QS Global 200 Business Schools 2009: The Employers’ Choice

QS Global 200 Business Schools 2009: The Employers’ Choice Global 50 Business Schools by Specialization

Nunzio Quacquarelli, Editor

Ben Sowter, Head of Research

The entire content of this publication is protected by international copyright. All rights reserved. No part of this publication may be copied or reproduced in any form without the prior written permission of the publisher. Tables and charts may not be reworked or presented in any other form without written permission from the publisher. In particular, any reproduction of the tabulated Business Schools data must be in the original alphabetical form. All reproduced excerpts, tables and charts must be sourced: “Source: QS Global 200 Business Schools 2009: The Employers’ Choice”. The associated QS research report: QS TopMBA International Recruitment and Salary Trends Report 2008 gives more details of current MBA recruitment worldwide and is available through www.topmba.com.

Copyright © QS Research 2009

The world’s leading network for top careers and education

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Contents 1. Introduction 1.1 Employer ‘Preference’ Methodology 2 1.2 Why focus on the employer view? 2 1.3 The global MBA marketplace 2 1.4 Personalising rankings: Topmba.com/Scorecard 3 2. Trends Affecting Employer Attitudes 2.1 Globalisation 4 2.2 Salary equalisation 4 2.3 Downswing of the business cycle 4 2.4 Small is beautiful 5 3. Survey Sample and Methodology 3.1 Sample 6 3.2 Industries 6 3.3 Geographical distribution 7 3.4 Methodology 8 3.4.1 Index of Employer Votes 8 3.4.2 Employer Position 8 3.5 Data for Specialization Tables 8 4. Summary of Results: Global Business Schools in 2008/9 4.1 Overview of Schools in North America 10 4.2 Employers’ Top Schools in North America 11 4.3 Overview of Schools in Europe 14 4.4 Employers’ Top Schools in Europe 15 4.5 Overview of Schools in Asia-Pacific 17 4.6 Employers’ Top Schools in Asia-Pacific 18 4.7 Overview of Schools in Latin America 20 4.8 Employers’ Top Schools in Latin America 20 4.9 Overview of schools in Africa, Middle East 21 4.10 Employers’ Top Schools in Africa, Middle East 21 5. Summary of Global Business Schools by Specialization 5.1 International Management 22 5.2 Finance 24 5.3 Marketing 26 5.4 Information Management 28 5.5 Operations Management 30 5.6 Entrepreneurship 32 5.7 E-Business 34 5.8 Strategy 36 5.9 Leadership 38 5.10 Corporate Governance 40



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1. Introduction: QS Global 200 Business Schools 2009: The Employers’ Choice The “QS Global 200 Business Schools 2009” originated in the early 1990s, as an alternative to business school rankings and until this year has been known as the “Global Recruiters’ Top Business Schools Research”. The 2008/9 report has been rebranded in order to better explain QS’ objective to provide information on different criteria from which business schools can be fairly and accurately compared, without inferring any overall ranking. At the heart of the report is the definitive list of 200 business schools currently preferred by the most international employers for the purpose of hiring MBA graduates. This list is compiled from an annual survey of Human Resources (HR) managers and line managers with recruiting responsibilities at companies around the world. Each year employers recommend new schools to be added to this list, which employers around the world can then rate and comment upon. QS also collects comparable data from all these schools which it audits and then makes available to enable readers to compare schools across various dimensions. QS believes that our primary focus on the employer perspective offers a unique insight into the value of the MBA, given the fact that most MBA students take the qualification to enhance their career prospects. The research is intended to be of interest and use to the internationally mobile MBA employer and applicant and all individuals and institutions worldwide interested in international business education and recruitment trends. This report contains a summary of the survey results, with tables of the full data. 1.1. The QS employer preference methodology QS TopMBA.com International Employer Survey captures the preferred set of business schools each responding employer wishes to recruit from, either now, in the recent past, or in the near future. QS asks international employers to select the schools they consider for MBA hiring. Employers that focus on domestic hiring are not included in the survey and QS recognises that many excellent schools that cater predominantly for their local recruitment market may, therefore, not appear in the tables. 1.2 Why focus only on the employer view? QS believes that employers and HR decision-makers worldwide have among the most objective and informed opinions as to which are the “best” business schools. When a HR department selects a business school to sponsor an employee on an MBA program, the decision will often be the result of an intensive research exercise, evaluating the strength of faculty, the facilities and the relevance of the course to the employee and the company’s needs. Similarly, when HR managers choose from which business schools to recruit, they will draw from a wide range of information sources. They will evaluate their experience of MBA alumni currently working at the firm and canvass their opinions. They will also assess the quality and efficiency of schools’ career services and the reputation of the school, globally and locally. HR decision-makers look beyond rankings and examine the facilities, the course content and the quality of students. The better the performance within an organization of MBAs recruited from particular schools, the more likely those schools are to feature well in this research. Year on year, this survey reveals remarkable consistency in school selection by many of our employer respondents. Allegiance to particular schools is not gained or lost by one good or bad student, but by a sustained experience over several years. 1.3 The global marketplace International MBA recruiting is no longer the domain of a few prestigious US and European companies. A growing number of HR managers in Asia, Latin America, the Middle East and Eastern Europe are informed about MBA education. Managers in these regions have also been asked to share their views on the schools they would prioritise for MBA hiring. In today’s global economy, a HR manager in a large organization anywhere in the world is expected to be informed and knowledgeable about the MBA marketplace. All will find this research useful. An MBA education and MBA career opportunities have become truly global, attracting as much interest in Beijing and Buenos Aires, as they do in Boston or Birmingham. Many companies in banking, consulting, healthcare, utilities, transportation, technology, telecoms and other sectors, continue to favour an MBA education, both for their own executives and as a source of new talent.



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In recognition of the global dimension, QS research chooses to present the Global Top 200 Business Schools by region: top Schools in North America; top schools in Europe, top schools in Asia-Pacific, top schools in Latin America and the top schools in Africa/Middle East (total 200). 1.4 Topmba.com/Scorecard: creating a personalised ranking No overall definitive ranking is presented in the QS World Business School Ratings. The QS approach distinguishes itself from rankings by listing schools in alphabetical order, in clusters, highlighting which are the most popular schools in North America, Europe, Asia Pacific, Africa/Middle East and Latin America with international employers through an Employer Score. QS does not combine this employer data with many other criteria to create a ranking. Rather, QS presents several different criteria side by side and allows candidates to create their own personalised rankings (see TopMBA.com/Scorecard). Many factors must be considered when evaluating business schools. For example, the quality of students can also be inferred from average GMAT scores and years of work experience. Other factors to be considered include areas of specialization, success of alumni and the activities of the alumni networks. It is the opinion of the report authors that no research has yet managed to produce a ranking of business schools that adequately incorporates all these factors. In an ideal world, what each person really wants is the ability to create his or her personal ranking. The reader may wish to create his or her own preferred list of business schools, taking into account these and personal criteria. The facility to personally rank international business schools worldwide now exists. Building on its considerable expertise in this field, QS has created QS Search and Scorecard (hereafter Scorecard), an interactive online tool that enables you to identify institutions that meet your personal criteria worldwide and it costs nothing to use at www.topmba.com/scorecard. More than 200,000 candidates have already used Scorecard. The database of schools and universities represented now exceeds 400 and is growing all the time as institutions see the high quality of candidates using Scorecard. Sophisticated web-based technology allows you to apply weightings to more than thirty criteria including program strength, faculty quality, return on investment, reputation with employers, and specializations, to create your own ranking and to find the best match for you.



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2. Trends Affecting Employer Attitudes 2.1 Globalisation Globalisation is making the MBA market continually more dynamic. As more and more business schools increase the international diversity of their students, they become ever more attractive to employers in the global marketplace. The BRIC economies - Brazil, Russia, China and India - have really begun to make their mark on MBA recruiting in recent years. Salaries in these regions may be lower than in developed regions, but many MBAs are interested in working in these countries, believing that entrepreneurial opportunities outstrip those in developed regions. Central and Eastern Europe, Germany, Spain, Australia and South-East Asia are among areas of the world not traditionally associated with MBA hiring on a large scale. The strong performance of some of these regions in the employer preference tables indicates how they are now fertile ground for seeking MBA hires. QS’ prediction that MBA recruiting in parts of Asia, Latin America and Central Europe will soon start catching up with the more mature US and Western European markets still stands. In 2007, we have had to increase the number of schools featured from the Asia-Pacific region, reflecting their growing importance amongst international employers who are targeting the Asia region for growth and are turning increasingly to Asian business schools to meet this resource need. In 2008 we have had to add schools from Africa and Middle East as the region seeks more MBAs as it attempts to catch up with the West. We are already seeing the previously predicted strong business schools emerging from these regions and we expect this trend to continue and many more employers to become active. 2.2 Salary equalisation The reputation of elite schools stands them in good stead around the world. The research confirms that there are 15 - 20 schools in both North America and Europe of which almost all international employers are aware and would favour for MBA hiring. These schools feature on the priority lists of a high proportion of respondents. However, in negotiation, the high salaries demanded by graduates of these schools deter many smaller firms. There is a differential in salary levels between elite schools and strong local schools and this is helping to sustain demand for graduates from a wide number of institutions. As a consequence of high salary demands from the MBAs at top schools, employers may turn to strong local schools. Regional and local North American employers reported an average starting salary of US$89,700; Western European employers US$97,400 (outstripping North America for the first time); Eastern European employers US$63,200; Asia Pacific employers US$71,400 and Latin American employers US$69,800. It is also true that the elite schools have limited numbers of places and therefore competition for entry is tough. Many good candidates therefore decide to study at less well-known schools and to undertake a proactive job search. Employers may visit schools selectively, but they will review CVs of candidates from almost any school. Strong candidates at smaller schools are helping to build the reputations of these schools as evidenced by the new schools appearing in the employer preference tables across the world. There are strong local business schools emerging in Canada, Germany, Russia, Australia, China, Japan and several other countries that may soon start to challenge the existing incumbents. 2.3 The downswing in the business cycle The TopMBA.com Recruitment & Salary Report 2008 provides extensive details of the boom in MBA hiring up to and including Summer 2008. The MBA market has shown itself to be cyclical. Employer demand for full-time MBA hires fell back each year from 2001 to 2003 as the telecoms, media, consulting and banking sectors shrank their employment numbers and cut back on new hiring. A strong recovery commenced in 2004 and by 2008 we saw MBA demand at record levels, exceeding the 2000 dotcom boom. This growth reflected aggressive hiring by consultancies and banks, and the increasing geographic spread of MBA employers in all sectors. September 2008 witnessed the collapse of Lehman Brothers which was the turning point for economic and MBA recruiting growth around the world. There is uncertainty amongst employers in terms of MBA hiring plans for the near future. Most experienced HR managers will not change their views of the schools they would prefer to recruit from. The issue in 2009 is whether they will be authorised to continue to recruit at levels similar to previous years. We anticipate a fairly sharp decline in MBA demand in certain Western markets like USA, UK, Spain and France, but we may see continued growth in demand in developing markets like China, India and Middle East which are intent on catching up with their Western counterparts and whose governments and employers see business-trained managers as a pre-requisite for future economic prosperity.



