College Rankings: America's Top Business Schools

Business careers attract motivated people who can make firm decisions, forge important business relationships, and achieve top-paying management jobs. Businesspeople are naturally goal-driven, and most aspiring business students know precisely what they want from an education: the skills to succeed in a dog-eat-dog business world.

To help business students reach their dreams, business publications like BusinessWeek and U.S. News and World Report rank the nation's top business schools. Here's a look at the 2008 rankings.

How Are Business Schools Ranked?

Business journals take various approaches to the college ranking system. BusinessWeek culls its results from a 50-question survey, which is completed by roughly 80,000 business-college seniors. To supplement this information, BusinessWeek surveys around 470 employers, gathering data about these corporations' employees and the business schools they attended. U.S. News uses a slightly different ranking strategy, which weighs criteria such as graduate employment rates, peer assessment ratings, admissions percentages, and GMAT scores.

If you are shopping around for business schools, try to browse as many business journals as possible. By examining diverse rankings systems, you can improve your chances of finding the very best business schools.

Pad Your Knowledge, Pad Your Wallet: Schools that Boost Your Wages

Can a business degree beef up your yearly salary? Absolutely. In fact, U.S. News and World Report claims that alumni from Harvard University's business school earned an average yearly salary of $125,527. Stanford University's business-school graduates fared even better, bringing home a typical annual paycheck of $126,661.

Of course, admission to these top-tier programs is highly competitive: Harvard University's business program only accepts 14.9% of its applicants, and Stanford University admits just 9.9% of candidates. In order to prepare for business school, it may help you to secure a business internship and start studying for your GMAT right away.

Other MBA programs offer impressive value too. Overall, the Graduate Management Admission Council (GMAC) estimates that an MBA degree increases earning power by about 30%.

It's a Small World: Schools with an Eye on International Business

Business schools also prepare graduates for a global economy. It is no secret that new technology has prompted corporations to expand beyond the domestic sphere to tap international markets. Because of this growth, it is essential that businesspeople learn to work with customers that speak different languages, practice unique customs, and hold distinctive value systems.

Hult International Business School, which hosts campuses in Boston, Dubai, and Shanghai, features a globally-oriented business program. Since the Hult Business School gathers faculty and students from all over the world, Hult's student body offers a truly multicultural classroom environment. Recently, Duke University's business school followed suit, establishing an international business program and joining the MBA Diversity Alliance (MBADA), a group that recruits minority students for business education. MBADA members also include Cornell University's Johnson School, NYU's Stern School, the Yale School of Management, and USC's Marshall School.

Flexible Choices for Busy Students: Distance-Learning at Campus-Based Schools

Worried that attending business school could compromise your full-time career? Seek out online study options through your campus. Some traditional universities that offer non-traditional course options include:
  • Carnegie Mellon University
  • Indiana University
  • University of Maryland
  • University of Massachusetts-Amherst
  • Arizona State University
These, and many other campus schools, don't require you to come to campus in order to take classes.

In addition to online programs, part-time business school programs are booming in popularity. As a matter of fact, Forbes Magazine reports that around half of business school students attend their colleges part-time. By holding onto your job and studying during evenings and weekends, you can stave off debt. Keep in mind, however, that many part-time programs may last five years or more.

Building Bridges to the Future: Schools with Strong Alumni Networks

College is not only a good place to learn, it also gives students a chance to make career-launching connections. Business school is no exception, and older institutions tend to have especially strong alumni networks. The University of Pennsylvania's Wharton School, for example, was founded in 1881 and represents the oldest business school in America. According to its website, the Wharton School has over 82,000 graduates who work in 6 continents and 140 countries. Also, the Wharton School has 80 alumni clubs to assist career-seeking graduates. Other business schools with deep alumni networks include the University of Chicago, the University of Michigan-Ann Arbor, and the University of California-Los Angeles.

Keeping Pace with Modern Times: Innovative Schools

Business schools should strive to match changes in technology, communications methods, and international relations. Cutting-edge business schools include:
  • Florida International University
    This school enrolls the most minorities of any school in the United States and focuses on business trade with South America, Central America, and the Caribbean.
  • Harvard University
    Not only does Harvard have a superior business school, it also uses progressive methods. CEOs regularly drop in to teach students about new-venture development.
  • University of Colorado-Boulder
    With financial help from Boulder's natural foods companies and organic stores, UC-Boulder provides pioneering programs focused on eco-friendly business practices
  • Simmons College
    This Boston-area college has the country's only entrepreneurship school tailored specifically for women in business.
  • University of Texas-Austin
    UT-Austin offers its business students a wide range of resources such as private offices, advisors, and advanced technology. As a result, many UT-Austin students have launched successful business ventures while still in school.

Post-Graduate Employment: Schools that Start Careers

Most business journals rank Harvard University high on their list of top business schools for good reasons. Besides Harvard's stellar faculty and groundbreaking curriculum, the school has an outstanding job-placement rate. By the time graduation rolls around, 90% of Harvard's business school students have secured jobs; within three months after graduation, that figure is 94%.

A master's in business administration is a versatile degree that qualifies graduates for an array of management positions throughout the private sector. The MBA is among the most popular and recognizable college degrees, a ticket to career advancement and better pay. To find the right MBA program for you, consider the rankings, the school's placement track record, its programs, and its support resources. With so many top business schools out there, it pays to find the one that best fits your career aspirations.

Sources
"10 Cool Colleges for Entrepreneurs," CNNMoney
"2006 Distance MBA Profiles," BusinessWeek
"America's Best Graduate Schools 2008," US News & World Report
"Best Business Schools," Forbes.com
"Examining the Value Added by Graduate Management Education," GMAC
"Finding Future Women MBAs," Graduate Management Admissions Council
"Hult International Business School," Hult
"New MBAs Finding Education Pays Off Big Time," USA Today
"The Wharton MBA for Executives," University of Pennsylvania
"What's Behind the Grade?" Business Week