In the last decade, business schools have been referred to as a two-year job interview, because for more than 100,000 dollars and two years of study, MBAs are allowing college students to gain access to vast alumni networks, top-tier internships and the best jobs. Potential employees that have obtained an MBA have also become popular among numerous companies, resulting in more students attending one or two additional years after their undergraduate program to earn a MBA.
With a sharper focus on what people most hope to get after business school, Bloomberg created the most effective ranking yet for helping career-oriented students choose an MBA program.
Bloomberg’s annual ranking of full-time MBA programs has now determined what most recent grads desire: a satisfying, well-paying job. More graduate degrees in business are awarded each year than in any other field in the U.S., and new business schools are attributed by the dozen every year.
To identify the best of the 2015 year, Bloomberg collected data from more than 13,150 current students, 18,540 alumni and 1,460 recruiters across 177 distinct B-school programs. For the first time, Bloomberg surveyed MBAs after graduation for more insight into what graduates can expect in their future careers. Briefly, the MBA programs were ranked based on the following main five types of populations that were surveyed to acquire the most recent statistics:
Employer Survey (35 percent of total score): The recruiter feedback on the skills they look for in potential MBAs, and the specific programs during their undergraduate college education that equipped students with required skills.
Alumni Survey (30 percent): Feedback from the classes of 2007, 2008, and 2009 on how their MBAs have affected their careers, their compensation change over time and their midcareer job satisfaction in the last five years.
Student Survey (15 percent): The class of 2015’s perspective on their academics, career services, campus climate, and other influential external factors. Job
Placement Rate (10 percent): Complies the most recent data on how many MBA students are seeking full-time jobs within three months of graduation.
Starting Salary (10 percent): The most recent data on how much MBAs make in their first jobs after graduation, adjusted for different industry and regional variation.
Here is the list of the top ten best full-time MBA programs in the United States in order according to Bloomberg: Harvard, Chicago (Booth), Northwestern (Kellogg), MIT (Sloan), Pennsylvania (Wharton), Columbia, Stanford, Duke (Fuqua), UC Berkeley (Haas) and Michigan (Ross).
Most MBAs have no trouble landing jobs; after three months beyond graduation, 88 percent of MBAs have been hired and offered a nice pay. In addition, these graduates saw an 81 percent jump over their median compensation before business school.
After six to eight years, pay typically increased another 64 percent, to about $169,000 a year. Those salaries are awarded to a specific group of professionals. Sixty percent of full-time MBA graduates had jobs in technology, consulting, and financial services.
Despite initiatives at many business schools to fuel entrepreneurship, a mere four percent of students started their own business when they graduated, and five percent went to work for a startup company.