When preparing a list of target MBA programs, it can be difficult to find the best match among the many great business schools across the world. Location, cost, class size, employment results and myriad other factors enter into the conversation. But for many people, the real elephant in the room becomes MBA program rankings.
It can be easy to fixate on rankings, especially when you’re just starting your research and are not very familiar with the options. It is true that everyone knows the most famous schools (Harvard, Berkeley, Duke), but it is not true that one should automatically be considering one of those programs just because of its prestigious brand name.
It is imperative that each applicant pursue programs that they deem to be the best fit according to their personal learning needs and professional goals and preferences. Your background, career goals and the culture of the MBA program are all highly personal, and choosing which programs to apply to will significantly impact what comes after, which is why we spend extensive time advising clients on which programs are the best for them. Because of this, applicants must think beyond rankings and choose schools with specific strengths, industry relevance, learning formats or other specializations that match their individual situation and career goals. There’s an important reason that we do this. As two of our former clients recently mentioned in an interview: you shouldn’t pursue an MBA for the degree itself, but for what it prepares you for and enables you to accomplish throughout your career.
As you start to evaluate which programs to target, here are some tips about how to use MBA rankings – and other resources – as part of your decision-making process.
Which Rankings Should You Use?
The five publications below are the most widely used MBA rankings. The data points and methodologies by which they rank schools are all different, so we have provided a quick summary of each. Note that the different systems prioritize different elements. Some are fact-focused, while others are opinion-focused. You’ll want to take this into consideration when trying to understand the valuations that each list attempts to make. Clicking the name of the publication will take you to a detailed explanation of their ranking methodology.
Bloomberg – Compensation – at graduation and alumni earnings – makes up more than one-third of their ranking index and is supported by scores for networking, learning, and entrepreneurship.
The Economist – Largely focuses on how well a program creates new career opportunities and student development, with points also for salary and potential to work.
The Financial Times – Alumni surveys make up the lion’s share of these rankings, while school data and research ratings contribute to a lesser degree.
Forbes – A fact-based assessment focused on return on investment, strongly favoring post-MBA salary statistics.
US News & World Report – Relies most heavily on peer and recruiter assessments, and also considers employment rates, salaries, and program selectivity.
If you can’t be bothered to investigate the lists above, you can check the Poets & Quants rankings, a cumulative list based on US News & World Report (35%), Forbes (25%), Financial Times (15%), Businessweek (15%), and The Economist (10%). Conversely, for a more detailed overview of the lists mentioned here, check out this blog post from Pepperdine University.
Let the Rankings Be Your Starting Point
The data offered by these lists can be helpful in many ways, and you should put them to good use. Some lists share information about which programs send graduates into certain industries or job functions. For example, if you want to continue your career in the medical device industry, you might target Duke or Minnesota, but if your focus is on supply chain management, Michigan State and Arizona State are probably great choices. All the lists can help you understand how schools rank in a given geographical region, so if you insist on living somewhere warm or you want to be close to family, you can use the lists to identify schools in certain locations. If you want to get a great education on a budget, you can start by familiarizing yourself with the rankings, but then you will need to do some more digging to learn about tuition, cost of living and scholarships.
Do Your Own Research
These rankings provide broad, not deep information. Therefore, it is essential that you dedicate yourself to researching the individual programs that you identify as possible targets. Here are some ways that we recommend that you learn about programs.
Talk to students and alumni. If you do nothing else, do this. No one knows a program better – from the curriculum to the networking to the career support – than the people who have studied or are studying there. You might have noticed that none of the MBA ranking lists include a quality of curriculum or educational aspects, so it is best to ask current students and recent graduates if you want to ascertain the classroom styles and education quality of a given program. Students and alumni are often very enthusiastic to talk about their alma maters, so don’t hesitate to approach them with a friendly introduction. LinkedIn has powerful search functions that will allow you to identify alumni and students located all around the world and reach out to them.
Study the program. Go to the websites for all of the MBA programs you are interested in and visit MBA messageboards like The GradCafe to learn about corporate partnerships, internships, scholarships, renowned professors and other strengths, weaknesses, and opportunities for each program. You should seek out the class profiles for the past two or three years for the programs you are considering, which generally (but not always) provide class size, demographic data, average test scores, undergraduate background info, and work history, such as industry and job function. This UC Berkeley (Haas) MBA Class Profile is a good example. Similarly, employment reports provide valuable information about industries, companies, roles and salaries pertaining to recent graduates. Here’s one from UC Berkeley.
Consider other rankings. In addition to other major publications that rank MBA programs, there are industry-specific rankings for most professions. A financial journal is likely to have the scoop on which schools are rising or fading for fintech, for example. This can be especially helpful if you are seeking to change job functions or industries.
But Do Rankings Matter?
“I have no idea where most of the people who worked for me went to college. I just know: Did they get stuff done or did they not?” said former President Barack Obama.
While we can all be momentarily impressed by hearing that someone went to a top-flight school, it is their achievements, skills and performance that matter most over time.
So, do rankings matter? Yes, they do, but your choices shouldn’t be solely based on this. It’s just a way to get the lay of the land. Considering the huge amount of time and money you will spend on this education, you owe it to yourself to do your own research to identify the best program that will best suit your needs.