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2.4 Small is beautiful Many small and medium-sized companies founded in the last decade by entrepreneurial MBAs have been hiring the current class at affordable salaries. It is too soon to say whether this trend will continue, as MBA salaries begin to rise again. Feedback from career services in particular suggests that alumni hiring remains an important source of new job opportunities for MBA graduates. These small businesses are lending dynamism to the current MBA hiring market. Ever more MBA alumni are returning to hire new MBAs in order to give their businesses the professional management skills necessary to progress to the next stage. In compiling this research, the researchers have benefited from access to Global-Workplace (www.global-workplace.com) that provides a recruitment platform for alumni seeking to hire from international business schools, or themselves seeking to be hired.



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3. Survey Sample and Methodology 3.1 Sample The 2008 survey was conducted during the Spring, Summer and Fall of 2008 and represents one of the largest exercises QS has undertaken in terms of geographic scope and level of detail. More than 4000 employers were surveyed, with complete responses received from 604 companies in a record 42 countries. This year’s survey represents the best balanced so far in terms of worldwide geographical distribution. This accounts for 50% more employer respondents than any other MBA survey and up to ten times the level of non-US respondents than any other MBA survey. The employers span industry - consulting, financial services and technology - among other sectors and participate in strict confidentiality. Therefore the names of individual employers are not published. 3.2 Industries Chart 1 shows the spread of employers across industries. This reflects the global spread of industries which hire MBAs. Finance, banking and consulting make up the largest sources of respondents, followed by healthcare, technology, and consumer goods. Respondents from the agency/headhunting industry are asked to indicate the sectors for which they are hiring – this was fairly evenly spread, with a slight bias towards financial services. Chart 1: Employer Response by Industry Sector

No. of Responses % Respondents Aerospace / Defence 10 1.97 % Construction / Property 7 1.38 % Consulting / Professional Services 69 13.61 % Electronics / High Technology 16 3.16 % Energy 18 3.55 % Financial Services / Banking 92 18.15 % FMCG 24 4.73 % IT / Computer Services 47 9.27 % Law 5 0.99 % Manufacturing / Engineering 57 11.24 % Media / Entertainment & Arts 9 1.78 % Metals / Mining 4 0.79 % Pharmaceuticals / Biotech & Healthcare 22 4.34 % Public Sector / Govt. / Non-profit 7 1.38 % Recruitment / HR services 37 7.30 % Retail 11 2.17 % Telecoms 17 3.35 % Transportation / Distribution 7 1.38 % Travel / Leisure / Hospitality 5 0.99 % Utilities 3 0.59 % Other 40 7.89 % Industry Sector Not Selected 101

Source: QS Global 200 Business Schools 2009: The Employers’ Choice

Do you have knowledge or responsibility for hiring MBAs? Amongst respondents, 597 expressed their personal direct involvement in MBA hiring. Only 7 HR managers (1%) of respondents expressed their views without direct personal involvement in MBA hiring. These views have still been counted if these HR managers are employed by companies which recruit many MBAs.

Answer Responses %

Yes 597 98.84 %No 7 1.16 %Source: QS Global 200 Business Schools 2009: The Employers’ Choice



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3.3 Geographical distribution of employers 3.3.1. Regional Distribution of Responding Recruiters 2008

A record 604 employers responded to the survey between Spring and Fall 2008. Responses were received from across the globe: 40% (44%) of respondents were based in North America, 30% (27%) in Western Europe, 17% (16%) in Asia-Pacific, 5% (5%) in Latin America, 8% in Eastern Europe (6%) and <1% (1%) in the Middle East & Africa. This provides detailed insights across regions.

Regional Distribution of Responding Recruiters 2008

Source: QS Global 200 Business Schools 2009: The Employers’ Choice 3.3.2. Employer recruitment Focus By Geography 17% of employers respondents are recruiting in all regions of the world, 46% are focused on Europe, Middle East and Africa, 36% on Asia-Pacific, 24% on North America and 7% on Latin America. In which regions are you currently recruiting MBAs or have experience of recruiting MBAs? Answer Responses % All regions 101 16.72 %Asia, Australia & New Zealand 215 35.60 %Europe, Middle East & Africa 281 46.52 %North America 148 24.50 %Latin America 41 6.79 %Source: QS Global 200 Business Schools 2009: The Employers’ Choice



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3.4 Methodology In order to produce the QS Global 200 Business Schools, we focus on experienced HR and line managers at companies which recruit MBAs. Each respondent from each company is asked a series of questions about MBA recruiting for the previous year and the forthcoming year. These questions cover: A. MBA recruitment trends:

1) Demand for MBAs by sector and region. 2) Skill sets required in MBAs. 3) Job functions hired for. 4) Recruiting methods.

B. MBA salaries and benefits C. Business school ratings - based on employers’ choices D. Business school reputations in specialist areas 3.4.1 Index of Employer Votes Each employer is asked to list, unprompted, the international schools from which they have recently attempted to recruit MBAs. Each time a school is selected by an employer, it receives one vote and the total number of votes is referred to as its ‘total unprompted votes’. Employers are then asked to identify the schools they regard as attractive for the purpose of MBA hiring from a selection of regions around the world. Schools are divided into regions and employers are encouraged to identify all schools from which they might consider recruiting MBAs. They are asked to pick from a list of the 400 schools most often mentioned in the previous year’s research. In order to be included in the survey, a school must have been recommended by an employer in a previous year of the research. Each time a school is voted for from the list, it is given one vote, referred to as its ‘total prompted votes’. The prompted and unprompted votes are added together to create the ‘total employer votes’. In order to ensure balanced results not subject to influence from the economic cycle, an average of the ‘total employer votes’ is taken from the current year research and the previous year research. The average total employer votes is indexed against the best performing business school, which is given an index score of 100%. This indexing does not affect the relative positions of schools in any given year. This percentage score is known as the school’s “Index of Employer Votes”. Only employers that confirm that the company hires from more than one country are classified as international MBA employers and generate the Employer Votes in the final results. 3.4.2 Employer Position This research does not intend to infer an overall ranking of schools from the results. The tables list schools in alphabetical order, in clusters, by region. The relative Employer Position of schools is displayed, based on their Employer Score in that year and a ranking within the region. 3.5 Data for Specialization Tables These tables are compiled entirely based on the prompted selection of each school by responding employers anywhere in the world for each area of specialization. Employers were asked to identify which schools they feel offer the best MBA program for the specified specialization. Over 300 employers each year express opinions on business school specializations. The final score is a two-year moving average of respondents ensuring that over 600 employers have expressed opinions on the specialist strengths of schools. Employers were asked to select from ten specializations: international management, finance, marketing, entrepreneurship, information management, operations management, e-business, strategy, corporate governance, and leadership. Finance received more responses than any other specialist field, followed by international management and marketing. For each specialist area, the highest scoring school was given a score of 100% and the remaining schools were indexed against this score. For each specialization we present the 50 highest scoring schools. Year on year we have seen remarkable consistency in the top ten schools selected for each specialist area, but there is significant variation beyond the top 10.



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4. Summary of Results in 2008/9 This timely research demonstrates that MBA employers around the world are increasingly targeting a broader selection of regionally strong business schools from which to hire MBA graduates. This trend may be accelerated by the recessionary environment, even as overall MBA hiring numbers fall. The schools securing the most employer votes by region are: Harvard and Wharton in North America; INSEAD and London Business School in Europe; INSEAD Singapore and Melbourne Business School in the Asia-Pacific region; EGADE and IPADE in Latin America and American University in Cairo and Bar-Ilan University in Africa and Middle East. This truly global piece of research identifies the most popular schools in each region of the world, because there are a growing number of employers seeking talented MBAs at a regional level. Traditional MBA employers remain committed to hiring from between 30 to 70 top-tier business schools located in North America, Western Europe and Asia. However, the pressures of globalisation mean that, beyond the traditional MBA employers, there are a growing number of regional MBA employers who may not have the budget to pay the salaries demanded by MBAs from elite schools. As a result, MBAs who are proactive in their search and flexible in terms of salary expectations are expanding their range of opportunities, even in a time of recession. The “QS Global 200 Business Schools 2009” consists of 72 schools in North America, 70 schools in Europe, 40 schools in Asia-Pacific, 12 schools in Latin America and 6 schools in Africa and the Middle East. No other piece of MBA research covers such a geographically diverse set of schools. In 1999, only 15 schools outside of North America and Europe featured in the research, compared to 13 schools from India and China alone, this year. The table below provides a summary of the number of business schools in each region which make up the list of the QS Global 200 Business Schools 2009. Schools which achieved an Index of Employer Votes of over 2% are included in the definitive list of 200 schools. Schools are presented in alphabetical order in clusters which provide some meaningful distinction in terms of recognition amongst employers. The relative position within clusters is not considered significant by the authors of this report. Number of schools receiving between 2.1% and 7% of employer votes are in yellow. Number of schools receiving 7.1% to 10% of employer votes are in light orange Number of schools receiving 10.1% to 20% of employer votes are in orange Number of schools receiving over 20% of employer votes feature in dark orange

Number of schools Featured By Region

Index of Employer

Votes >20%

Index of Employer Votes >

10%

Index of Employer

Votes > 7%

Index of Employer Votes >

2% North America 17 30 36 72 Europe 11 22 32 70 Asia-Pacific 5 18 24 40 Latin America 0 2 6 12 Africa & Middle-East 0 0 2 6 Total 33 72 100 200




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4.1 North America There has been a gradual slow-down in recruitment demand in North America in 2008, especially in financial services. With the softening economy, applicant demand for MBA places is at record levels in North America. Despite the volatility of the business cycle, employers again voted the most popular business schools in North America to be Harvard Business School (Harvard) and The Wharton School (Wharton) at the University of Pennsylvania. The MBA is now over 100 years old, but for more than half of that time it was largely confined to the USA, and to schools such as Harvard and Wharton that have gone on to become the giants of global business education. This year Harvard has retained an edge over its Philadelphia-based rival in terms of its employer votes (number of prompted and unprompted votes received from distinct employers around the world). Kellogg, Columbia, Stanford, Chicago and MIT follow closely behind. Less than thirty employer votes separate the scores of MIT, Duke, Michigan, Berkeley, NYU, UCLA, Thunderbird, Yale and Tuck, which are the only other schools in North America achieving over 40 votes by employers around the world. These schools make up the top cluster in North America. Kenan-Flagler and Darden head up the next cluster. A little way behind follow South Carolina, Western Ontario, Texas at Austin, Southern California, Boston University, Queen’s, Emory and Georgetown which are all differentiated by a span of just seventeen employer votes. There is an increased concentration within the next cluster of schools, all of which exceed 10 employer votes, but have no more than 20: Indiana, Purdue, HEC Montreal, Cornell and Toronto are at the top of this cluster followed by McGill, British Columbia, Illinois, Vanderbilt, Carnegie Mellon, Babson, Georgia Institute of Technology, Minnesota and Notre Dame. Canadian schools have made much progress. In recent years, they have strengthened their presence amongst our top North American schools, with HEC Montreal, British Columbia, Western Ontario, McGill, Queens, McMaster, Alberta, Calgary and Victoria all featuring prominently. This year, Western Ontario is the top performing Canadian school. Employers’ top 10 preferred schools in North America are: Harvard, Wharton, Northwestern, Columbia, Stanford, Chicago, MIT, Duke, Michigan and UC Berkeley.



