We talk about popular and authoritative ratings that will help you choose the most suitable MBA program at one of the world’s leading business schools
Today, MBA programs are in demand among managers who want to develop their careers, gain new competencies and expand their network of professional contacts. Studying at a business school involves a solid investment of effort, time and money, so it is important to choose a program that best suits your needs and abilities. When choosing an MBA, it is most convenient to refer to one of the many ratings that provide an objective assessment of the program.
Each ranking is based on a unique set of criteria. Most often, they include the reputation of the business school, the employment prospects of graduates, their salary after training, and the return on such an investment in the future.
There are two main stages in the development of any business school that wants to become a leader. The first is obtaining international accreditations from professional associations, which is a sign of comparability with other business schools in the world. Ratings are already the next stage of development, which becomes evidence of international competitiveness.
The material was prepared for the special project “Guide to MBA”
A number of well-known publications release their regular rankings of MBA programs. However, when studying them, it will be useful to understand what criteria each of them relies on. To make it easier for you to navigate this data, here are three of the most popular and authoritative world rankings.
Global MBA Ranking and World Business School Ranking by the Financial Times
The annual Financial Times rankings mainly focus on the financial component of training, namely the increase in the salary of a manager three years after completing an MBA program. This figure is 40% of the total rating score. Value for money, achievement of alumni goals, career development, indicators of faculty and student diversity, and other factors are also taken into account.
The assessment is based on 20 criteria: 8 of them are obtained by a survey of graduates and account for 61% of the assessment, 11 criteria are calculated based on information provided by business schools about the teaching staff, new enrollment of students and program graduates and give 29% of the assessment. This takes into account the statistics obtained over the past three years.
In addition to the global MBA rankings, the Financial Times annually publishes a ranking of online MBA, Executive MBA, continuing professional education, master’s programs in management and finance, as well as a ranking of European business schools.
In 2022, among the leaders according to the FT were such schools as Wharton, Columbia, Harvard, Insead, Kellogg of Northwestern University, Stanford, Booth of the University of Chicago, London Business School.
Ranking of MBA programs from The Economist
Unlike the previous ranking, The Economist’s score is less dependent on the rate of change in a graduate’s salary. The leading role is given to indicators of new career opportunities and personal development. Also taken into account are the average GMAT result among students of business school programs, satisfaction from the program and teachers.
80% of the assessment is quantitative data, consisting of graduate salaries, the average Graduate Management Admission Test (GMAT), and the number of registered graduates. 20% – the results of a survey of graduates in order to identify their satisfaction with various aspects of education and its results. Identical to the Financial Times, the data is collected over three consecutive years.
The leaders of the ranking in 2021 are the MBA programs of IESE Business School, HES Paris Business School, University of Michigan – Stephen M. Ross School of Business.
Bloomberg Businessweek ranking of the best business schools
In Bloomberg Businessweek’s approach, the main factor is the satisfaction of program listeners. It also provides an opportunity to get acquainted with detailed information about a particular business school, which includes free-form alumni comments.
The four key elements of the Bloomberg Businessweek rankings in 2021-2022 are pay, training, networking, and entrepreneurship. At the same time, the weight of each criterion is determined within the framework of the survey, based on the importance assigned by graduates. Unlike others, the Bloomberg Businessweek rating is divided into four territorial blocks: the United States, Europe, Canada and the Asia-Pacific region.
According to Bloomberg Businessweek in 2021-2022, the leaders among business schools are:
- in the USA, Stanford, Dartmouth and Harvard;
- in Europe — IMD, IESE Business School and SDA Bocconi;
- in Canada – Queen’s (Smith), HEC Montreal, Ryerson (Rogers);
- in the Asia-Pacific region – CEIBS, Hong Kong (HKUST), National University of Singapore.
The best business schools in the world
Said Business School at the University of Oxford
Among the leaders of various ratings of the best MBA programs, you can often find the business school of Oxford University – Said Business School. It presents the latest education and groundbreaking research that is transforming organizations, business practices and society. Oxford Said Business School is the only business school in the world offering the 1+1 MBA program. This is an opportunity to combine a master’s degree in selected Oxford University departments with their one-year MBA program. In the first year of study, students receive a master’s degree in their chosen discipline, and in the second year of study they join the MBA program.
Milan Technical Institute School of Management
The school offers a range of study options, including the international Flex MBA program. The international Flex EMBA program (i-Flex EMBA) is developed and implemented in partnership with Amazon, Microsoft, Moleskine and Vodafone. It is a two-year Executive MBA program designed for managers who wish to combine international study with work, using one of the world’s most advanced digital learning platforms.
Sloan School of Management at the Massachusetts Institute of Technology (MIT)
The Sloan School of Management offers one of the best MBA programs in the US. Action Labs provide students with hands-on problem solving opportunities in a real business environment. Every year, MIT hosts a student entrepreneurship competition with $100 in cash prizes. School graduates often become leaders of the largest corporations around the world.
Federal Polytechnic School of Lausanne (EPFL)
EPFL is an innovation-focused MBA school. One of the principles of the school is to take care of the world around us, to encourage new ideas that affect business on a global scale. The school is located in the French-speaking region of Switzerland, a picturesque place that helps to develop the creative abilities of students.
Harvard Business School (HBS)
HBS traditionally ranks first in various rankings of the best MBA programs in the world. This Ivy League business school is known for its high proportion of alumni who have gone on to executive positions in Fortune 500 companies. Eight former US presidents are also among its alumni.