MBA Program Rankings
To credit these ranking systems, however, where schools appear on different lists does not usually vary significantly. For example, Harvard Business School usually appears near the top of the list in most publications, so potential applicants who want to attend a top business school can be assured that, if Business Week reports Harvard as the number one school, another reputable publication will not have the institution near the bottom of their list.
Here are some common criteria that are used in measuring MBA school rankings throughout the United States and the world.
MBA Ranking Factors
Salary-related criteria
The desire to earn a higher salary is one of the chief reasons why individuals decide to obtain an MBA, so it is no surprise that salary is used to assess the quality of various MBA programs. Those who prepare the rankings may choose to compare the individual's salary before and after they obtained their MBA. They may also look at the average starting salary for MBA graduates, or at the top salary that graduates from a certain institution were able to earn.Selection criteria
In general, the more selective the MBA program, the higher it will be listed on college rankings . Determining a program's selectivity could involve looking at average GMAT scores, average GPAs, or the number of years of business-related work experience that accepted candidates possess. Comparing the ratio of candidates accepted to candidates rejected is also an indicator of selectivity. Many top business schools reject the vast majority of applications they receive.Employment criteria
Top ranked MBA programs have a strong record of producing graduates who are able to find work in their specific field. Some publications may look at how quickly graduates found relevant employment. The quality of employment is also a factor. The number of different recruiters may be examined, and the number of different employment offers may also be considered. Institutions that allow graduates to find work quickly and provide them with a large selection of opportunities to choose from will usually appear higher on most MBA ranking lists.Although the methodology used by various publications to rank MBA schools has been criticized by some individuals and organizations, school rankings are still looked upon by students as important references when they are preparing to choose an MBA school. Different publications use diverse criteria to compile their lists, but many consider attributes of the school itself when they are researching the top MBA schools in the world.
Faculty-to-student ratio
Some publications consider the faculty to student ratio an important factor when it comes to determining which MBA schools are best. Generally, a high faculty to student ratio will be looked upon as more favorable. This is because smaller class sizes usually mean that there will be more opportunity for personal interaction with professors, and that students will be able to consult with professors more easily when difficulties arise.Facilities
The quality of the classrooms, computer labs, dorms, and other campus facilities are considered when many ranking lists are being compiled. Although this may not be directly related to the quality of MBA programs, most top-ranked schools are equipped with great living and learning environments.Quality of career services
Although most MBA schools have career services departments, the level of service they provide to students can vary from school to school. Some may provide students with only limited support, and the MBA graduate is virtually left on their own to secure employment after graduation. Some, however, locate potential job opportunities and make them available to students. They may even offer seminars on interview skills and provide extensive information about potential employers. Because great career services can be an essential part of a successful job search, some publications look at the number of students who found work through the school's career services department when they are compiling their rankings.
Faculty quality
The quality and experience of the faculty who are teaching MBA classes will often have an influence on the quality of the program. For this reason, ranking lists may look at faculty experience and level of education, as well as the number of papers and/or books faculty members have published.MBA Finance Ranking
Reputable publications like Business Week regularly produce MBA school and program rankings, which allow those hoping to study for their MBA to find out which schools are the best in the country. Usually, these rankings are general, meaning that the publications do not prepare separate rankings for certain specializations, such as marketing or project management. However, it is possible to access program rankings that focus specifically on finance MBAs. Specializing in finance is one of the most popular options for MBA students. An MBA in finance offers great employment options, huge opportunities for advancement, and the potential to earn a very lucrative salary. In addition, this choice of specialization is often the most logical one for those who come from a general business or accounting background. Below are some of the institutions that should be at the top of your list if you are considering an MBA in finance.Wharton School of Business
The Wharton School of Business is known for having a strong MBA program in general. It was the first business school in the country, and MBA students can choose from an impressive 18 majors. It is considered the best option for those who want to specialize in finance.University of Chicago Graduate School of Business
In 2006, the University of Chicago Graduate School of Business was ranked by Business Week as the number one place in the country to get an MBA. The institution is renowned for developing analytical skills in its students, which explains in part why it is considered a great place to pursue a finance specialization. In addition, the vast majority of students (about 80 percent) are employed in finance jobs or as consultants after graduation.Yale School of Management
Known for its small class sizes and focus on student collaboration, the Yale School of Management is a great institution for MBA students who want to specialize in finance.Columbia Business School
Although the Columbia Business School offers numerous specializations, its curriculum focuses heavily on finance topics, which is one important reason why this school receives top marks from finance students and employers.Not surprisingly, the top-ranked schools for finance also usually appear near the top of ranking lists prepared by publications like Business Week. Wharton, for example, which is considered the top school for finance, was placed in the number two spot in Business Week's latest rankings of MBA schools. Therefore, if you choose an institution that is ranked as one of the best MBA schools, you can be relatively confident that their finance program will be strong as well.
