TOP US AND CANADIAN BUSINESS SCHOOLS
By Prof. Dr.Khawaja Amjad Saeed
Jul 31 - Aug 06, 2000
This piece reviews top business schools of US and Canada. Relating to US, the following aspects have been reviewed:
A. Top US Business Schools
B. Methodology used for developing ranking
C. Entry into top US Business Schools
D. New trends in Top Business Schools
E. Specialties: US Scene
Later a review of Canadian Business Schools has been carried out. However, this relates to under graduate programs.
Us business schools
A: TOP US BUSINESS SCHOOLS
In the latest US News and World Report, April 10, 2000, 49 best and top US Business Schools have been ranked. Table No. 1 has been prepared to show top ten US Business Schools.
B: METHODOLOGY FOR DEVELOPING RANKING
The following points are worth noting regarding overall ranking of business schools in USA:
1. The overall rankings for USA 325 accredited MBA Programs were based on a weighted average of the eight measure of academic quality.
2. The specialty rankings are based solely on reputation.
3. Break up of factors used in ranking include the following:
i) Reputation 40
ii) Placement Success 35
iii) Student Selectivity 25
Details are available on Page 70 of US News and World Reports (April 10, 2000).
C: ENTRY INTO TOP US BUSINESS SCHOOLS
Some of the interesting facts about the admission to the top 49 business schools listed in US News and World Report, April 10, 2000 are summarized below:
1. Average undergraduate GPA (Grade Point Average) for 1999 ranged between 3.60 (University of California LA) to 3.11 (Rice University Texas) out of 4.00.
2. Average GMAT Score for 1999 ranged between 725 (Stanford University) to 608 (Thunderbird Graduate School) out of 800.
3. Acceptance rate for 1999 ranged between 6.6% (Stanford University) to 7 4% (Thunderbird Graduate School).
4. Average starting annual salary and bonus for 1999 ranged from $ 105,102 (Harvard University, MA) to $ 66,063 (University of Illinois - Urbana Champaign).
5. Graduates employed at graduation for 1999 ranged between 99.1% (Colombia University, NY) to 61.7% (University of Illinois - Urbana Champaign).
6. Employed graduates three months after graduation ranged between 100% (University of Pennsylvania - Wharton, North Western University, Kellog, IL, Colombia University, NY, University of Michigan, Ann Arbor and Washington University, St. Louis) to 85.1% (University of Notre Dome).
7. Annual Tuition and Fees for 1999 ranged between $ 29,224 (New York University, Stern) to $ 12,604 (University of Georgia).
8. Total full time enrolment for 1999 ranged between 137 (University of California, Davis) to 1774 (Harvard University, MA).
D: NEW TRENDS IN TOP US BUSINESS SCHOOLS
Business programs are undergoing significant changes in their offerings. Listed below are some of the new trends:
The name of this University's business school is Owen Graduate School of Management. It launched the Country's first E-Commerce specialization five years ago. Only one student offered to register himself. Now half the school is pursuing the above subject. To meet the growing challenge of teaching E-Commerce, a centre has been devoted to E-Research. Nineteen Courses are being offered with dozen professors teaching E-Commerce.
Chicago Graduate School of Business
As against 65 seats for E-Business course 225 students tried to register.
University of California.
Berkley Fire Marshals had to be called to avoid the stampedes erupting from too many students trying for too few seats in E-Commerce direction.
MIT Sloan School of Management
One-third of the student body has signed for the E-Commerce track.
Harvard Business School
The student with an Internet laden offering entitled "Entrepreneurial Management" will be required to study this in the first year. This will water down the impact of flagship of general management approach pursued earlier. No need to create a special E-Commerce concentration is felt in this School.
University of Pennsylvania's Wharton School
The school has developed E-Commerce concentration.
Carnegie Mellon University
This university unveiled US first M.S. in E-Commerce in May, 1999. Applicants numbered 3000 for 36 seats.
a) The general approach followed by top business schools of US (Chicago, Harvard, Virginia, Stanford, etc.) is weaving E-Commerce throughout the Curriculum. Emphasis is on hands on experience.
b) The students are required to tackle actual problems for real organizations.
c) Students are used by Corporations to access the markets for their products or to develop E-Commerce business plans.
d) Computer Science departments and Business Schools are jointly coordinating for MBA Programs.
e) Harvard has established a Silicon Valley Research Outpost. This has enabled Harvard to prepare 50 case studies of new economy companies in the past 18 months.
f) Stanford is planning to establish an E-Business Research Centre with a sum of $20 million.
E: SPECIALTIES: US SCENE
Ten specialties were considered popular. These included Accounting, Finance, General Management, Management Information System (MIS), International Business, Entrepreneurship, Marketing, Production/Operation Management, Quantitative Analysis and Non-Profit Organizations. It is very interesting to note that MBA started as a management generalist program but with the passage of time, it has moved to specializations. Incidentally Hospitality Management specialty has not been included in the above list. This specialty is very popular in Singapore and Hong Kong. Many European Universities, specialty Switzerland are also offering this specialty. Table No. 2 lists full time MBA Programs with ten specialties. Nine to Ten business schools have been ranked in the respective specialties.
Seven Universities were honored representing business programs ranked as the best by Deans and Program Heads. Massachusetts Institute of Technology (MIT-Solan Business School) has the distinguished honor to be ranked as the best in three specialties namely, Management Information System (MIS), Production/Operations Management and Quantitative Analysis. Table No. 3 shows the programs ranked as the best in ten specialties.
