An MBA ranking is a measuring tool used by students, educational institutions and instructors to let others know how worthy and beneficial an MBA program is. They play a crucial role in the success of any MBA business program. Everyone from students, staff to alumni will use the rankings to assess their school’s program in the global marketplace. A number of factors comes into play when discussing MBA rankings.
Who determines rankings?
Five publications determine MBA ranking, and all are based on a number of factors. Each uses its own measuring devices so the rankings can be rather inconsistent. The five publications include Forbes, which calculates using the ROI based on five years post education. Financial Times bases less than half of its rankings on salaries of MBA graduates three years post graduation. U.S. News & World uses GMAT scores and surveys of both MBA directors and deans. Business Week bases its rankings on the satisfaction of students and recruiters. Finally, the Economist bases its rankings on how successful the MBA is in opening new career opportunities.
Rankings are based on instructor qualifications.
The more highly qualified your instructor, the more your chances of getting a thorough education that suits the institution’s goals and objectives. Qualified instructors stimulate learning by presenting information in an interesting manner, encouraging interactions and open discussions with students while using unorthodox teaching methods. Instead of sticking with textbooks, instructors at highly ranking schools will provide real-life viewpoints and situations to stimulate creativity. The more qualified the instructor, the more likely they will come from highly successful internationally run firms. In other words, they are business leaders themselves.
Rankings determine student quality.
The higher an MBA ranking is the more stringent requirements will be for program entrance. Higher quality students bring experience and strong backgrounds to the MBA programs. The lower an MBA ranking the more enrollment will allow for inexperienced, or nonworking, students. Traditional MBA programs are usually geared toward the working professional who pursues further education during off-hours. If an institution has a lower MBA ranking, enrollment may allow students without any actual work experience to participate.
Class versatility plays a role.
The more versatile the MBA program, the higher the MBA ranking will be. MBA students rate versatility very highly since it satisfies the need to obtain an education as well as balancing a job, family and recreational time. In turn, this improves the overall ranking. Since most students work as professionals, they need the flexibility of scheduling classes at a convenient time, in a convenient mode. Life balance is crucial for these students. The higher ranking programs will offer students the ability to study on-campus, online, via distance learning, full-time or part-time.
Student satisfaction matters.
The more satisfied the student is with the class versatility offered the more valuable the program will be viewed. This, in turn, increases the student satisfaction level which reflects positively in the ranking. Higher ranking MBA programs realize the importance of satisfying student needs by offering high-quality programs in a number of formats.
MBA rankings are done annually to help students decide which institution deserves their business. It also helps educational institutions develop better programs and staff.