Among the several factors that an MBA aspirant considers while selecting a school would be its ranking. B-school rankings are tabulated by the Financial Times, The Economist, Businessweek and several others based on various parameters and methodologies. Since each of these ranking organizations follow different methodologies, the rankings of a particular school may differ substantially.
We take a look at the ranking methodologies and how an aspirant can arrive at an informed decision about the ‘right fit’ school. By and large, schools are assessed on feedback from students, recruiters and faculty based on personal experience and knowledge besides data points such as average GMAT or GRE scores, average starting salaries for graduates and employment rates.
The FT MBA Global rankings, for instance, can be filtered under no less than 27 heads including aims achieved, careers, employment, recommends, salary today and value. The list can also be compared to the previous years ranking. The Economist Full Time MBA rankings provides you the facility to search by year, country/region and even compare between schools. Likewise, Forbes would give you a list of the best schools in the US, the best one-year programs in the world and other such rankings.
Most of these lists would have top colleges listed with different rankings according to the methodology adopted.Thus you have INSEAD ranked number 1 in FT Global MBA list followed by Harvard Business School (HBS) in the second spot and London Business School coming third. The Economist has Chicago Booth on top followed by Kellogg and Darden with HBS on the fourth spot.
Now comes the question. Do MBA rankings matter. The answer would be Yes. Recruiters place more value on getting graduates from higher ranked schools that fulfil their criteria.
But then, you should be mindful of the fact that rankings are only a pointer to certain perceived qualities in a particular school. While some of the rankings may have given extra emphasis on return of investment (ROI), others may focus on student satisfaction, quality of the faculty and other such factors.
The ranking lists would certainly help you analyse the quality of the schools in a through manner. However, what is more important is in finding out if thee particular school is the right fit for you. Does the program meet your career goals and aspirations? Will you be able to bear the costs incurred by way of fees and other needs? All these questions need to be asked and answered to your satisfaction before deciding to take the plunge.
Apart from looking at the rankings, you would do well to draw up your own short-list of schools, get in touch with the alumni, current students and faculty. If possible a visit to the campus would be helpful in arriving at the right decision.
