Saturday, July 27, 2019

The Most Selective MBAs: 2018 vs. 2015 Applications Per Seat

School 2018 Apps Per Seat 2015 Apps Per Seat Difference
Stanford GSB18.619.4-0.8
MIT (Sloan)13.610.63.0
UC-Berkeley (Haas)13.114.3-1.2
Yale SOM10.910.60.3
Harvard Business School10.610.30.3
New York University (Stern)10.210.9-0.7
Rochester (Simon)
UCLA (Anderson)
Northwestern (Kellogg)
USC (Marshall)
Dartmouth (Tuck)
Arizona State (W. P. Carey)
Washington University (Olin)8.311.2-2.9
Duke (Fuqua)
Penn State (Smeal)8.19.5-1.4
Florida (Hough)8.010.4-2.4
Maryland (Smith7.89.3-1.5
UC-Irvine (Merage)7.79.4-1.7
Michigan (Ross)7.57.9-0.4
Washington (Foster)7.58.2-0.7
Chicago (Booth)
Texas (McCombs)7.38.6-1.3
Penn (Wharton)7.27.7-0.5
Carnegie Mellon (Tepper)6.98.2-1.3
Emory (Goizueta)6.88.3-1.5
Virginia (Darden)6.77.7-1.0
Pittsburgh (Katz)6.6NANA
Boston College (Carroll)6.56.8-0.3
Ohio State (Fisher)
North Carolina (Kenan-Flagler)6.38.5-2.2
Boston University (Questrom)5.97.3-1.4
Indiana (Kelley)5.97.9-2.0
Minnesota (Carlson)5.86.9-1.1
Georgia Tech (Scheller)5.88.4-2.6
Cornell (Johnson)5.76.2-0.5
Texas-Dallas (Jindal)5.58.6-3.1
Georgetown (McDonough)5.46.9-1.5
Texas A&M (Mays)5.47.5-2.1
SMU (Cox)
Rice (Jones)5.06.7-1.7
Purdue (Krannert)4.89.2-4.4
Notre Dame (Mendoza)4.75.7-1.0
Georgia (Terry)4.4NANA
Vanderbilt (Owen)3.95.1-1.2
Michigan State (Broad)3.96.3-2.4
BYU (Marriott)2.42.6-0.2

MBA Class of 2018: Overall Admissions Data

School 2018 Acceptance Rate 2018 Applications 2018 Admits 2018 Enrolled 2018 Yield 2018 Apps Per Seat
Penn (Wharton)216,2451,29486266.6%7.2
Harvard Business School119,8861,03193090.2%10.6
Stanford GSB67,79747341988.5%18.6
Chicago (Booth)234,28998359160.1%7.3
Northwestern (Kellogg)224,47197847848.9%9.4
MIT (Sloan)135,56072740956.3%13.6
Dartmouth (Tuck)232,62161228746.9%9.1
UC-Berkeley (Haas)153,82258929149.4%13.1
Yale SOM203,78577134745.0%10.9
Michigan (Ross)273,18886442349.0%7.5
Duke (Fuqua)223,55779844055.1%8.1
Virginia (Darden)332,24673933545.3%6.7
Cornell (Johnson)331,60052928052.9%5.7
UCLA (Anderson)243,42483135943.2%9.5
New York University (Stern)233,78187637042.2%10.2
Carnegie Mellon (Tepper)351,62857623641.0%6.9
Texas (McCombs)342,07669728440.7%7.3
North Carolina (Kenan-Flagler)471,73580927634.1%6.3
Emory (Goizueta)411,22750118136.1%6.8
Indiana (Kelley)381,08441518443.3%5.9
Washington (Foster)3593432812538.1%7.5
Georgetown (McDonough)551,45980627033.5%5.4
Notre Dame (Mendoza)4857927712344.4%4.7
Rice (Jones)4058723311838.8%5.0
USC (Marshall)282,01756922138.8%9.1
Vanderbilt (Owen)6270443517941.1%3.9
Georgia Tech (Scheller)354951718650.2%5.8
Washington University (Olin)331,11537213536.3%8.3
Minnesota (Carlson)395292089244.2%5.8
Arizona State (W. P. Carey)207641549058.4%8.5
Penn State (Smeal)18467825870.7%8.1
BYU (Marriott)5331516613178.9%2.4
Michigan State (Broad)443231438358.0%3.9
Ohio State (Fisher)365882129444.3%6.3
UC-Irvine (Merage)275491507147.3%7.7
Purdue (Krannert)492311144842.1%4.8
Rochester (Simon)328292678431.5%9.9
Maryland (Smith364751716135.7%7.8
SMU (Cox)464692169041.7%5.2
Boston University (Questrom)5193247215733.3%5.9
Georgia (Terry)32227735271.2%4.4
Pittsburgh (Katz)344231446444.4%6.6
Texas-Dallas (Jindal)35276975051.5%5.5
Texas A&M (Mays)423751586943.7%5.4
Florida (Hough)19272513466.7%8.0
Boston College (Carroll)445022237734.5%6.5

