For a large majority of MBA students out there, the degree is an opportunity to find amazing jobs in awesome new fields. But even with all that potential, applicants often sabotage themselves before even stepping foot into a classroom. Why? Because of their approach to choosing between MBA programs. So today we decided to discuss, in a bit of detail, our thoughts on optimizing school selection to help you land that DREAM job! We'll also take a look at a new rankings from LinkedIn that uses their data to determine exactly which schools are landing graduates at the most desirable companies in popular fields like Finance, Marketing, and Management Consulting. It's an interesting addition to the rankings of US News, BW, and the others.
Let's start by talking about the school selection process. One of the biggest problems we see with this process is that many applicants overemphasize the prestige of elite MBA programs like Harvard, Stanford, Wharton, and Booth. They fall in love with rankings. Now, don't get us wrong. Prestige is really, really important and rankings tend to identify prestige fairly well. But we've had more than a few clients get stuck thinking that unless they get into one of these top programs, it isn't worth getting an MBA. We had more than a handful this year alone. It happens like clockwork. While it's fine to pursue these elite brand name programs that everyone respects and recognizes, by no means does attending an elite program guarantee a golden ticket to work at any company. In fact, getting a position at top firms while attending the very best MBA programs can be more difficult given the high caliber of talent from your peers who are competing for these same jobs. In other words, it can sometimes pay to be a slightly bigger fish in a slightly smaller pond! More often than not, our task then becomes how to convince our clients to expand their school list into the broader top 20 MBA programs to achieve their goals.
Sure, you could state that the education quality and access to resources can be better at a Harvard, Stanford, Wharton, or Booth and we won't argue that point. But if you don't end up at one of these elite programs and land in the next batch of top MBA schools, you will still get a great education and access to many of the same recruiting opportunities! By no means do we discourage you from applying to the elite schools. DO! You only do this once - and the worst that can happen is the school says no. But if you don't try, you're saying no on their behalf. So go, spread your wings, fly! We're simply cautioning you from spending too much energy in applying to these stretch schools when you can take the same time investment and put it towards programs which offer more realistic chances of admission. This isn't a cut and dry world - there are a lot of ways out of the maze!
So what about these new LinkedIn rankings? Let's take a look to get a better sense of how different schools stack up. LinkedIn analyzed the employment patterns of over 300 million LinkedIn members from around the world to determine what the desirable jobs are within several professions and which graduates land said jobs. As a result, we get school rankings that aren't skewed by GMAT scores, survey responses from Deans, and satisfaction scores. They are purely based on the career outcomes of graduates. As a bonus, these LinkedIn rankings focus on desirable companies that graduates actually want to work at. For more information on the methodology behind the rankings and how desirable companies were determined, check out this page.
So what does the LinkedIn report say about three very popular industries for MBAs: investment banking, management consulting, and marketing? Many of the schools you see in these rankings serve as feeder schools with a strong on-campus presence (which really makes a difference!) for the most desirable companies in these industries.
Looking into the rankings for investment banking, it may come to the surprise of many that Georgetown McDonough comes in at the third spot. But this program has a strong alumni network and connections to many big name firms. You'll also notice the skew towards schools in the northeast but it is also worth pointing out that smaller programs like Yale, Darden, and Tuck generate just as many MBA grads as larger, more renowned finance programs such as Wharton, Booth, and Columbia.
Investment Banking:
1. NYU Stern
2. Yale School of Business
3. Georgetown McDonough
4. Columbia Business School
5. UVA Darden
6. Dartmouth Tuck
7. Chicago Booth
8. Cornell Johnson
8. Wharton
10. Duke Fuqua
Moving on to management consulting, we see the usual top MBA programs like Harvard Business School, Kellogg, and Wharton topping the list. However you have to give credit to schools like Michigan Ross, Duke Fuqua, and Dartmouth Tuck which have a number of alum being represented at top firms like McKinsey, Bain, BCG, and Deloitte. If consulting is your post-MBA goal, you should strongly consider adding these programs to your list of target schools!
For a more detailed breakdown by firm and MBA program check out this list from Poets and Quants.
Management Consulting
1. Harvard Business School
2. MIT Sloan
3. Northwestern Kellogg
4. Wharton
5. Michigan Ross
6. Duke Fuqua
7. Dartmouth Tuck
8. Stanford Business School
9. Columbia Business School
10. Chicago Booth
For MBA applicants pursuing a future as a brand manager, schools in the Southeast are a big draw for many top CPG companies. In addition to popular marketing programs at Kellogg, Ross, Booth, and Wharton, you certainly have many options available at schools that are less competitive to get into but will still land you at big name consumer packaged goods companies.
Marketing
1. Duke Fuqua
2. Michigan Ross
3. UNC Kenan-Flagler
4. Wharton
5. Emory Goizueta
6. UVA Darden
7. Northwestern Kellogg
8. Chicago Booth
9. Cornell Johnson
10. Harvard Business School
For complete rankings and a look into more industries visit this page on LinkedIn.
The big takeaway from all of this is this: know which MBA programs your target companies are recruiting from and determine which of those schools gives you the best odds of getting in (maybe with a bit of $$ too?). First off, be honest with yourself about where you can realistically be accepted. You can't land that dream job if you don't get in! For example, if your dream is to one day be an investment banker at Goldman Sachs but your GMAT score and work experience isn't in the ballpark for Booth, Wharton, or Columbia, then your time is better spent applying to Darden, Fuqua, and McDonough. The second consideration is which MBA program will give you the best chance of landing that dream position at your dream company as you compete with your peers? Yes, being at Harvard Business School is great but if you can't hang with the rock stars that are competing with you for a handful of openings, aren't you better off being the bigger fish at a smaller pond that offers the same position?
As MBA admissions consultants, our team at Critical Square is focused on looking at the big picture when it comes to choosing between MBA programs for our clients. For a more personalized, in-depth look at which MBA programs are the best fit for your goals, we encourage you to sign up for a free consultation with us. Also don't forget to check out our other free resources such as MBA school profiles and a breakdown on what admissions committees look for to help you kick off your MBA application process.
Good luck!
