Stanford is Back on Top Alongside Penn’s Wharton in U.S News’ 2024 Best MBA Ranking

The U.S. News and World Report has posted the 2024-2025 Best MBA rankings. Stanford GSB and University of Pennsylvania Wharton are tied for the top spot, followed by a tie for third rank between Northwestern Kellogg and Chicago Booth.

Notable changes to the top 25 from the last year’s rankings include: 

• Stanford’s five-rank jump, which moved it from 6th in 2023 back to 1st, a position it also held in 2021 and 2022. 

• Harvard, which has spent the past two years in 5th, dropped one spot into the 6th position in 2024.

• The biggest increases this year, apart from Stanford, were Vanderbilt Owen, which moved up seven ranks to the 20th spot, and Berkeley Haas and UVA Darden, which both moved up four positions to take 7th and 10th, respectively.

• Dartmouth Tuck and Michigan Ross experienced the largest declines from 2023, both falling four positions. Tuck now shares the 10th spot with Darden, while Ross joined Columbia and Duke in a three-way tie at 12th. 

According to Poets & Quants, U.S. News acknowledged that its addition of a new post-graduate salary metric explains some of the movement seen within this year’s ranking. The addition of the metric de-emphasizes post-graduate starting salary/bonus slightly, incorporating MBA graduates’ starting salaries based on the field in which they’re entering. A description is available here. 

Rank School Name, Change from 2023

1 Stanford University (tie), +5

1 University of Pennsylvania, Wharton (tie), +2

3 Northwestern University, Kellogg (tie), -1 

3 University of Chicago, Booth (tie), -2

5 MIT, Sloan, -1

6 Harvard University, -1

7 New York University, Stern, (tie), +3

7 University of California–Berkeley, Haas (tie), +4

7 Yale University (tie), +1

10 Dartmouth, Tuck, (tie), -4

10 University of Virginia, Darden (tie), +4

12 Columbia University (tie), -1 

12 Duke University, Fuqua (tie), -1

12 University of Michigan, Ross (tie), -4

15 Cornell University, Johnson (tie), – 

16 Carnegie Mellon, Tepper (tie), +2

16 University of Texas–Austin, McCombs (tie), +2

18 Emory University, Goizueta (tie), -1

18 University of Southern California, Marshall (tie), -3

20 Indiana University, Kelley (tie), +2

20 University of California–Los Angeles, Anderson (tie), -1

20 University of North Carolina–Chapel Hill, Kenan-Flagler (tie), +2

20 Vanderbilt University, Owen (tie), +7

24 Georgetown University, McDonough, –

25 Georgia Institute of Technology, Scheller, +1

Wharton Claims the Top Spot in Financial Times’ 2024 MBA Rankings

Over the weekend, the Financial Times published its 2024 MBA Rankings. The University of Pennsylvania’s Wharton school took the top spot and Columbia Business School tied with Bocconi for the third rank. While just two U.S.-based schools cracked the top five, fifteen U.S. programs placed within the top 25. 

A few notable findings include:

• Wharton’s top rank came as a result of its first-place finish in “research” and its strong performance in “weighted salary” (third, behind only Stanford GSB and Harvard). 

• Stanford GSB came in 23rd overall, but was ranked the highest for “alumni network,” “weighted salary,” and alumni assessment of “aims achieved.” The program also ranked second for “career progress.”

• Harvard Business School, ranked 11th overall, took the second spot for both “research” and “weighted salary,” and fifth for “career progress.”

• University of Georgia’s Terry came in 40th overall, but ranked first for “value for money.” 

The rankings also took into account measures such as gender and international diversity, school environmental policies, and employment data. Check out the full rankings and the rankings for the underlying metrics, here.