The Most Selective MBA Programs

Despite Stanford’s appeal – which includes a Mediterranean climate and a 10-minute drive to Silicon Valley – it isn’t the only MBA program that attracts top talent. MIT Sloan has traditionally ranked among the top programs in terms of applications-to-seats. Over the past three years, that ratio has jumped from 10.6 to 13.6. The quality of candidates has risen too, with Sloan enjoying a 15 point rise in average GMATs over the past five years (with an increase in women and international students as well).

U.C.-Berkeley Haas ranks as the 3rd-most selective MBA program at 13.1 applications for a seat in the Class of 2020. The 14th-largest full-time MBA program, Haas has experienced a point drop in applications-to-seats over the past three years. This reflects a larger trend, as Haas has enjoyed a healthy 1.1% increase in applications during the same period. In other words, more applicants became aware of the Haas brand. This increased popularity resulted in a slight decrease in selectivity. Then again, an increase in applications doesn’t always equate to a surge in truly committed candidates. In the past two years, for example, Haas’ yield has fallen from 53.1% to 49.4%. Translation: the drop was driven by tourists not devotees. 
Yale SOM (10.9) and Harvard Business School (10.6) round out the five most exclusive programs, trailed closely by New York University Stern at 10.2 – a 0.7 of a point slide in the past three years. Overall, the top five programs share a similarity: they are all based on the coasts near tech epicenters. Excluding Northwestern Kellogg and Rochester Simon, the ten most selective MBA programs fit this description. Even there, Rochester Simon defies an easy explanation. Located in northwestern New York – a six-hour drive to the Long Island Sound – the Simon School averaged 9.9 applications for every one of its 84 seats. That number will only increase now that it has become STEM certified, potentially adding 36 months to an OPT work visa for international applicants.

Rochester Simon’s selectivity punches well above its ranking. The same can be said for Arizona State’s W. P. Carey Business School. However, the school’s 8.5-to-1 applicant-to-student ratio is part and parcel of its admissions policy, which had given full-ride scholarship to every accepted applicant three years (a policy that has since shifted to providing financial aid to students). Washington University’s Olin School, a traditional Top 20 outlier, also ranked as the 13th-most selective MBA program. That said, the school’s 11.2-to-1 ratio in 2015 placed it in the Top 3 – ahead of MIT Sloan and Harvard Business School, no less. That ratio has since dwindled to 8.3-to-1, thanks to a 29% decline in applications.
UC Irvine Merage School of Business

Second-tier programs like Penn State (8.1), Florida Hough (8.0), Maryland Smith (7.9), and U.C. Irvine Merage (7.8) also perform well with selectivity in contrast to their ranking. That said, each of these programs houses less than 100 students, meaning a rise in applications produces a bigger swing in the applicant-to-student ratio than larger programs. That’s one reason why, for example, Penn State tops Wharton and Rutgers edges out Chicago Booth in this measure. Aside from Harvard, scale simply undermines prestige.

Every measure has its downsides. For example, applications-to-seats isn’t necessarily a barometer of school health. Exhibit A: Brigham Young University’s Marriott School of Business. It attracts 2.4 applications for every student it enrolls – the worst conversion among the Top 50 MBA programs. That said, the school converted 131 of the 166 accepted applicants into actual students, ranking below just Harvard and Stanford in terms of yield. In other words, Marriott sealed the deal with 75% of its targeted candidates – a healthy sign indeed.

