The class of 2010 also reported higher starting salaries than did the class of 2009. The median starting salary for this year’s graduates was $78,820, compared to last year’s $75,000.

“Companies are managing through an unprecedented economic environment,” said Dave Wilson, president and CEO of GMAC. “It is precisely because of these pressures that they place such a high value on newly minted MBAs to help them survive and thrive.”

Now let’s compare this to the less optimistic picture that Businessweek draws for us in the lead article to its 2010 MBA rankings. The article begins by focusing on the difficult job market as it affected students pre-graduation (in February), not as the GMAC release discusses, at the time of graduation. This past year, for example, only 64% of UVA Darden students had secured jobs by February, a drop from the previous year’s 69%, and considerably lower than the 81% who had landed jobs in 2008, pre-crash.

The article does, however, let some optimism seep in, especially when it comes to the role alumni played in generating job leads for the class of 2010. Alumni were encouraged to step up and generate job leads. By graduation, 77% of the class had received job offers; three months later, the job rate surged to 87%.

The article continues to explain that difficult economic times call for non-traditional job seek methods, such as the alumni call to action above. On-campus recruitment visits by major companies are on the decline; there are fewer jobs out there and more MBA grads to fill them. Regional companies are now “on the radar” for top MBAs, as well as jobs outside of a top choice industry and/or location. Networking is more important than ever. “I had to expand my job search to include potential jobs and industries I would otherwise have never considered,” says Tyler Fenelon, a 2010 UCLA Anderson graduate.

Another hint of optimism—the article concludes by stating that “[h]appily, there are signs that the job market for MBAs is picking up.” More second year students returned to campus this fall with firm job offers from internships than did second year students last year. Also, certain industries (such as health care and energy) are increasing their job recruiting activity. That should, at least, be good news for the class of 2012.

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Top 30 U.S. Business Schools of 2010 (2008 rankings are parenthetical.)

1. Chicago Booth (1)
2. Harvard Business School (2)
3. Wharton (4)
4. Northwestern Kellogg (3)
5. Stanford GSB (6)
6. Duke Fuqua (8)
7. Michigan Ross (5)
8. UC Berkeley Haas (10)
9. Columbia (7)
10. MIT Sloan (9)
11. UVA Darden (16)
12. Southern Methodist Cox (18)
13. Cornell Johnson (11)
14. Dartmouth Tuck (12)
15. CMU Tepper (19)
16. UNC Kenan-Flagler (17)
17. UCLA Anderson (14)
18. NYU Stern (13)
19. Indiana Kelley (15)
20. Michigan State Broad (2T)
21. Yale SOM (24)
22. Emory Goizueta (23)
23. Georgia Tech (29)
24. Notre Dame Mendoza (20)
25. Texas-Austin McCombs (21)
26. USC Marshall (25)
27. Brigham Young Marriott (22)
28. Minnesota Carlson (2T)
29. Rice Jones (NR)
30. Texas A&M Mays (NR)

Top International Business Schools

1. INSEAD (3)
2. Queen’s (1)
3. IE Business School (2)
4. ESADE (6)
5. London Business School (5)
6. Western Ontario Ivey (4)
7. IMD (7)
8. Toronto Rotman (8)
9. York Schulich (2T)
10. Cambridge Judge (2T)
11. McGill Desautels (2T)
12. IESE (9)
13. Cranfield (NR)
14. HEC Paris (2T)
15. HEC Montreal (HR)
16. Oxford Said (10)
17. Manchester (2T)
18. SDA Bocconi (NR)

BW bases its rankings on employer and student surveys, as well as what they call “intellectual capital,” or school research output. For more information on how the rankings are determined, read BW‘s “How We Rank Business Schools.”

