Businessweek Rankings 2014

Let’s see how full-time MBA programs in the U.S. fared this year on the BW rankings…

Check out our Zone Pages for more info about the top MBA programs!

There were some huge changes this year! Let’s take a look at some of the highlights:

• Newcomers to the top 20 this year are Yale SOM, which made a huge jump from 21st place to 10th place; Maryland Smith which went from 24th to 17th place; and Emory Goizueta which jumped from 22nd place to 18th place this year.

• There are three new schools in the top 10 this year – Yale SOM, as mentioned above; Columbia Business School (13th in 2012 and 5th this year); and CMU Tepper (which moved just one place from 11th place to 10th place).

• Beyond that, there was some major shifting in the rankings. The top 3 schools were all different this year (Wharton and Booth still there, but rearranged), with Harvard Business School falling from 2nd place to 8th place.

UVA Darden also fell significantly this year, from 10th place to 20th.

• Big jumpers further down the rankings include Rice University Jones (from 34th to 25th); UC Irvine Merage (43rd to 31st); and Rochester Simon (50th to 38th).

• The schools that fell the most in the rankings include Texas A&M Mays (26th to 42nd); University of Wisconsin-Madison (33rd to 44th); Boston University (39th to 57th); Babson Olin (from 42nd to 58th); Thunderbird (45th to 62nd); and Arizona Carey (49th to 67th).

And here’s the scoop on the best U.S. undergraduate business schools in 2014…

Do MBA rankings really matter? Click here for the 2-min answer.

Some highlights include:

• Newcomers to the top 20 are Northeastern (from 25th last year to 19th this year) and CMU Tepper (from 24th last year to 17th this year).

• The only new school in the top 10 this year is Indiana Kelley, which jumped from 13th place last year to 8th place this year.

Michigan Ross fell from the top 10, from 8th place to 12th place.

• Big jumpers include Southern Methodist Cox, which jumped from 30th to 21st place; Babson, which jumped from 36th place to 26th place; UM Amherst Isenberg, which jumped from 45th to 36th; Bryant, which jumped from 63rd to 49th; and Case Western Reserve Weatherhead which jumped from 69th to 50th.

• Big falls include Villanova, which fell from 15th place to 24th; U of Illinois Urbana-Champaign which fell from 21st to 34th; and James Madison University which fell from 29th to 40th place.

For details on how ranking methodology see:

Best Business Schools 2014: How They Were Ranked

Best Undergraduate Business Schools 2014: How We Ranked Them

Analysis of the 2014 Businessweek Rankings

Businessweek made changes to its methodology (presented here and analyzed here by John Byrne, the founder of the BW rankings) this year.

The Basics of BW’s Rankings Remain Unchanged

This year, as in the past, BW surveyed recruiters and students. The recruiter satisfaction results comprise 45% of the ranking. The student satisfaction survey results comprise another 45% and the remaining 10% is determined by “expertise of each school’s faculty” as evidenced by faculty research published in prominent academic journals AKA intellectual capital.

What’s New in BW’s Rankings Methodology?

• The employer ranking reflects this year’s data only. Previous rankings used data from the last three surveys or six years of biannual rankings data while weighting the most recent year most heavily.

BW surveyed fifteen times the recruiters this year than it did in previous years. Previously, BW surveyed major recruiters who tended to recruit at multiple business schools. This year, BW attempted to survey as many MBA recruiters as possible, including “recruiters” who recruit primarily if not exclusively at their alma mater. The increased survey size is a major methodology change. The alumni recruiters may have a certain bias towards the school they attended. BW attempted statistically to reduce the impact of that bias, but it probably helped smaller schools like Duke, Tepper, and Yale, and hurt the traditional leaders, like Harvard, Wharton, and Chicago.

Impact of the Methodology Changes

• Surprise! The results will shock many applicants. Seven programs, including Duke and Yale, rank above HBS and MIT. Indiana Kelley and Maryland Smith rank above Haas, NYU Stern, and Darden. These are unexpected results.

• Reemphasizes the importance of understanding methodology. The changes highlight the need for anyone using the rankings as indications of “quality” or even reputation and brand value (a bad idea in my book) to look at the underlying data. Smith is ranked overall at 17. It was ranked #1 for student satisfaction and #51 in the employer survey ranking. Applicants to Smith should inquire about what is changing in its career management center. Clearly there is a satisfaction gap that has to be addressed.

