MBA Rankings: What I told the WSJ and what I want to tell you
A couple of weeks ago, I chatted with Patrick Thomas from the Wall Street Journal. We talked about the role of rankings in MBA recruiting, admissions, and marketing. Some of what I said made it into the article:
“A ranking “gives [schools] the ability to point to an external benchmark and say we are one of the best,” said Petia Whitmore, a former dean of graduate admissions at Babson College and founder of admissions consulting firm My M.B.A. Path. When a school’s rankings slip, “I’ve heard of more than one occasion where influential alumni start calling the school upset they didn’t score better,” she said.”
You should read What’s the Best Business School? For This Year’s M.B.A. Rankings, It’s Not Who You Think. It’s a useful framework for how rankings work and what they reflect.
But I have more thoughts on the use of rankings and school selection that didn’t make it into the article as it obviously wasn’t all about my opinions.
So here’s how you as an MBA candidate should use MBA rankings in your decision making.
Why bother at all?
First of all, remember what rankings are. Rankings are a perception of a school’s reputation. Rankings try to make this perception more closely tied to a set of objective measurements. As you start researching schools and how they are ranked, it’s worth taking a look at the methodology behind each ranking so you understand why some schools rank higher than others. It’s also worth remembering there are wide fluctuations, especially this year with a number of schools skipping some of the rankings.
Use early and with caution!
Rankings are helpful for getting the lay of the land at the start of your school research. They are obviously a strong indicator of a school’s selectivity. Almost always, the school’s average admissions “stats” – GMAT, GPA, years of work experience – end up accounting for some of the score. This has clear implications for you. The more competitive a school is, the harder it will be for you to stand out and get admitted. And even if you get admitted, the selectivity of the program will impact your chances of getting a scholarship.
Rankings are one ingredient, not the whole meal.
Rankings can help you estimate the ROI of your future MBA. They provide insight into employability and earning potential. However, here’s where I believe things become much more difficult to measure. ROI, especially in the long term, has strong experiential and emotional components. The ways in which your MBA experience builds you into a stronger professional and individual are impossible to measure. The impact of your network is also not something you can simply estimate and include in a calculation.
As I will repeat for as long as there are MBA candidates willing to listen, the most important part of the MBA application process is fit.
So definitely peruse the rankings, coupled with a consideration of how competitive your profile is and use them to create a list of schools to research and eventually apply to. And don’t forget to think of the trade offs. The more competitive YOU are for the programs you are applying to, the stronger your odds of admission and of getting a scholarship. The financial consideration is nothing you should take lightly.
If there is one takeaway I want to leave you with though, it’s this. If you are choosing to apply to just one or two of the most selective MBA programs, you are making a mistake. Are you really interested in the academic training and overall experience an MBA provides or are you just going after a brand name? If it’s the former, then there is always a larger set of schools that can provide that for you.
One of the most difficult things I have to deal with is speaking with candidates who are only applying to Stanford. Somehow it does happen. I can understand why. But deciding it’s Stanford or bust is like wanting to be an actor but only if you are guaranteed to be in “Avengers: Endgame”. OK, your chances of getting into GSB are probably slightly higher but you get my point.
There is NEVER just one program that can be the bridge to your MBA career dreams.
OK, now that you know all this, what’s next? Did you know you can use a free consultation to get a mini-assessment of your profile? If you have not spoken with me yet, you are missing on a valuable free input from a seasoned expert. No MBA worth their tuition dollars would ever miss a chance to leverage a great free asset. Book now and let’s chat.
Onwards and upwards,
Petia
Is this helpful? What else would you like to know as you work on your MBA application? Get in touch and let me know. I respond to all emails personally and promptly. And if you need me to be your second set of eyes, I have made appointments available every day this week.