management
  4. Kellogg School of Management
  5. UM Ross School of Business
  6. Cornell’s Johnson School
  7. UNC Kenan-Flagler School of Business
  8. UC Berkeley’s Haas School of Business
  9. GWU School of Business
  10. Columbia Business School

This cycle’s survey of 149 schools on six continents reveals there has been a 38 percent increase in the number of required courses in finance departments that include social, ethical or environmental content. Additionally, the percentage of surveyed schools that require students to take a course on business and society issues has increased dramatically–from 34 percent in 2001 to 79 percent in 2011.

“The financial crisis caused schools to be more introspective about what they are teaching,” Judith Samuelson, Aspen’s director of business and society, says in this interview. “They were criticized for being part of the problem, and not part of the solution. And that has created an environment where faculty can innovate and make change.”

Paul Rowland, executive director of the Association for the Advancement of Sustainability in Higher Education, recently told U.S. News and World Report that over the next decade, MBA programs will increasingly offer courses that consider the social, environmental, and financial impact of every business decision, a.k.a. the “triple bottom line.”

At the moment, though, Samuelson says faculty research continues to be mostly theoretical, and often fails to address challenges facing business. “While I understand the inclination of faculty to focus on theoretical issues, it’s important for leadership at top business schools to unleash faculty talents on problems they know business needs to resolve.”

For more information on the Beyond Grey Pinstripes initiative, including scoring methodology and ratings per subject area, follow this link.

 

 

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