• Increased volatility. Since BW has removed older rankings data from the ranking and has dramatically widened the survey pool while incorporating alumni recruiters, you are guaranteed to see more changes and more radical changes than with the previous methodology.

• Cognitive Dissonance. Either BW rankings will lose credibility because they don’t conform to expectations and will be more volatile, or people’s perception of the programs will change because of the BW rankings.

My money is on the former: loss of credibility. If BW’s results become less stable and predictable (like The Economist’s), they are more likely to lose credibility than to contribute to changes in school reputation.

As always my best advice to applicants reviewing the rankings is to:

• Use specialty rankings to get a sense of what schools excel in your areas of interest.

• Use the data that the ranking databases provide.

• If you have any thought of actually using the overall rankings, understand what they measure, and ask yourself if those qualities are of paramount importance to you. BW has been wonderfully transparent and even shared the questions actually asked in the survey.

• Layer in reputation and brand, i.e. ranking, after determining what schools best support your goals and are most likely to accept you.

Are You Misusing the B-School Rankings?

Linda AbrahamBy Linda Abraham, 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.

 

Related Resources:

• 2014 Economist MBA Rankings
• MBA Rankings: Why Should I Care?
• U.S. News 2015 Best Colleges

What’s an MBA Really Worth?

Applying to top MBA programs? Download your free copy of Best MBA Programs: A Guide to Selecting the Right One

How much do MBAs really earn?

This is the question tackled in a recent Poets & Quants article in which John Byrne presents PayScale data provided exclusively for P&Q. In the analysis, PayScale calculates the estimated median pay and bonuses (not including stock-based compensation, retirement benefits, or non-cash benefits like healthcare) of graduates from the top 50 U.S. MBA programs from 2004 to 2014. Here are some of the highlights from the article:

Harvard, Stanford, and Wharton earn the most over a 20-year period (at $3,233,000, $3,011,000 and $2,989,000 respectively), with average income at the former nearly doubling the average income of graduates from Texas A&M’s Mays Business School (at $1,781,820.)

• Some schools “punched above their weight class” like Boston University, whose graduates earned an average of $2,329,000, making the school rank in 19th place on this list, while ranked overall (in the regular MBA full-time rankings) by P&Q in 40th.

• Another high roller from lower down on the list is UC-Irvine Merage, where MBAs earn $2,319,932 over 20 years, putting them in 21st place, though generally ranked in 47th.

• More food for thought: At HBS, the average age of graduation is 29 years old. Our 20-year payout here brings these MBAs up to 49 years old, giving them another 16 years until retirement at 65. Based on their 20-year earnings, they may earn another $3.2 million, which combined with their 20-year earnings, brings their total up to $6.5 million. (Remember, this is a conservative estimate as it doesn’t include stock and non-cash compensation.)

• Compare the above HBS figures to the $2.5 million estimated lifetime earnings (age 24 to 64) of people with a master’s degree (non-MBA). (Data from the U.S. Census Bureau.) Someone with an MBA from Harvard will earn nearly three times as much as someone with a master’s degree. And someone with an MBA from Texas A&M will still earn about $1 million more than the average MA/MS holder.

• More comparisons (based on U.S. Census Bureau data): The average high school graduate can expect to earn $1.2 million in a lifetime, compared to the $2.1 million of someone with a bachelor’s degree. PhDs earn $3.4 million on average during their working lifetime. Doctors and lawyers can expect lifetime earnings of about $4.4 million – still less than the lifetime earnings of MBAs from at least 28 business schools.

• According to PayScale data, graduates from BA programs earn a median $1,301,000 20 years post-graduation. All MBAs, on average, earned $1,771,000, with those in the top 50 earning a median $2,266,000. An MBA in general will earn you about half a million more than a BA; an MBA from a top 50 school will get you yet another half a million more.

Looking for admissions advice?
Source: PayScale for Poets&Quants

For MBA admissions tips, check out our MBA Admissions 101 Pages!
Source: Payscale Inc. for 20-year estimate, business schools reporting to U.S. News for 2013 starting pay and bonus.

Learn How to Choose the Best MBA Program for You!

