Global MBA Rankings 2011 released

London Business School and Wharton tied at #1 The top 20 Global MBA programs, according to Financial Times: 1. London Business School – UK 1. University of Pennsylvania Wharton – USA 3. Harvard Business School – USA 4. INSEAD – France/Singapore 4. Stanford GSB – USA 6. Hong Kong UST Business School – China 7. Columbia Business School – USA 8. IE Business School – Spain 9. MIT Sloan – USA 9. IESE Business School – Spain 11. Indian Institute of Management Ahmedabad (IIMA) – India 12. Chicago Booth – USA 13. Indian School of Business – India 14. IMD – Switzerland 15. New York University Stern – USA 15. Yale School of Management – USA 17. Ceibs – China 18. Dartmouth Tuck – USA 18. HEC Paris – France 20. Duke Fuqua – USARead full...

Online MBAs heading to the ivory tower

While online MBA programs are nothing new, elite business schools are starting to offer the option to students, with UNC’s Kenan-Flagler school the latest to join the party When the dean of the University of North Carolina’s Kenan-Flagler Business School first broached the idea of launching an online MBA program, his faculty and students were highly skeptical. “Many of our full-time MBA students are not convinced this is a good idea,” says Dean James Dean. “They underestimate the challenge of what it is for people to remain in their jobs and work and study for the degree.” Even Dean concedes that he had doubts. “To be honest, I was initially skeptical,” Dean says. “I wondered: Can you really do an MBA online that you could be proud of? I came around to the idea that this was a great opportunity for us and could change the nature of business education at the top schools.” The upshot: This July, Kenan-Flagler will be the highest ranked business school in the U.S. to offer an online MBA program. The school expects to enroll 50 students in its initial class at a cost of $89,000 each, a price tag that includes up to four weekend residencies at different locations around the world. UNC is partnering with 2tor Inc., a company that provides the technology platform and instructional design to deliver courses online…Read full...

Top Ideas for a Better MBA

“What one idea would improve graduate management education?” The quest for the golden idea that would improve management education began last summer, when the Graduate Management Admission Council (GMAC) launched a contest it hoped would shake up the status quo at business schools. The Ideas to Innovation Challenge asked people all over the world to answer the question “What one idea would improve graduate management education?” The contest was organized by GMAC’s Management Education for Tomorrow (MET) Fund, a $10 million fund established in 2008 to help improve management education. The MET Fund set aside more than $260,000 for the contest, with the winner of the top prize receiving $50,000. It was the first time that GMAC, which administers the Graduate Management Admission Test, organized such a challenge and organizers said they hoped to get perhaps 100 entries. Their expectations were met and then some. GMAC was deluged with 600 entries from people in 60 countries. Professors, students, recent MBA graduates, and executives were among those who entered the contest, each of whom had their own unique take on how to improve management education. This fall, GMAC started taking a closer look at the entries, eventually narrowing the pool down to 20 finalists and, today, announcing the winners. Ideas range from alternate-reality game training for MBA students to new ideas for creating more specialized management programs and curriculums. Now that the winners have been announced, GMAC plans to move onto the next stage of the project: implementation. Over the next year, GMAC will be accepting proposals from business schools on how they can put some of these ideas into practice and will be awarding grants that will allow them to begin that process, GMAC says…Read full...

MBA hiring: Back with a vengeance

While U.S. unemployment remains stubbornly close to 10%, job prospects for this year’s class of MBAs are looking considerably brighter. While U.S. unemployment remains stubbornly close to 10%, job prospects for MBAs in the class of 2011 are looking considerably brighter. At Stanford Graduate School of Business, job postings are up 85% year over year. Boston Consulting Group, one of the largest employers of MBA graduates, plans to up its hiring by 18% this year. And a new survey of MBA employers shows that 64% plan to hire MBAs from the class of 2011, up four percentage points from a year earlier. “We are seeing an extremely sharp uptick from virtually every sector that recruits our MBAs,” says Pulin Sanghvi, director of Stanford’s career management center. “Most employers are coming back with sharply higher hiring numbers. There are parts of the economy right now that are really booming, particularly in tech, and that boom is creating even more jobs from the ecosystems around these companies.” On some level, the strong recovery in the MBA market is a reflection of pent-up demand for managerial talent. “People were being very conservative about staffing during the recession,” says Sanghvi. “Many are now finding that they are understaffed for what they are trying to accomplish, particularly for managerial talent. So that trend is very promising for MBA students across the country.” Less than three years ago, there was widespread worry and even despair as the economic meltdown took hold. Julie Morton, associate dean of career services for Chicago’s Booth School of Business, recalls receiving a text message from an MBA graduate working at Lehman Brothers just before the investment bank filed for bankruptcy in September of 2008. It read: “Lots of stuff is...