Shifting class sizes also impacts selectivity…but not as much as one might expect. When luxury companies boost inventory, they risk watering down their distinction. That isn’t necessarily the case in graduate business education. At Berkeley Haas, for example, the school has added 45 seats since 2015 thanks to increasing physical capacity. Without this bump, Haas’ applicants-to-seats ratio would stand at 15.5 instead of 13.1. That’s hardly a downfall considering the extra $2.5 million dollars in annual tuition revenue the school generated without any discernible decline in student quality.

Overall, 25 of the top 50 American full-time MBA programs lost ground over the past three years when it comes to exclusivity. This number, however, has been influenced by 32 of these schools attracting fewer applications during this period. What’s more, 10 programs have increased class sizes by 10 or more students, with another 11 schools trimming classes by the same amount.

Like any data point, selectivity is a flawed metric that doesn’t always follow expectations. What’s more, global prestige doesn’t necessarily equate to a local program’s deep roots with local industries and employers – where the right alum or opportunity can fast-track any MBA’s career. Still, prestige matters. Many people associate a personal brand with an MBA. Earning that degree from a household name confers credibility and latitude. The sum of thousands of acceptances and rejections can make a program selective or exclusive. Over time, it is the learning, experiences, and network that ultimately determines its prestige.

2019-2020 Early MBA Deadlines

MBA Application Deadlines – Round 1 / Early Action

School Deadline Decision Notification Essay Released? Application Open?
UVA / Darden Early Action 9/3/2019 10/9/2019 Yes Yes
IESE Early Decision Round 9/3/2019 10/18/2019 No Yes
Harvard Business School 9/4/2019 12/10/2019 Yes Yes
Cambridge / Judge 9/9/2019 11/20/2019 Yes Yes
Yale SOM 9/10/2019 12/4/2019 Yes Yes
Stanford GSB 9/12/2019 12/12/2019 Yes Yes
Indian School of Business 9/15/2019
UPenn / Wharton 9/17/2019 12/18/2019 No No
Notre Dame / Mendoza Early Decision 9/17/2019 11/1/2019 Yes Yes
Northwestern / Kellogg 9/18/2019 12/11/2019 Yes Yes
INSEAD 9/18/2019 11/22/2019 Yes Yes
Duke / Fuqua Early Action 9/19/2019 10/28/2019 Yes
Berkeley / Haas 9/26/2019 12/12/2019 Yes No
U. Chicago  Booth 9/26/2019 12/5/2019 Yes Yes
Michigan / Ross 9/30/2019 12/18/2019 Yes Yes
Emory / Goizueta 10/4/2019 11/29/2019 Yes Yes
Columbia Early Decision 10/4/2019 11/29/2019 Yes
UVA / Darden 10/4/2019 12/11/2019 Yes Yes
CMU / Tepper 10/6/2019 12/11/2019 Yes No
Dartmouth / Tuck 10/7/2019 12/12/2019 Yes Yes
Cornell / Johnson October Round 10/8/2019 12/11/2019 Yes No
UT  Austin / McCombs 10/8/2019 12/17/2019 Yes
IESE Round 1 10/10/2019 12/5/2019 No
Rice / Jones 10/11/2019 12/6/2019 Yes
Duke / Fuqua Round 1 10/14/2019 12/18/2019 Yes
Vanderbilt / Owen 10/14/2019 12/13/2019 Yes
NYU / Stern 10/15/2019 1/1/2020 Yes
Notre Dame / Mendoza 10/15/2019 12/13/2019 Yes



Saturday, July 13, 2019



 たとえば、米国の上位ビジネススクールにいる教授(=経営学者)たちは、評価の高い経営学の学術誌に論文を掲載しないと出世できないのですが、HBRはその基準に含まれていません。 私の様な若手が「HBRに論文を投稿したい」と言ったら、ベテラン教授から「そんな業績にならないことは、やめなさい」と言われるのがオチでしょう。