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4.2. Table: Schools in North America most favoured by employers

Region: North America Country

Regional Rank

2008/9

Regional Rank

2007/8

Employer Votes

2008/9 - 2 Year Avg

Employer Votes

2008/9 - Index

Avg GMAT Score

Avg Years Work

Class Size

Columbia Business School USA 4 4 105.5 61 707 5 721

Fuqua School of Business, Duke University USA 8 8 63.5 37 700 5 410

Haas School of Business, UC Berkeley USA 10 10 59.5 34 710 5 240

Harvard Business School USA 1 1 165 96 714 4 900

Kellogg School of Management, Northwestern University USA 3 3 106 61 700 5 514

Kenan - Flagler Business School, University of North Carolina at Chapel Hill USA 16 15 37.5 22 682 5 279

Massachusetts Institute of Technology USA 7 9 67 39 710 5 746

NYU Stern USA 11 11 57.5 33 700 5 415

Ross School of Business, University of Michigan USA 9 7 62.5 36 700 5 427 Stanford University Graduate School of Business USA 5 6 83 48 721 4 370

Thunderbird, The Garvin School of International Management USA 13 12 42 24 610 5 548

Tuck School of Business at Dartmouth USA 15 17 40.5 23 713 5 255

UCLA Anderson School of Management USA 12 13 49 28 704 4 360

University of Chicago, Booth School of Business USA 6 5 83 48 710 5 550

University of Virginia's Darden School of Business USA 17 16 35.5 21 688 4 333

Wharton, University of Pennsylvania USA 2 2 151.5 88 713 6 800

Yale School of Management, Yale University USA 14 23 41 24 700 4 193

Boston University School of Management USA 22 27 23.5 14 668 5 158

Goizueta Business School, Emory University USA 24 22 21.5 12 685 5 158

HEC Montreal Can. 28 35 19 11 610 6 172

Joseph L. Rotman School of Management, Univeristy of Toronto Can. 30 31 18.5 11 660 5 262

Kelley School of Business, Indiana University USA 26 25 20 12 656 5 227

Krannert School of Management, Purdue University USA 27 24 19.5 11 661 3 143

Marshall School of Business, University of Southern California USA 21 18 25.5 15 685 5 217

McCombs Sch. Bus., Univ. of Texas at Austin USA 20 19 26 15 669 5 260

McDonough School of Business, Georgetown University USA 25 21 21.5 12 677 5 256

Queens School of Business Can. 23 26 22.5 13 661 6 53

Richard Ivey School of Business, The University of Western Ontario Can. 19 20 30 17 660 5 130

S.C. Johnson Graduate School of Management, Cornell University USA 29 28 19 11 682 5 309

University of South Carolina, Moore School of Business USA 18 14 30.5 18 640 4 188

Babson College USA 36 38 13 8 631 5 155



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Desautels Faculty of Management, McGill University Can. 31 30 15.5 9 650 5 57

Sauder School of Business, University of British Columbia Can. 32 36 14.5 8 617 6 115

Tepper School of Business, Carnegie Mellon University USA 35 29 13.5 8 696 4 210

University of Illinois - Illinois MBA USA 33 n/a 14 8 627 4 100

Vanderbilt University, Owen Graduate School of Management USA 34 n/a 13.5 8 642 5 176

Alberta MBA Programs, University of Alberta Can. 40 n/a 10 6 600 6 55

Babcock Graduate School of Management, Wake Forest University USA 49 n/a 8 5 632 4 81

Bentley, McCallum Graduate School of Business USA 68 n/a 4.5 3 621 4 494

Carlson School of Management, University of Minnesota USA 38 40 11.5 7 661 5 107

Carroll School of Management, Boston College USA 65 n/a 4.5 3 651 5 101

Case Western Reserve University - Weatherhead School of Management USA 45 n/a 8.5 5 613 4 68

College of William and Mary, Mason School of Business USA 43 n/a 9.5 6 613 4 102

Cox School of Business, Southern Methodist University USA 70 n/a 4.5 3 640 4 90

DeGroote School of Business, McMaster University Can. 50 n/a 7.5 4 620 3 171

Florida International University, Chapman Graduate School of Business USA 62 n/a 4.5 3 539 7 45

Freeman School of Business, Tulane University USA 57 n/a 6.5 4 650 5 101

George Washington University USA 48 n/a 8 5 625 5 98

Georgia Institute of Technology USA 37 n/a 12.5 7 669 4 n/a

Haskayne School of Business, University of Calgary Can. 47 n/a 8 5 610 5 46

Hult International Business School USA 55 n/a 7 4 580 7 246

J. Mack Robinson College of Business, Georgia State University USA 66 n/a 4.5 3 610 6 45

Jesse H. Jones Graduate School of Management, Rice University USA 53 n/a 7.5 4 642 4 126

Joseph M. Katz GSB, University of Pittsburgh USA 67 n/a 4.5 3 620 3 137

Kellstadt Graduate School of Business, DePaul University USA 69 n/a 4.5 3 620 4 49

Max M. Fisher College of Business, The Ohio State University USA 52 n/a 7.5 4 661 4 143

Mays MBA Program, Texas A&M University USA 46 n/a 8.5 5 665 4 91

Mendoza College of Business, University of Notre Dame USA 39 n/a 11.5 7 657 5 134

North Carolina State University USA 41 n/a 10 6 610 3 42

Olin School, Washington University in St. Louis USA 42 n/a 10 6 654 4 139

Paul Merage School of Business, University of California, Irvine USA 64 n/a 4.5 3 670 5 100

Robert H. Smith School of Business, University of Maryland USA 51 n/a 7.5 4 650 5 133



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University of California- Davis USA 44 n/a 8.5 5 674 5 60

University of Illinois at Urbana-Champaign USA 61 n/a 5 3 650 4 99

University of Massachusetts Boston MBA Program USA 58 n/a 6.5 4 584 4 35

University of Miami USA 72 n/a 4.5 3 628 2 27

University of San Diego, Rady School USA 63 n/a 4.5 3 671 5 57

University of Victoria - Faculty of Business Can. 59 n/a 5.5 3 600 6 50

University of Washington School of Business USA 54 n/a 7 4 679 6 10

University of Wisconsin - Madison School of Business USA 56 n/a 6.5 4 656 4 106

William E. Simon GSBA, University of Rochester USA 71 n/a 4.5 3 673 4 119

York University, Schulich School of Management Can. 60 n/a 5.5 3 660 7 333 Source: QS Global 200 Business Schools 2009: The Employers’ Choice



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4.3. Europe European economies are also suffering in the aftermath of the credit crunch and though this is having a negative effect on MBA demand, the number of employers in Europe responding to our survey was at record levels in 2008. Europe now hosts an array of top MBA programs and is challenging the hegemony of US schools with a different teaching style and, generally, one-year programs. Europe’s oldest business school, INSEAD, opened its doors to the first intake of students in 1957 and was followed by the establishment of London Business School and Manchester Business School in 1964. After a relatively slow adoption of MBA studies in Europe for the first 40 years post-Second World War, the last 20 years have seen an explosion in the number of schools and the continent now hosts MBA programs in practically all of its countries. The key, according to the continent’s professional recruitment companies, seems to be the production of graduates who have solid pre-school experience and who can hit the ground running with their new employer. “As markets in Europe get tougher, organizations are looking for immediate results,” says Graeme Read, Group Managing Director at global recruiter, Antal International. “That requires candidates who have a track record of achievement in their field. An MBA is highly valued, but not if it’s all an individual has to offer.” In 2008 INSEAD and London Business School remain the first choice business schools amongst international employers and receive as much or more interest than their leading US counterparts. Spanish schools also feature very prominently with ESADE, IESE and IE Business School all appearing within the cluster of 11 European schools achieving more than 40 employer votes in 2008. They are joined by Oxford, IMD, HEC Paris, SDA Bocconi, RSM and Cranfield. The next cluster of European schools all exceeding 20 employer votes includes: Cambridge, Warwick, Manchester, ESSEC, ESCP-EAP, Athens University of Economics and Business (a big riser in 2008), Imperial, Cass, and MIP Politecnico di Milano. These schools have all established a strong franchise with European-based recruiters, though have achieved less recognition in Asia or North America, compared to the schools above them. The next cluster of European schools achieve between 11 and 20 employer votes and includes: Alba (another big riser in 2008), EM Lyon, HEC Lausanne, St Gallen, Sciences Po, Edinburgh Business School, Copenhagen, Ashridge, Stockholm School of Economics (dropping down the table since it ceased offering an international full-time MBA), Vlerick Leuven Gent, Edhec, Amsterdam Business School, Lancaster, Mannheim, Warsaw, Henley, WHU, CEU and ESMT. British business schools always feature prominently amongst employer choices and 2008 was no exception. Within the top-200 schools are featured no less than 21 UK schools: LBS, Oxford, Cranfield, Warwick, Cambridge, Manchester, Imperial, Cass, Edinburgh Business School, Henley, Ashridge, LSBF, Lancaster, Bradford, Bath, Aston, Strathclyde, Durham, Nottingham, Glasgow and University of Edinburgh. French schools are well represented amongst the top European schools with INSEAD, HEC Paris, ESCP-EAP, ESSEC doing particularly well, followed by EM Lyon, Edhec, Grenoble, Audencia, Aerospace Toulouse also featuring within the Top 200. Of these, ESCP-EAP has shown the largest position improvement, up from 39th in Europe two years ago to 15th this year. German and Swiss business schools are also increasingly popular with employers. In Switzerland, IMD always features amongst the top 10 European schools, while University of St Gallen has been rising steadily and is joined by HEC Lausanne in scoring over 10 employer votes, whilst business school Lausanne and Geneva also make the Top 200. German business schools have developed a growing following of employers, although these schools are relatively young and still proving their credentials to many employers. The German schools which featured in the Top 200 this year include ESMT, EBS, Mannheim, WHU, Leipzig and GISMA. Employers’ 10 preferred business schools in Europe are: INSEAD, London Business School, IESE, Oxford, IMD, ESADE, SDA Bocconi, IE Business School, HEC, RSM.



