Wharton, Stanford Top Forbes’ 2017 Business School Ranking
For the first time ever, the Wharton School at the University of Pennsylvania topped the biennial Forbes list of the best business school’s in the United States.
Coming in second place on the Forbes 2017 rankings, revealed earlier today, was the Stanford Graduate School of Business, which was followed by Harvard Business School, Northwestern’s Kellogg School of Management, and Dartmouth’s Tuck School of Business rounding out the top five.
Forbes‘ top 10 U.S. business schools (2017)
Rounding out the top 20 were some familiar MetroMBA favorites, such as Columbia Business School (6th), Chicago Booth (7th), MIT Sloan (8th), UC Berkeley Haas (9th), UCLA Anderson (15th), the McCombs School of Business UT-Austin (17th), and the Mays Business School at Texas A&M (20th).
Just making the final cut on Forbes’ newest list, which includes only 70 schools, was the Fox School of Business at Temple University (60th), Pepperdine’s Graziadio School of Business and Management (65th), Northeastern’s D’Amore-McKim School of Business (66th), the Kogod School of Business at American University (67th), and the Gabelli School of Business at Fordham University.
Method To The Madness
Nearly every major publication that reveals its own respective business school ranking list has its own principle methodology in which it follows. For instance, unlike Forbes, the Financial Times ranking system relies more on alumni survey responses for its final ranking. While Forbes does utilize surveys in its ranking, its primary focus is on how graduates fare on their return on investment.
In the ranking release, Forbes staff writer Kurt Badenhausen notes:
“Our ranking of business schools is based on the return on investment achieved by the class of 2012. We examined more than 100 schools and reached out to 17,500 alumni around the globe. We compared graduates’ earnings in their first five years out of business school to their opportunity cost (two years of forgone compensation, tuition and required fees) to arrive at a five-year MBA gain, which is the basis for the final rank. Schools whose alumni had response rates below 15 percent or a negative return on investment after five years were eliminated.”
In regards to Wharton topping the 2017 list, Badenhausen writes, “These days most Wharton MBA students head to finance or consulting jobs upon graduation (79 percent of the class of 2012), which traditionally are the most lucrative areas for MBAs. The concentration in these sectors pushed Wharton’s current total compensation for the class of 2012 to the highest of any school in the world at $225,000.”
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The exceptional cost of living around Stanford and shockingly low admissions rates (6 percent) contributed to the business school falling off its top spot from the prior year. Stanford GSB graduates, however, were given enormously valuable stock options after earning employment, with a median value of $380,000. Despite the astronomical figures, Stanford GSB grads still saw a dip of around $40,000 in total five-year compensation compared to the Class of 2010. Similarly, HBS grads saw a $28,000 five-year drop compared to the Class of 2010. Wharton 2012 grads, in contrast, gained $18,000 compared to two years prior.
In regards to employment, not much has changed since 2012. McKinsey and Co. was the top employer of the Wharton Class of 2012, hiring over 50 of the school’s 800-plus graduates. Alongside McKinsey were Bain, BCG, and Deloitte, which are still the school’s top employers. However, since then, Amazon has overtaken Goldman Sachs in the Wharton recruitment war.
Thomas Jueng, Seoul native and 2012 Wharton grad, tells Forbes, “Wharton was a great springboard to make a transition geographically and job position-wise with a strong brand name and network as well as providing practical knowledge.”
Read the entire Forbes list of the best U.S. business schools here.
Fox Temple Renovating and Expanding to Historic 1810 Liacouras Walk
The Temple University Board of Trustees and the Philadelphia Historical Commission have passed Fox School of Business’s proposal to renovate and utilize 1810 Liacouras Walk. The renovations to the building, which stands next to Temple’s Alter Hall, are scheduled to begin this month.
The new building will provide over 77,000 square feet of space for Temple’s expanding student body. Though the inside of 1810 Liacouras Walk will see significant changes, including another floor and an atrium, the front of the building will remain unchanged. The facade is protected, since it is technically a part of Philadelphia’s Park Avenue Historic District.
1810 Liacouras Walk is one of the oldest buildings on the Temple campus, as it was built at the turn of the nineteenth century. It was initially a group of row homes intended for the community outside of Temple. After the university bought 1810, the homes served various uses, including women’s dorms in the 1970s. Since 1810 is certified as historic by the city of Philadelphia, it could not be torn down, even when it began to decay. In light of this, Temple left the facade and modernized both the inside and the back of the structure.
The additional renovations, however, will create significant classroom space, while increasing the convenience of accessing Temple’s renowned Innovation and Entrepreneurship Institute (IEI), which will be setting up shop on the first floor.
“The growth of our student body and our faculty is a testament to the momentum of our school and the rankings our academic programs have attained,” said M. Moshe Porat, Dean of the Fox School of Business, “The space at 1810 Liacouras Walk will support our commitment to several other academic pillars, and improve the accessibility of the services we provide.”
Completion of the project is slated for the fall semester of 2018, which lines up with the school’s 100th anniversary.
Former Neeley Faculty Awarded for Supply Chain Success
Nancy Nix, the former Executive Director of the Executive MBA program at the Texas Christian University – Neeley School of Business, was recently awarded with the Distinguished Service Award from the Council of Supply Chain Management Professionals.
Why Online MBA Flexibility Really Matters
Earning an MBA, for many, can be a monumentally difficult decision. For the lucky few, their employers may provide the necessary funding to earn the degree or they already have expendable finances. For many others, though, the time and cost is just too much. However, Online MBA flexibility can help mitigate those difficult deciding factors.
Metro News & Notes: Avoiding Fake News, Forte In Seattle and More
Good morning and happy Friday!
Here are a few stories you may have missed from the week that was …
Temple Surplus Property Program Off to Promising Start
Temple University has implemented a Surplus Property program that will promote sustainability on campus. The program is led by surplus property coordinator, Eric Gryzbowski. Gryzbowski manages the materials in Temple’s North Philadelphia warehouse. In previous years, Temple buildings and the Temple central warehouse have been crowded with obsolete tools and furniture.
