U.S. News and World Report
It's no surprise that U.S. News and World Report's defining feature is its reliance on experts. Since its inception in 1933, the magazine has become famous for playing the role of an authoritative guide on nearly every topic imaginable. It has provided rankings lists on practically everything there is to rank within the realms of nation and world news, health, money, science, opinion, and education. Their lists range from the exciting--The 100 Best Cars--to the practical--Best Health Plans. They also provide a host of how-to guides, such as “How to decide if assisted living is the best fit” and “10 ways to make any job healthier.”
So when it began ranking MBA programs in 1990, USNWR maintained its expert-oriented style and went straight to--you guessed it--the experts. They created a “peer assessment score” based on the opinions of deans and academic directors of business schools. These deans and directors ranked all the schools included in the rankings process except their own. Then these scores were averaged, and the resulting score got a quarter of the weight in each school's final score, more than any other parameter in the methodology.
USNWR also factors in the opinions of recruiters using the same method, with the recruiter opinion score weighing 15 percent. As with the opinion rating from academics, recruiters are simply asked to rank schools on a scale of one (marginal) to five (outstanding).
Getting Down to the Numbers
If this ranking system sounds too opinion-based at this point, keep reading. Sixty percent of the ranking system is based upon numerically measurably parameters. The most heavily weighted of these, at 21 percent, is the percentage of graduates able to find a job within three months of graduating. This falls under the heading of placement success, under which salary data, weighted 14 percent, is also included.
When asked why they emphasize placement success so much, director of data research Bob Morse said that it is one of the single most important factors to students.
“When you go to a full-time business school, that means you've taken yourself out of the job market. So the most important thing is that when you are done, you are hoping to get a good job,” Morse said. He added that salary data is the factor that has the most influence over this ranking, indicating that this is the parameter most likely to show strong variations between schools.
A Wide Audience
When asked who their ranking system is best for, Morse said prospective MBA students and their parents, at no particular age or career stage.
Morse put it simply, saying, “Our rankings are for the consumers of education.” He drew a distinction between these consumers and the other possible audiences: “If the rankings were just for academics, then we would use different variables such as citation analysis, faculty research, number of journals, faculty credentials...”
The USNWR rankings of 100 schools, along with an extensive list of unranked schools, can be found here. And for those itching for more information, USNWR also provides an array of articles answering frequently asked questions about business schools admissions.
Icon courtesy of Northwest University.