Are Business Schools Equipped to Handle Climate Change?
The United Nations’ panel on climate change issued an alarming warning earlier this month. In order to avoid worsening events such as increasingly deadly storms and heat, the extinction of coral, and ever rising sea levels, member nations must act fast. Global leaders of business must pay particular attention to this warning, as the world economy will need to transform in order to support the vital decrease of carbon emissions.
Columbia Business School Dean Hubbard Steps Down After 15 Years
After 15 years, Glenn Hubbard, the dean of Columbia Business School (CBS), has announced he will be stepping down from his position. Columbia University president Lee C. Bollinger made the resignation announcement, which will be effective on June 30, 2019. After that point, Hubbard will resume his faculty role as a professor of finance and economics.
Caught: Why Business Schools Might Lie to Improve Rankings
School rankings from sites like Forbes or U.S. News & World Report are often a crucial factor for students before they decide where they should pursue a degree. Using a combination of rankings, standardized test scores, job placement after graduation, and tuition costs, among other crucial factors, a school ranking a quick and succinct look at the relative merits and weaknesses of MBA programs throughout the country—and the world.
There is a lot riding on these rankings: not only do perspective MBAs often make decisions about where to pursue their degree based on these reviews, but graduates can use these rankings to demonstrate the quality of their degree to future employers. With such high stakes, organizations like U.S. News that compile these rankings rely on the accurate reporting of data from each business school.
So, what happens if the information is inaccurate, or worse? Data like student satisfaction and post-graduate salary—which can be so crucial in informing a prospective MBAs choice of school or program—is reported directly from the business schools, which often presents a conflict of interest potential. With so much at stake, would a school ever lie to increase their spot in the ranking?
Unfortunately, it seems the answer is yes. Just last week, the Online MBA program at Temple University’s Fox School of Business—a program that was consistently ranked in the top spot in U.S. News’ Online MBA ranking—vanished from the list. According to the initial announcement, new information had revealed that just 20 percent of Fox students in the Online MBA program had actually submitted test scores, a number that had initially been reported at a perfect 100 percent. Since the formula used by U.S. News weighs test score averages more if over 75 percent of students have submitted them, this inaccurate reporting from Temple Fox would have given the program an undeserved boost in the school ranking.
In the wake of Temple’s removal, questions continue to arise about the lengths schools go for good rankings/Photo via PhillyMag.
In the days since the initial announcement of Temple’s removal from the ranking, even more questions came out regarding the accuracy of Fox’s data. Further investigation found that Temple had reported 100 percent of students taking standardized admissions test for every year since 2014—a suspicious jump from the 25 and 33 percent that had been reported in the years prior. Since the test scores data submitted turned out to be inaccurate, it seems wholly possible that the data had also been misreported for the three years prior; the same years that Temple Fox held the top ranking for Online MBA programs.
This isn’t the first time it’s been discovered that business schools and even undergraduate programs have falsified or reported inaccurate data to boost its rankings. In 2013, Forbes was forced to remove four schools from its ranking of “America’s Best Colleges” due to inaccurate reporting: doctored SAT results from Bucknell University, false acceptance and graduation rates from Iona College, among others. In 2012, George Washington University lost its ranking on U.S. News’ “Best Colleges” list when it was discovered they were inflating the high school grades of their incoming students.
GWU was one of several schools in the past few years to submit false data for a rankings boost/via Huffington Post.
The problem may be even more far-reaching than some may suspect. In 2013, a survey of 576 college admissions officers found that 91 percent believed other colleges to be guilty of falsely reporting their admissions data. Even the school ranking creators themselves are shocked by this trend. In 2013, U.S. News editor Brian Kelly commented, “The integrity of data is important to everybody … I find it incredible to contemplate that institutions based on ethical behavior would be doing this.”
In 2005, the Association to Advance Collegiate School of Business (AACSB) took a deep look into this trend to examine why the issue of falsifying business school data might be so widespread. “Because rankings of full-time MBA programs are commonly presented under the label of ‘best b-schools,’ the public has developed a narrow definition about the breadth and value of business education,” the report states. Since most media rankings don’t consider factors like faculty research or doctoral education, MBA programs have become more likely to invest in more visible aspects of the program, such as facilities and marketing campaigns, which don’t actually deal with the quality of the degree. As a result, even high-quality programs may earn a lower media rank than they deserve based on the factors considered, adding pressure to do what it takes to earn a school ranking that matches what they perceive as the quality of the degree.
