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Home>Two MBA Myths You Shouldn’t Fall For: M7 and Top 10 Business Schools
Two MBA Myths You Shouldn’t Fall For: M7 and Top 10 Business Schools
Two MBA Myths You Shouldn’t Fall For: M7 and Top 10 Business Schools main image
Linda Abraham
Let’s set a few things straight here:
MBA MYTH #1
All schools outside of the M7 business schools/Top 10 business schools are viewed the same, so it doesn’t really matter which one you attend.
REALITY #1
This is wrong on two levels.
First, after the top 10 business schools come the top 20 and the top 30. Each tier is viewed as more impressive than the next. But you should realize that there are roughly 1000 MBA programs in the US alone. If you attend a top 50 program, you are attending a program in the top 0.5% of all US MBA programs.
Second, it DOES matter where you attend outside the top 10/20/30. They are not Tweedledee and Tweedledum. Recruiters view schools differently. And so should you. You should select a school based on how you fit with the program.
For example, Broad and Smeal, which usually don’t make it into Top 10 rankings, are excellent for supply chain management and logistics. Babson is well regarded for its entrepreneurship program, but doesn’t generally make it into the Top 20. And University of South Carolina is highly respected for international business. If any of these strengths match your interests, then these programs may be excellent choices for you – recruiters know about these non-Top 10 gems and seek out the most competitive students there. It’s possible that these programs are better for you than other programs that are ranked in the Top 10 but that don’t excel in those areas.
MBA MYTH #2
It’s not worth getting an MBA outside of a M7/top 10 business school. It just doesn’t pay.
REALITY #2
There are a lot more programs outside the M7 and top 10 than there are in them, and the differences in approach to management education, strengths, and specialties differ in each one. As mentioned above, an institution outside the top 10 business schools may be a better choice for you than one inside the top 10 because of the way your individual interests match up with a given school’s individual strengths. If an establishment outside the top 10 business schools will give you an MBA that’s highly specialized for your needs, then it would be silly to say that because it’s outside the top 10 then it doesn’t pay.
When deciding if it’s worth it to attend an MBA program, you shouldn’t look at the ranking number next to a program’s name, but on your return on investment based on your goals and that school’s strengths, reputation, and career data.
Ask yourself the following questions when deciding on whether it pays to go to b-school:
How much money do you currently earn? (That’s how much money you’ll miss out on if you choose to attend a full-time MBA program.)
What is the expected salary of graduates in your field of interest from your target b-school? (This is where you determine how long it’ll take you to pay off those b-school bills and start seeing a marked difference in your earnings.)
Are there any non-financial benefits you seek in pursuing an MBA beyond the classic financial ROI? (Like switching to a career you’ll enjoy, for example.)
It is generally true that average salaries upon graduation decline somewhat as you move further from the M7 and Top 10 business schools, but for the majority of MBAs, the return on investment is positive and alumni satisfaction is high, even far beyond the M7/Top 10 limits.
Don’t rely on myth and fantasy when it comes to where you will invest your time and money. Instead, assess your unique needs and determine your ROI including opportunity cost and non-financial benefits. Choose an MBA program that meets your needs, not the needs of the Businessweek or Financial Times rankings!
Two MBA Myths You Shouldn’t Fall For: M7 and Top 10 Business Schools
By QS Contributor
Updated UpdatedLinda Abraham
Let’s set a few things straight here:
MBA MYTH #1
All schools outside of the M7 business schools/Top 10 business schools are viewed the same, so it doesn’t really matter which one you attend.
REALITY #1
This is wrong on two levels.
First, after the top 10 business schools come the top 20 and the top 30. Each tier is viewed as more impressive than the next. But you should realize that there are roughly 1000 MBA programs in the US alone. If you attend a top 50 program, you are attending a program in the top 0.5% of all US MBA programs.
Second, it DOES matter where you attend outside the top 10/20/30. They are not Tweedledee and Tweedledum. Recruiters view schools differently. And so should you. You should select a school based on how you fit with the program.
For example, Broad and Smeal, which usually don’t make it into Top 10 rankings, are excellent for supply chain management and logistics. Babson is well regarded for its entrepreneurship program, but doesn’t generally make it into the Top 20. And University of South Carolina is highly respected for international business. If any of these strengths match your interests, then these programs may be excellent choices for you – recruiters know about these non-Top 10 gems and seek out the most competitive students there. It’s possible that these programs are better for you than other programs that are ranked in the Top 10 but that don’t excel in those areas.
MBA MYTH #2
It’s not worth getting an MBA outside of a M7/top 10 business school. It just doesn’t pay.
REALITY #2
There are a lot more programs outside the M7 and top 10 than there are in them, and the differences in approach to management education, strengths, and specialties differ in each one. As mentioned above, an institution outside the top 10 business schools may be a better choice for you than one inside the top 10 because of the way your individual interests match up with a given school’s individual strengths. If an establishment outside the top 10 business schools will give you an MBA that’s highly specialized for your needs, then it would be silly to say that because it’s outside the top 10 then it doesn’t pay.
When deciding if it’s worth it to attend an MBA program, you shouldn’t look at the ranking number next to a program’s name, but on your return on investment based on your goals and that school’s strengths, reputation, and career data.
Ask yourself the following questions when deciding on whether it pays to go to b-school:
It is generally true that average salaries upon graduation decline somewhat as you move further from the M7 and Top 10 business schools, but for the majority of MBAs, the return on investment is positive and alumni satisfaction is high, even far beyond the M7/Top 10 limits.
Don’t rely on myth and fantasy when it comes to where you will invest your time and money. Instead, assess your unique needs and determine your ROI including opportunity cost and non-financial benefits. Choose an MBA program that meets your needs, not the needs of the Businessweek or Financial Times rankings!
Linda Abraham is president and founder of Accepted.com and co-author of the new, definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools. Accepted.com has guided thousands of applicants to acceptances at top universities since 1994 – they know what works and what doesn’t, so contact them to get started or visit Accepted.com for all your admissions consulting needs today!
This article was originally published in . It was last updated in
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