There is vast market for part-time executive MBA Programs in USA. These programs are operated in a flexible manner and are considered highly profitable for Career Enhancement. Ten business schools have earned the top ten ranks. These Business Schools are given in Table No. 4
The Gourman Report has released ranking of Canadian Universities. This was down loaded on March 04, 2000. Eighteen point criteria was used in the evaluation of institutions and programs.
Statistical data was collected and reduced to a simple 3-digit figure. This was called as the Gourman Score for determining overall rank. Information was collected from public records, the evaluated Universities and agencies.
Criteria included considered elements given in Table No. 5.
Sixty (60) universities / colleges were ranked. Table No. 6 presents top ten ranked Canadian Universities.
The maximum Gourman Score was 4.64 (McGill University) and the minimum score was 2.47 (Saint Paul University).
Table No. 7 presents the analysis in a frequency table.
It would be apparent that 13% institutions were in the range of 3.51 to 4.64 and remaining ones (87%) were ranked ranging between 2.47 to 3.50.
The foregoing analysis has been carried out from the Gourman Report, Undergraduate Programs, 10th Edition 1998. This was published by Dr. Jack Gourman, Princeton Review Publishing, New York, USA.
Business Schools in Pakistan must take a serious cognizance of new trends. Investment in faculty, equipment, curriculum, motivational system and checks and balances at entry points is the crying need. Market economy trend is the global wave. E-Commerce is growing spectacularly. New era is emerging. Students with dynamic and creative ideas need to enter Business Schools for ornamenting themselves with new skills, innovative knowledge and enlightened and forward looking attitudes to enable Pakistan to play an excellent role in the Competitive world. This challenge must be met by us.
*Dean Executive Programs, Punjab College of Business Administration, Lahore.
Table No. 1
Top Ten US Business Schools
S.No. Institution Rank Reputation Rank
1. Harvard University (MA) 1 1 1 2. Stanford University (CA) 2 1 7 3. University of Pennsylvania (Wharton) 3 1 2 4. Massachusetts Institute of 4 4 6 Technology (Sloan) 5. North Western University (Kellog) (IL) 5 5 3 6. Colombia University (NY) 6 8 10 7. University of Chicago 7 5 8 8. Duke University (Faqua) (NC) 8 8 5 9. University of Michigan (Ann Arbor) 9 7 4 10. University of California Berkley (Hass) 10 12 16 Source: Excerpted from US News & World Report, April 10, 2000, P-68.
Table No. 2
Specialties: Full Time MBA Program
Rank Specialty Number of School Ranked 1. Accounting 9 2. Finance 10 3. General Management 10 4. Management Information System 10 5. International Business 10 6. Entrepreneurship 10 7. Marketing 10 8. Production/Operations Management 10 9. Quantitative Analysis 10 10. Non-Profit Organizations 9 Source: Excerpted from US News & World Report, April 10, 2000, P-70.
Table No. 3
Specialties: Full Time MBA Programs Ranked best by Deans and MBA
Rank Field University 1. Accounting University of Chicago 2. Finance University of Pennsylvania (Wharton) 3. General Management Harvard University (MA) 4. Management Information System Massachusetts Institute of Technology (Sloan) 5. International Business Thunderbird Graduate School (AZ) 6. Entrepreneurship Babson College (MA) 7. Marketing North Western University, Kellog (IL) 8. Production/Operations Management Massachusetts Institute of Technology (Sloan) 9. Quantitative Analysis Massachusetts Institute of Technology (Sloan) 10. Non-Profit Organizations Yale University Source: Excerpted from US News & World Report, April 10, 2000, P70.
Table No. 4
Specialties: Part Time MBA Programs
Rank Name of Business School 1. New York University (Stern) 2. University of Chicago 3. North Western University (Kellog - IL) 4. University of California, Los Angeles (Anderson) 5. DePaul University 6. University of Michigan - Ann Arbor 7. University of Southern California (Marshall) 8. University of California, Berkley (Haas) 9. Georgia State University (Robinson) 10. Babson College (MA) Source: Excerpted from US News & World Report, April 10, 2000, P70.
Table No. 5
Criteria for Evaluation for Ranking Canadian Universities
1. Institutional auspices, Control and Organization. 2. Number of education programs and degrees conferred. 3. Experience level (age) of an institution. 4. Faculty quality, experience, intellectual pursuits and research productivity. 5. Quality of students' scholastic works and records of graduates in post-graduate studies and their field of practice. 6. Admission requirement and basis. 7. Number of students enrolled. 8. Curriculum content. 9. Quality of instruction and teaching load. 10. Quality of administration. 11. Quality and access to career placement servicing and counseling. 12. Quality of physical plant (buildings, surrounding). 13. Finance, budget, investment and funding. 14. Quality of library (size, material relevance and access) 15. Computing facilities and resources. 16. Funding for research equipment and infrastructure. 17. Number of teaching and research opportunities. 18. Athletic - academic balance. Sixty (60) universities / colleges were ranked. Table No. 6 presents top ten ranked Canadian Universities.
Table No. 6
Top Ten Canadian Universities
Rank Institution Gourman Score 1 McGill University 4.64 2 University of Toronto 4.61 3 University of British Colombia 4.22 4 McMaster University 3.89 5 University of Alberta 3.63 6 York University 3.61 7 Carlton University 3.58 8 Simon Fraser University 3.55 9 University of Manitoba 3.50 10 University of Ottawa 3.45 The maximum Gourman Score was 4.64 (McGill University) and the minimum score was 2.47 (Saint Paul University).
Table No. 7
Sixty Canadian Universities Scores
Gourman Score Frequency % 2.47 - 2.99 17 28 3.00 - 3.50 35 59 52 87 3.51 - 4.00 5 9 4.01 - 4.50 1 1 4.51 - 4.64 2 3 60 100