When it comes to choosing a B-school to further one’s career aspiration, the first convention is always to check the ranking of the institute. The paramountcy of both local and global rankings are given preference over any and every thing else.
Rankings do help a candidate make an informed decision; after all, doing an MBA is a huge commitment, but it is financially taxing. The ranking systems are not without its flaws and many B-schools refrain from participating in the procedure. But, the rankings are a popular way to understand the institute.
Now, MBA institutes are ranked by several magazines, agencies and forums which use different criteria for scoring an institute. The entities that conduct the research are renowned for their ethics and journalism, but each of them use different criteria with a unique grading system because of which the ranking outcomes vary.
The popular ranking parameters
Salary is one of the common criteria based on which B-schools are ranked. However, the grading system varies for different entities. For example, a particular magazine gives 35% weightage to salary, out of which 50% weightage is given to the salary of the previous two batches. For another agency, salary just accounts for 15% of the ranking criteria. The salaries and career growth of alumni are also considered while ranking the B-schools.
Certain ranking agencies also look at the customer satisfaction at a B-school, which forms the major bulk of its ranking criteria. A survey of students, alumni and recruiters is conducted to rank the institutes.
The faculties and research papers published are also used to gauge the merit of a B-school. The experience of the faculty, the industry they work in, and their intellect as evidenced in the papers they publish and the repute of the journal, are the factors considered for the ranking.
Although only three ranking parameters are listed here, it gives a broad picture how rankings are formulated. Whenever the rankings of a B-school are published, the publishing authority also displays the ranking criteria and the grading systems they used to come to a conclusion. Armed with this data, the candidate need to analyze the criteria that best fits them before choosing the B-school to further one’s future.
Now the most important question is does a B-school ranking matter.
Should B-school rankings matter to students?
The answer is diplomatic; it’s Yes and No. Choosing an MBA programme or an institute is more of a personal preference than ranking. There are several institutes that offers standalone specializations and hence does not feature in the overall rankings, whereas there are several top ranking B-schools that do not offer specialized courses. As an example, Regenesys specializes in International MBA programme, which does not feature in a ranking that considers general MBA programmes. MBA aspirants should deliberate subjectively and objectively while choosing an MBA programme and the institute from where it has to be pursued.
Do B-school rankings matter to recruiters?
Again the answer here is Yes and No. Recruiters know that top ranking B-schools attract the crème de la crème of the students and hence the quality of their next recruit is guaranteed to be high. However, they are well aware of the flaws in the ranking system, and hence, recruit from several B-schools for a good blend of diversity.
MBA is a life altering and career enriching choice for an aspirant and he or she must take a lot of factors into considerations before taking the leap. Their decisions should not be solely based on the ranking of an institute.