2024 Rank / School

1 University of Pennsylvania: Wharton 

2 Insead 

3 Columbia Business School 

3 SDA Bocconi School of Management

5 IESE Business School 

6 Northwestern University, Kellogg School of Management

6 MIT: Sloan

8 London Business School 

9 Cornell University: Johnson

10 University of Chicago: Booth 

11 Harvard Business School

12 HEC Paris 

12 Dartmouth College: Tuck

14 Duke University's Fuqua School of Business

15 Yale School of Management

16 University of Virginia: Darden 

17 Esade Business School 

18 UCLA Anderson School of Management

19 University of California at Berkeley: Haas 

20 IE Business School 

21 New York University: Stern 

21 Ceibs

23 Stanford Graduate School of Business

24 Shanghai University of Finance and Economics: College of Business

25 ESCP Business School 

Women’s Enrollment in MBA Programs Continues to Climb

MBA matriculation is inching closer to gender parity. According to new data released by the Forte Foundation and reported by the Wall Street Journal, women make up 42 percent of 2023 MBA enrollees. This is up slightly from last year’s 41 percent and up significantly from 34 percent in 2013.

Five MBA programs did achieve gender parity: George Washington University’s School of Business, Oxford Said, Johns Hopkins Carey, U Penn Wharton, and Penn State Smeal. An additional 15 programs came close with women making up at least 44 percent of total enrollees. Among this group are some of the world’s most prestigious MBA programs. They include Northwestern Kellogg (48 percent), Stanford GSB (46 percent), MIT Sloan (46 percent), and Harvard Business School (45 percent).

Notably, two of the five programs that achieved gender parity, Oxford Said and Penn State Smeal, are one-year programs. Administrators from both schools told the WSJ that this shorter time commitment appeals to women, particularly those who carry family responsibilities.

Programs with the Highest Percentage of Female Matriculants (Fall 2023):

• George Washington University (65 percent)

• Oxford University-Saïd (51 percent)

• Johns Hopkins University-Carey (51 percent)

• University of Pennsylvania-Wharton (50 percent)

• Penn State University-Smeal (50 percent)

• University of Rochester-Simon (49 percent)

• University of Toronto-Rotman (49 percent)

• Northwestern University-Kellogg (48 percent)

• University of Washington-Foster (47 percent)

• Stanford Graduate School of Business (46 percent)

• Queen's University-Smith (46 percent)

• MIT-Sloan (46 percent)

• Duke University-Fuqua (45 percent)

• Harvard Business School (45 percent)

• Alliance Manchester School of Business (45 percent)

• Arizona State University-W. P. Carey (44 percent)

• Columbia Business School (44 percent)

• Dartmouth-Tuck (44 percent)

• ESADE (44 percent)

• Michigan State University-Broad (44 percent)

Essay Tips: The Wharton School of the University of Pennsylvania

University of Pennsylvania’s Wharton School has published its 2023-2024 application deadlines for their full-time MBA program. As we always say, It’s never too early to start thinking about your application. 

Round     Application Deadline     Interview Invitation     Decision Notification

Round 1 06 September 2023     24 October 2023       14 December 2023

Round 2 04 January 2024   16 February 2024    26 March 2024             

Round 3 02 April 2024     19 April 2024     13 May 2024 

*Deferred 24 April 2024         28 May 2024     27 June 2024 

*Deferred applicants apply during their final year of study at an undergraduate or graduate institution. They are expected to pursue quality work experiences for two to four years and then enter into the Wharton MBA program.  

Wharton receives a large number of applicants each year, most of whom have excellent undergraduate transcripts, post-baccalaureate work experience, and standardized test scores. Because of this, key points of differentiation for the Admissions Committee are applicants’ essay responses and their performance in the team-based interview. 

Essay 1: How do you plan to use the Wharton MBA program to help you achieve your future professional goals? You might consider your past experience, short and long-term goals, and resources available at Wharton. (500 words)

This prompt asks you to explain how a Wharton MBA will bridge your past accomplishments and your future goals. To do this, you will want to anchor this essay in the past. Because what you’ve already done, learned, and achieved is far more important than what you haven’t—what you say you want to do in the future. In order to fully satisfy the objective of this prompt, go into your backstory and detail the key moments that influenced you and the formation of your goals. Then transition into what you have yet to learn, and why a Wharton MBA is your next step. Prove to them that their program is the perfect intersection between where you’ve been and where you want to go. Which courses, professors, experiential learning opportunities, etc. are most interesting to you? Choose three or four that differentiate Wharton from other business schools you’re considering and explain why you’re so eager to engage and participate. This essay is about connecting the dots; once the reader has taken the trip to your past, your proposed path forward will make much more sense.