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4.4. Table: Schools in Europe most favoured by employers.

Region: Europe Country

Regional Rank

2008/9

Regional Rank

2007/8

Employer Votes

2008/9 - 2 Year Avg

Employer Votes

2008/9 - Index

Avg GMAT Score

Avg Years Work

Class Size

Cranfield School of Management UK 11 11 40.5 23 660 8 119

ESADE Business School Spain 6 10 60.5 35 650 5 115

HEC MBA Program France 9 9 48 28 661 6 180

IE Business School Spain 8 4 52 30 680 5 236

IESE Business School Spain 3 5 69.5 40 671 4 215

IMD CH 5 3 63.5 37 680 7 90

INSEAD France 1 1 172.5 100 702 6 887

London Business School UK 2 2 147.5 86 680 5 325

Oxford University, Said Business School UK 4 6 69 40 690 6 220

RSM Erasmus University NL 10 7 45 26 640 5 110

SDA Bocconi School of Management Italy 7 8 56.5 33 660 5 110

ALBA Graduate Business School Greece 21 n/a 18.5 11 600 3 60

Athens University of Economics and Business AUEB Greece 17 n/a 22 13 663 5 42

Cass Business School UK 19 19 21 12 640 8 80

EM LYON France 22 22 18.5 11 615 8 30

ESCP-EAP European School of Management France 15 14 28 16 600 8 15

ESSEC Business School Paris France 16 15 27.5 16 674 2 559

Imperial College Business School UK 18 26 21.5 12 640 7 65 Judge Business School, University of Cambridge UK 12 13 32.5 19 690 7 150

Manchester Business School, The University of Manchester UK 14 12 29.5 17 625 6 104

MIP Politecnico di Milano Italy 20 17 21 12 620 3 32

Warwick Business School, University of Warwick UK 13 16 30 17 610 8 74

Ashridge Business School UK 27 29 15 9 550 12 25

Copenhagen Business School Den. 26 n/a 15 9 600 9 40

EDHEC Business School France 31 n/a 13 8 600 8 42

Edinburgh Business School, Heriot-Watt University UK 29 n/a 14 8 500 6 55

HEC Lausanne - University of Lausanne CH 23 21 18 10 600 8 15

Lancaster University Management School UK 32 n/a 13 8 643 7 25

Sciences Po - Paris France 28 n/a 14 8 610 6 20

St Gallen University Business School CH 24 18 17 10 680 6 40

Stockholm School of Economics, SSE Sweden 25 20 16 9 610 6 40

Vlerick Leuven Gent Management School Belg. 30 30 13.5 8 640 7 50 Aerospace MBA of the Toulouse Business School France 66 n/a 4.5 3 550 12 26

Amsterdam Business School, Universiteit van Amsterdam NL 33 n/a 12.5 7 600 4 77

Aston Business School, Aston University UK 54 n/a 6.5 4 580 9 67

AUDENCIA Nantes School of Management France 65 n/a 5 3 550 9 20



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BI Norwegian School of Management Norway 68 n/a 4.5 3 588 9 19

Bradford University UK 47 n/a 8 5 550 5 122

Business School Lausanne CH 40 n/a 9.5 6 500 3 20

Business School, Warsaw University of Technology Poland 35 n/a 11.5 7 500 5 20

CEU Business School, Central European University Hungary 39 n/a 11 6 570 4 30

Corvinus School of Management, Corvinus University of Budapest Hungary 58 n/a 6 3 500 10 30

Durham Business School, Durham University UK 45 n/a 9 5 500 8 50

EADA Spain 50 n/a 7.5 4 600 5 33

EAE Business School Spain 64 n/a 5 3 510 5 35

ESMT European School of Management and Technology Ger. 37 n/a 11 6 620 7 31

European Business School Ger. 53 n/a 6.5 4 500 2 n/a

GISMA Business School Ger. 60 n/a 5.5 3 620 5 72

Grenoble Graduate School of Business, Grenoble Ecole de Management France 57 n/a 6 3 550 6 26

Helsinki School of Economics, MBA Program Finland 49 n/a 7.5 4 580 8 80

Henley Management College UK 36 n/a 11 6 500 13 27 HHL - Leipzig Graduate School of Management Ger. 41 n/a 9.5 6 595 4 35

IEDE, Institute for Executive Development Spain 55 n/a 6.5 4 550 4 25

La Comercial Business School, University of Deusto Spain 63 n/a 5 3 500 3 60

London School of Business and Finance UK 61 n/a 5 3 500 8 90

Luiss Business School, Luiss Guido Carli Italy 62 n/a 5 3 500 2 75

Maastricht School of Management NL 46 n/a 8.5 5 500 5 50

Mannheim Business School Ger. 34 n/a 12 7 600 4 40

Nottingham University Business School UK 67 n/a 4.5 3 600 7 86

Nyenrode Business Universiteit NL 42 n/a 9.5 6 583 5 31

Solvay Business School, Universite Libre de Bruxelles Belg. 51 n/a 7 4 600 5 33 Trinity MBA,University of Dublin, Trinity College Ireland 43 n/a 9 5 550 6 22

UCD Michael Smurfit School of Business Ireland 59 n/a 5.5 3 624 7 47

Universidad Carlos III de Madrid Spain 44 n/a 9 5 500 4 47

University of Bath UK 52 n/a 7 4 600 8 62

University of Edinburgh Business School UK 48 n/a 8 5 500 7 40

University of Geneva CH 69 n/a 4.5 3 620 5 24

University of Glasgow UK 70 n/a 4.5 3 500 6 39

University of Strathclyde Graduate School of Business UK 56 n/a 6 3 550 7 60

WHU - Otto Beisheim Graduate School of Management Ger. 38 n/a 11 6 600 3 20 Source: QS Global 200 Business Schools 2009: The Employers’ Choice



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4.5. Asia-Pacific Year on year business schools in the Asia-Pacific region are strengthening their role in the MBA market. Increasing numbers of employers are willing to hire locally from the region. In fact, the number of Asian and Australian schools featured in the QS top 200 has increased from 10 schools in 2004 to 40 this year – a massive jump reflecting their growing status and also reflecting the growing importance of Asian recruitment amongst employers. INSEAD Singapore, Melbourne and NUS are the only three Asian business schools to score more than 40 employer votes in 2008, demonstrating that despite their growing prominence, most Asian schools have yet to appeal to employers beyond their regional remit. Yet these three schools can now claim to match the international appeal of many of their North American and European counterparts. The cluster of Asia-Pacific schools scoring over 20 employer votes also includes: AGSM, CEIBS, IIMs in Bangalore, Ahmedabad and Calcutta, Indian School of Business, Macquarie, HKUST, Monash, Nanyang, UT Sydney, Tsinghua, and Asian Institute of Management. The third cluster of between 11 and 20 employer votes is headed by Hong Kong University and followed by Australian National, Guanghua, SP Jain Institute, Delhi, Brisbane, Bond, Western Australia, Adelaide and IUJ. Australia is seeing the emergence of ever more international class business schools. Hard on the heels of the excellent performance of many Australian universities in the THES – QS World University Rankings (see topuniversities.com), Australian business schools continue to do well with employers. On the cusp of both West and East, due to its long European heritage and its location, Australia “is uniquely placed”, according to Professor John Seybolt, Dean of Melbourne Business School. “It is a bridge between both cultures, perfect for students seeking exposure to the emerging Asia-Pacific markets in the comfort of an international English speaking country.” The 13 Australian business schools in the top 200 include: Melbourne, Australian Graduate School of Management, Monash, Macquarie, UTS, Bond (risen significantly in 2008), Australian National University, Western Australia (risen significantly in 2008), La Trobe, Adelaide, Queensland University of Technology, Wollongong and Simon Fraser. Business schools in India are becoming a major focus for employers as the country’s economy demands ever more professional managers. The IIMs in Calcutta and Ahmendabad have joined the Bangalore school within the schools scoring over 20 employer votes and all three now feature within the top 10 Asia-Pacific business schools, as does the Indian School of Business and SP Jain Institute (a big riser in 2008). The University of Delhi features in the next cluster for the first time. China and Hong Kong have also emerged as major players in management education. In 2008 they have eight schools in the top 200, which include; HKUST, CEIBS, Tsinghua, Hong Kong University, Guanghua, Chinese University of Hong Kong, Fudan and Cheung Kong. Japan and Korea are under-represented by business schools given the size of their economies, but this may change as both economies are investing significant resources in their business education sectors. At present only four business schools feature in the top 200 from these countries: International University of Japan, Waseda, Seoul National University and Ritsumeikan. By contrast, Singapore with its much smaller population and economy also features five business schools in the top 200: INSEAD Singapore, NUS, Nanyang, Cornell-Nanyang Institute for Hospitality Management and SMU. Employers' top 10 preferred schools in the Asia Pacific region are: INSEAD Singapore, Melbourne Business School, NUS, AGSM, CEIBS, IIM Bangalore, Macquarie, HKUST, Monash and Nanyang.



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4.6. Table: Schools in Asia-Pacific most favoured by employers.

