One clears the tough MBA entrance tests and then goes through the grilling Selection process to get a seat in the college of their choice.
Now, here comes the most important and crucial part which is choosing the right college.
Though it seems easy but it is the one of the most difficult choices to make. Out of thousands of functional B-Schools in India which one will be the best one for you? This is the question which every aspirant asks.
There are many ways to find out the answer but the most used methodology is B-School Rankings.
Having said that, how does an aspirant know which MBA Ranking is the best or which one should be followed? Famous magazines and national dailies come up with B-School Rankings every year.
If it is that easy then why does it concern us? Main reason is that these rankings do not have same colleges in their top list. Every ranking differs from the other. Reason for this is that every survey incorporates different criteria to finalize the list.
Recently, Forbes Magazine, Financial Times, QS World, The Economist came up with their B-School rankings for the year 2013. Now all of these are very reputed and famous sources in themselves then how should one decide which one to follow because all of them have given different rankings to the same college.
For Example, Chicago, University of - Booth School of Business has been give the first rank in the survey conducted by The Economist while the same college is at 9th rank in QS World`s survey and Financial Times kept it at the 10th Rank.
To decipher this difference and come to the right conclusion one needs to analyze these surveys. There are many ways to do that.
1. One, is to go through all the possible Rankings and see if the college`s rank doesn`t show much fluctuation.
2. Second, is to know the basis of different Rankings and then see what suits you the best.
Let us elaborate by going through the criteria of the survey made:
Forbes – Does a calculation of ROI 5 years out from business school.
Financial Times – Bases 40% of the ranking on post-MBA salaries 3 years after graduation.
Business Week – Emphasises the satisfaction levels of two core stakeholders: students and recruiters.
The Economist – Assesses the ability of the MBA to open new career opportunities, as well as the international make-up of the school.
By relying on points like post-MBA salary, or subjective surveys and self-reported data, we can`t be scientifically conclusive. And a business school that has more of cash-strapped entrepreneurs and graduates taking non-profit sector will struggle to compete despite the positive social impact their career choices might have in the long term.
Therefore, one needs to prepare Rankings out of these Rankings. It will take a bit of your time but will fetch you the name of the college you should join.