Monday, May 15, 2017

Average GRE Scores At The Top Business Schools

The GRE cis becoming the preferred test for an increasing number of students, and an increasing number of candidates are getting into business schools by submitting GRE scores rather than — or in addition to — scores from the traditionally preferred Graduate Management Admission Test.

  • 8 schools surpass 30% in admits with GRE scores.
  • 11 schools saw a drop in GRE admits between 2015 and 2016, though of those declines, six were of just 1 percentage point. 
  • 24 schools saw increases, ranging from 1 percentage point to 24 points in a single year. 
  • 9 schools continue to have GRE admits in the single-digit percentages
  • 18 have eclipsed 20% and eight have surpassed 30%, led by Boston University’s Questrom School of Business, where a remarkable 42% of the 2016 intake were admitted with GRE scores.
Other notable schools: 
  1. Texas A&M University’s Mays Business School (39%, up from 15% in 2015)
  2. University of Illinois at Urbana-Champaign College of Business (36%)
  3. Southern Methodist University’s Cox School of Business (35%, up from 12% in 2015),
  4. Washington University’s Olin Business School (34%)
  5. Georgia’sTerry School of Business (31%). 
The previous year’s high-level mark for GRE scores was owned by Yale School of Management, with 23%.

At Duke University’s Fuqua School of Business, the percentage of admits with GRE scores tripled in the three years from 2013 to 2015, from 4% to 12%. Last year it dipped to 11%, but according to Anneli Richter, assistant dean of admissions, that may be an aberration.

Rise Of The GRE
Over the last several years, an increasing number of business school applicants have been admitted with Graduate Record Exam scores in place of Graduate Management Admission Test scores. The trend shows no signs of letting up, with a handful of schools seeing double-figure jumps between 2015 and 2016.

Percentage Of Incoming Class With GRE Scores

Percentage Of Incoming Class With GRE Scores

Rise Of The GRE

Stanford Scores Best — Again
Just as it did the previous year, Stanford GSB in 2016 edged out Yale SOM in overall average GRE score with 329 to Yale's 328, though Yale topped Stanford in Verbal scores, 165-164. In 2015, Stanford was the top school for average GRE with 328, better than Yale by 2 points.

Business Schools Dispute MBA Rankings

A number of universities are pushing back against annual business school rankings. Academics from more than 20 business schools participated in a research paper to be published this month in the journal Decision Sciences that questions the methodology and purpose of numerical ranking systems employed by several publications.

Deans and faculty from USC Marshall School of Business, UNC Kenan-Flagler Business School, and OSU Fisher College of Business are among those protesting the approaches used by media outlets to aggregate multiple factors into a single ordinal rank—and they are airing their grievances in the form of a research paper scheduled for publication in the May issue of Decision Sciences Journal.

Bloomberg Businessweek, for example, has ranked full-time MBA programs in the U.S. since 1988. The current methodology focuses on "how well the programs prepare their graduates for job success" and is comprised of five elements: employer survey (35 percent), alumni survey (30 percent), student survey (15 percent), job placement rate (10 percent), and starting salary (10 percent).

The 2016 survey, published in November, ranked Harvard the top MBA program, followed by Stanford, Duke and the University of Chicago's Booth School of Business. Northwestern University's Kellogg School of Management was ranked No. 9.

Some argue that surveys that focus on average base salary at graduation unfairly reward schools that place graduates in the financial sector. Others argue that the  best universities are the ones that provide the most value added to their students. Further, schools that do not cooperate are left out of rankings.

For more information please see the WSJ

NYU Stern Launches: Tech and Fashion & Luxury One-Year MBAs

The traditional path of MBA students toward careers in investment banking and consulting have been based on a model of internships as a hiring tool.  But in the tech and fashion and luxury, hiring is not predicated on the internship model. Reflecting this, Stern has established two new one-year MBA programs to create a different avenue to respond to the hanging nature of the job market, but also to the changing nature of the skill requirements of certain parts of the economy.

Over the summer, students in the new programs will complete a foundational business core with courses in subjects like finance, accounting, marketing, economics, and strategy. Most students in both one-year programs will sit together for the business core. In the fall, they complete a specialty core. 

For Tech MBA students, there will be a choice of three master’s level computer sciences courses such as software engineering, tech product management, and emerging technologies. 