米国上位の各ビジネススクールには、学術誌に対して「A」、「B」といったランク付けがあります。たとえば私のいる米ニューヨーク州立大学バッファロー校の基準では、経営戦略論分野なら『ストラテジック・マネジメント・ジャーナル』が代表的なA学術誌の一つです。国際経営分野では『ジャーナル・オブ・インターナショナル・ビジネス・スタディーズ』がAになります。そして繰り返しですが、このランキングにHBRは入っていません。  このように、学術誌に科学的なアプローチを使った研究成果が発表されて「経営学の知」が積み上がり、世界の経営学はここ20年ほどで飛躍的に進歩してきました。


 他方、 学術的な理論に基づいて生み出された分析ツールの代表は、米ハーバード大学のマイケル・ポーター教授による「ファイブ・フォース」でしょう。米国のMBAでは間違いなく勉強させられる有名なツールです。
 そして、 先端の分析ツールが多く紹介されるHBRよりもさらに厳選されたものだけがまとめられているのが、ビジネススクールで使われる経営学の教科書です。



 他方で、そのエッセンスを絞り込んだ分析ツールが載っているはずのMBAの教科書は、主要なものに長いあいだ変わりがないのです。たとえば私の手元には、昨年(2012年)刊行されたフランク・ロサーメル米ジョージア工科大学教授の教科書(McGraw Hill社)があります。その全ページの約半分を占める競争戦略についての内容をみると、未だにポーター、ポーター、ポーター(そしてちょっとだけバーニー)、といった感じなのです。


 清水教授は同書の中で、「米ビジネススクールで使う経営戦略論の教科書はやたらと分厚いが、その中身は実践にはあまり役に立たない『枝葉』の部分が多く、『幹』は限られている 」という主旨のことを述べて、「ビジネススクールの学生は、幹の部分を繰り返し勉強することが重要である」と主張されています。





 ちなみに、このブルー・オーシャンも私の理解では 「ツール」であって、「理論」ではありません、、、念のため。

Will STEM Degrees Save The MBA?

With 70% of full-time MBA programs in the U.S. seeing a decline in applications, some business schools are piloting a potential solution geared toward one important demographic: international students.
There’s been an estimated 10% drop in international enrollment in the nation’s graduate schools of business between 2017 and 2018, according to the Graduate Management Admissions Council, totaling an estimated 8,000 students from overseas.  
To gain an edge in applications and enrollments from full-time students who require F-1 visas, several key MBA programs, including Duke University (No. 14 on the Forbes Best Business Schools) and the University of Rochester (No. 37) and have begun applying STEM designations to their graduate degrees.

Most international graduates are entitled to work in the U.S. for only one year after graduation before their visa expires. However, with a degree classified as STEM (science, technology, engineering and mathematics), international students who are hired by graduation can stay an additional two years through the Optional Practical Training program.

Many schools attribute the drop in international students to the new restrictions placed on obtaining an H-1B visa and employment-based green cards. One 2018 executive order limits H-1B visas only to “the most-skilled foreigners or highest-paid beneficiaries.”

Later that year, the U.S. Department of Labor began requiring employers of H-1B applicants use a new form, which many claimed was designed to increase pressure upon employers. While the true effects of this new form have yet to be seen, President Trump has made anti-immigration rhetoric and policy a centerpiece of his work in the White House.

A STEM designation provides security
With a STEM designation, schools like the University of Rochester and Duke University are now incorporating more technology and data analytics into their MBA programs. And the changeover appears to be working.

The University of Rochester and Duke University are not the only business schools converting to STEM. MIT, Notre Dame and Boston College, among others, are also beginning to incorporate a STEM designation into their business schools to counteract the flight of international students to Europe and Asia Pacific. According to the Graduate Admissions Council, these regions have seen about an 8% increase in applications between 2017 and 2018.

  • According to the National Association for Foreign Student Affairs’ latest analysis, in the 2017-2018 academic year, more than 1 million international students studying at U.S. colleges in undergraduate and graduate programs contributed $39 billion and supported more than 455,000 jobs in the U.S. economy. 
Not every school has experienced a drop in admissions.  The dean of the Simon Business School at the University of Rochester, Andrew Ainslie, said despite the drop in business applications across the country, they have remained largely unaffected.

While a STEM designation is typically associated with degrees within science and engineering programs, Ainslie explained the Simon Business School already placed a heavy emphasis on data analytics and technology and many of their programs easily qualified for a STEM designation.

