When was the last time you were excited to stay at a two-star hotel or eat at a restaurant with only one star? There is an innate reason why you were not interested in lower-ranked establishments.
It is in our nature to want the best experience and often we base that on other’s experiences. Ranking systems tap into fundamental aspects of human psychology, such as order and control, competition, social comparison, and the desire for recognition and progression (Chun & Larrick). Rankings and rating systems appeal to our instincts for higher social status and help us understand what to expect regarding our experience.
Graduate program rankings are pervasive and certainly not unique to business schools. Ed Slavishak, Professor of History at Susquehanna University explains how “An enormous portion of tenure-track jobs go to graduates from the top-ranked programs. Elite programs employ the faculty with whom career-conscious candidates will most want to work.”
Ranked graduate business programs with accreditation from such bodies as AACSB, ACBSP, EFMD, and AMBA often have well-respected academic reputations, world-renowned faculty, solid funding, a large and supportive alumni base, extensive employer relationships, and access to comprehensive career services. These factors enrich students’ educational experiences and support employment outcomes. According to education writer Christina Griffith, “Higher-ranked programs offer better job placement rates and higher salary ranges” for MBA candidates.
The Stakes are High.
According to Christopher Zorn, Liberal Arts Professor of Political Science and Sociology at Penn State, “You are asking people to make high stakes, low information decisions” and rankings help people feel comfortable making personal and financial investments in their professional futures.
To increase their children’s odds of getting into top-ranked universities, parents who perpetrated what is known as the Varsity Blues Scandal paid millions of dollars to a private admissions counselor (Taylor, 2021). The impulse to maximize a child’s academic investment usually does not result in crimes, but this event demonstrates just how important getting into top-ranked universities can be for some families.
Ranking systems in practice are far from perfect. There are other challenges such as an increasing unwillingness of some universities to participate in rankings, or university administrators “massaging data” to increase their rankings and even serving prison time for submitting false data (Drozdowski, 2022).
Colin Diver, a past president of Reed College and former University of Pennsylvania Law School dean believes rankings will endure. Diver’s book, Breaking Ranks: How the Rankings Industry Rules Higher Education and What to Do About It, explains, “As long as there’s an admissions frenzy to feed and a voracious audience of consumers eagerly awaiting each year’s freshly reshuffled list, college rankings will persist” (Drozdowski, 2022).
The extent to which each individual uses rankings to make decisions about graduate school options will and should vary. As the founder of North Star Admissions Consulting, Karen Marks points out, “The rankings are rarely the best way to figure out where to apply, or where to matriculate (Marks, 2023). Making the decision to attend graduate school is a substantial time commitment and financial decision. Even if you receive a scholarship, assistantship, or fellowship, you are usually spending time earning a degree rather than generating income. Full-time residential, online, part-time, and executive programs provide options to students which previous generations did not have.
Are You Considering Graduate School?
Consider investing time and effort into understanding and contributing to your field before applying to graduate school. Employment will help you better understand your career goals, develop relevant skills, improve your candidacy for top ranked programs, and allow you to identify and then fill in any knowledge gaps while you are a student. Having some full-time work experience, and knowing and understanding how you want to apply your degree within a specific function and industry, will also give you a competitive advantage when applying for scholarships, assistantships, or fellowships. Candidates with industry knowledge, demonstrated commitment, an existing professional network, and relevant skills are well positioned to make the most of a graduate program.
Rankings are valuable, but they are not intended to be a one-size-fits-all approach to selecting a graduate program. Consider your educational priorities and career goals to select the best program for you.