Fashion & Luxury MBA students choose from courses like retail strategy, retail analytics, and luxury management. Electives will fill the spring semester. A fourth core of the new program will be an experiential learning component, putting students to work on real problems for real companies.

Stern Solution: A Branded Approach to Experiential Learning
Through a range of industry-specific immersions, courses, and projects, Stern’s approach has been to match students with faculty to work with companies ranging from the Union Square Hospitality Group to Jet Blue to ABC News. Student participation in these types of projects has increased by more than 130 percent in the past two years.

Once students have completed the summer semester business core, they work on two company projects, one in the fall and one in the spring. Working as part of three- to five-member teams, students help companies address a business issue over the course of each semester, meaning the experience functions similarly to traditional summer internships in two-year MBA programs. Unlike summer internships, though, students in the Stern program will receive academic credit for these experiential learning stints—not pay. Each will count as a regular three-credit course.

In addition, students in each program will participate in two, intense week-long immersions. For the Tech MBA program, the first one will take place in New York in August and the second, in Silicon Valley in January. Featuring classes in the morning and company visits in the afternoon. For the Fashion & Luxury MBA, the first immersion week will be in New York. The location of the second has not yet been finalized but will be either Paris or Milan.

Tech is already Stern's third largest area of placement, behind consulting and finance. One in every 10 Stern grads went into tech last year, up from just six percent two years earlier. That is less than many top business schools—HBS last year sent 19 percent, Stanford sent 33 percent, and Berkeley’s Haas School sent 39 percent—but it is more than uptown neighbor Columbia Business School’s seven percent. Stern hopes this new degree will only increase the school’s ability to place graduates in tech jobs. It also plays to one of Stern’s strengths. Though best known for its finance faculty, Stern has one of the largest collections of computer science and data scientists of any leading business school. The Tech MBA was preceded by the launch of a fintech MBA specialization last fall, likewise intended to leverage existing faculty strength and Silicon Alley proximity.

Where fashion and luxury is concerned, the new program also builds on the 2009-launched luxury marketing specialization for two-year MBA students. The NYU Stern Fashion Lab, a central hub for industry-related projects and networking, is now being created to serve all Stern students. The school currently sends between three and four percent of its two-year MBA grads into the industry, and the fashion and luxury page on its website is among its most often visited. 

The Fashion & Luxury MBA is the first of its kind in the United States—and, especially amid technological disruption, those in the industry have increasingly viewed adding business-savvy professionals to their creative staff as a competitive advantage.

The application form that is similar to the two-year MBA program’s. The profile of students they will be looking for is similar in many ways to the two-year program, with a few key differences. Work experience, average age, competitive GPA and GMAT scores all will be the same, but applicants to the Tech MBA must demonstrate a substantial technological background. 

If not computer science majors, applicants can be STEM majors with a decent coding background. The curriculum, developed in partnership with NYU’s Courant Institute of Mathematical Sciences, is designed to prepare students to propel their careers in product management, fintech, and tech entrepreneurship.
The application process will begin with Round 1 applications due by September 15th. A second round will likely carry a mid-November deadline, and there may or may not be a third round.

Learn more about NYU Stern’s new one-year Tech MBA and Fashion & Luxury MBA

Sunday, May 14, 2017

Babson College Helping Empower Women

Women remain underrepresented in MBA classrooms and don’t participate in the global economy to the same extent as men. Many business schools and foundations are working to address by demonstrating successful female leadership and implementing programs to empower women in business. 

Babson College and the F.W. Olin Graduate School of Business recently announced that Liberian President Ellen Johnson Sirleaf would address their undergraduate and graduate students during its commencement ceremonies. 

About President Ellen Johnson Sirleaf
Sirleaf is a Nobel Laureate and the first female president of an African country. Internationally known as Africa’s “Iron Lady,” President Sirleaf is a leader in peace, justice and democratic rule. During her term as Africa’s first democratically elected female president, she has led Liberia toward freedom and peace while implementing economic, social and political change since her election in 2006.

Sirleaf is seen as a global leader for women’s empowerment. In 2007 she was awarded the United States Presidential Medal of Freedom for her personal courage and commitment to expanding freedom and improving African lives. Just four years later, near the time of her re-election, she was also awarded the Nobel Peace Prize for her work in securing women’s rights.

