2014 Economist MBA Rankings

2014 Economist Full-Time Global MBA Rankings:Download your free copy of MBA Rankings: What You Need to Know

1. Chicago Booth (U.S.)

2. Dartmouth Tuck (U.S.)

3. UVA Darden (U.S.)

4. HEC Paris (France)

5. IESE Business School (Spain)

6. Harvard Business School (U.S.)

7. UC Berkeley Haas (U.S.)

8. NYU Stern (U.S.)

9. Stanford GSB (U.S.)

10. Columbia Business School (U.S.)

11. UPenn Wharton (U.S.)

12. MIT Sloan (U.S.)

13. UCLA Anderson (U.S.)

14. Northwestern Kellogg (U.S.)

15. London Business School (U.K.)

16. University of Queensland Business School (Australia)

17. Emory Goizueta (U.S.)

18. INSEAD (France)

19. Yale SOM (U.S.)

20. Michigan Ross (U.S.)

Top 10 B-Schools with the Highest GMAT Scores:

table

Top 10 MBA Programs for “Potential to Network”:

1. HEC Paris (France)

2. Vlerick Leuven Gent Management School (Belgium)

3. Thunderbird School for Global Management (U.S.)

4. NYU Stern (U.S.)

5. UC Berkeley Haas (U.S.)

6. Notre Dame Mendoza (U.S.)

7. Warwick Business School (U.K.)

8. USC Marshall (U.S.)

9. Melbourne Business School (Australia)

10. UVA Darden (U.S.)

A Poets & Quants article on the rankings states that at least 17 business schools declined to participate in this year’s rankings, many claiming that The Economist’s methodology is faulty. Some of these schools include Babson Olin, Toronto Rotman, Sauder School (British Columbia), Minnesota Carlson, McGill Desautels, Purdue Krannert, and, University of Manchester (U.K.), Imperial College Business School (U.K.), University of Illinois at Urbana-Champaign.

Regarding methodology, 80% of the data used for the rankings is derived from surveys provided by the schools themselves. The remaining 20% of information comes from current students and recent grads.

John Byrne notes that since The Economist rankings launched in 2002, Harvard, Stanford, and Wharton have never topped the charts. This year, the schools rank at 6th, 9th, and 11th place, respectively. In 2005, Harvard and Wharton weren’t included in the rankings as they declined to contribute data. (That year, those two programs also declined to participate with the Businessweek rankings.)

Matt Symonds, who wrote a critique of the rankings, “Leave no MBA ranking unquestioned,” provides these additional points:

• Booth took the #1 spot for the third year in a row, and the fifth time in the last eight years.

• There are only six European schools in the top 25; in 2008, there were 11. This year, Cambridge Judge and Oxford Saïd both dropped 15 places, to 52nd and 69th place respectively.

• The breakdown of the criteria used to rank the schools goes as follows: personal development/education experience (35%), open new career opportunities (35%), increase salary (20%), and potential to network (10%).

• This year, more than 20 schools rose or fell by double-digits (and thus the rankings have been criticized for their volatility).

• Big droppers include University of Bath School of Management which fell 23 spots from its previous 20th place; York Schulich fell to 41st place from 22nd last year.

• Big jumpers include Kellogg and Yale which both jumped 9 places up to 14th and 19th place respectively; Rochester Simon and Temple Fox both jumped 20 places to 58th and 57th place respectively.

Are You Misusing the B-School Rankings?

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Related Resources:

• MBA Rankings: Why Should I Care?
MBA Rankings: What You Need to Know
• Top 10 B-Schools with the Most Satisfied Graduates

1000+ Students to Compete in Europe’s 24th Annual MBA Tournament

Students from 13 European business schools compete to take home some sporting glory.

Students from 13 European business schools compete to take home some sporting glory.

This year’s MBA Tournament (MBAT), a three-day sporting event organized by HEC Paris students in which 1,150 students from 13 European business schools compete to take home some sporting glory, will take place this weekend from the 8th-10th. This year there will be 23 sport competitions, including cricket, rugby, football, poker, chess, and ultimate frisbee.

