The Real Top 10 on MBA Rankings

Darden is ranked #3 in The Economist Full-time MBA rankings, released last week. Clearly, I am not surprised!  As a Darden alumna, I’m glad the publication recognizes that Darden is one of the best business schools in the world! In all seriousness, MBA rankings often play a central role for candidates on where they will apply and matriculate so I decided to put together a Top 10 list on MBA rankings.

1. Rankings are like BCS football rankings

Rankings have some basis in truth, but mean almost nothing on any given Saturday. Like football rankings, MBA rankings are based on data, such as placement and admissions stats and also on voting (rankings include some combination of student, alumni and recruiter ratings). Put students from two MBA programs up against each other and the rankings go out the window on who is actually more talented and will be more successful.

2. Rankings can be good starting point if you are beginning to explore business school

The publications that release rankings are aggregating lots of data and information that can provide useful insight to candidates who are exploring business school. Often candidates don’t know what they don’t know; using the rankings, candidates can get a sense of factors that they should be considering.

3. Consider rankings from multiple sources

Of course, this week I believe the Economist is the most accurate of the rankings with Darden in the top 5 – I want you to think highly of my school! But there are other rankings in which Darden is Top 15 or 16. You should understand why those rankings view the school less favorably. If rankings are important to you, look at different ranking system to get a more complete picture.

4. The top 10 is comprised of 15 schools

If attending a “Top 10” school is important to you, then you have 15 schools to choose from! There are about 15 schools that are deemed Top 10 (from rankings and reputation) and there are about 30-35 schools in the “Top 20”. Random, but awesome!

5. Your business school approach is not law

When I applied to graduate school 17 years ago (how is that possible), quality of education and reputation were important to me. Prestige wasn’t super important to me, but I wanted people who knew about MBAs to know about my school. My reasoning was perfectly logical to me, but you should not base your approach on my approach. Nor should someone base their approach on your approach. Don’t follow the crowd – do what’s best for you.

6. MBA administrators can manipulate the rankings

Schools participate in the rankings by submitting lots of data and information and have the ability to present themselves in the best light.  While I don’t believe schools are goosing the numbers, they do have some impact on what the ranking publication sees and which students, alumni and recruiters participate in the survey. Some schools spend hundreds of man hours preparing for a single ranking submission, while other schools spend virtually no time on it.

7. Rankings don’t measure the quality of the education

There are lots of schools that will never be in the top 10 or 15 schools, but the quality of the education that they offer is second to none. Additionally, some of those schools have the highest job placement rates. Their lower rankings may be driven admissions statistics (lower GMAT, etc.), a more regional versus national reach and starting salary.

8. Rankings don’t put you at the center

Rankings don’t capture YOU. You will have circumstances that render the rankings assessment meaningless. Rankings are reporting averages, but you have to always consider how each data point might actually impact you.

9. Job placement doesn’t capture underemployed

Schools report the percentage of students that have jobs three months after graduation. Of course, we want to know how many students were able to get a job after school. This number is oversimplified though because it includes graduates who are underemployed (not at the level that they should be or not in the role that they wanted, possibly back in a job that they had before school). Don’t get over hyped by 97% job placement.

10. You will determine your own success

Rankings are interesting to look at, but the ranking of the school that you attend will have little to no effect on what you achieve post-MBA. You will determine your success or failure. The MBA is simply a tool in your toolbox that can use on your path to success.