Region: Asia-Pacific Country

Regional Rank

2008/9

Regional Rank

2007/8

Employer Votes

2008/9 - 2 Year Avg

Employer Votes

2008/9 - Index

Avg GMAT Score

Avg Years Work

Class Size

Australian Graduate School of Management Aust. 4 3 37.5 22 660 7 62

China Europe International Business School (CEIBS) China 5 5 36.5 21 685 6 188

INSEAD Singapore Sing. 1 1 91.5 53 702 6 481

Melbourne Business School, The University of Melbourne Aust. 2 2 65.5 38 640 7 128

NUS Business School, National University of Singapore Sing. 3 6 44.5 26 653 5 145

Asian Institute of Management Phil. 16 11 20.5 12 580 4 110

Australian National University National Graduate School of Management Aust. 18 16 19 11 630 7 n/a

Hong Kong University of Science and Technology HK 8 8 31.5 18 640 5 90

Indian Institute of Management, Ahmedabad India 11 12 29 17 760 2 297

Indian Institute of Management, Bangalore India 6 9 35 20 780 2 234

Indian Institute of Management Calcutta India 12 17 25 14 760 2 239

Indian School of Business India 13 20 24 14 707 5 442

Macquarie Graduate School of Management, Macquarie University Aust. 7 21 33.5 19 500 10 35 Monash University Graduate School of Business Aust. 9 7 31 18 500 5 480

Nanyang Business School, Nanyang Technological University, Singapore Sing. 10 10 29.5 17 652 6 96

Tsinghua University School of Economics & Management China 14 19 22 13 630 6 138

University of Hong Kong HK 17 13 20 12 670 5 50

UTS University of Technology Sydney. Graduate School of Business Aust. 15 19 20.5 12 550 4 30

Bond University Aust. 24 n/a 13 8 610 8 17

Brisbane Graduate School of Business, Queensland University of Technology Aust. 23 21 13.5 8 610 10 80

Chinese University of Hong Kong HK 20 15 16 9 610 5 51

Delhi University India 22 n/a 15.5 9 550 2 n/a

Guanghua School of Management , Peking University China 19 18 17.5 10 630 7 90

S. P. Jain Institute of Management and Research India 21 n/a 15.5 9 680 2 180

Adelaide Graduate School of Business, University of Adelaide Aust. 26 n/a 10.5 6 600 2 30

AIT, Asian Institute of Technology Thai. 38 n/a 5 3 580 4 80

Asian University of Science and Technology Thai. 30 n/a 10 6 500 5 30

Cheung Kong Graduate School of Business China 33 n/a 8.5 5 680 6 61

Cornell-Nanyang Institute of Hospitality Management Sing. 28 n/a 10 6 608 3 63

Fudan University China 37 n/a 5 3 600 6 n/a



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IUJ, International University of Japan Japan 27 n/a 10.5 6 610 5 51

La Trobe University Aust. 35 n/a 7 4 500 10 757

Ritsumeikan Asia Pacific University (APU) Japan 34 n/a 7.5 4 550 3 n/a

Segal Graduate School of Business, Simon Fraser University Aust. 39 n/a 4 2 620 3 46

Seoul National University Korea 31 22 10 6 510 5 60

Singapore Management University Sing. 40 n/a 4 2 n/a n/a 45

U21Global Sing. 36 n/a 6 3 n/a n/a 30

University of Western Australia Aust. 25 n/a 12 7 610 8 56

University of Wollongong, Wollongong, Sydney, Dubai, Aust. 29 n/a 10 6 500 2 213

Waseda Business School Japan 32 23 9.5 6 580 8 150 Source: QS Global 200 Business Schools 2009: The Employers’ Choice



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4.7. Latin America Middle income (GDP/capita) countries such as Mexico, Brazil, Chile and Argentina cannot afford any longer to compete on the basis of traditional strategies and polices such as low cost of labor and foreign investment-fuelled development. A new paradigm is needed to compete with China and India and in particular, decision makers need to undertake change strategies and transform organizations and institutions to operate based on high value added, entrepreneurship based wealth creation, and innovation propelled economic activity. This paradigm is creating a massive demand for MBA educated graduates across the region. The majority of employers in Latin America are still looking to hire MBAs educated at the best international business schools in North America and Europe. What local demand exists tends to be on a country basis with few employers recruiting across borders within the region. Few business schools in Latin America have been successful in developing an international reputation. There is evidence that schools in Latin America are not internationalizing at the pace of their Asian counterparts. Within the region 12 schools have made the cut into the Global Top 200 in 2008. A consistent picture of the most preferred schools has emerged in this research, year on year with a consistent number of employer respondents in Latin America and stable evaluations. Once again, a Mexican institution tops the list, with EGADE at Tec de Monterrey just ahead of IPADE (Instituto de Estudios Panamericano de Alta Direcction de Empresa) which achieved 18 employer votes just ahead of F.Getulio Vargas in Bazil and ITAM (Instituto Technologico Autonomo de Mexico). This top cluster is also joined by Business School Sao Paulo, PUC Chile and INCAE Business School of Costa Rica (which has the highest percentage of international students - 85% - in the region) all with over 10 employer votes. The remaining business schools in the region to feature in the Top 200 include: ESAN (Peru), IBMEC (Brazil), Universidad de Chile, IESA (Venezuela) and IAE (Argentina). Employers’ top 10 preferred schools in the Latin America region are: EGADE – Tecnologico de Monterrey (Mexico), IPADE Instituto de Estudios Panamericano de Alta Direcction de Empresa (Mexico), Fundação Getulio Vargas Business School (Brazil, ITAM Instituto Technologico Autonomo de Mexico (Mexico), INCAE (Costa Rica), BSP – Business School Sao Paulo (Brazil), Pontificia Universidad de Chile, ESAN (Peru), IESA and IBMEC (Brazil) 4.8. Table: Schools in Latin America most favoured by employers.

Region: Latin America Country

Regional Rank

2008/9

Regional Rank

2007/8

Employer Votes

2008/9 - 2 Year Avg

Employer Votes

2008/9 - Index

Avg GMAT Score

Avg Years Work

Class Size

EGADE-Tecnologico de Monterrey Mex. 1 1 18.5 11 560 3 50

IPADE Business School Mex. 2 2 18.5 11 610 4 87

BSP - Business School Sao Paulo Brazil 6 n/a 13.5 8 n/a n/a n/a

F. Getulio Vargas Brazil 3 3 15.5 9 n/a n/a n/a

INCAE Business School Nicaragua 5 4 13.5 8 550 4 100 Instituto Tecnologico Autonomo de Mexico - ITAM Mex. 4 5 15 9 580 7 50

ESAN Peru 8 n/a 8.5 5 n/a n/a n/a

IAE - Universidad Austral Arg. 12 n/a 5 3 620 5 48

Ibmec Brazil 10 n/a 6 3 n/a n/a n/a

IESA Venez. 9 n/a 7 4 n/a n/a n/a

Pontificia Universidad Catolica de Chile Chile 7 n/a 11 6 500 4 30

Universidad de Chile Chile 11 n/a 5.5 3 500 4 60 Source: QS Global 200 Business Schools 2009: The Employers’ Choice



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4.9. Africa & Middle East For the first time we are able to feature business schools from Africa and the Middle East. Business education in the region is in very early stages of development. However, with the explosive growth of Dubai in recent years, the region is having to invest in management education. The Dubai Knowledge Village has attracted many international business schools to set up campuses within the purpose-built facility on the edge of Dubai city. Business schools present include Hult Business School, Middlesex and Phoenix University. These are relatively new ventures in the region and have yet to establish extensive links with employers. As a result employers are turning to some of the long established university-based business schools. American University in Cairo and Bar-llan University both achieved 20 or more employer votes within this research, having hardly figured in previous years. United Arab Emirates University in Dubai also featured enough employer votes to appear in the top 200. A small cluster of schools in South Africa also demonstrated prominence amongst international employers. These were Cape Town, Stellenbosch and Witwatersrand business schools. There are many more business schools across the African continent, but management education is still in its infancy and it will take many years before these schools achieve real prominence on the international stage. 4.10. Table: Schools in Africa, Middle-East most favoured by employers.

Region: Africa, Middle East Country

Regional Rank

2008/9

Regional Rank

2007/8

Employer Votes

2008/9 - 2 Year Avg

Employer Votes

2008/9 - Index

Avg GMAT Score

Avg Years Work

Class Size

American University in Cairo Egypt 1 n/a 16.5 10 500 2 30 Bar-Ilan University Israel 2 n/a 15 9 633 3 30 United Arab Emirates University UAE 4 n/a 6 3 500 5 15 University of Cape Town S.Africa 3 n/a 7 4 500 3 142 University of Stellenbosch Business School S.Africa 5 n/a 5 3 550 10 50 University of Witwatersrand S.Africa 6 n/a 4.5 3 579 8 80 Source: QS Global 200 Business Schools 2009: The Employers’ Choice



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5. MBA Specializations The following tables identify the business schools rated as the best for producing MBAs with skills in ten specialised management fields. For each specialization we list the 50 schools which performed best as an index against the best performing school in that specialization. New entrants in the tables this year are highlighted in grey. 5.1. International Management In the last ten years international management has become the most popular MBA specialization. Two leading business schools have designed their curriculum to focus on international management. INSEAD - based in Fontainebleau, France, and Singapore - is selected by the most employers for strength in this specialization and has a student population made up of 48 different nationalities and constituting 95% of its class. All courses place an emphasis on the international dimensions of the subject. The Dean, Frank Brown, confirms: “INSEAD’s strategy for the last 40 years has been to build a truly global business school.” The Wharton School, based in Philadelphia, redesigned its curriculum in 1992 to focus on international management and has subsequently led the way in employer reviews such as the TopMBA.com survey and in various rankings. What are the benefits to an MBA candidate of having a highly international MBA program? Douglas Dunn, Dean of the Tepper School at Carnegie Mellon University argues, “Global business leaders today need to be able to lead and contribute effectively to diverse teams in multicultural settings. A highly international class creates opportunities for teaming and sharing of cultural experiences.” He adds that the experience of studying overseas encourages “a willingness to embrace change as second nature …and an ability to see opportunities to develop new entrepreneurial businesses.” He adds that forty percent of Carnegie Mellon alumni start their own business. Thunderbird in Arizona places an emphasis on learning new languages and mixing nationalities of project teams to maximise cultural as well as business learning. Jay Bryant of Thunderbird says, "A truly international business school must include 'soft-skills' training in languages and cultural understanding, global job postings, an international faculty, overseas study opportunities, and worldwide alumni network, not to mention diversity in the student body." Table of Top Specializations: International Management