According to MBAT Co-President Katrina Senn, “The MBAT is one of the best things we do at HEC Paris. The competition brings classmates together as a team and lets us show other schools what we’re capable of. In fact, this year, we’re seeing increased participation from all of the schools coming to compete as it continues to gain in popularity.”

The event, which is the largest gathering of MBA students in Europe, provides students an opportunity to network, develop team skills, and have fun.

This year’s participating schools are:

University of Cambridge Judge Business School
• Cranfield University School of Management
IE Business School
INSEAD
London Business School
• Manchester Business School
• University of Oxford Saïd Business School
• RSM Erasmus University
• TiasNimbas Business School
• ESADE Business School
• IESE Business School
• Lancaster University Management School
HEC Paris

Download our free special report: Best MBA Programs

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FT’s Best Global MBA Programs in 2014

The Financial Times released its 2014 global MBA rankings! Read on for the list, the facts, the analysis, and the sources.

The List:

2014 Rank

3 Year
(Avg) 

School Country 
1 1 Harvard Business School USA
2 2 Stanford Graduate
School of Business
USA
3 4 London Business School UK
4 3 U Penn Wharton USA
5 5 Columbia Business
School
USA
6 6 INSEAD France/Singapore
7 8 IESE Business School Spain
8 8 MIT Sloan USA
9 10 Chicago Booth USA
10 15 Yale School of Management USA
11 12 UC Berkeley Haas USA
12 15 IMD Switzerland
13 11 IE Business School Spain
14 11 Hong Kong UST
Business School
China
15 15 Northwestern Kellogg USA
16 19 Cambridge Judge UK
17 17 Duke Fuqua USA
17 18 NYU Stern USA
17 19 CEIBS China
20 18 Dartmouth Tuck USA

To truly understand the rankings, much less use them, please see the methodology so you’ll know what’s being ranked. While there are twenty factors considered in the FT rankings, the FT methodology puts the most weight on increase in salary in $US PPP (Purchasing Power Parity) and weighted salary in $US PPP.

Poets and Quants criticizes the FT rankings for absurd results in calculating “Value for Money” as well as for having too many criteria and several criteria that really don’t reflect the quality of education. Others say that it is biased against U.S. programs.

Regardless of the criticism’s validity, the FT ranking is arguably the most cited ranking of global programs because it compares U.S. and international programs in one ranking and seems to do a better job of it than the alternatives. That prominence doesn’t mean these rankings are Gospel. It does mean you have a lot of data in a format where you can easily compare MBA programs from around the world on designated criteria.

The Facts:

Here are some fun facts about FT’s 2014 rankings:

• 7 of the top 10 and 12 of the top 20 programs ranked are US schools.

• Big jumpers this year include Boston University’s business school and Washington Forster, which each jumped 20 spots, to 75th and 58th place, respectively. Another big US jumper this year was USC Marshall which jumped 17 spots to 65th place. UNC Kenan Flagler jumped up 12 slots this year from its 3-year average rank, moving from #45 to #33.

• The biggest losers this year include Dublin’s Smurfit School (dropped 27 spots to 91st place) and Vlerick Business School (fell 16 places to 100th place), as well as the schools which disappeared off the list entirely: U of Iowa’s Tippie School (74th last year), Korea University Business School (86th last year), Incae Business School in Costa Rica (90th last year), Case Western’s Weatherhead School (94th last year), and others.

• Newcomers to the list include: UC Davis (98th), Wake Forest (94th), BYU’s Marriott School (93rd), and ESMT European School of Management and Technology in Germany (89th).

• In terms of geographic representation, the top 20 schools are all in the US, UK, Europe (France, Spain, Switzerland), China, and Singapore, but further down the list, other countries gain their spots: India comes in at 30th place with the Indian Institute of Management in Ahmedabad; SDA Bocconi in 31st place represents Italy; South Korea appears in 45th place with Sungkyunkwan University’s GSB; Canada’s first school on the list is Toronto Rotman at 51st place; Portugal follows with The Lisbon MBA in 52nd place (new to list); South Africa’s U. of Cape Town GSB comes in at 59th place; in the 62nd slot we have Australia’s Australian Graduate School of Management; and Brazil’s Coppead is in 79th place.

