Criteria for Ranking Business Schools
How credible are those Business School Rankings? How do they come up with the top Business Schools in the land?
Business School Ranking is an effective tool used by many in searching for the right Business School. Most people rely on these data to determine if their chosen school is the school of their dreams. You're probably wondering what specific criteria/standards they use in ranking Business Schools and who are responsible for measuring them?
The Economist and Financial Times provide individual rankings of Business Schools. All of them use various criteria if a Business school deserves to be on the A-list or receives a failing grade. Other providers are BusinessWeek, Forbes, and Wall Street Journal.
It conducted an Economist Intelligence Unit Survey of more than 200 senior executives. They came up with the following ten significant areas for selecting an open-programme provider
* Content and internationalism of the programme
* Faculty quality
* Provider's Amenities
* Quality of fellow participants
* Level of post-course support for partcipants
* Capable of demonstrating an impact back in the workplace
* Cost/value for money
* Wide range of courses
* Maintaining an ongoing relationship
Based on the aforementioned criteria, open programme participants were asked to rate those schools that they attended and eventually came up with top eight business schools.
They used twenty criteria to determine their rankings. The first eight criteria are based on alumni survey, the second nine criteria came from business schools' survey and the basis of last three criteria is on research survey.
* Weighted Salary
* Salary percentage increase
* Value for money
* Career progress
* Aims achieved
* Placement success
* Alumni recommendation
* International mobility
Business School Survey
* Employed at three months
* Women faculty
* FT doctoral rating
* International faculty
* International students
* International board
* International experience
* Faculty with doctorates
* FT research rating
According to Dr. N.M. Kondap, vice-chancellor of NMIMS University, "Surveys are conducted using different metrics and parameters. Some amount of discrepancy also occurs during the assessment of the survey which is reflected in the results."
Importance of Historical Business School Ranking
The history of business school ranking is a very important tool to measure the quality of education that top business schools around the country provides. This is because every several years, business schools around the country have to improve their curriculum, change deans, and provide new experiences for their students. The recruitment of their graduates can also bet taken into consideration because this can have a big impact on the future of its graduates.
For this reason, it is important to know the historical business school rankings for students to make a good academic choice. But how exactly, are the rankings of business schools determined? Well, the Census uses proven methodology to have an accurate ranking. Among the things it considers are:
- The published rankings – this is a very reliable source of information because it derives its ratings from numerous sources such as the Business Week, the Wall Street Journal, the Financial Times, the U.S. News, the Business Education Commission, and the Carrter Report. Take note that the aggregate rankings that are published by the institution comprise around fifty percent of the total score.
- Selectivity – this is the measurement of the college admission which is how the business schools accept their students. Selectivity is also founded on the percentage of all applicants that are admitted (40%), their GMAT scores (35%), and their GPA (25%). The composite selectivity of the school will comprise around 25% of the total score.
- Salary – the salary range of their graduates also measures the quality of education provided by the school. Around 10% of the total score comes from the graduate’s salary.
- Placement – this is the success rate of the school’s placement of its graduates. People will know whether graduates from the school will actually have a good job when they join the workforce. Placement comprises 10% of the total score as well.
- Yield – reflection of the percentage of admitted students who pay tuition and other fees to the school. Yield compromise 5% of the overall score.
The business school ranking can differ from year to year as some schools make drastic improvements while some remain at their current level. It is important to have a valid historical business school ranking to determine which schools are consistent in the quality of education they provide. This will enable recruiters as well as the students make the right choice with regards to their career. In conducting the rankings, it is also essential to get some facts from business school graduates as well as their opinions.
Most of the time, graduates are asked to answer questions which range from the teaching quality of their schools to the career services that their schools have provided them. From this data, researchers can gather enough information about the schools and know the relevancy of their answers.
The top schools that are consistently at the top 10 include the Wharton School, Harvard Business School, University of Chicago Graduate School of Business, Stanford Business School, Kellogg School of Management, MIT Sloan School of Management, Columbia Business School, University of Michigan Business School, Tuck School of Business, ad the Anderson School. Other notable business schools around the country include the Carnegie Mellon Graduate School of Industrial Administration, Hass School of Business, Darden Graduate School of Business, Johnson Graduate School of Management, and the Fuqua School of Business.