MBA Program Rankings
It is quite common for a university to promote its MBA program as one of the top-rated in the country, or even in the world. And while this is impressive, it is not always clear exactly what these rankings mean. The fact that different publications rank the same schools differently just reiterates the fact that exactly where schools appear on these lists is somewhat subjective. For example, some schools focus more on GMAT scores, while others contact recruiters to ask for their opinions about specific schools.
Here are some common criteria that are used to rank MBA programs throughout the United States and the world.
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 ranked. 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.