Sirleaf’s journey is detailed in her memoir This Child Will Be Great, and an overview of her accomplishments can be found on the official Babson website.

Babson Women MBA Students
Babson offers a wide range of scholarships including the Women’s Leadership Scholarships and Forté Fellowships. These scholarships are key, considering that 38 percent of women cite financial issues as the key reason for not attending graduate school, compared to 20 percent of men.

In addition, Babson women have an opportunity to participate in a variety of forums, coaching workshops and conferences throughout the year. 

The Babson Center for Women’s Entrepreneurial Leadership (CWEL) offers speakers, mentorship and co-curricular learning opportunities to all members of the school’s community. There’s also the Women Innovating Now (WIN) Lab, which provides women entrepreneurs with a network designed to help launch or transform their businesses. For MBA students specifically, there’s the Babson Association of Women MBAs (BAWMBA), a student-run group that organizes networking, coaching, and personal and professional development opportunities.

How Babson Helps Empower Women Entrepreneurs
The Women Innovating Now (WIN) Lab assembled a group of top female executives and leaders to share their advice and insight with an audience of aspiring women entrepreneurs. The school's CWEL and BAWMBA resources contribute to a culture where women are encouraged to speak their minds and develop an entrepreneurial mindset within a challenging and supportive community.

For more information, see the MetroMBA article 

10 MBA Programs With Early-Career Students

At these programs, the average full-time MBA student had fewer than two years of work experience, U.S. News data show.

Most MBA students arrive at business school with several years of work experience. But some MBA programs cater to early-career students.

At the 10 business schools with the lowest average total number of years and months of work experience among full-time MBA students, early-career students make up a significant chunk of the student population, with nearly 14 months of work experience on average.

In contrast, among the 126 ranked business schools that reported work experience data to U.S. News in an annual survey, the average full-time MBA student has four years and two months of work experience.

The business school where full-time MBA students have the least work experience is the Massey Graduate School of Business at Belmont University, where the average student has no post-college work experience, U.S. News data show.

On the opposite end of the spectrum, the Isenberg School of Management at the University of Massachusetts has the highest average amount of work experience among its full-time MBA students: seven years and 10 months.

Below is a list of the 10 business schools with the lowest average amount of work experience among full-time MBA students who enrolled in fall 2016. Unranked schools, which did not meet certain criteria required by U.S. News to be numerically ranked, were not considered.

U.S. News surveyed 471 schools for our 2016 survey of business programs. Schools self-reported myriad data regarding their academic programs and the makeup of their student body, among other areas, making U.S. News' data the most accurate and detailed collection of college facts and figures of its kind. While U.S. News uses much of this survey data to rank schools for our annual Best Business Schools rankings, the data can also be useful when examined on a smaller scale. U.S. News will now produce lists of data, separate from the overall rankings, meant to provide students and parents a means to find which schools excel, or have room to grow, in specific areas that are important to them. While the data comes from the schools themselves, these lists are not related to, and have no influence over, U.S. News' rankings of Best Colleges, Best Graduate Schools or Best Online Programs. The work experience data above are correct as of May 9, 2017.

For more information see the US News & World Report article 

Comparing an MBA with Other Management Graduate Degrees

US News and World Report has recently performed a comparison between the MBA and other similar professional business-related masters programs. A specialized management program may be a better fit than an MBA for students with precise career goals.

There's the MBA. A Master of Public Administration. A Master of Health Administration. Master's degrees in management, arts administration and project management. The choice for those who want to lead companies, nonprofits or government agencies might be overwhelming.

Graduate students interested in management should use their personal career goals to decide what type of graduate degree in management to pursue: it's really important to know how strict your career goals are. 

The versatility of an MBA degree is a very important if you don't want to get locked into a particular career track and want to move between the public and private sectors.

Two questions prospective graduate students should ask themselves to determine whether to pursue an MBA or another type of management program.

1. Where do you see yourself in the next five years? Experts say students who are uncertain about their professional goals should strongly consider an MBA degree.

2. Do you want general or specialized management training? 

A specialized management program can help students learn how to confront formidable management challenges, such as judging how well an organization is fulfilling its mission. For instance, students in Carnegie Mellon's information systems management and data analytics programs analyzed social media data and open crime records to gauge community sentiment about police in multiple cities. The project involved data mining skills that could be applied at public and private sector organizations that want to measure and improve their performance.