Fuqua introduced the STEM designated track Management Science and Technology Management (MSTeM) in 2017. 

Top B-Schools For Budget MBA Programs In Europe, 2019

1. MIB Trieste School of Management, Italy: With the picturesque northeast corner of Italy, the location is hard to beat in terms of natural beauty. The school also offers one of the least expensive AMBA-accredited MBA programs in Europe.

Programs: MBA in International Business (12 months full-time or 24 months part-time), Executive MBA (23 months, €25,000), and Executive MBA in Insurance and Finance (24 months, €20,000).

2. Athens University of Economics and Business (AUEB), Athens, Greece: The international MBA program from Athens-based AUEB with full-time MBA is 14 months long in duration. The school also offers great MBA courses at a reasonable cost. It also offers a 22 months course  with an annual tuition of €22,000.

Programs: Executive MBA and the AthensMBA Program.

3. Zagreb School of Economics and Management (ZSEM), Croatia:  This is the only AMBA- accredited school in Croatia with MBA program having classes in the afternoons. Though the program is completed in one year, the students can take classes during a second year as well with no additional fee.
Programs: General MBA (€10,400) and Executive MBA (€12,400).

4. Poznan University of Economics, Poland: The AMBA-accredited university is quite budget-friendly in terms of pursuing MBA.  This is the only school in Slovenia accredited by AACSB and EQUIS. The MBA program here is quite popular among working professionals who cannot spend much time in coursework.

Program: Executive MBA Poznań-Atlanta (in English – €11,400))- Poznan-Atlanta Executive Master of Business Administration Program is designed for participants to leverage their work experience to advance to a leadership position in private and public organizations and institutions.

5. Mannheim University – Mannheim Business School (MBS), Germany: The school offers full time and executive MBA for students as well as working professionals. It also offers ample networking opportunities for the students. The students can choose from five regional tracks: German Track, Eurasian Track, Transatlantic Track, European Track and Global Track. The full-time MBA here lasts for 12 months.

Programs: Mannheim Executive MBA (Part-Time, €49,500); ESSEC & MANNHEIM Executive MBA (Part-Time, €49,500); and Mannheim Full-Time MBA (€39,500).

6. The Lisbon MBA: The full-time MBA international program here focuses on academic and personal competencies which develop strong leaders.  A core management curriculum is combined with learning designed to develop interpersonal skills and leadership. The fee for full-time MBA is 35,000 euros per year which is quite reasonable. The accreditations here are AACSB, AMBA and EQUIS.

Programs: Lisbon MBA International full-time (€38,000) and Lisbon MBA Executive (€38,000).

The Top 5 Executive MBA Programs In Asia, 2019

1. INSEAD Business School Singapore
Institut Européen d’Administration des Affaires (INSEAD), Singapore: Situated in Singapore, this premier institute gives preference to experience. The average age of the students here is 29 years with six years of experience in the real world. Now, that may seem too much to you, but the course is relatively shorter with durations of only ten months.This is because the students do not come here to learn from scratch but only to hone their skills and develop what they already know. In the CEOWORLD magazine “Best Business Schools” rankings of the world’s leading MBA programs, Insead Business school is ranked first in Asia and first globally.

Executive MBA Programmes:
(a) Global Executive MBA program GEMBA – The program takes place in fully integrated campuses across INSEAD’s three campuses in Singapore, Abu Dhabi and Fontainebleau (France). Each class has an unparalleled diversity of nationalities and business backgrounds, enabling participants to learn from each other and build a close-knit yet globally distributed network. GEMBA Fees: GEMBA Asia programme $141,000, GEMBA Middle East programme $130,000, and INSEAD GEMBA Europe programme $140,000.
(b) INSEAD Executive MBA TIEMBA (fee: $125,000) is a unique partnership between INSEAD, one of the world’s leading business school, and Tsinghua, one of China’s most prestigious universities. The program takes place across INSEAD’s three campuses in Singapore, Abu Dhabi and Fontainebleau (France), and Tsinghua’s campus in Beijing. You will obtain two management degrees from two top institutions in China and in the world.
2. Indian Institute of Management (IIM), Ahmedabad, India: Founded in 1961, it is the first Indian institute on the Asia ranking. It was the second IIM to be founded but has remained numero uno in terms of its output. From employability to entrepreneurship; it is the place to be for availing a cost-effective MBA degree that lets you experience the rush of the business world while allowing you to develop the tools to establish one of your own. The 2019 CEOWORLD magazine’s best business schools ranking placed Indian Institute of Management (IIM), Ahmedabad as the #3 best MBA in Asia, and #21 in the World. Just like INSEAD, it has made a huge leap in the rankings. Riding on the back of its constant innovations and financial backings, it has got itself up to speed on the current trends of the international business world.Executive MBA Programme: Post Graduate Programme in Management for Executives PGPX (fee: $36,000)- a one-year, full-time, residential program designed by the IIM Ahmedabad for aspirational executives with substantial professional experience, the PGPX program attracts top talents from diverse industries, cultures, and geographies. 

