WHAT ABOUT RANKINGS?

This article first appeared in The Independent newspaper.

Just as we have league tables advising us which are the best cameras and cars , the last few years have seen the introduction of a wide range of surveys designed to rank MBA programmes.

This desire to rank MBA programmes is a result of the very success of the qualification. There has been such a proliferation of courses that potential students and employers have a hard job distinguishing the good from the also-rans.

There are around 1,500 credible business schools running MBA programmes world-wide, and just as many falling short of the quality standards one would expect from an MBA provider.

Prospective students do not find it easy to understand the differences between the schools, and business schools can be quite capable of sending out unnecessarily complex and confusing messages. It is not surprising, therefore, that others simplify them.

Business school rankings are largely media-driven. After all, ranking tables help to sell newspapers.

At present there are half-a-dozen significant rankings, with those produced by Business Week, The Financial Times, U.S. News & World Report and The Wall St Journal perhaps the best known. They have all come under heavy fire from business schools, both in the UK and abroad.

There has been an unfortunate reaction amongst schools to rankings. Rather than being interpreted for what they are - namely just another metric, which can aid choice - many have chosen to view them as the key arbiter of quality. Taken out of context, the results can be very damaging.

Many quality schools do not make it into the rankings, but that doesn't mean they are inferior. Nor does the domination by North American schools mean that they are better than their European counterparts.

A principal issue with ranking is that each ranking relies on its own, unique set of criteria and these often change from year to year. As a result, different schools make it into different tables. The fact that alumni can double their pre-MBA salary is not indicative of the quality of business school they attended. It is more a reflection of the sector in which they choose to work. If a school attracts a student from the developing world who, on graduation, takes a quantitative finance role in the City, they will attract a huge MBA premium, the all important term given to the differential between pre- and post-MBA earnings.

The converse is the example of the Marketing Director from a large corporate who decides to go it alone. Their negative premium is likely to propel their school down the rankings.

There are many other concerns with rankings. One is that rankings focus on full-time programmes, which is of little relevance to the growing army of students who want to study via distance learning. Another is that comparing programmes that are fundamentally different is far from easy.

Students need to look beyond headlines and make an evaluation based on a range of criteria. The Association of MBAs advises candidates to check that their shortlisted schools have accredited programmes, to visit the schools and speak to alumni and employers as well as benchmarking against a host of other personal measures..