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What makes a business school good? The answer to this question is known to all but what makes a business school the best? Judgment on this varies from critic to critic but one thing remains above all else, the top 20 B schools of the world do not change their position too much. Having said this, it is interesting to note a stark difference in the number one spot given by various proprietary ranking sites. The Economist says that it is IESE, Spain while Business Insider suggests Harvard as being number one. To understand how most rankings work, here are the criteria for scoring.
Coursework
A strong business school prides itself on its strong foundation courses and marvelous advanced courses. A school that is abreast with the developments in the outside world globally is one that scores high in this criterion.
Teaching Faculty
Of course, the professors and the faculty in general matter in regards with the reputation of an university. Having said this, it is more important to understand that every B school has one particular area that it excels at while being better than the rest in other areas. For example, it is internationally accepted that a degree from London School of Business (LSB), UK is great for financial sector but a degree from IESE, Spain is perfect for the marketing sector.
History
The older a college the better its reputation. Older business schools such as the Harvard, LSB, and Princeton have been at the game of defining and refining business studies from the start of business studies meaning that they always hold more sway over other colleges.
Average Packages
Why does a student enroll into a premier B school? The motivations may be varied but the goal is the same, to earn more money and live a happy hard working and fruitful life. Top universities offer a tremendous boost to one’s pay package after graduation.
The Contacts
This has got to be the most important criterion on the list. Business schools all over the world do not vary too much in their style of teaching or the course material taught. What does vary is the amount of contacts that a student can generate while in college to aid his career later on.
Support From College
Business schools that offer alumni support and guidance even after they have left the campus are often ranked higher up because, this ensures that students benefit from an MBA experience much after graduation.
Having laid down the criteria for ranking, let me break the silence on which is better – Ivy League or the Rest of the World’s Top Business Schools? The answer is easy, Ivy League holds the upper hand with Harvard, Princeton and others over LSB, INSEAD, IESE and others.
Even though LSB, INSEAD and IESE are the top leading institutes of Europe with higher pay packages on an average from Ivy League graduates, they lack the depth of contacts a student can build while at Harvard or such. Since one does not become hugely successful after a MBA because of knowledge alone but also because of their usable contacts, Ivy League wins hands down this contest. Or at least this is my opinion, if you have contrasting views or wish to add a few more criteria on ranking please do so by writing us in the comment section.