Accepted.com: Helping You Write Your Best

Related Resources:

Best MBA Programs: A Guide to Selecting the Right One
• B-Schools with the Highest ROIs
• Which Graduate Schools Should You Apply To?

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?

Accepted.com: Helping You Write Your Best

Related Resources:

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

UCLA Anderson 2015 Essay Tips & Deadlines

Check out the rest of our school-specific application essay tips!

UCLA Anderson

The advice that UCLA Anderson provides below is excellent, not just for Anderson’s essays, but for most MBA essays. Read it carefully. 

My tips are in blue below.

Your essays are the primary way for you to share your perspectives and plans with the admissions committee. The best essays are introspective, genuine and succinct in directly answering our questions and responding to our topics.

• Essay questions are listed below for both first-time applicants and re-applicants.
• You should try to distinguish yourself by showing what makes you different from others who share similar profiles.
• Personal expression is what we are looking for, not platitudes.
• Making a strong case for your future plans requires you to first do research on career paths and find one that resonates. Even if this target will change during business school, your application essays should lay out a clear trajectory for short-term and long-term goals. Do this by demonstrating how you expect to build on skills from your past, and those you expect to gain from the MBA.
• Essays are more compelling if they include specific courses, programs, groups, opportunities, activities, etc. from which you would benefit, if admitted to UCLA Anderson. These references are best found through website research, personal discussions and a campus visit (if possible).
• Content and clarity are key elements, as we seek superior communication skills.
• Style is a consideration too, although we understand that those who speak other languages may have different manners of expression in English.
• We do check your essays for plagiarism, so make sure you always submit your own work.
• Length does not equal strength. A well-written short essay can have even more impact than a longer essay. Please try to respect the word limits indicated below.
• All responses to essays must be on double-spaced pages that are uploaded as a document. We do not accept essays in any other media but written form.

Essay:

UCLA Anderson is distinguished by three defining principles: Share Success, Think Fearlessly, Drive Change. What principles have defined your life and pre-MBA career? How do you believe that UCLA Anderson’s principles, and the environment they create, will help you attain your post-MBA career goals?  (750 words maximum)

Anderson has simplified it’s essay requirements but gives you enough room to write a revealing response. Make sure that essay shows that you can answer the question articulately and belong at Anderson.

First think about what’s important to you. What guides and drives your behavior? If you can summarize those principles in two words as Anderson does, that’s great. If not, don’t sweat it, but do be succinct. If you come up with more than three principles, choose the three that are most important to you, but I advise against going with more than three. If you want to use fewer than three, that’s OK too. And, for Heaven’s sake don’t be tempted to say that your guiding principles are verbatim identical to Anderson’s.

A great way to approach this essay would be to discuss an experience or anecdote that represents your guiding principles and then connect that story and your values to UCLA’s critical principles and the Anderson culture.  Then conclude by addressing the last part of the question: How Anderson’s principles and “environment” will help you realize your post-MBA career goals.

Optional Essay:

Are there any extenuating circumstances in your profile about which the Admissions Committee should be aware?  (250 words maximum)

If there are extenuating circumstances that would add perspective on or “explain” a weakness, you can discuss them here. A few years ago, UCLA added the following: “Please do not submit redundant information in the Optional Essay.” Good advice for all optional questions. For more suggestions, please see The Optional Question: To Be or not To Be

Required Re-applicant Essay:

Reapplicants who applied for the class entering Fall 2013 or 2014 are required to complete the following essay. Please be introspective and authentic in your response. We value the opportunity to learn about your aspirations and goals.

Please describe your career progress since you last applied and ways in which you have enhanced your candidacy. Include updates on short-term and long-term career goals, as well as your continued interest in UCLA Anderson. (750 words maximum)

This is the key question in every MBA reapplication: How have you enhanced your candidacy? Career progress is an obvious place to start and something you must address, but if academics were a weakness, then what have you done since you last applied to show you can excel at Anderson? 

If you would like professional guidance with your UCLA Anderson 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 UCLA application.  

Download our free special report: Best MBA Programs

UCLA 2015 Application Deadlines:

UCLA Anderson Application Deadlines

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.