“Plenty of people apply to a school because it has reached the summit of a ‘best-of’ ranking, just as many people will see a movie or buy a book after it wins an award. That’s human nature,” Columbia Business School dean Glenn Hubbard told Fortune. “We want to experience the best.”
Whether or not placement in a school ranking truly represents the quality of a degree, it’s easy to see why the pressure is on for many admissions departments. A better school ranking can increase the number of applicants, providing for a more competitive, and diverse applicant pool, which creates a better quality admitted class. The cycle continues: success of these graduates can improve the possibility of future funding, providing more resources for the program and encouraging even more applicants to apply down the line.
“Rankings have become omnipresent in higher education, and they have enhanced the competition among institutions,” said Terry W. Hartle, senior vice president at the American Council on Education, in 2013. “And in any highly competitive environment, there is always a temptation to cut corners.”
For now, the Fox School of Business has been removed from the U.S. News Online MBA ranking. Concerns about false data continue to be evaluated, as organizations like AACSB continue to seek solutions and make recommendations for best practices when it comes to the collection and reporting of admissions data. In 2017, the AACSB publication “On Academic Rankings, Unacceptable Methods, and the Social Obligations of Business Schools,” suggested that schools and organizing bodies work together to find a method of data collection that includes “transparency, interpretability, and the empowerment of individual decision makers by whatever criteria truly suits their individual needs.”
For prospective students, its important to acknowledge this troubling but widespread trend as they make important decisions about where to earn a degree. While school ranking remains an easy way to compare programs against each other, students should consider not just the accuracy of the data but also the kind of factors reported in media rankings. While it seems possible that the number one program in a media ranking may not truly deserve that position, the real top program- the best for each individual’s needs and career goals—will always deserve first place.
Columbia Business School Announces New M.S. in Business Analytics Degree
Columbia Business School (CBS), together with Columbia Engineering, yesterday announced a new full-time Master of Science in Business Analytics degree. Distinct from CBS’s MBA degree, the new program features a three-semester curriculum and is really geared toward students who want to learn the modeling techniques and data science tools that help businesses use data to influence decision making. A unique capstone project will serve as a key element of the new program, through which students will work with actual clients and relevant data sets to put the skills they’ve learned to work helping solve those companies’ real-world business problems. The capstone course will extend over the full three semesters of the program.
The program was developed jointly by faculty at both CBS and Columbia Engineering, and the resulting curriculum is designed to prepare graduates to excel in careers both as consulting analysts and associates and as business analysts and data scientists in fields including financial and professional services, technology, advertising and media, and other professions that require both a deep understanding and practical application of data analytics.
“By tapping into the vibrant and diverse business ecosystem that can only be found in New York, Columbia Business School and Columbia Engineering are uniquely situated to offer this new Master’s degree,” CBS Dean Glenn Hubbard said in a statement. “We see this as a must-do program for any future business person who wants to have a leg up in using data to make informed business decisions.”
CBS Enters an Already Crowded Field
Columbia is far from the first to announce a new data analytics master’s program—and it likely won’t be the last. It joins a long and growing list of other leading business schools that have sensed demand from both students and recruiters for programs that marry some of the skill sets of the MBA with the deeper study of data science and analytics that engineering faculty can provide.
MIT Sloan School of Management last year launched its own Master of Business Analytics (MBAn) degree, with leadership and support from the MIT Operations Research Center. In just one year, applications to the program have more than doubled—from 300 to 800—making the degree the most competitive at the school, with an admissions rate of less than 4 percent, the school reports. And just last month Sloan unveiled a new Business Analytics Certificate program that will be open to students in all MIT masters-level programs who want more rigorous academic content focused on data science.
Not to be left out, last month the University of Virginia’s Darden School of Business announced the launch of a new MBA+MSDS dual-degree program, which grants a Master of Data Science degree from UVA’s Data Science Institute and an MBA from Darden in 24 months (tuition for the MBA+MSDA program is the sum of each individual program’s standalone tuition). The program welcomed a pilot cohort this past summer, and Darden is currently accepting applications for the full program, which will launch in 2018.
NYU Stern, for its part, is now accepting applications for the inaugural class of a new specialized one-year Tech MBA, first announced last spring. And just yesterday Stern shared that an $8 million alumni gift will fund creation of a new center for technology, business, and innovation.
