A few years ago a Bachelors degree was a unique and prestigious accomplishment.
However, this is no longer the case. The workplace has gotten more and more competitive due to the economic recession and many organizations have had to fire several of their employees in order to stay in business. Some people were laid -off depending on the years of service at the job, but others were terminated based on their level of academic accomplishments.
The MBA or Master of Business Administration emerged in United States in the late 19th century.
The program introduces individuals to different aspects associated with the world of business. There are specific core requirements such as classes in Marketing, Accounting, Human Resource Management and many others. There are different accreditation programs that are designed to ensure that the schools curriculum meets the required standards. There are also different types of MBA programs available. Full- time, part- time, executive and accelerated MBA programs.
The Master of Business Administration has become one of the most sought after degrees in the world. Over the year’s reputable publications such as the Wall Street Journal, Business Week, Financial Times, World Report and US News publish a list of MBA program rankings. One of the most prominent publications Business Week has been publishing its list of MBA program rankings since 1988. The list is only incorporates schools in the United States that offer this program.
There are several criteria used to arrive at MBA program rankings, over the years there have been controversies surrounding the methodologies that have been used. Many individuals are urged to view these rankings with caution for a number of reasons. One of the most legitimate arguments is that many of these MBA program ranking only include schools in a specific area, thus limiting the population size to only a small group of schools. These rankings are mainly focused on schools located in the United States.
Another argument against the validity of MBA program rankings are that many top business schools do not cooperate with these publications as they are under the impression that these rankings are distorted. The Wharton School in Pennsylvania, INSEAD Business School and Harvard University in Massachusetts are some of the business schools that are under this impression. These published MBA program rankings can be deemed unfair because the same schools are given a different ranking in each publication. For example Harvard could be rated number one in one list and in another it’s rated number fifteen. Issues like these are further proof of why many people doubt the validity of these rankings.
Bloomberg Business Week uses nine methodology measures for their MBA program ranking.
These include academic quality, the satisfaction of students and their job outcome after graduation. This year 169 schools were eligible for consideration in the rankings; these included all the schools from last year’s rankings along with six others. Graduating students were asked to complete surveys with 50 questions about the different aspects of the school. The results were combined with surveys from 2008 and 2009. SAT scores also played a part in the survey. Many more methods were employed and schools were eliminating according to the responses from the surveys.