Essay 2: Taking into consideration your background – personal, professional, and/or academic – how do you plan to make specific, meaningful contributions to the Wharton community? (400 words)

Show Wharton’s admissions officers how you will be a valued member of their community by anchoring your response in experiences from your past that will inform and invigorate your plan. Are you a passionate environmentalist who has spent your career in corporate social responsibility and hopes to spearhead a new sustainability case competition for full-time MBA students? Were you part of a years-long organizational behavior research study in undergrad and hope to find a research mentor in that department at Wharton? Did you start a pro-bono consulting group at your current employer, and you’d like to partner with a local organization to offer similar services alongside a group of your Wharton colleagues? In linking your passions and expertise to your proposed contributions, you will demonstrate to the admissions directors that you are the kind of collaborative, community-minded, and determined student they are looking for. 

Optional Essay: Please use this space to share any additional information about yourself that cannot be found elsewhere in your application and that you would like to share with the Admissions Committee. This space can also be used to address any extenuating circumstances (e.g., unexplained gaps in work experience, choice of recommenders, inconsistent or questionable academic performance, areas of weakness, etc.) that you would like the Admissions Committee to consider. (500 words)

This essay is for additional context around a weak spot in your application. Did you get a C in calculus? Or withdraw from your courses your sophomore year to help a family member? Do you feel that your lackluster GMAT score isn’t indicative of your abilities?

If you are going to address a low grade in an analytical course or a low GMAT score, don’t make excuses. Spend the majority of your word count demonstrating your ability to excel in rigorous academic or professional environments by using specific examples. Provide information on similar classes in which you achieved excellent grades or give details about a professional pursuit that resulted in success.

If you are speaking to a more sensitive situation, perhaps a big mistake or legal issue that impacted your GPA, spend approximately 20 percent of your essay addressing the situation. Then use the remaining 80 percent on the actions you took to improve and what happened as a result. Do not make excuses, simply address the situation, placing the emphasis on what you learned. Remember, everyone makes mistakes, taking accountability and moving forward demonstrates maturity.

The Writing Process

Begin with a brainstorm. Do not underestimate the importance of this step. Document your experiences, positive and negative, that prompted an evolution in your perspective—you know, those “ah-ha!” moments without which you would be a different student, professional, and/or person today. Then, record those experiences that will show the reader your abilities in innovation (critical/creative thinking and problem solving), leadership, and teamwork, as well as those experiences that reinforced your interest in business school. Capture as many details as possible, paying particular attention to what you thought, felt, said, and did in each situation. Your focus should be on adult experiences (from the start of college and later), though stories from your youth could comprise up to 20 percent of this brainstorm.

During your brainstorm, don’t limit yourself by worrying about a cohesive narrative, the quality of your writing, and/or the number/length of your stories. Simply focus on collecting those situations that helped to guide your path to this point and impacted your decision to apply to the Wharton MBA program.

Craft an outline. Select the key stories you will use to anchor your narratives. Remember that you’ll use your essays to go deep into experiences that demonstrate the traits you want to emphasize. 

Write. Keep in mind that you must be showing, not telling the reader who you are. In contrast to your resume, which provides a general overview of your experiences, your essay responses should go deep into a story that allows the reader to come to their own conclusions about some of your character traits and abilities. Highlight how you’ve struggled, triumphed, learned, and how these experiences have developed you into the person you are now.  