 

Related Resources:

UCLA Anderson B-School Zone
• Student Body, Recruitment, Location: Future UCLA Anderson MBA Interview
• Hard Work and Humility: Reflections of a UCLA Anderson Student

Student Body, Recruitment, Location: Future UCLA Anderson MBA Interview

Click here to learn more about UCLA Anderson!This interview is the latest in an Accepted.com blog series featuring interviews with current MBA students, offering readers a behind-the-scenes look at top MBA programs. And now for a follow up interview with Piyush, who was recently accepted to UCLA Anderson. (We first met Piyush last year – you can read our first interview with him here.)

Accepted: Can you remind us a little about who you are?

Piyush: I am an incoming UCLA Anderson MBA candidate with experience in development consulting, entrepreneurship (retail) and oil and gas. Most of my roles in these industries have been people-orientated and in sales. I am a biotech graduate from London and have lived in 7 countries, mostly in the Middle-East.

Accepted: Which schools did you get accepted to and why did you choose UCLA Anderson? Why do you think that’s the best school for you?

Piyush: I got accepted at number of top-tier business schools in India and the U.S., but choose Anderson mainly for the student body, diversity in recruitment and location. I have expanded this in detail on my Anderson student blog post here.

Based on my interests and past experiences, I will be looking in pharma/biotech marketing and sales at tech companies such as Google or Amazon. Anderson has focused its curriculum around different functional tracks including marketing, allowing me to focus early on. Also the school has a great relationship with companies such as Amgen and Google.

Accepted: Can you talk about your decision to attend a U.S. MBA program over a program in India?

Piyush: It is difficult to compare MBA programs in India and the U.S. because they are serving different markets and addressing different business problems. India scores more on the economy growth front, job placements numbers, and cost. But U.S. schools such as Anderson stand out for job readiness, leadership, exposure, diversity and experience.

It also boils down to where you want to work immediately post-MBA. The schools have the biggest value in their respective regions. Having studied and worked in India, I was looking for a new and diverse experience.

Accepted: What are you most looking forward to with starting b-school in the fall?

Piyush: I am most looking forward to being a student again. The excitement to learn new things, ask questions and at the same time have fun. I am also very excited to meet my classmates at Anderson.

Accepted: Can you talk about your waitlist experience at UNC? What did you do in between getting the news that you were on the waitlist and then getting the acceptance letter? Did you take steps to improve your profile, write a waitlist letter, etc.?

Piyush: I think the term waitlist should be renamed to some actionable term such as reach-out or something. A lot of candidates simply choose to wait, which really does not help their application. I understand that some business schools (such as Ross), only allow you to send one update but most schools are happy to host you on-campus and learn about your progress.

I was waitlisted at a few schools, and the first thing I did was seek feedback. You will be surprised how the admissions team views your application. Since I was not able to improve my profile drastically, I visited the school, networked with current students, and reached out to admissions team frequently.

Patience and persistence is generally rewarded at this stage of application.

Accepted: An MBA is not cheap – do you have any tips for our readers on paying for b-school?

Piyush: There are number of ways to finance an MBA, ranging from company sponsorship to private loans. I believe a strong GMAT score and application certainly helps you land a scholarship.

Apart from customized loan programs for international students, students can ease their financial burden during studies with academic internships and teaching assistant positions.

Accepted: How do you plan on spending the time between now and when you start school in the fall? Are you doing anything to prepare for b-school?

Piyush: I am taking some time off from work and travelling in India. Anderson has kept us busy with weekly emails, which ensure that we are ready with everything. The UCLA Anderson Parker Career Management Center has started working with us closely.

I am also doing a small pre-MBA course at mbamath.com to get ready for the academic rigor of business school.

Accepted: What would you say are your top three MBA admissions tips?

1. Start early – This is very important. I used a number of resources from Accepted.com and Admissionado to kick-start my applications.

2. GMAT score matters, at least for Indian applicants – A couple of business schools asked me to increase my GMAT to 740 during the waitlist period because I was competing with fellow Indian citizens many of whom also presented stellar applications. My GMAT score was already 720.

3. Take the medicine – Spend the time and resource to learn about the business school you are interested it. Your research and interest directly reflect in your essays and interview.

For one-on-one guidance on your b-school applications, please see our MBA Application Packages

You can read more about Piyush by checking out his blog, Piyush Jain: Science, Technology & Sports, and following him on Twitter here. Thank you Piyush for sharing your story with us!

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