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

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If you’re aiming to attend Stanford GSB or another top 10 MBA program in 2015, then you’ll want to view our most recent webinar, Get Accepted to Stanford Graduate School of Business.

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In her presentation, Linda Abraham, CEO & Founder of Accepted.com, offers advice on how to apply successfully to Stanford GSB or another top-ranked MBA program.

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Top 10 Most Expensive Private Business Schools in the U.S.

In 2013-2014, b-school prices at private, elite business schools in the U.S. increased about $3,000 since the previous academic year. The average tuition for these 10 costly programs is almost $13,000 more than the average tuition of all ranked programs.

By contrast, one of the least expensive schools (not listed below) is Brigham Young’s Marriott School of Management with tuition and fees at $22,560 (and only $11,280 for students of the Church of Jesus Christ of Latter-day Saints faith).

Check out our B-School Zones to learn more about the top MBA programs!

Source: U.S. News “The Short List”

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Related Resources:

• Which B-Schools Offer the Most Scholarships?
• CommonBond’s Story: A Revolution in Student Loans
• MBA Scholarships: How Do I Apply and What Should I Emphasize?

Stanford GSB Class of 2015 Profile

Here’s a glance at Stanford GSB’s class of 2015 (from Stanford’s website):

Get Accepted to Stanford Graduate School of Business! Click here to learn more!• Total applicants: 7,108
• Total new students: 406
 Women: 41%
 International students: 35%
 U.S. minorities: 21%
 Range of years of work experience: 0-12
 Average years of work experience: 4
 Average GMAT: 732
 Complete GMAT range (lowest and highest scores): 550-790 (note that there were no perfect scores)
 Advanced degree holders: 15%
 Undergraduate majors:

-  Business (14%)
-  Engineering, math, or natural sciences (35%)
-  Humanities or social sciences (51%)

 Industry experience:

Industry_Experience_StanfordGSB

Are you looking to join the next Stanford GSB class? Join us for our upcoming webinar, Get Accepted to Stanford Graduate School of Business, to learn key strategies to help you get accepted!

Date: Tuesday, July 29, 2014
Time: 10:00 AM PT/1:00 PM ET

Register now: Get Accepted to Stanford Graduate School of Business

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Top MBA Programs Using Shared Letter of Recommendation Questions

Looking for application essay tips? Click here!

A Shared LOR = Good News for Applicants, Recommenders, and B-Schools

The number of top-ranked MBA programs now asking the exact same questions for the letters of recommendation is growing, which is good news both for recommenders and for candidates. LORs are very important to an applicant’s case, providing an objective assessment from a supervisor, former manager, or other professional that helps affirm (or not) what the applicant has stated about her own skills, traits and abilities. But different questions with different word limits were onerous for both applicants, who had to ask the same people to write varying assessments for their multiple applications, as well as the recommenders.

This year, Harvard, Darden, Yale, Stanford, Columbia and Wharton are asking these questions:

 • How do the candidate’s performance, potential, or personal qualities compare to those of other well-qualified individuals in similar roles? Please provide specific examples. 

 • Please describe the most important piece of constructive feedback you have given the applicant. Please detail the circumstances and the applicant’s response.

Harvard, Wharton, and Yale have word limits for both questions, though the other programs do not. Not all schools had released their LOR questions for the 2015 application season as of this writing, so this list is not comprehensive, and other schools may be added to the list. Stanford has a helpful link to a transcript of a podcast on what elements make for successful and effective LORs. This advice is certainly applicable to LORs for any other MBA program as well.

Some schools also ask recommenders to fill out a personal qualities and skills grid form, evaluating applicants in a variety of areas. Currently, there is no unity among the schools on the use of a grid, so carefully check each school’s requirements.

Graduate school admissions consultants have lobbied to streamline this LOR process for years, and this convergence around shared questions is a direct outgrowth of those efforts. Last year, at the annual conference of the Association of International Graduate School Consultants (AIGAC), the topic of LORs became unexpectedly lively, with school admissions directors expressing concern over the integrity of what they were reading in LORs, and AIGAC members arguing that using shared questions would enhance the integrity of the process because it would take pressure off both applicant and recommender.

Anna Ivey, president of AIGAC, is pleased with the development of more schools converging around shared LOR questions. “Applicants have for years found themselves in quite a pickle because they have had to dump so much work on their recommenders. In some cases, their recommenders have had to write more words than the applicants do in their essays. That has created all kinds of distortions, despite good intentions.

“As AIGAC’s MBA Applicant Survey has shown since its inception, a sizable minority of recommenders ask applicants to write their own letters, and we suspect that’s because there’s only so much bandwidth they can dedicate to someone else’s application, let alone for multiple people for whom they might be writing letters. That multiplier effect makes for a daunting amount of work. Any convergence around common recommendation questions not only makes the application process easier for applicants and their recommenders, but also helps preserve the integrity of those recommendations and the application process. Cutting down on the duplication and extra work for recommenders will make it more likely that recommenders write their letters themselves, and that’s a great outcome.”

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Judy Gruen By , MBA admissions consultant since 1996 and author (with Linda Abraham) of MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.