An article written by Glenn Hubbard, dean of the Columbia Business School was featured on the Fortune Magazine website. The article discusses whether or not business school rankings really matter. Dean Hubbard tells readers that rankings for business schools do matter, but prospective students should rely more on how the school will fit their needs instead of where and how the school is ranked.
Dean Hubbard begins by discussing how prospective students can measure the quality of a business school. Hubbard tells readers that instead of looking at the number of successful alumni or how the dean perceives the school, it is important for prospective students to look at the students that are enrolled in the school and how many applications that the school receives every year and if applications are going up or down over the past few years.
“It stands to reason that the marketplace of prospective students will send the most applications to the best schools, which will, in turn, have more selective admission rates. If you study the data on applications, which some rankings provide as part of their research, you will have a key piece of the puzzle,” Dean Hubbard said.
Hubbard also advices prospective students to look at a school’s “output” or the amount of students that graduate from the school fully employed. This shows that the school has value in the job market because of its standards for education. He tells readers that if you study the data for applications and employment (input and output) prospective students can find a clearer idea of how the school really ranks among others.
“If you are looking for a particular type of career, or you know that location will be important for your future job prospects, some schools will meet your needs better than others. In which case, your needs should trump the seal of approval of any publication,” Hubbard said.