School Name

International Management 2009 Index Rank

INSEAD 100 1Thunderbird, The Garvin School of International Management 91 2The Wharton School, University of Pennsylvania 61 3SDA Bocconi School of Management (Italy) 61 4LONDON School of Economics and Political Science 56 5Judge Business School, University of Cambridge 55 6Harvard Business School 54 7IE Business School (Instituto de Empresa) 52 8London Business School 45 9IMD (CH) 42 10University of South Carolina, Moore School of Business 39 11Melbourne Business School, The University of Melbourne 26 12Haas School of Business, UC Berkeley 25 13Sloan School of Management, Massachusetts Institute of Technology 24 14RSM Erasmus University (NL) 24 14Oxford University, Said Business School 19 16Stanford University Graduate School of Business 18 17Richard Ivey School of Business, The University of Western Ontario 18 17IESE Business School 18 19NYU Stern 15 20York University, Schulich School of Management 15 20China Europe International Business School (CEIBS) 15 22Stephen M. Ross School of Business, University of Michigan 15 23ESADE Business School 15 23



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Hong Kong University of Science and Technology 15 23Tuck School of Business at Dartmouth 15 26AUSTRALIAN National University 15 27TSINGHUA University 15 27The University of AUCKLAND 15 27McDonough School of Business, Georgetown University 12 30Marshall School of Business, University of Southern California, 12 30Columbia Business School 12 30The Fuqua School of Business, Duke University 12 30The Kellogg School of Management, Northwestern University 12 30Yale School of Management, Yale University 12 30Manchester Business School, The University of Manchester 12 30Goizueta Business School, Emory University 12 30UCLA Anderson School of Management 12 38HEC MBA Program 12 38Australian Graduate School of Management 12 38Queens School of Business 12 38Nanyang Business School, Nanyang Technological University, Singapore 12 42St Gallen Business School (CH) 10 43The University of Chicago Graduate School of Business 9 44University of BRITISH COLUMBIA 8 45University of ARIZONA 8 45CALIFORNIA Institute of Technology (Caltech) 7 47CARNEGIE MELLON University 7 47Indian School of Business 6 49INCAE Business School (Nicaragua) 6 49




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5.2. Finance Finance is one of the most popular specializations sought by MBA applicants. Finance is such a complex industry that many schools have large departments dedicated to it. Most of the world’s investment banks are staffed primarily by MBA graduates from schools with a strong reputation in finance. However, only recently have specialist programs been developed dedicated to the finance professional. In the US the finance department has become a battleground for business school supremacy. With the high profile of Wall Street amongst MBA employers, finance is one of the most important disciplines. The Wharton School, with pre-eminent professors like Jeremy Siegel, was selected by more than half of all responding employers for producing the best finance MBAs and is often treated as an extension of Wall Street research departments. London Business School has long had a powerful finance faculty, which has been further enhanced since it developed the highly successful one-year Masters in Finance (MiF) in the mid-1990s. Yet Leeman Robinson, Marketing Manager of the MiF, shares the view that: “A specialist Masters like the MiF is very different from our generalist two-year MBA. It is intended for finance ‘junkies’…76% of our MiF class already have an MBA or management degree.” In Europe, specialist finance-focused MBAs remain in vogue – the part-time MBA at Cass Business School and the MBAs at Oxford, Cambridge and Imperial have a good following amongst employers.

Table of Top Specializations: Finance

School Name

Finance Employer Index 2009 Rank

The Wharton School, University of Pennsylvania 100 1London Business School 78 2Harvard Business School 76 3Columbia Business School 54 4The University of Chicago Graduate School of Business 53 5INSEAD 50 6NYU Stern 32 7The Kellogg School of Management, Northwestern University 23 8SDA Bocconi School of Management (Italy) 22 9Massachusetts Institute of Technology 18 10Indian Institute of Management, Ahmedabad 17 11HEC MBA Program 17 12NUS Business School, National University of Singapore 15 13IE Business School (Instituto de Empresa) 14 14Yale School of Management, Yale University 14 15Tuck School of Business at Dartmouth 14 16Stanford University Graduate School of Business 13 17Boston University School of Management 13 18The Fuqua School of Business, Duke University 13 19Melbourne Business School, The University of Melbourne 13 20Indian Institute of Management Calcutta 13 20Stephen M. Ross School of Business, University of Michigan 13 22Richard Ivey School of Business, The University of Western Ontario 12 23Judge Business School, University of Cambridge 12 24IMD (CH) 11 25Oxford University, Said Business School 11 26Joseph L. Rotman School of Management, University of Toronto 11 26Indian Institute of Management, Bangalore 11 28IESE Business School 11 29Cass Business School 10 30Tanaka Business School, Imperial College London 10 30



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Cranfield School of Management 9 32University of Virginia's Darden School of Business 9 33MBA Sciences Po - Paris 9 34Tepper School of Business, Carnegie Mellon University 9 35ESADE Business School 8 36Indian School of Business 8 36McDonough School of Business, Georgetown University 8 38Asian Institute of Management 8 39Monash University Graduate School of Business 8 39The Australian National University National Graduate School of Management 8 39Athens University of Economics and Business AUEB (Greece) 8 39Australian Graduate School of Management 7 43Macquarie Graduate School of Management, Macquarie University 6 44ESCP-EAP European School of Management 6 44Warwick Business School, University of Warwick 6 44UCLA Anderson School of Management 6 47Queens School of Business 5 48Kenan - Flagler Business School, University of North Carolina at Chapel Hill 5 48Manchester Business School, The University of Manchester 5 50




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5.3. Marketing Kellogg has long held prime position in this field because of seminal work by gurus like Philip Kotler. In recent years marketing has become almost a science under the watchful eyes of statisticians working at top business schools. Sophisticated analytical techniques like conjoint and cluster analysis have allowed customer segmentation to be taken to new degrees of precision. The growth of the internet and the collation of databases containing detailed customer profiles have only served to heighten the value and sophistication of marketing tools for achieving competitive advantage. Other schools doing well in North America include UCLA, Wharton, MIT and Michigan. In Europe, marketing expertise is dispersed across many countries. This year, Cambridge is the most highly rated by employers in Europe, whilst SDA Bocconi, Oxford and INSEAD also perform well. Spanish schools are also strong in this field – IE Business School and ESADE feature well. SDA Bocconi remains the best-known Italian business school and its reputation extends to many fields, including marketing, despite it being known for its general management MBA. ESSEC and HEC Paris also receive recognition, with ESSEC offering a specialist MBA in International Luxury Brand Management. In the UK, Manchester Business School and Warwick Business School receive the most frequent mentions from employers.

Table of Top Specializations: Marketing

School Name

Marketing 2009 Index

2009 Rank

The Kellogg School of Management, Northwestern University 100 1 University of CAMBRIDGE 68 2 UCLA Anderson School of Management 45 3 SDA Bocconi School of Management (Italy) 43 4 The Wharton School, University of Pennsylvania 42 5 National University of SINGAPORE 42 6 University of OXFORD 41 7 Sloan School of Management, Massachusetts Institute of Technology 39 8 Stephen M. Ross School of Business, University of Michigan 37 9 Harvard Business School 32 10 Melbourne Business School, The University of Melbourne 32 11 Haas School of Business, UC Berkeley 31 12 COLUMBIA University 24 13 INSEAD 23 14 The Fuqua School of Business, Duke University 22 15 NYU Stern 19 16 University of Virginia's Darden School of Business 19 17 University of BRITISH COLUMBIA 18 18 JOHNS HOPKINS University 18 18 Columbia Business School 18 20 Warwick Business School, University of Warwick 18 20 Stanford University Graduate School of Business 17 22 Manchester Business School, The University of Manchester 17 23 IE Business School (Instituto de Empresa) 17 24 University of HONG KONG 16 25 LONDON School of Economics and Political Science 16 25 ESSEC Business School Paris 16 25 RSM Erasmus University (NL) 16 28 Kenan - Flagler Business School, University of North Carolina at Chapel Hill 15 29 ESADE Business School 15 30 HERIOT-WATT University 13 31 BOSTON College 13 31 McDonough School of Business, Georgetown University 13 33



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Kelley School of Business, Indiana University 13 33 University of ROCHESTER 12 35 Marshall School of Business, University of Southern California, 12 35 Krannert School of Management, Purdue University 11 37 QUEEN'S University of Belfast 11 38 University of READING 11 38 The CHINESE University of Hong Kong 11 38 King's College LONDON 11 38 London Business School 11 38 IMD (CH) 11 38 IESE Business School 11 38 PEKING University 11 38 TSINGHUA University 9 46 University of South Carolina, Moore School of Business 9 47 MONASH University 8 48 DURHAM University 8 49 Georgia Institute of Technology 8 49




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5.4. Information Management There has been a growth in the number of MBA programs specifically designed for engineers. Specializations like information management (systems integration, back office, knowledge management) are an attraction for engineers keen to make the transition from a technical specialist to a technical manager. Large business schools offer electives for MBAs to specialise in information and technology management. MIT, Harvard, Wharton and Carnegie-Mellon, followed closely by Berkeley, Kellogg and Columbia are recognised as leaders in this field and attract employers seeking MBAs with these specialist skills. In 2007 both Harvard and Wharton broke into the top five schools specialising in information management, suggesting that the aggressive faculty recruitment policy is paying dividends and is being recognised by employers. In Europe, INSEAD, IMD, LBS and IE Business School lead the way in this field. In response to demand, some business schools are offering programs specifically geared to the needs of technical professionals. Elsewhere in Europe, Rotterdam School of Management in the Netherlands and SDA Bocconi in Italy have each developed programs with specializations in technology management. In the UK, Lancaster University Management School has a course that focus on technology and information management. The program has developed a unique focus on soft system thinking, based on the research of Peter Checkland. As Rick Crawley at Lancaster explains, “Engineers are trained to believe that there is a right answer to every problem, but when they apply that mindset to people problems, they often experience difficulties. Soft system thinking provides a process and systems approach, specifically suited for human-based problems, which is particularly beneficial for engineers.”

