Study Overseas

Each year, a number of popular magazines and newspapers rank business schools around the world in terms of overall quality as perceived by their editors. These rankings attract a great deal of attention and allow publishing companies to cash in with ad sales to schools and other organizations wanting exposure in these highly read publications.

Popular rankings, such as those published in BusinessWeek, Financial Times, U.S News &World Report, The Wall Street Journal, Forbes and The Economist all use different criteria. The weighting systems and methodology used by these publications can change from year-to-year, causing schools to rise or fall in rankings without any significant change in their programs.

Rankings provide prospective students with a place to begin searching for a business school, but they are only part of the story. Prospective students and their parents should be aware that selecting a business school solely on rankings can be misleading to those looking for the perfect business school fit.

"For some students, choosing the No.1-ranked business school in the world would be absolutely the wrong choice" says John J Fernandes, president of AACSB International. "Choosing a business school is much more personal, requiring careful thought as to the preference of the location, size of school, size of classes, availability of faculty for one-on-one attention and other factors. These are just as important as the type of program and its perceived reputation."

Andrew Policano, Dean of the Paul Merage School of Business at the University of California, Irvine says that after a prospective student considers information readily available, the rankings may not be very useful at all. When BusinessWeek, Financial Times and U.S News published their first rankings, their intentions were to fill a niche and boost circulation- not to fundamentally alter the way business schools operated. Yet, their rankings have dramatically changed business education in many significant and undesirable ways," says Policano.

In their quest to get higher and higher ranking recognition, business schools have altered they way they do business to the point where, as Policano points out: "Business Schools devote a disproportionate amount of time and money to improving their ranking status. Some even have multiple staff members whose jobs are devoted simply to manning "the ranking desk". As the war of the rankings escalates, the balance of power is shifting from assessment to obsession with ranking status".

While ranking are a market reality, their true value should be scrutinized by prospective students, parents and others who may provide advice on school choice. It is important that students first consider what is best for them on a personal level and how their personal needs fit in with their desired field of study.

The Business School Student Checklist

With hundreds of programs available, especially for those pursuing an MBA, sorting through all the possibilities can be overwhelming. That is why it is so important to do your "homework" even before you start your program. The good news is that, with the right research, you will find an AACSB-accredited program nearby that is flexible enough to meet your objectives.

1. Assess Your Personal Needs.

There are many questions to consider. What area of business interests you the most? What are your carer goals? Where do you want to work after graduation? Hoe much financial support will you require? What if your school choice involves a move? How close do you want to be to family and friends? Would you prefer a large campus or small?

2. Evaluate whether a full or part-time program is best for you.

Many students find that employment or other factors prevent them from attending school full-time. More than 60 percent of those studying for their MBA hold down full-time jobs. This provides an additional personal challenge because working and studying can be a difficult combination. If keeping your full-time job is a must, a search for a flexible program that fits your working lifestyle. Most of the best business schools have options such as on-line programs, evening/weekend courses and other alternatives.

3. Research Your Prospective School Choices, By Talking With the Right People

Many prospective students rely too heavily on the opinions of family and friends. Better business programs have admissions experts to help you answer your most relevant questions, including those about program requirements, financial aid and campus employment opportunities, such as work study, assistantships or internships.

Recent program graduates, as well as business professionals and faculty members, can also be an excellent source of information. These individuals can help you find out what it's really like at your prospective school. You might ask alumni how much help the school provides with post-graduation job searches. Discussing all your options with those who have experience will help you make your best choice.

4. Determine The Quality Of School's Faculty.

A top business school's trademark is its faculty. Visit the school's website to review faculty biographies and if you have trouble finding this information about them, be wary. This might indicate the less-experienced faculty may turn over frequently. While reviewing faculty qualifications, determine if they are recognized experts in their fields? Do they participate in research that they bring to the classroom? Do faculty members have practical expertise gained through professional experience and consulting?

5. Don't Overemphasize The Importance Of Rankings.

There are many publications that review and rank business schools but rankings should be viewed with caution because they may be based on criteria not relevant to your decision. In most cases, rankings apply the same criteria to each school regardless of an institution's mission and may fluctuate wildly from year to year. The highest-ranked business school might not be the right choice for you.

6. Choose A School With A Global, Specialized Accreditation.

Specialized accreditation, such as that awarded by AACSB, demonstrates that a school has gone through an extensive multi-year evaluation process that proves its ongoing commitment to quality and continuous improvement. Earning AACSB accreditation is a difficult process, which is why less than 10 percent of the world's business schools are authorized to display the official AACSB seal of accreditation.

www.aacsb.edu