3. China Europe International Business School (CEIBS), Shanghai, China: This institute offers a more traditional course structure with its 18-month long course program. While on campus, you will be within yards from the action of the latest developments in the business world. With a particular focus on the digital world, the curriculum is devised to instill confidence in the students that they can climb on to the top of the business world.Those who come in here are primarily looking for a good return on their investment; that is to say that they are looking for a good increase in their paychecks. And the institute delivers on it. The pass outs from this college get almost a 100% increase in their base packages. China Europe International Business School (CEIBS) is ranked 23rd in the world in the 2019 CEOWORLD magazine’s best business schools in the world ranking.
Executive MBA Programmes: 
(a)   CEIBS Global EMBA (fee: $98,000)- CEIBS Global EMBA program is for high-potential, upper-level executives and entrepreneurs, to advance their careers by deeply enriching and developing their leadership skills and analytical ability.
(b) Hospitality Executive MBA HEMBA (fee: $100,000) – Degree program jointly offered by CEIBS and EHL (Ecole hôtelière de Lausanne, Switzerland) – focuses on service business management. The program prepares you for China’s service sector, which makes up the bulk of the country’s economy and is expected to play an even greater role in the coming years.

4. NUS Business School at National University of Singapore, Singapore: This is another university that gives preference to work experience. The average student here has got more than five years of experience in the field. The aim of the university is to prepare individuals that can set up their own businesses and make a mark on the scene.It aims to promote independent thinking amongst its students and give them all the tools that they may require in the real world. NUS has managed to improve its global ranking with the help of a series of innovations that have brought it at par with many of the top tier universities of the world. In the CEOWORLD magazine’s best business schools in the world rankings 2019, NUS Business School at National University of Singapore MBA program has a global ranking of 31 (out of 106) institutions.
Executive MBA Programmes:
(a) Executive MBA (fee: $65,000)- During your 15 months’ journey with The NUS Executive MBA, you will be able to understand business challenges and cultures across both the Asia-Pacific and the globe.
(b)  UCLA – NUS Executive MBA (fee: $125,000)- Developed jointly by UCLA Anderson School of Management and NUS Business School, the UCLA – NUS EMBA aims to transform your future with a truly global perspective on leadership and management. The part-time intensive program aims to prepare its participants for C-level management in organizations around the world.
5. Faculty of Business and Economics at the University of Hong Kong, Hong Kong: One of the biggest factors that work in favor of this institute is its location. The economic atmosphere of Hong Kong is varied and rich and is made up of businesses from all over the world. This translates directly into excellent international exposure for the students to walk into the campus.It is on account of this rich diversity in its atmosphere that the overall strength is made up of more than 95% international students. The institute believes in having small batches in its classes. This results in equal and ample focus on each and every student. The MBA program is focused on industry demand for job-ready individuals. In the CEOWORLD magazine rankings of the world’s leading MBA programs, Faculty of Business and Economics at the University of Hong Kong is ranked 38th in the “Best Business Schools” league table. 

HKU-PKU EMBA Programme (fee: $113,500, 1 year) – jointly offered by the Faculty of Business and Economics of The University of Hong Kong and Guanghua School of Management of Peking University. The Programme is intended for senior executives with substantial managerial experience. Classes are conducted in both Hong Kong and Beijing.Faculty of Business and Economics, The University of Hong Kong, Hong Kong

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