Table of Top Specializations: Information Management

School Name

Information Management

Employer Index 2009

Rank

Sloan School of Management, Massachusetts Institute of Technology 100 1Harvard Business School 83 2The Wharton School, University of Pennsylvania 61 3INSEAD 60 4Stanford University Graduate School of Business 49 5IE Business School (Instituto de Empresa) 48 6London Business School 44 7Columbia Business School 39 8Haas School of Business, UC Berkeley 35 9The Kellogg School of Management, Northwestern University 34 10Tepper School of Business, Carnegie Mellon University 33 11IMD (CH) 31 12NYU Stern 26 13Faculty of Business and Economics, The University of Hong Kong 20 14University of Technology, Sydney. Graduate School of Business 20 14The University of Chicago Graduate School of Business 18 16Melbourne Business School, The University of Melbourne 17 17Indian Institute of Management, Ahmedabad 17 18Indian Institute of Management, Bangalore 17 18NUS Business School, National University of Singapore 17 18McDonough School of Business, Georgetown University 16 21Stephen M. Ross School of Business, University of Michigan 16 22Hong Kong University of Science and Technology 15 23Krannert School of Management, Purdue University 15 24HEC MBA Program 14 25Nanyang Business School, Nanyang Technological University, Singapore 14 25The Fuqua School of Business, Duke University 14 25Instituto Tecnologico Autonomo de Mexico - ITAM (Mexico) 14 25Indian Institute of Management Calcutta 14 29



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University of Massachusetts Boston MBA Program 14 29RSM Erasmus University (NL) 13 31ESADE Business School 12 32Kenan - Flagler Business School, University of North Carolina at Chapel Hill 12 32IESE Business School 12 34Richard Ivey School of Business, The University of Western Ontario 10 35Georgia Institute of Technology 10 35Asian Institute of Management 10 37Monash University Graduate School of Business 10 37Brock University 10 37London School of Business and Finance 10 37Warwick Business School, University of Warwick 10 41Yale School of Management, Yale University 9 42UCLA Anderson School of Management 9 43McCombs Sch. Bus., Univ. of Texas at Austin 9 43IPADE business school (Mexico) 8 45SDA Bocconi School of Management (Italy) 8 45Australian Graduate School of Management 7 47Cranfield School of Management 7 47EGADE-Tecnologico de Monterrey (Mexico) 7 47Thunderbird, The Garvin School of International Management 7 47




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5.5. Operations Management Operations management (supply chain, logistics, and manufacturing) is also often an attraction for engineers, keen to make the transition from a technical specialist to a technical manager. Supply chain, logistics and manufacturing are the mainstay work for many strategy consultancies, as well as being key drivers of profitability for most distribution and industrial companies. MIT, Harvard, Stanford and Wharton are well established in this field and produce large amounts of leading edge research in the field. Purdue and Carnegie Mellon University also performed well this year. Many less well-known schools also have the leading edge in this field. In Europe, IE Business School, IMD and INSEAD received recognition. In the UK, Cranfield School of Management and Warwick can compare with the best schools in this competency.

Table of Top Specializations: Operations Management

School Name

Operations Management Employer Index 2009 Rank

Sloan School of Management, Massachusetts Institute of Technology 100 1 Harvard Business School 90 2 INSEAD 85 3 Stanford University Graduate School of Business 72 4 The Wharton School, University of Pennsylvania 70 5 IE Business School (Instituto de Empresa) 61 6 London Business School 59 7 The Kellogg School of Management, Northwestern University 53 8 Indian School of Business 52 9 IMD (CH) 52 10 ESADE Business School 49 11 Cranfield School of Management 44 12 Indian Institute of Management, Ahmedabad 44 13 The University of Chicago Graduate School of Business 43 14 Krannert School of Management, Purdue University 40 15 Tepper School of Business, Carnegie Mellon University 40 15 IESE Business School 37 17 Warwick Business School, University of Warwick 37 18 Stephen M. Ross School of Business, University of Michigan 36 19 Columbia Business School 33 20 Babson College 32 21 The Fuqua School of Business, Duke University 30 22 Thunderbird, The Garvin School of International Management 30 22 HEC MBA Program 30 22 SDA Bocconi School of Management (Italy) 26 25 Yale School of Management, Yale University 26 25 RSM Erasmus University (NL) 26 27 Manchester Business School, The University of Manchester 25 28 IPADE business school (Mexico) 23 29 Tuck School of Business at Dartmouth 22 30 Australian Graduate School of Management 22 30 University of South Carolina, Moore School of Business 21 32 Kenan - Flagler Business School, University of North Carolina at Chapel Hill 21 33 MIP Politecnico di Milano (Italy) 19 34 Oxford University, Said Business School 19 35 NUS Business School, National University of Singapore 19 35



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S. P. Jain Institute of Management and Research 19 37 Athens University of Economics and Business AUEB (Greece) 19 37 Michigan State University, Eli Broad School of Management 19 39 McDonough School of Business, Georgetown University 18 40 NYU Stern 18 40 UCLA Anderson School of Management 18 40 W. P. Carey School of Business, Arizona State University 18 40 Richard Ivey School of Business, The University of Western Ontario 17 44 Melbourne Business School, The University of Melbourne 16 45 University of Virginia's Darden School of Business 15 46 Kelley School of Business, Indiana University 15 46 Joseph L. Rotman School of Management, University of Toronto 15 46 Freeman School of Business, Tulane University 15 46 Hong Kong University of Science and Technology 15 50




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5.6. Entrepreneurship Entrepreneurship has become the second most popular specialization at leading business schools. TopMBA Applicant Survey reveals that on average, 27% of MBA applicants seek to run their own business after graduation. Whilst at their business school, many of these individuals focus on entrepreneurial management, learning how to evaluate business opportunities, write business plans and forge networks, which can help them succeed in business. In the USA, Stanford, Wharton, Harvard, MIT, Columbia and Babson reign supreme in this field. Employers often look for budding entrepreneurs to bring the entrepreneurial spirit to the corporate environment and so employers look carefully for the best entrepreneurial departments. In Europe, IE Instituto de Empresa has for many years chosen to bring entrepreneurship at the heart of its MBA and came top overall in this specialization for the first time in our 2007 research. INSEAD and London Business School are the leaders in this field, investing in promoting start-ups and linking students with venture capitalists. EM Lyon has the largest business incubator in the region, whilst Judge Business School and Tanaka Business School at Imperial College are also investing heavily in business incubation. Table of Top Specializations: Entrepreneurship

School Name

Entrepreneurship Employer Index 2009 Rank

Harvard Business School 100 1The Wharton School, University of Pennsylvania 88 2INSEAD 88 3Stanford University Graduate School of Business 83 4IE Business School (Instituto de Empresa) 80 5London Business School 59 6Sloan School of Management, Massachusetts Institute of Technology 53 7Columbia Business School 48 8Babson College 44 9The Kellogg School of Management, Northwestern University 40 10Haas School of Business, UC Berkeley 39 11NYU Stern 36 12UCLA Anderson School of Management 30 13The Fuqua School of Business, Duke University 28 14Melbourne Business School, The University of Melbourne 24 15Marshall School of Business, University of Southern California, 22 16HEC MBA Program 21 17Australian Graduate School of Management 20 18IESE Business School 18 19China Europe International Business School (CEIBS) 18 20Stephen M. Ross School of Business, University of Michigan 17 21Indian Institute of Management, Ahmedabad 17 22Oxford University, Said Business School 16 23IMD (CH) 15 24Tepper School of Business, Carnegie Mellon University 15 25Indian Institute of Management, Bangalore 15 26Tanaka Business School, Imperial College London 15 27EM LYON 15 27Yale School of Management, Yale University 14 29University of South Carolina, Moore School of Business 13 30RSM Erasmus University (NL) 12 31Thunderbird, The Garvin School of International Management 12 32



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Cranfield School of Management 12 32Hong Kong University of Science and Technology 12 32ESADE Business School 12 35The University of Chicago Graduate School of Business 12 36Indian School of Business 11 37Kenan - Flagler Business School, University of North Carolina at Chapel Hill 11 37Joseph L. Rotman School of Management, University of Toronto 11 37NUS Business School, National University of Singapore 11 37ESSEC Business School Paris 10 41Nanyang Business School, Nanyang Technological University, Singapore 10 42Boston University School of Management 10 42Instituto Tecnologico Autonomo de Mexico - ITAM (Mexico) 10 44ALBA Graduate Business School (Greece) 9 45SDA Bocconi School of Management (Italy) 9 45Manchester Business School, The University of Manchester 9 47McDonough School of Business, Georgetown University 8 48Judge Business School, University of Cambridge 8 49EGADE-Tecnologico de Monterrey (Mexico) 8 49




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5.7. E-Business E-business has become less fashionable since the dotcom crash. Nevertheless, many entrepreneurial ideas and marketing initiatives require e-business skills and the three fields are becoming increasingly aligned within some business schools. This is certainly the case at MIT which heads this specialization, followed by Stanford Business School, Wharton, Harvard and NYU. In the top ten featured schools, INSEAD, LBS, RSM and IE appear from outside North America.

Table of Top Specializations: E-Business

School Name

E-Business Employer Rank 2009 Rank

Sloan School of Management, Massachusetts Institute of Technology 100 1 Harvard Business School 97 2 INSEAD 88 3 Stanford University Graduate School of Business 72 4 The Wharton School, University of Pennsylvania 68 5 London Business School 59 6 IE Business School (Instituto de Empresa) 54 7 NYU Stern 41 8 Columbia Business School 39 9 Haas School of Business, UC Berkeley 37 10 RSM Erasmus University (NL) 32 11 Indian Institute of Management, Ahmedabad 32 12 Indian Institute of Management, Bangalore 32 12 The Kellogg School of Management, Northwestern University 28 14 Hong Kong University of Science and Technology 28 14 UCLA Anderson School of Management 25 16 Yale School of Management, Yale University 24 17 Kenan - Flagler Business School, University of North Carolina at Chapel Hill 24 17 Oxford University, Said Business School 21 19 Melbourne Business School, The University of Melbourne 19 20 IMD (CH) 19 20 Indian Institute of Management Calcutta 18 22 Indian School of Business 18 22 IESE Business School 18 22 Instituto Tecnologico Autonomo de Mexico - ITAM (Mexico) 18 22 EM LYON 16 26 Manchester Business School, The University of Manchester 16 26 Boston University School of Management 16 26 Richard Ivey School of Business, The University of Western Ontario 15 29 Stephen M. Ross School of Business, University of Michigan 15 29 Guanghua School of Management , Peking University 15 31 Cranfield School of Management 14 32 NUS Business School, National University of Singapore 14 32 ESADE Business School 14 32 SDA Bocconi School of Management (Italy) 14 32 Georgia Institute of Technology 14 32 HEC MBA Program 14 37 University of Virginia's Darden School of Business 14 37 Ashridge Business School, UK 14 39



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Bradford University 14 39 ESCP-EAP European School of Management 14 39 Tepper School of Business, Carnegie Mellon University 13 42 Nanyang Business School, Nanyang Technological University, Singapore 13 43 Desautels Faculty of Management, McGill University 13 43 Goizueta Business School, Emory University 13 43 Brisbane Graduate School of Business, Queensland University of Technology 12 46 Babson College 12 46 Monash University Graduate School of Business 11 48 IPADE business school (Mexico) 10 49 EGADE-Tecnologico de Monterrey (Mexico) 10 49




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5.8. Strategy Strategy features in most courses at business schools, but is also a specialization in its own right. The writings of Michael Porter have helped to keep Harvard at the forefront of business thinking in the field of strategy. Porter holds the Bishop William Lawrence University Professorship at the Harvard Business School. With 18 books and a wealth of highly influential articles to his name, he has an almost legendary status in the world of strategic thinking. In addition to his teaching and writing, he consults with the Monitor Group, the consulting firm he helped to establish. Business gurus have a big influence on the perceived excellence of any business school in this field. CK Prahalad’s seminal work, ‘The Fortune at the Bottom of the Pyramid’, has helped raise the profile of Michigan Business School in this field as well as in the field of development economics. INSEAD-based Korean W. Chan Kim and American Renée Mauborgne, have written the best-selling ‘Blue Ocean Strategy’, and Mauborgne is among the most highly rated female professors in the field today. Gary Hamel, who wrote the best-selling ‘Competing for the Future’, which introduced the idea of core competencies, continues to contribute to the reputation of London Business School, where he is a senior faculty member.