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Harvard Business School (HBS), too, sees where the action’s at and doesn’t intend to sit idly on the sidelines. In August 2017—together with the Harvard John A. Paulson School of Engineering and Applied Sciences and the Faculty of Arts and Sciences—HBS announced a partnership with 2U, Inc. to deliver a new online certificate program in business analytics. Expected to welcome its first cohort of students in March 2018, the Harvard Business Analytics Certificate Program is designed to help business leaders—including MBA grads—keep up with and leverage the explosion of data now available in every industry.
Some Schools Were Out in Front
Of course, amid this recent flurry of activity to enhance academic offerings at the intersection of technology and business, some schools can claim clear first-mover advantage. MBA students at CMU’s Tepper School of Business can opt to pursue a Technology Leadership MBA Track, a joint partnership between the Tepper School and Carnegie Mellon’s top-ranked School of Computer Science—indeed, it is one of the most popular offerings in the MBA program. Tepper also offers a three-year, dual-degree MBA/Master of Software Engineering program, also in partnership with the School of Computer Science.
And Stanford Graduate School of Business has for several years offered its students the opportunity to pursue a dual degree of significant relevance to students interested in careers in tech. Its joint MA in Computer Science/MBA degree links two of the university’s world-class programs and helps students develop a unique skill set ideal for becoming a manager and/or entrepreneur for new technology ventures. Stanford’s program includes a year of courses at each the GSB and in the Computer Science department followed by a third year of elective courses in both programs, enabling students to shave off one to two semesters it would take to complete both degrees separately.
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It Only Makes Sense
Whether beginning several years ago or just getting off the ground now, that business schools are recognizing and responding to market demand for business fundamentals married with data science know-how makes complete sense.
“The role of analytics has grown increasingly critical for most sectors of the economy,” Columbia Engineering Dean Mary C. Boyce said in a press release. “Our partnership with Columbia Business School combines our strength in data science, optimization, stochastic modeling, and analytics with their strength in data-driven decision-making for business and marketing to create a rigorous new master’s degree program.”
What Sets Columbia’s New Program Apart?
So what sets the newest program announced yesterday by Columbia apart from others in a crowded field? One distinguishing feature of the M.S. in Business Analytics is the capstone project that will put students to work on real-life consulting projects with companies using the companies’ own data, the school argues. “By working on real-world consulting projects, with real-world data, students will use the modeling techniques and data science tools to provide pragmatic solutions to the practical problems that businesses are facing today,” Costis Maglaras, professor and chair of CBS’s Decision, Risk & Operations Division, said in a press release.
Students in the new Columbia Business analytics degree program will also have valuable access to dedicated career placement services, the school notes, starting with completing a required Professional Development and Leadership course. “The M.S. in Business Analytics combines classroom instruction by distinguished Columbia professors with the experience of working on real-world problems via the capstone project course,” Columbia Engineering Professor Garud Iyengar said in the press release. “We expect this program to have 100 percent placement of its graduates as do our very successful M.S. in Management Science and Engineering and M.S. in Financial Engineering programs.”
Applications are currently being accepted for the first cohort of this new M.S. in Business Analytics. Students can choose to complete the program in one year by taking a summer semester or can take three non-contiguous semesters (fall, spring, fall), which would reserve the possibility of a summer internship.
For more information about the new Columbia M.S. in Business Analytics, click here.
This article has been edited and republished with permissions from our sister site, Clear Admit.
Potential Flaw in MBA Rankings Shuffles Results
Rankings of MBA schools are a dime a dozen. Just about every publication focused on business offers a yearly report of business school rankings. Most people accept the rankings for what they are, but recently, Glenn Hubbard, the dean of Columbia Business School, published an essay that examines the methodology of the ranking system. Continue reading…
Columbia Chief of Staff of Dean’s Office Named
Binu Nair has been named Chief of Staff of the Dean’s Office of Columbia Business School. Nair began her new position at Columbia September 8, 2014. Nair will be responsible for a variety of strategic, administrative and operational functions for the faculty, staff, students, alumni and senior administrators of Columbia Business School. She will also aid both government and community leaders.
Nair will be joining Columbia after spending a year and a half as a strategy and planning consultant at the Fordham University Graduate School of Business in New York. While at Fordham, Nair worked in conjunction with their dean’s office, development office and board of overseers to carry out benchmarking, strategic planning, and development activities.
