Your GMAT is the first step in a long and exciting journey. At the other end of that journey, you have a dazzling array of schools lined up before you. And, even though you are concentrating on GMAT coaching at this step, everyone has a wishlist of schools that they’d like to get into.
And the first step towards creating that wishlist is to look at rankings of different B-Schools, and identify the parameters that you would want to look for in your dream MBA. Of course, where there are rankings, there will always be confusion, with everyone claiming to be the best. We will not recommend any one ranking system to you, but what we can do is give you an idea of parameters that the best systems take into account while deciding which is the #1 MBA destination in the world.
Keep in mind that all ranking systems assign a different weightage to each parameter on this list; however, you will gain a clear understanding of how the ranking is done, once you read it fully.
There is a belief all across the world that rare is good, and that if something is harder to attain, it is better. This holds true for MBA school rankings as well; selectivity (from self-reported numbers of applicants and entrants) is an important part of what sets top 10 schools like HBS, Stanford and Wharton apart form the rest.
Nobody knows the system better than leaders in the field; which is why Peer Assessment, or taking inputs from Deans and Academic Heads at other Business Schools. Of course, any personal biases in scoring are accounted for by taking a large sample, and sometimes by discarding extreme scores.
Graduate Average Salary
Many people go to Business School so that it will kickstart their career, and the most obvious metric of a kickstarted career is the paycheck size. Every business school is always ranked on the average salary that its graduates are offered post MBA, and the usual average measure used is the median.
In addition, many rankings also use percentage placement figures, but this is often not very useful to differentiate the top few schools from each other, because everyone who opts for the placement program usually has multiple offers.
The entities who keep track of MBA student quality most closely are those who will one day have to hire them – corporate recruiters. The business world has its finger to the pulse of the hottest MBA programs and the latest trends, and their votes play a critical role in multiple MBA ranking schemes.
Average GMAT scores of entrants
Every Business School would like to claim that its students are the best, but its often difficult to quantify this claim exactly. One number that can help to quantify this is, of course, the average GMAT score of all students entering an MBA program. Sadly, this often leads to misconceptions, with multiple people talking about a ‘GMAT cutoff” that different schools enforce during admissions.
Though there is no GMAT cutoff, there is strong evidence that having a better GMAT score is a key element of your application, and Jamboree’s GMAT coaching programs can help take your GMAT score above the average GMAT score of pretty much every school out there!