Table of Top Specializations: Strategy

School Name Rank Harvard Business School 100 1INSEAD 71 2The Wharton School, University of Pennsylvania 64 3Stanford University Graduate School of Business 40 4London Business School 35 5The Kellogg School of Management, Northwestern University 35 6Columbia Business School 34 7IMD (CH) 33 8IESE Business School 23 9The University of Chicago Graduate School of Business 22 10Sloan School of Management, Massachusetts Institute of Technology 20 11IE Business School (Instituto de Empresa) 20 12McDonough School of Business, Georgetown University 15 13Stephen M. Ross School of Business, University of Michigan 14 14University of Virginia's Darden School of Business 11 15The Fuqua School of Business, Duke University 11 16China Europe International Business School (CEIBS) 10 17Melbourne Business School, The University of Melbourne 9 18ESADE Business School 9 18Yale School of Management, Yale University 9 18Tuck School of Business at Dartmouth 8 21NYU Stern 8 22Oxford University, Said Business School 7 23Haas School of Business, UC Berkeley 7 24SDA Bocconi School of Management (Italy) 7 25Indian Institute of Management, Ahmedabad 6 26HEC MBA Program 6 26Indian School of Business 6 26ESCP-EAP European School of Management 6 26RSM Erasmus University (NL) 6 26Instituto Tecnologico Autonomo de Mexico - ITAM (Mexico) 5 31Cranfield School of Management 5 32Boston University School of Management 5 32Kenan - Flagler Business School, University of North Carolina at Chapel 5 32



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Hill Cass Business School 5 32Manchester Business School, The University of Manchester 5 32Australian Graduate School of Management 4 37EGADE-Tecnologico de Monterrey (Mexico) 3 38UCLA Anderson School of Management 3 38Thunderbird, The Garvin School of International Management 3 38Ashridge Business School, UK 3 38Hong Kong University of Science and Technology 3 42Indian Institute of Management, Bangalore 3 42Monash University Graduate School of Business 3 42ESSEC Business School Paris 3 42MBA Sciences Po - Paris 3 42Warwick Business School, University of Warwick 3 42Marshall School of Business, University of Southern California, 2 48University of South Carolina, Moore School of Business 2 48The Carroll School of Management, Boston College 2 48




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5.9. Leadership Despite the academic debate about the ability to teach or simply nurture leadership skills, many schools have adopted leadership development as a primary thrust of their program. Harvard Business School has historically produced more CEOs of Fortune 500 companies than any other business school and retains pre-eminence in this field. However, other schools are adopting innovative approaches. Wharton includes leadership development training at the marine training academy at Quantico as an optional part of its program. In Europe, INSEAD, LBS and IMD have long tied in excellence in MBA education with excellence in executive education and there has been a transfer of knowledge from the Executive Education departments to help foster leadership skills in the younger MBA pool. Other schools, like IE - Instituto de Empresa are following suit with this philosophy.

Table of Top Specializations: Leadership

School Name

Leadership Employer Index 2009 Rank

Harvard Business School 100 1INSEAD 74 2The Wharton School, University of Pennsylvania 73 3London Business School 53 4The Kellogg School of Management, Northwestern University 52 5Stanford University Graduate School of Business 34 6Columbia Business School 33 7Sloan School of Management, Massachusetts Institute of Technology 30 8Stephen M. Ross School of Business, University of Michigan 29 9The University of Chicago Graduate School of Business 27 10IE Business School (Instituto de Empresa) 25 11The Fuqua School of Business, Duke University 23 12NYU Stern 23 12Richard Ivey School of Business, The University of Western Ontario 21 14IMD (CH) 18 15IESE Business School 17 16McDonough School of Business, Georgetown University 16 17UCLA Anderson School of Management 16 17Melbourne Business School, The University of Melbourne 15 19Indian Institute of Management, Ahmedabad 14 20Tuck School of Business at Dartmouth 12 21S.C. Johnson Graduate School of Management, Cornell University 12 21Oxford University, Said Business School 12 23HEC MBA Program 11 24Kenan - Flagler Business School, University of North Carolina at Chapel Hill 9 25Australian Graduate School of Management 9 25Indian Institute of Management Calcutta 8 27Yale School of Management, Yale University 8 28Joseph L. Rotman School of Management, University of Toronto 8 28SDA Bocconi School of Management (Italy) 8 30University of Virginia's Darden School of Business 8 31ESADE Business School 8 31Henley Management College 8 31China Europe International Business School (CEIBS) 8 31Indian Institute of Management, Bangalore 7 35INCAE Business School (Nicaragua) 7 36Thunderbird, The Garvin School of International Management 7 37



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RSM Erasmus University (NL) 7 37Queens School of Business 7 37Faculty of Management Studies, Delhi University 6 40Boston University School of Management 6 41Cranfield School of Management 6 41Judge Business School, University of Cambridge 6 41Nanyang Business School, Nanyang Technological University, Singapore 6 41Indian School of Business 5 45NUS Business School, National University of Singapore 5 45Brisbane Graduate School of Business, Queensland University of Technology 5 45Haas School of Business, UC Berkeley 5 48St Gallen Business School (CH) 5 49Warwick Business School, University of Warwick 5 50




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5.10. Corporate Governance There have been a great many instances of poor corporate governance and corporate social responsibility (CSR) in recent years in businesses around the world, not least the failures in the banking sector in 2008. The issue became highly topical following the Enron scandal, when directors of public companies were alleged to have been actively hiding losses in offshore accounts to boost their reported profitability. The sub-prime mortgage debacle is bound to keep corporate governance high on business school agendas for the foreseeable future. As global outsourcing spreads, the opportunities and risks of corporate financial catastrophes from poor governance increase. Several US apparel retailers have been subject to a multi-billion dollar class action from a group of Chinese workers in Saipan for allegedly maintaining illegal working conditions. “The crisis can be viewed as a failure of boards of directors, accountants and others who let down corporate stakeholders,” says Paul Danos, Dean of Tuck School of Business at Dartmouth College in the US. Matt Tuchow, Professor of CSR at Geneva International Organisations MBA program says, "Today no famous brand or publicly traded company is immune from potential attack by stakeholders who now expect more responsibility, accountability and transparency." European business schools are actively taking a lead in fostering good CSR management practices. Alessandro Lala, an MBA applicant, reports that he met Manchester Business School at the World MBA Tour in Rome last year. “It was great to speak face-to-face with an admissions officer. Amongst other things, I was impressed by their commitment to fostering good governance,” he says. Manchester Business School offers a number of electives which look at the checks and balances used to manage the relationships between the board, management and investors/owners of a company. Those electives include: Business Law, Corporate Financial Management, Corporate Reputation and Competitiveness, Corporate Social Responsibility and Business Ethics. In addition, there is a CSR Club run by the students. Many US business schools have also responded to the CSR challenge. Harvard Business School came in for criticism because Jeffrey Skilling, the former CEO of Enron, was a Harvard MBA. Yet, Paul Danos of Tuck says, “We screen our applicants in terms of their potential to be principled leaders and CSR is a mandatory course for all our MBAs.”

Table of Top Specializations: Corporate Governance

School Name

Corporate Governance Employer Index 2009 Rank

Harvard Business School 100 1Columbia Business School 89 2INSEAD 89 2The Kellogg School of Management, Northwestern University 78 4The Wharton School, University of Pennsylvania 70 5Stanford University Graduate School of Business 70 5Tuck School of Business at Dartmouth 61 7Sloan School of Management, Massachusetts Institute of Technology 60 8IE Business School (Instituto de Empresa) 52 9IESE Business School 44 10London Business School 43 11The University of Chicago Graduate School of Business 41 12The Fuqua School of Business, Duke University 41 13NYU Stern 37 14Yale School of Management, Yale University 36 15McDonough School of Business, Georgetown University 30 16University of Virginia's Darden School of Business 30 16Kenan - Flagler Business School, University of North Carolina at Chapel Hill 26 18IMD (CH) 25 19Melbourne Business School, The University of Melbourne 22 20Oxford University, Said Business School 22 20Marshall School of Business, University of Southern California, 18 22



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Boston University School of Management 18 23S.C. Johnson Graduate School of Management, Cornell University 18 24HEC MBA Program 18 25University of South Carolina, Moore School of Business 15 26Stephen M. Ross School of Business, University of Michigan 15 27UCLA Anderson School of Management 15 27SDA Bocconi School of Management (Italy) 15 29Australian Graduate School of Management 14 30Haas School of Business, UC Berkeley 14 30HEC Lausanne - University of Lausanne (CH) 14 32The School of Management, University of Bath 11 33Vanderbilt University, Owen Graduate School of Management 11 33W. P. Carey School of Business, Arizona State University 11 33ESADE Business School 11 36RSM Erasmus University (NL) 11 36Richard Ivey School of Business, The University of Western Ontario 11 36Babson College 11 36Cornell-Nanyang Institute of Hospitality Management 11 40The Australian National University National Graduate School of Management 11 40MBA Sciences Po - Paris 11 40Hong Kong University of Science and Technology 10 43Indian School of Business 9 44Thunderbird, The Garvin School of International Management 8 45Joseph L. Rotman School of Management, University of Toronto 8 45Henley Management College 8 45Tepper School of Business, Carnegie Mellon University 8 45Joseph M. Katz Graduate School of Business, University of Pittsburgh 8 45Judge Business School, University of Cambridge 7 50


QS Global 200 Business Schools 2009: The Employers’ Choice

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