Review. Revise. Repeat. Confirm your word count and read your essay aloud noting where you stumble. Make revisions as necessary. Once it reads smoothly, set it down and walk away for at least 24 hours. Then re-read it. Is it you? Is it personal and authentic? You want the reader to see the real person behind the applicant number. While we caution against “oversharing,” being appropriately vulnerable will create connection. 

Related:

Essay Tips: The Harvard Business School

Essay Tips: The Stanford Graduate School of Business

Essay Tips: Haas School of Business at the University of California, Berkeley

Essay Tips: Columbia Business School

Essay Tips: The University of Chicago Booth School of Business

Essay Tips: NYU Stern School of Business

Essay Tips: The Yale School of Management

Essay Tips: The University of Michigan Ross School of Business

Chicago Schools Come Out on Top in U.S. News’ Best MBA Rankings

University of Chicago Booth took the top spot in the newly released U.S. News and World Report’s “Best MBA” ranking. Booth was followed by Northwestern Kellogg at number two. University of Pennsylvania Wharton dropped to number three after sharing the top rank with Booth last year. This year’s rankings utilized an updated methodology with a greater emphasis on outcomes, which caused some shifts within the top 15. Highlights include:

• Dartmouth Tuck saw the largest uptick, moving from the 11th rank in 2022 to share the 6th rank with Stanford. 

• USC Marshall climbed four spots to the 15th rank, which it holds alongside Cornell Johnson.

• Harvard maintained its 5th rank position for the third consecutive year.

• Stanford, Columbia, and Berkeley Haas all dropped three spots from their positions last year. Columbia and Berkeley fell out of the top 10 into a three-way tie for the 11th rank with Duke Fuqua.

Along with the rankings, U.S. News shared key updates to its methodology, which increased the weight for “Placement Success,” to 50 percent of the overall rank. This is up significantly from 35 percent last year and includes two employment metrics as well as the mean starting salary and bonus for graduates. The overall rank de-emphasized the “Quality Assessment” to 25 percent of the total, down from 40 percent, and includes a peer and recruiter assessment score. “Student Selectivity” makes up the final 25 percent of the rank. It includes undergraduate GPA and acceptance rate, weighted slightly more than in previous years, and standardized test scores, weighted slightly less. 

Rank/School

1 University of Chicago (Booth)

2 Northwestern University (Kellogg)

3 University of Pennsylvania (Wharton)

4 Massachusetts Institute of Technology (Sloan)

5 Harvard University

6 Dartmouth College (Tuck)

6 Stanford University

8 University of Michigan--Ann Arbor (Ross)

8 Yale University

10 New York University (Stern)

11 Columbia University

11 Duke University (Fuqua)

11 University of California, Berkeley (Haas)

14 University of Virginia (Darden)

15 Cornell University (Johnson)

15 University of Southern California (Marshall)

17 Emory University (Goizueta)

18 Carnegie Mellon University (Tepper)

19 University of California--Los Angeles (Anderson)

20 University of Texas--Austin (McCombs)

20 University of Washington (Foster)

22 Indiana University (Kelley)

22 University of North Carolina--Chapel Hill (Kenan-Flagler)

24 Georgetown University (McDonough)

24 Rice University (Jones)

Elite MBA Programs Incorporate Online Learning

Even the most elite MBA programs continue to embrace online learning. A recent Business Because article highlighted a few of the recently added options.  

• The University of Pennsylvania (Wharton) Global Executive MBA will launch in May and provide a predominantly online experience for participants. Just 25 percent of the program will take place in-person, while the remainder of the content will be provided online. The program intends to cater to a global cohort of participants and will confer the same Executive MBA degree, at the same cost, as the in-person Executive MBA.

• The NYU (Stern) Part-Time MBA will provide online modules (asynchronous online learning combined with an in-person component) and course options for those in the part-time MBA program. The online offerings are intended to provide additional flexibility, however, the program will still require students to take at least nine classes in-person. The tuition and degree conferred are the same for part-time students taking courses in-person or using the hybrid learning model.

