Before you embark upon the MBA application process, you will need to decide upon the schools to which you are going to apply. There are many factors to consider, so where do you start, and how can you usefully differentiate between schools?
Evaluating MBA Programs
When you imagine your ideal MBA program, what factors do you consider? You need to decide what criteria are important to you.- In what sort of learning environment do you thrive best?
- Do you need a program with a flexible schedule?
- How much of a workload do you think you can handle?
You will need to take a number of factors into account when assessing which MBA programs fit your wants and needs. Consider concentrating on the following:
- Reputation and ranking
- Strengths in specific subject areas
- Teaching methods
- Location
- Class size and profile
- Student culture
- Internship opportunities
- Average starting salary
- Career placement
- Cost
Time spent on research will pay off
Where can you find the most reliable information about MBA programs and how should you start the research process?
Business School Rankings can provide a detailed list of information at a quick glance. There are numerous websites with general information about business education, including Financial Times, TopMBA, Business Week, and GMAC's own website.
Individual school websites will provide the bulk of the in-depth information you need about their programs.
Attending MBA fairs, such as the World MBA Tour, provide an opportunity to meet admissions reps and alumni of a wide variety of MBA programs at one venue.
Visiting the school, if possible, is a great way to learn more about the program, by sitting in on classes, touring the campus, and meeting faculty and students.
Finally, the importance of speaking with students and alumni cannot be emphasized enough. Only the students can express what it is really like to attend that program. Ask the admissions office at a program you are interested in to put you in touch with a current student or alum if you don't know any, and learn first-hand about their experiences and the student culture.
How to Use Business School Rankings
Every one to two years, various publications issue updated rankings of MBA programs. In Europe, the most well-known publications are The Financial Times, and The Economist, and in the US, the most well-known are U.S. News and World Report , Business Week and the Wall Street Journal,
If you are considering an MBA, using these rankings to compare information on potential programs can be useful. However, it's important to recognize the limitations of rankings and put them into proper perspective. No rating system, no matter how sophisticated or complete, can capture the full measure on the worth of a program. The issuers of these reports are generally the first ones to point this out. Rankings can give you a rough idea of how different schools perform in certain categories, how selective they are, and how they change over time.
Difference in Rankings
The issuers of rankings each use a different methodology, so be certain that you understand the criteria they're using and how this affects their rankings. U.S. News and World Report, for example, bases their ratings on a school's reputation among professors and academics, its reputation among recruiters, and its "student selectivity ranking" (consisting of GMAT scores, GPA, and proportion of students admitted), among other things. The U.S. News and Wall Street Journal rankings do not gather any input from students, although some others do. Because of the varying methodologies, the rankings themselves frequently differ from one publication to another. So look at these rankings as a general guide that provides some insight into the various schools.