•  The city with the highest concentration of schools in the top 100 is (of course) Boston with six top b-schools – Harvard (1), MIT Sloan (8), Hult International Business School (61), BU School of Management (75), Boston College Carroll (82), and Babson Olin (95).

The Analysis:

While it’s fun to look at the changes – who climbed and who sank – for me the real lessons from this ranking are:

1. The top programs move and change very slowly. That lack of drama in these rankings is a better reflection of reality than the gyrations one sees outside the top twenty. Significant change takes time so sharp jumps and dives probably mean nothing. Sustained change in ranking has greater credibility – if you value the same qualities as the FT.

2. The one point made repeatedly in the commentary on this ranking, and it is the same conclusion I draw from both the FT ranking and the Forbes ranking, which both emphasize ROI and increase in salary, is this: The MBA education at top programs provides a solid return on investment for most students. The MBAs surveyed for the FT rankings started their MBA in 2008, just as the Great Recession hit, and graduated in 2010. These MBAs still report on average a 100% increase in salary over what they were making before they started business school.

There are obviously critics of graduate business education, specifically the MBA, and those detractors either believe an MBA isn’t valuable or that the value has declined. I agree with the latter group. However, the questions for today’s applicants are:

1. “Given my current professional background and salary and my anticipated salary after I earn an MBA, do the anticipated financial rewards plus increased job satisfaction justify the investment (both out of pocket and opportunity costs)?” The fact that those entering b-school ten or twenty years ago could anticipate a higher ROI is irrelevant. It is merely a historical curiosity and for you an unfortunate one.

2. “Is the full-time MBA – or whatever flavor you are considering – the optimal way for me to attain my MBA goals?”

FT, to its credit, also has an article on those claiming the MBA is not worth the effort. Sometimes they are right. Each one of you individually needs to examine your circumstances and goals to see if for you the MBA is an expensive waste of time and effort, or if for you it is likely to be worth both. Clearly, most of the people surveyed by Forbes, the Financial Times, and GMAC are in the latter group.

In this video  Della Bradshaw, FT’s Business Education Editor, discusses the results of this year’s FT Global MBA rankings including the finding that MBAs in the class of 2010 are now enjoying salaries double those they were earning before they entered b-school.

The Sources

• FT Global MBA Ranking 2014

•  FT: MBA Ranking 2014: Key & Methodology

•  FT: Big Names Dominate FT MBA Ranking Top Spots

•  P&Q: Winners & Losers in 2014 FT MBA Ranking

•  Accepted: 4 Ways You Should NOT Use the MBA Rankings

•  Accepted: MBA Rankings: What You Need to Know

Learn how to evaluate your profile to determine the best business school for you!

Linda Abraham By , president and founder of Accepted.com and co-author of the new, definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.

European MBA Admissions: GMAT or GRE?

Thinking of a European MBA? Find Out if You Should Take the GMAT or GRE! The question of whether applicants to European b-schools should take the GMAT or GRE was addressed in our most recent Q&A – 2014 Virtual Panel: Exploring European B-Schools with IMD, London Business School and INSEAD – as well as many other topics, including the length of different programs, program updates, career opportunities, diversity, and more.

Missed the event? Click here to get the recording and transcript.

See the following excerpt for a look into the GMAT/GRE question:

Linda Abraham: Do you accept the GRE?

Pejay Belland: Yes, we do.

Lisa Piguet: Yes, we do accept it. We do but we prefer the GMAT just because we find that it’s more – it’s a better predictor of success in the MBA. But we do accept it.

Linda Abraham: Okay, fair enough. That’s good to know.

Oliver Ashby: We only accept the GMAT for the MBA program. And what I’d say is, if you do, I generally believe you do on all career and in top-tier management consulting. You need to take the GMAT.

Lisa Piguet: Yes. And Oli, that’s actually a really good point because I was on another chat today with something else and somebody else asked that question. And I brought that point up, that if you want to do top-tier management consulting, they will ask for your GMAT score, not GRE.

Linda Abraham: They will have to take the GMAT.