• The University of California Berkeley (Haas) Part-Time Flex MBA will allow students to complete the majority of their coursework online, but do require participation in at least three in-person immersion events. The tuition and degree conferred are the same for the in-person and online part-time programs.

• The Georgetown (McDonough) Flex MBA Online will offer students the option to complete the majority of their coursework online. In addition to the virtual classes, the program requires students to participate in a two-week on-campus residency as well as a one-week study abroad program. The tuition and degree conferred are the same for the Flex MBA and Flex MBA Online.

U.S. Schools Dominate the Financial Times’ 2023 Global MBA Rankings

The Financial Times just released its 2023 Global MBA rankings. Schools located in the U.S. performed well, making up three of the top five spots and twelve of the top fifteen. For the first time in the ranking’s history, Columbia University took the top rank. Notably, last year’s number one ranked program, University of Pennsylvania’s Wharton School was not ranked at all due to not meeting the minimum response threshold on the alumni survey. Poets & Quants notes that while other schools have suffered the same fate in previous years, it has never occurred at such a prestigious program, likely causing embarrassment at both Wharton and the FT. In addition to last year, Wharton has garnered the top rank ten times since the ranking’s debut in 1999.

Also of note, amidst the controversy surrounding the U.S. News’ rankings for medical and law schools, the FT updated its methodology for this year’s ranking. While the ranking still maintains an emphasis on outcome measures, including employment three years past graduation, salary, and salary change from pre- to post-MBA, the FT has also increased the weight given to metrics related to societal goals. These include social mobility, which uses metrics such as financial aid, study costs, and post-MBA earnings, as well as gender parity and student diversity, and sustainability and the environment. 

Rank School Name

1 Columbia

2 Insead, France/Singapore

3 IESE, Spain

4 Harvard

4 Stanford

6 SDA (Bocconi), Italy

7 UC Berkeley (Haas)

8 Cornell (Johnson)

9 Northwestern (Kellogg)

10 Yale

11 Duke (Fuqua)

11 MIT (Sloan)

11 University of Chicago (Booth)

14 UCLA (Anderson)

15 Dartmouth (Tuck)

A ChatGPT3 Passed a Wharton Operations Exam. A Professor Reviews the Implications on the MBA Degree.

ChatGPT3 has been all over the news recently. In the past few weeks, researchers have announced that it performed within passing range on the three components of the U.S. Medical Licensing Exam, and a recently published paper claimed that it received a B/B- grade on a Wharton MBA-level operations exam. 

The fact that the bot passed the exam is not overly surprising, but some of the findings in Wharton Professor Christian Terwiesch’s paper titled, “Would Chat GPT Get a Wharton MBA? A Prediction Based on its Performance in the Operations Management Course,” are. While the bot handled basic operations management and process analysis questions extremely well, Terwiesch emphasized that the bot made some fairly simple calculation errors within the exam. 

“Chat GPT at times makes surprising mistakes in relatively simple calculations at the level of 6th grade Math,” he wrote. He continued on to note that these errors can become, “massive in magnitude.” Additionally, he noted that the current version of the ChatGPT3 could not handle more advanced process analysis questions, such as those that include multiple products or demand variability, and that having “a human in the loop” proved meaningful. When a human expert provided a hint, not only was the bot adept at correcting itself, but it was able to learn so that the hint was not necessary in later iterations. 

Professor Terwiesch also provided his view of the implications that the technology may have on the MBA degree itself. Rather than expressing concern, he thinks the bot could afford students and professors an additional learning resource, specifically in developing necessary leadership skills in critical evaluation and the assessment of alternatives. 

“MBA students are preparing for leadership positions, in which they will have to make managerial decisions based upon actions brought to them by ‘consultants, co-workers, and direct reports.’ Using the bot to generate plausible, well-presented (although possibly incorrect) alternatives in response to a scenario can provide students with meaningful experience in evaluating alternatives,” he said.  

Read the whole paper, including the additional implications, here.

