The Significance of MBA rankings for MBA applicants
View(s):Mr. Dhanushka Kulathilaka, one of Sri Lanka’s most respected and sought after post-graduate business consultants in the country talks about the significance of MBA rankings and how prospective MBA candidates should look at rankings when making decisions about which MBA programme to go for.
“Business school or MBA rankings? Well… they’re here to stay,” says Mr. Kulathilaka. MBA rankings have proved influential over the past decade. Since the introduction of rankings over a decade ago, the number of schools providing information to independent third parties has expanded massively.
There is little that divides opinion as much as the issue of MBA rankings. Mr. Kulathilaka states, “The schools that are highlighted in most of the ranking tables both love and hate them. Some commentators distance themselves from rankings, while others argue that they provide valuable differentiation.”
Mr. Kulathilaka agrees: “It’s helpful to have a third party assessment. But have rankings really helped us? To a great extent it does help us in analyzing and understanding how good a program or business school really is. It’s important to take each ranking as one input, and not as the final determination. It’s not just about formulas and calculations and salaries and financial benefits.”
There are five major stakeholder communities in who are interested about MBA rankings, namely: students, schools, academics, recruiters and alumni.
Business schools
Mr. Kulathilaka, says: “most business schools that come on top of the rankings take rankings very seriously. However, it is important that don’t let rankings drive their overall strategy. Despite some schools claiming that they don’t worry too much about them, a higher-ranked school can, theoretically charge higher fees, develop better facilities, attract leading academics and resultantly capture the best student talent.
Furthermore for most schools, rankings play a key role in getting the program known. For a relatively young MBA program, rankings can help increase the visibility considerably.
Academics
For academics, a school’s prestige is something to be considered carefully. It is important to be associated with a respected school, and competition between such schools drives the war for talent, which has never been fiercer.
After all, academics are professionals. If you rise to the top of the profession you expect respect and remuneration. One is more likely to find these; the theory goes, at a higher-ranked school which should not only be expected to pay better but to have the best students and the greater prestige.
Alumni
MBA alumni expect their school to maintain or improve upon their rankings. A business school having a top rank automatically states that its graduates are doing well in the job market. A business school or MBA programme having a top ranking justifies the quality of its MBA alumni. Any ranking system that considers the alumni and its weightings tires to give a very balance perspective about the program or business school.
MBA recruiters
If a recruiter believes that a school produces below average MBA alumni, they will not pay the salaries that reflect students’ desired return on investment, and the whole house of cards collapses.
From an MBA recruiter’s point of view, Mr. Kulathilaka states that “Rankings definitely matter and play an important role for recruiters as much as for prospective MBA candidates. MBA degrees are an prerequisites to have access to many job positions, and companies use rankings as a ‘guide’ to help them understand the value of this degree.”
MBA candidates
For some, the belief that they are going to a recognized school that will help them improve their careers is important. Business school requires time and investment, and getting a return on the investment is important.
Advice to prospective MBA applicants
Business school experts are at pains to explain that rankings are not the be-all and end-all of the decision-making process. They urge caution and show that rankings consist of varying, often flawed methodologies. It’s virtually impossible, they say, to accurately compare schools scientifically; Mr. Kulathilaka states that, “candidates must dig far deeper, and find out how the school fits them and their ambitions. However, it cannot be denied that topping any ranking list is an achievement on its own by the Business School/MBA program.”
“It is important to be intelligent in your reading of the rankings. Be aware that all the different criteria have different weightings and if the thing that you’re most interested in has a very slight weighting then perhaps that particular ranking isn’t for you.”
While ranking in my books is one of the most important criterions, candidates shouldn’t see rankings as the only criterion to base their selection. I believe that MBA alumni’s, getting the right career at the right school are also important factor together with other factors such as getting the biggest salary and fastest return on investment.”
So how does this impact on the MBA candidate trying to shortlist schools to apply to? Firstly, decide what it is that you want from your MBA. Is it purely to boost salary? Is it to widen your horizons? Is it to become an entrepreneur? Is sustainable business important to you?
Then, look at the rankings, taking into account all of the above. Finally, easier now than it’s ever been, look even deeper to see which school feels like the right fit for you.
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