What do the latest MBA rankings mean for you?
From the latest MBA rankings, to the demand for Big Data, to management opportunities in the nonprofit sector—here are the top stories in the world of business school.
MBA rankings are coming
‘Tis the season for MBA rankings. First out of the gate will be The Financial Times’ annual ranking of global business schools. The publication says the ranking includes nine new entries from half a dozen countries, one of which is already ranked at the 43rd spot. Nearly 10,000 MBAs from 157 business schools completed the Financial Times questionnaire as part of the ranking, which raised their response rate to 43 percent (from 41 percent last year). Several business schools made big jumps compared to where they were in 2014. Our take on MBA rankings: Let it be ONE factor in your decision making process, not THE factor. They can be helpful, but they shouldn’t be decisive. (The Financial Times)
Up and up at Yale SOM
The parade of good news from America’s top business schools continues into January—this time from the Yale School of Management which is reporting that their total median first-year compensation packages jumped by almost nine perecent to an all-time high of $146,514 (compared to “just” $134,618 the previous year). What’s behind this significant jump? A couple of things, including increased demand by employers for MBAs in the job paths that the school’s graduates picked. Case in point: the percentage of grads who chose to go into nonprofit and government jobs dropped to only five percent. These are areas where pay is “lower” compared to more popular MBA fields like finance and consulting. (Poets & Quants)
Management education for social good
And speaking of the nonprofit industry, it’s still a popular destination among MBAs, even if the compensation isn’t as luxurious as in some other fields. That demand is driving more business schools to revamp their curricula so they can teach their students about this area. Many programs are also offering more scholarships for students who want to go into this area. Chicago’s Booth School of Business, for example, recently unveiled a scholarship for execs in the nonprofit and government sectors to tune of $4M. Erin Worsham, director of social entrepreneurship at the Fuqua School of Business, said “Career opportunities for MBAs that want to make a positive impact on society are nearly limitless.” (BusinessBecause)
Second time around
A small number of applicants actually want two MBA degrees. Under the right circumstances, this makes sense. Some may pursue a second degree because the first one they earned wasn’t from an accredited school or from one that’s not placed well in the MBA rankings. Another reason: You earned your MBA in another country and notice that, because the program is not well known in the United States, employers are skeptical. Like it or not, employees do pay attention to where you earned your MBA. So if you’ve feel you’ve hit a career plateau, earning another MBA might make sense for you. (U.S. News & World Report)
Big Data goes to business school
Employers are increasingly demanding workers who know how to manage data and are comfortable analyzing it to help them better understand their clients and customers. Ask and ye shall receive. Business schools have heard this call and are rising to the occasion by incorporating courses on data science and big data into their curriculum. The latest to do so is Cornell’s Johnson School of Management. Tech giants like Twitter, Amazon, and Yahoo are helping them do it. “There is strong appetite from students who want to work in the technology sector,” said Shawn Mankad, assistant Cornell professor of operations, tech, and information management. (BusinessBecause)
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