MBA Ranking List
Business Week
There are many publications that develop and publish MBA ranking lists. In recent years, some of these lists have been criticized for not revealing their ranking criteria and for using inappropriate criteria. The fact that the same schools have been ranked differently on different lists has also been cited as a cause for concern. In fact, virtually any individual, magazine, or company can create MBA ranking lists. However, some are considered more reliable than others. Perhaps some of the most reputable lists in the world are the ones compiled every two years by Business Week. Those hoping to attend a top school frequently turn to this publication to provide them with timely and accurate information about the best MBA schools around.Owned by McGraw Hill, Business Week has been ranking American and international MBA schools since 1988. In recent years, they have also begun to rank part-time programs as well.
Business Week is quite open about the methods they use to rank programs. Surveys administered to recent graduates are an important part of the process. They are asked 50 questions, and they rate a variety of aspects of their MBA study, such as the quality of instruction they received while in attendance. Feedback from recruiters is also an important part of the ranking process. They answer a similar survey as the one presented to students, and also provide information about the overall quality of graduates that they met with and/or hired during the recruitment process. Finally, the frequency at which scholarly writings of professors appear in academic journals is analyzed, with 20 journals considered. Points are also given to schools based on the reviews of professors' books in prestigious publications like The New York Times.
In 2006, the Kellogg School of Management, which was ranked as the top business school since 2002, was replaced by the Chicago Graduate School of Business as the top full-time MBA school in the country. The Wharton School of Business was placed in the number two spot, while Kellogg fell to number three. Columbia and Stanford were ranked among the top ten schools in the nation.
The next Business Week ranking will focus on the graduating class of 2008. While positions on the list vary between years, it is important to note that the top positions on the list, for the most part, remain relatively stable. Therefore, consulting a recent list is a good way for applicants to ensure they are applying to a reputable and recognized institution.
MBA Program Ranking Data Collection Groups
When MBA programs are ranked, most publications collect their data from a variety of sources. Depending on the methods used, responses from some groups may be weighted more heavily than others. Data may be collected from one or more of these groups, depending on the publication. Presenting questionnaires to different groups allows the organization compiling rankings to get a more complete picture of the school.Alumni
Input from alumni is almost always sought when MBA programs are being ranked. The reason for this is quite obvious. Students, perhaps more than any other group, know exactly how valuable the MBA program was for them. Questionnaires often include a mix of subjective and objective questions. Students may be asked, for example, how well they feel the program prepared them for their present role, or they may be asked to compare their pre- and post-graduate salaries.Schools
In many cases, the responses provided by schools are weighted quite heavily when ranking lists are developed. Questions asked may relate to either admissions or to employment rates and salaries of program graduates. For example, the average GMAT score of accepted students, the percentage of program applicants who were ultimately admitted, and the percentage of students who found employment after graduation may be considered.Recruiters
Sometimes, recruiters are asked to rate schools and the overall quality of MBA graduates. Business knowledge, professionalism, and level of readiness to enter the workforce are all possible criteria. However, many feel that these responses may be too subjective to be considered accurate measurements. For example, a recruiter visiting a top-ranked MBA school may already have pre-conceived notions about the program and its students, which could affect his or her opinions and responses. The reverse is also true.Business people
Some ranking lists rely on input from business executives. Requesting input from this group is a practice that has been widely criticized. Those who oppose collecting data from executives feel that their lack of personal experience with and knowledge of various programs means that the data supplied will be highly subjective and biased.Last Updated: 05/13/2013