Since the late 1960s, publications have released MBA rankings based on various methodologies. Common ranking criteria must include admissions statistics, post-MBA career outcomes, and feedback from students, alumni, and employers.
While each ranking has its own methodology, it is important to note that it changes frequently, often resulting in significant changes from year to year (and sometimes sparking criticism from those interested in the graduate management education market).
Choosing an MBA program is full of challenging ways, as there are a lot of things to look at.
There are many organizations – such as Economist, Financial Times, and Business Week – that rank MBA programs employing a style of metrics.
Schools can be evaluated by recruiters and academics who evaluate each school backed by personal experience and knowledge.
Data points, such as average GMAT or GRE scores, average starting salaries for graduates, and employment rates are among the adverse factors examined. However, even though two institutions may use similar metrics, they each come with their own special list and, therefore, with different top business schools. This begs the question: Do MBA rankings provide useful information for prospective students or do they simply confuse the subject?
How much do MBA rankings matter?
The simple answer to the current question is that MBA rankings are absolutely very important and matter.
Top business schools tend to be the ones that consistently rank higher on the list and they should be there.
Meanwhile, among potential employers, there is a perceived value in hiring an entirely new employee who has graduated from one in all higher-ranking schools.
With this in mind, it would be tempting to decide on a college entirely-based on its ranking. This would be a mistake, because the university ranks high on the list of best business schools, it does not indicate that it is the best school for you.
The school’s MBA rating may be a factor you can use to make your decision, but it shouldn’t be the only factor.
Ranked from where?
At the tip of the day, a first-ranked college and a fifth-ranked university might not differ much in quality. If MBA rankings are important to you, it will be far more important to look up the percentage in which a college has recently been named among the top business schools rather than just locating it on one individual list.
Additionally, different MBA rankings note the different qualities of potential schools. Some may specialize in student satisfaction and others may look at test scores or employment rates and salaries after graduation.
When viewing rankings, it is important to understand exactly what they are being “ranked for”. This may make it easier to determine which order may be most important to you.
And now what does each MBA ranking need?
We must repeat that MBA rankings are just one tool designed to help you make your decision on which MBA program is right for you. It’s by no means the sole tool and probably not even the most important thing. Although rankings may make it easier for you to determine how your faculty is performing in general, it is important to think about your personal goals.
How do you reach your MBA degree?
What does your budget look like? Is the location important for you? All of these questions are important and none of them are fully answered by ranking.
Don’t let MBA rankings displace your own investigation. Certainly, you should not overshadow what you have learned from researching the college, the staff or reproved recruiters, or learners of the college in question. Regardless of the rankings, the college should be fit for you, your goals, and your personality. Use all the resources available to you, including rankings, to help determine the simplest program for you.
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