Other articles in the report that may interest you include:

• “The Best U.S. Business Schools 2010” – This article highlights ways that business schools are dealing with the sour job market—putting a new emphasis on job placement, reaching out to alumni for job leads, using technology to connect with recruiters, and bolstering career services departments.
• “Top Global Business Schools” – Read about how the Great Recession has affected the international MBA scene, why new schools have popped up on the top 10, why students are being drawn to emerging markets, and more.

Related Accepted.com Resources:

• The Rankings, a free special report on how you should interpret the rankings in your own b-school quest.
• Internationalizing the MBA, a free special report that will help you determine whether an international MBA program is right for you.

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Related Accepted.com Resources:

• Navigate the MBA Maze, a free email course
• 5 Fatal Flaws, a free email course

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Are you applying to business school this fall? Learn what to do, what to avoid, and how to put your best face forward with Accepted’s 5-day email course, 5 Fatal Flaws. Sign up here – it’s free!

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This year, Chicago Booth took the cake with the number 1 slot, at least in part, if not entirely, because of its top-ranked career service department. (The $300 million donation by David Booth in 2008 helped the school achieve this goal, something most schools haven’t been able to accomplish in this economy.)

Here are the top ten full-time international MBA programs:

(Click image to enlarge.)

And here are the top ten schools by category:

(Click image to enlarge.)

For more information on how these schools were chosen, check out the Methodology section of The Economist‘s report.

Meanwhile, a Poets & Quants article on The Economist rankings (“The Economist’s Roller Coaster MBA Ranking“) points to the fact that the this year’s rankings are slightly flawed, mainly in that the job/salary data was gathered from the class of 2009, not the latest graduating class of 2010. The 2010 data, which won’t be ready for a few weeks, would have presented a much more current and fair perspective on how b-school graduates are actually doing job/salary-wise, especially since the economy has improved in the last year.

The P&Q article refers to a number of “roller coaster-like” jumps and plummets, including:

• UVA Darden “leapfrogged” 13 spots from last year’s 24th spot to this year’s 11th.
• Columbia moved up 8 spots from 20th to 12th.
• CMU Tepper jumped 22 spots from 33rd to 21st.
• London Business School ranked the third best in the UK, a shock that came to most people, especially given its number 1 placement by The Financial Times. According to The Economist, LBS is ranked lower than the Cranfield School of Management and Henley Business School.

P&Q states that of the five major MBA rankings (U.S. News, Businessweek, Forbes, Financial Times, and The Economist), “the Economist‘s methodology is considered the least credible.”

Not sure what the rankings mean to you? How much should you take them into account when applying to b-school? Download Accepted’s special ranking report now to learn about how the rankings affect you.

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Top 10 Schools for Consulting:

1. Northwestern Kellogg
2. Harvard Business School
3. Chicago Booth
4. Wharton
5. Michigan Ross
6. Columbia
7. Duke Fuqua
8. MIT Sloan
9. Stanford
10. NYU Stern

Top 3 B-Schools for Consulting in New York

1. HBS
2. Columbia
3. NYU Stern

Top 3 B-Schools for Consulting in Boston

1. HBS
2. MIT Sloan
3. Dartmouth Tuck

Top 3 B-Schools for Consulting in Washington, D.C.

1. UVA Darden
2. Wharton
3. Northwestern Kellogg

Top 3 B-Schools for Consulting in Atlanta

1. Emory Goizueta
2. HBS
3. Duke Fuqua

Top 3 B-Schools for Consulting in Silicon Valley

1. UC Berkeley Haas
2. MIT Sloan
3. Michigan Ross

Note the role of geography in determining top schools in specific regions. Something to keep in mind if you know where you want to live.

Related Accepted.com Resources:

• The Rankings: An Accepted.com Special Report
• The Consultant’s Guide to MBA Admission, an instantly downloadable ebook



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Top 10 Schools for Consulting:

1. Northwestern Kellogg
2. Harvard Business School
3. Chicago Booth
4. Wharton
5. Michigan Ross
6. Columbia
7. Duke Fuqua
8. MIT Sloan
9. Stanford
10. NYU Stern

Top 3 B-Schools for Consulting in New York

1. HBS
2. Columbia
3. NYU Stern

Top 3 B-Schools for Consulting in Boston

1. HBS
2. MIT Sloan
3. Dartmouth Tuck

Top 3 B-Schools for Consulting in Washington, D.C.