Operation B-School: Finding the Right MBA

Information overload makes finding the right B-school more difficult than it needs to be. Here’s how to find what you need, and toss what you don’t In the millions of words of advice proffered each year on all aspects of the MBA experience, the very first step of the business school admissions process”the research”is virtually ignored. Yet choosing the right school is vital, and you can’t do that without first popping a few hoods and taking a look inside. From bloggers to business school associates themselves, people have a lot to say about the admissions process, including which schools should be on an applicant’s radar, how to write a decent application essay, and where to get recommendation letters. Wading through all the material and so-called help to get the right list of potential schools can be overwhelming. Many do not know where to start. “It can be a daunting task,” says Bruce DelMonico, director of admissions at the Yale School of Management (Yale Full-Time MBA Profile). “There’s so much info out there for you to process.” YOUR PRIORITIES Researching business schools is akin to trying to find oneself. Reflecting on what one wants to get out of a degree and the type of business school experience desired is key. Admissions directors say it’s not too different from gazing into a crystal ball. “Determine your priorities,” says Kathleen Edwards, associate director of MBA admissions at Emory’s Goizueta Business School (Goizueta Full-Time MBA Profile). “Think about how the degree will advance your career, the job you’d like to have, and your lifestyle. Then consider your preferences of location, personality of the school, the kind of alumni it produces.” After some introspection, an applicant can start talking to others. Informational interviews with...

For MBAs, Breaking Even is a More Distant Dream...

Higher tuition and lower starting salaries mean it now takes MBAs nearly a year longer to earn back their B-school investment than it did in 2008 The hits just keep coming for the MBA Class of 2010. First, the economy crashed just as students were stepping into their first B-school classes. Then the job market tanked. Jobs were scarce, salaries dipped, and students scrambled simply to find summer internships, let alone full-time positions. Now, a new study done as part of Bloomberg Businessweek’s ranking of top full-time MBA programs suggests it’s going to take graduates longer to see a return on their MBA investments than their peers did from earlier graduating classes. Two years ago, Bloomberg Businessweek calculated that it would take members of the MBA Class of 2008 an average of 5.6 years to recoup their MBA investment. For the Class of 2010, the number jumped to 6.5 years. Why the difference? First, post-MBA salaries were lower in 2010 (down 6 percent from the 2008 average), while pre-MBA salaries were higher, meaning the pay differential between what a grad made before and after earning the degree was not as large. In addition, the overall cost of attending B-school increased, putting the Class of 2010 in a less-than-ideal climate to begin earning a return. The MBA ROI figure was calculated using a few different data points. First, the total dollar amount the average student spends on a degree (tuition, fees, living expenses) was added to the total salary given up to attend B-school. The median pre-MBA salary was then subtracted from the median post-MBA salary, and the difference was divided into the total amount spent on the MBA. The resulting number represents the length of time, in years, it...

Business School Resolutions for 2011

B-school leaders share their aspirations for management education in the new year With the turning of the calendar, organizations are granted the gift of a new year and a clean slate. Business schools are no different. Administrators at top programs have visions of gifted applicants, motivated faculty, strong student leaders, and higher job placement numbers in a renewed economy. But that’s not all. Still reeling from the financial meltdown that began in 2008, B-schools are aiming to be a part of the economic cleanup. “Managerial problems in companies, governments, and society cry out for better management education and research,” says Eric Weber, associate dean and head of U.S. operations at Barcelona-based IESE Business School (IESE Full-Time MBA Profile). “Business schools need to drive change and promote personal, corporate, and social progress.” Recently, Bloomberg Businessweek.com asked professors and administrators at top MBA programs to send in, via e-mail, their New Year’s resolutions for management education and the institutions charged with producing tomorrow’s business leaders in 2011. Here’s a roundup of their responses. Show Me the Relevance James O’Toole, professor of business ethics at University of Denver’s Daniels College of Business (Daniels Full-Time MBA Profile), and co-author of the much-discussed 2005 Harvard Business Review article “How Business Schools Lost Their Way,” thinks business schools need to understand their purpose better in the new year. To accomplish this, he suggests that they ask themselves a series of questions, including, “Should we be trade or professional schools?”, “Should we stress academic disciplines or areas of concern to real businesses?” and “Should faculty be more mindful of preparing students or of their research projects?” “These and other related questions are not easy to answer because, obviously, they are not either or,” O’Toole says. “But...