Rankings Schmankings: How Much Do They Matter for Executive MBA Programs?
Nothing strikes fear in the hearts of Executive MBA program administrators quite like annual rankings, and for good reason. Where a school’s program lands on one of these hallowed lists can greatly influence the number of applications the program receives the following year, which makes admission into that program more competitive, which increases its prestige, which increases the number of applications they get the following year, which makes admissions more competitive….you get the picture. Rankings are the mobius strip of higher education.
The best analogy I can think of for the rankings process is a beauty pageant or the Westminster Dog Show. Competitors (or breeders, in the dog show example) voluntarily enter the contest, usually for a not-insignificant fee, submit a bunch of personal information and stats, and highlight their talents and achievements in competitions, among other things. Nobody knows who the winner is going to be until it’s announced (break out the tiaras and blue ribbons).
In any case, if you’re applying to an Executive MBA program, it’s worth learning a bit more about rankings and here’s why: as someone whose been in the working world awhile, you likely have commitments and constraints—geographic, professional, personal, financial—that could limit your EMBA options. For those people, I say: do not worry about it. Just make sure you attend an AACSB-accredited program. For the rest of you, keep the rankings thing in perspective because there’s more to it than meets your eyes.
THE SCOOP
The methodology for MBA program rankings published by US News (the granddaddy of all ranking outfits) can be found on their website and is mostly objective. Data of all kinds (undergrad GPA, GMAT scores, admission rate, post-grad placement rate, etc.) is evaluated and scored with some weight given to opinions about a program’s overall quality submitted by corporate recruiters and the business schools themselves. Highest score = Best in Show (or #1).
However, should the reader scroll down (quite a bit) further on the website, the reader will find that the methodology for ranking Executive MBA programs is different:
“…ranking of executive MBA programs, [is] based solely on ratings by business school deans and directors of AACSB-accredited MBA programs from the list of schools surveyed. They [are] asked to nominate up to 15 programs for excellence in each area listed.”
The information about the methodology for EMBA rankings is also clearly spelled out in microscopic detail on the back of the shiny brochures available from US News (for a not-insignificant cost) that Executive MBA programs include with the other cool swag they give out at their info sessions.
THE ANALYSIS
What this means is that, technically, the US News ranking for EMBA programs is 100% subjective. While I believe we can trust deans to evaluate other programs fairly, the methodology does have a high school yearbook “Best Personality/Most Popular” vibe to it.
Baby and the Bathwater: Although EMBA rankings are not supported by hard data, they are not completely random. For example, you won’t see obscure/suspect names like Red Flag University in the top 50 programs, and the schools that fill the top 20 slots all have excellent programs.
Other Considerations
Similar to the dog show, participation in US News rankings is voluntary so the absence of your targeted program on the list doesn’t mean anything, really. The information required for the privilege of being judged is significant and no small task to pull together and submit. If the program you’re considering doesn’t appear on the list, maybe they just didn’t feel like getting all dressed up for the party.
The entire rankings thing is a huge—and I mean ENORMOUS—money maker for US News, like WAAAYYY more profitable than their actual news sites. This means their #1 job is to keep people like you engaged and interested. How much you want to engage and incorporate rankings into your own decision process is up to you. But don’t lose sight of the business case and the goal of the rankings publishers (and listen for the “cha-ching”).
When a methodology like the one used for EMBA programs is employed, it’s exceedingly difficult for a new program or small specialized program to break into the Top 20 Mobius Strip (see above), let alone find a berth in the Top 10, regardless of the quality of that program. I would wager there are more than a few programs every bit as good as the prestigious ones so don’t overlook a program because it has a lower ranking (or no ranking at all).
THE UPSHOT
So the answer to the question of whether rankings matter is, like a lot of these meaty questions, “it depends” (helpful, I know). They matter very much to the programs in question, and as the student and future graduate, it doesn’t hurt to have the pedigree and credentials from a highly ranked program on your resume. The bigger philosophical question is whether rankings should matter, but it’s kind of a moot point because they’re impossible to escape.
The good news is that not having credentials from a prestigious program on your resume won’t negatively impact you unless the hiring company/organization cares a lot about credentials (lookin’ at you, McKinsey), versus valuing experience and a degree from a good (but not prestigious) school.
Companies that do want an Ivy League roster will often say that degrees and the institutions that conferred them are just a “data point” but the proof is in the pudding. All you need to do is look at the bios of people that work there. I’m willing to bet a whole lotta cash you won’t see a graduate of University of Nowheresville on BCG’s or Bain’s “TEAM” page on their website. But I digress.
Back to the topic at hand: Regardless of ranking, what’s most important is that you land in a program that feels like the best fit, given all considerations, including ranking. If your #1 criteria for choosing a program is ranking, that’s cool. No judgement here (prestige was most certainly way up there in my b-school decision criteria). Just make sure the other program attributes aren’t far behind.