1. UVA Darden
2. Wharton
3. Northwestern Kellogg

Top 3 B-Schools for Consulting in Atlanta

1. Emory Goizueta
2. HBS
3. Duke Fuqua

Top 3 B-Schools for Consulting in Silicon Valley

1. UC Berkeley Haas
2. MIT Sloan
3. Michigan Ross

Note the role of geography in determining top schools in specific regions. Something to keep in mind if you know where you want to live.

Related Accepted.com Resources:

• The Rankings: An Accepted.com Special Report
• The Consultant’s Guide to MBA Admission, an instantly downloadable ebook



Accepted.com ~ Helping You Write Your Best

• UVA Darden‘s “Leadership and Theatre: Ethics, Innovations and Creativity”
• Duke Fuqua‘s Fuqua/Coach K Center on Leadership and Ethics
• University of California Riverside School of Business Administration’s “Leadership, Communications, Ethics and Teamwork”

Save 10% on all MBA services through tomorrow, July 31! If you are applying to b-school and could use some assistance, check out our early bird special to save. Insert coupon code EB10 at checkout.

Related Accepted.com Resources:

• Leadership in Admissions, an instantly downloadable special report.

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This UVA Darden 2011 MBA Application tip post is one of a series of posts providing MBA application and essay advice for applicants to top MBA programs around the world. You can access the entire series at http://blog.accepted.com/acceptedcom_blog/tag/2011-mba-application-tips. My tips for answering Darden’s essay questions are in blue below.

1. The Darden MBA program expects students to actively participate in learning teams, the classroom, and the broader community. Please share one or two examples from your past experience that best illustrate(s) how you will contribute to this highly engaging and hands-on learning environment. (500 words)

Showcase both your knowledge of Darden and your strengths by discussing how you have contributed to organizations or to your community in the past and how you will use the same qualities to contribute to Darden’s community and program.

Like so many essay questions, Darden is asking for one or two example of your contributions in the past. It doesn’t want a theoretical treatise on teamwork or an exposition on the meaning of active participation. It wants one (or two) examples and then commentary on those relate to your anticipated participation in Darden’s student life.

2. Please discuss how a global event that has taken place in the past two years has impacted the way you think about leadership broadly and personally. (500 words)

New question: First you need to refer to an event. The Gulf Oil Spill, the war in Iraq or Afghanstan, the Greek debt crisis, the passage of the U.S. health care bill… the list goes on and on. Have any of these events influenced your thinking about leadership? How did they change or affect your leadership style? What was the impact of the change on you and on those you were leading? All in under 500 words. See “Dealing with Word Limits.”

If you would like help with your Darden MBA application, please consider Accepted’s MBA essay editing, MBA admissions consulting, or a UVA Darden School Package, which provides essay editing, interview coaching, consultation, and a resume editing for the Darden MBA application. And if you purchase before July 31, 2010, to save 10% on all editing and comprehensive packages.

UVA Darden 2011 MBA Application Deadlines

By Linda Abraham, President and Founder of Accepted.com.

Several impressions and take-aways for applicants from the different events and sessions:

MIT Sloan Panels:

From the MIT panels it is clear that MIT is looking for demonstrated success academically and professionally.  The latter translates into success or professional progression that is better than the norm for your peers. In terms of those fuzzy attributes and personal characteristics that schools talk about, Sloan wants to see drive; an ability to build relationships and influence others;  and the establishment, pursuit and achievement of goals.  A few details about the individual programs:

1. 100% of the MFin grads have jobs this year, this program’s inaugural graduating class.
2. The EMBA is a program for those in mid-management with a demonstrated record of success who either want to advance in their career or make a slight career change without leaving their job.  Neither sponsorship nor the GMAT is required. (the latter may be requested if MIT has questions about the applicant’s quant skills.)
3. The LGO program focuses on managing the global production and distribution of goods and services. It is a joint, quant-heavy 24-month program between MIT Sloan and MIT’s School of Engineering. Participants earn both an MBA and an MS in Engineering.