Lisa Piguet: And I think that’s also true for investment banking and at least financial…and even some industrial-type companies, even like Google and some of those top-tier companies now are starting to ask for GMAT scores. Yes, so not GRE. It’s because they’re getting so many applications. It’s one way of weeding people out. So it’s the GMAT that they’re wanting now.

Linda Abraham: I didn’t know that. And I would think that with the IR, the consulting firms, they’re going to start wanting it even more.

Lisa Piguet: Yes, exactly. Yes, that’s a good point, Oli. I forgot about that.

Read through the full 2014 Virtual Panel: Exploring European B-Schools with IMD, London Business School and INSEAD transcript or listen to the audio for more information on applying to b-school in Europe! You can also listen to this Q&A recording (and others) on-the-go when you download the Accepted Admissions Podcast.

Need help prepping for the GMAT? See GMAT & MBA Admissions 101 – a tip-filled resource brimming with advice on how to increase your chances of acing your GMAT.

To automatically receive notices about these MBA admissions chats and other MBA admissions events, please subscribe to our MBA events list. To listen to the Q&A recordings on-the-go, please subscribe to the Accepted Admissions Podcast.

 

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London Business School 2014 MBA Essay Tips and Deadlines

LBSIf you look at the London Business School questions, you’ll see that a lot of introspection is required if you want to answer the questions thoroughly, thoughtfully, and compellingly. When elaborating on your career goals, your desire to participate in the global workforce, and your strong leadership skills, make sure you consider how each of these elements is important to the London Business School. The adcom doesn’t just want to see how impressive you are; it also wants to see how you will contribute to the dynamic London Business School community.

These three questions, together, create a comprehensive picture of your candidacy: future goals (what), your contributions to the program (who), and your thinking and conceptual ability (how/why). In answering each one, keep in mind the picture that they create together, and fit your tone and approach in each closely to the question.  LBS has historically been very concerned about your contribution and fit, and these essays carry that forward.

Essays:

Q1.What will your future look like after completing your MBA? (500 words)

It’s a goals question with a twist: the crisp tone and wording invite a fresh, direct answer; an answer that is both concrete and visionary.  The question wastes no words, and neither should you.  Keep the phrase “look like” in mind as you portray your envisioned future – largely your career but also possibly including relevant non-work factors such as major community or philanthropic commitments – the description should be “real” and concrete.  Decrease the detail as you progress in time to your longer-term goals and plans.

Q2. What value will you add to London Business School? (300 words)

Present two to three distinctive points (can be professional or non-work, but at least one should be professional) that show the adcom what you’ll contribute to the program.  Don’t just say they will add value; specify how.  In doing so, consider the culture of the program.  This short essay is a way to demonstrate your appreciation for and understanding of the program’s culture, values, and personality, so address those factors in discussing how you will add value.   

Q3. What is the School’s responsibility to you and what is your responsibility to the school? (400 words)

To make this essay work for you, keep it focused and specific.  Identify one to two points each for your and the school’s responsibility, and root each point in concrete experience and/or fact and/or example.  Don’t struggle to come up with points you think no one else will mention; rather, strive to be thoughtful, clear, and insightful about the points you do mention – that is how to make this essay memorable.  And bear in mind, it’s a further opportunity to demonstrate your fit with the program.

If you would like professional guidance with your London Business School MBA application, please consider Accepted’s MBA essay editing and MBA admissions consulting or our  MBA Application Packages, which include advising, editing, interview coaching, and a resume edit for the London Business School application.

London Business School 2014 Application Deadlines:

Application Deadline Decision Notification
Round 1 October 4, 2013 December 12, 2013
Round 2 January 3, 2014 March 27, 2014
Round 3 February 28, 2014 May 15, 2014
Round 4 April 16, 2014 June 26, 2014

Get clear, practical guidelines for answering the MBA goals essay question. Click here to download our free report.

Cindy Tokumitsu By , co-author of The Finance Professional’s Guide to MBA Admissions Success, and author of numerous ebooks, articles, and special reports. Cindy has advised hundreds of successful applicants in her last fifteen years with Accepted.com.