A specialized management degree such as a degree in project management can help a student stand out in the job market, since these less-common degrees demonstrate technical expertise.

MBA programs are everywhere, and MBA graduates quite literally are a dime a dozen. So a given job posting might generate 50 or 60 job applicants that are MBAs but it might only generate one or two that have a degree in organizational change, and therefore, those types of resumes tend to float to the top of the pile. 

For more information see the US News article. 

Financial Times Standout performances in the 2017 executive education rankings

IESE was the FT's top-ranked school and came in the top 10 of all 15 criteria except one, “growth”, for which it is ranked 35th. IESE was ranked first for the diversity of its faculty and its international clients. The school has five global campuses and two executive education centres. It also belongs to an international network of 15 schools.

Harvard: back in the top 10
Harvard Business School was in the top 10 of the custom programme ranking for the first time since 2011. It reached its lowest position of 18 in 2014 and 2015. However, it moved up to 14 last year and has now jumped nine places to fifth. The ratings from its corporate clients have improved significantly and it is now top for the quality of its teaching and the relevance in the workplace of the skills they gained.

Cass: new entrant
Cass Business School at City University in London entered the custom programme ranking for the first time in 60th place. The school performed notably better for the effectiveness of follow-up after participants return to their workplace, for which it is ranked 13th. “Our client director is outstanding and consistently goes the extra mile,” commented one of its corporate clients. It is also ranked 15th for the international reach of its customised programmes.

IMD: top school for open-enrolment programmes
It is the sixth year at the top for IMD. Despite the strong Swiss franc, students say the Lausanne school offers good value for money. “What is being delivered is worth every penny,” said a Polish manager on the High Performance Leadership course. IMD is top for the preparation and selection of its participants. Its online Global Leader Index allows students to assess their strengths and training needs.

Sloan: Quality of participants
MIT Sloan Business School is top for the quality of its participants for the first time in the open-enrolment ranking. Sloan’s students have been in the top 10 for this measure since 2005 and it achieved second place in 2016. Nearly half of its participants last year had an MBA, double the average for all ranked schools. Nearly two-thirds of students worked at partner level or higher compared with an average of 36 per cent.

Wharton: Most participants
The Wharton school at the University of Pennsylvania remains on an upward trend. It climbed three places to 14th in the open-enrolment ranking, having fallen to a low of 23rd in 2015. Wharton is unique for its number of participants, having delivered 26 online programmes in 2016 to more than 52,000 students on topics such as business analytics, digital marketing or entrepreneurship. Some 35,000 of these participants live outside the US.

IESE top in faculty diversity
Top overall in the combined ranking, IESE in Barcelona was also best for faculty diversity. A third of the school’s full-time faculty engaged in custom education are women and more than 80 per cent are from outside Europe.

IMD: highest rate of satisfaction
Students on IMD’s open-enrolment executive education courses report the highest rate of satisfaction, with 85 per cent ranking them at least nine out of 10 for the criterion.

Stanford GSB: best host
Stanford GSB ranked top in the open executive education ranking for the quality of food and accommodation. “The facilities, location and climate could not be better,” said one participant surveyed by the FT.

Queen’s University: Smith is best in revenue
Queen’s University: Smith comes second for “growth” in the custom ranking, with revenue in 2016 up by more than 40 per cent on 2015. The school had 37 corporate clients in 2016, 12 more than the year before.

Harvard Business School: skillful performance
Harvard Business School was rated best for new skills imparted to the executives of its corporate customers — a rise of 17 places compared with 2016.

ESMT joins the elite
The Berlin school, headed by Jörg Rocholl makes the top 10 of the combined ranking for the first time. The school dropped to a low of 27 in 2014 but has since moved up significantly in both open and custom rankings.

Antai: new to the table
Antai, in Shanghai, is in the combined ranking for the first time at 15, after entering the open ranking at 32. It is the third year that the school features in the customised programme ranking.

Thunderbird: female friendly
More than 70 per cent of Thunderbird’s students on open programmes are women. Its DreamBuilder programme targets women looking to set up businesses.

For more information, see the original FT article