We also heard two presentations by MIT Sloan professors. If you have any doubt that MIT Sloan is serious about innovation and global reach, abandon them. The creativity and global impact evident in just these two hours would force you to reshape your views.

Impressions from Conference Day 2 (Multiple presentations by various schools reps)

• Schools and admissions committee members look at different elements when they evaluate an application.  Pay attention to the nuances.
• Your informal and personally identifiable interactions with school admissions personnel are highly revealing. They COUNT! Arrogance at any point in time is a death knell for your application (and most relationships too.) Rudeness to a receptionist is a ding. What qualities impress positively? In your essays and interviews, reveal dignity, generosity of spirit, self-awareness, authenticity, and consideration of others. These qualities cannot be faked or “spun.”
• Regarding financial aid, merit aid tends to go to the top X% based on academic stats. Generally, when evaluating fellowship essays, the readers do not refer to your application essays. Poor credit can prevent you from obtaining the loans necessary for you to attend the school of your dreams if merit aid and your resources don’t cover the tab; get your credit in order before you apply.
• Regarding career development, the MBA employment picture improved throughout 2009-10. Read the employment reports for schools before you decide to apply and certainly before you decide to attend; you need to know school strengths as revealed in these reports. Understand the role of the career services staff (educating students about effective career planning and job search) and the limitations of that role. (They don’t create or find jobs for you.) Networking, which is about building relationships not the size of your contact list, is more important than ever. In order to build relationships, you must move beyond email.

Harvard Business School

At Harvard, we enjoyed an interactive two-hour presentation that was stimulating and engaging. To the extent it reflected the dynamism of the Harvard educational experience, I was extremely impressed.

This visit clarified for me that Harvard’s unparalleled brand is not just a matter of US News Rankings or smoke-and-mirrors branding.  At the same time, HBS is not for everyone, but like any top graduate program, it can be a fantastic experience for the right individuals.

Before the conference started my husband and I met with an acquaintance who is a professor at HBS. The professor was curious about my work, and I was curious about his. He asked me what I believe distinguishes Harvard students from the rest of the applicant pool. I thought for a moment and replied, “Leadership and impact.” He smiled, and the conversation moved on. Just before leaving, I asked him, “From your perspective as an HBS professor, what is a common quality shared by HBS students?” He replied, “I smiled when you answered my question because the students come from incredibly diverse backgrounds. However, if I have to identify a common thread, it would be leadership and impact.” If you are serious about attending Harvard Business School, make sure you demonstrate leadership and impact.

Reflections and Thank yous

It is our job as admissions consultants to help you choose the best target programs and show that you  belong at your chosen schools. The candor and graciousness shown by the hosting schools as well as by the presenting admissions directors will help Accepted’s staff do exactly that.

I am proud to report that Accepted’s staff was well represented at  the conference. In addition to myself, Jennifer Bloom, Paul Bodine, Judy Gruen, Tanis Kmetyk, Cindy Tokumitsu, and Robbie Walker attended.

Profound thanks to the hosts and presenters as well as to AIGAC, led by Graham Richmond of Clear Admit, and specifically to Maxx Duffy of Maxx Associates and Anna Ivey of Ivey Consulting who co-chaired the event. Thanks also to the sponsors: Veritas Prep, Clear Admit, Hult International Business School, Manhattan GMAT, MBA Podcaster, and Zoom Interviews

Learn More: Best MBA Programs: A Guide to Choosing the One for You.

By Linda Abraham, President and Founder of Accepted.com.