Related:

• STEM-Designated MBA Programs are on the Rise

• Trends in Business: MBA Programs Prepare Students for Leadership Roles in Technology

Trends in Business School: Happiness, Purpose, and Self-Awareness

MIT Sloan recently announced that it will offer their MBA students a course on happiness. It’s good timing. Gallup’s State of the Global Workplace 2022 report found that only 21 percent of employees feel engaged at work and, while just a third of employees reported to be thriving, a full 19 percent said they were “miserable.” MIT’s course, titled Pursuing Happiness and a Meaningful Life, will explore research findings on happiness and purpose, and provide students with self-assessment surveys, introspective weekly exercises, and guest speakers. Robert Pozen, MIT Sloan Senior Lecturer, says it will teach students to, “enhance their own happiness by changing their behaviors.”

MIT is the latest among prestigious MBA programs to offer courses focused on soft skills and emotional-awareness. Earlier this year, the Wall Street Journal published a profile of Harvard’s in-demand course offering titled Leadership and Happiness. The course, pitched and designed by Arthur Brooks, an HBS Professor, social scientist, and writer behind The Atlantic’s “How to Build a Life” series, contends that happiness is a byproduct of decision-making, not of chance. That good leaders must know how to cultivate happiness for themselves and their teams. His ideas resonate. Although the class has doubled in size from its original 72 students over the past two years, it still has a waiting list.  

At Stanford’s Graduate School of Business, students can take Organizational Behavior 374: Interpersonal Dynamics, better known as “touchy feely.” The course focuses on self-awareness as a key to effective and productive communications and relationships. Yale’s School of Management offers students a course titled Mastering Influence and Persuasion, which provides them with the means to more authentically persuade and motivate others. University of Pennsylvania’s Wharton School allows students to apply for a six-week program, “P3: Purpose Passion and Principles,” in which participants take a structured approach to considering and defining what success and happiness looks like for them. 

The wide-spread existence of these courses within the most prestigious MBA programs is a clear indication that the business world’s valuation of soft skills and emotional intelligence is increasing. There is real value in learning to find purpose and joy, and helping others to find it too.

The Wharton Interview: Excel in the Team Based Discussion

An invitation to Wharton’s Team Based Discussion can be as nerve-wracking as it is exciting. But with preparation and the proper mind-set, it can be an excellent opportunity to demonstrate your ability to think on your feet, respond under pressure, and collaborate with others. 

To ace the interview, consider the following tips:

1. Prepare thoroughly. After you receive the scenario, create a proposal and know it inside and out. Practice your presentation, out loud. Present in front of a mirror, or to a live-audience of friends. Be sure that you feel confident about your ability to present your idea in a relaxed way, showcasing how you thought through the exercise. While you don’t want to memorize your presentation word-for-word or sound overly rehearsed, you do want to be able to describe your idea in an articulate way. 

2. Anticipate questions and think through possible responses. Consider what questions may arise from your teammates about your proposal and write out responses to them. The more people you can share your idea with and collect questions from, the better. After working with an idea for a long period, it will become harder and harder to poke holes in it. Let your friends, co-workers, or parents help you with this process.

To begin, ask yourself the following questions:

• What are the benefits of your proposal for students? For Wharton?

• What are the risks of your proposal?

• What assumptions are you making?

3. Be able to articulate the “why?” behind all the components of your proposal, as well as the “why not?” for other potential possibilities. This is important because (most likely) your proposal will not be selected. However, if you can find other students who have a similar “why?” as the foundation of their ideas, it will help you to collaborate with them and contribute to the discussion.

4. Be a team player. We cannot stress this enough. While there is an aspect of competition to the interview, the Team Based Discussion is an opportunity to show your collaborative nature. Don’t try to “win” by pressuring the group to select your proposal or taking up all of the air time. Instead, demonstrate how you will fit into the MBA community by being inclusive and showing curiosity, humility, and adaptability. Articulate your thought process clearly, be positive and encouraging of others’ ideas, continue to move the group forward by summarizing ideas, and question respectfully. Remember that the point of the exercise is to drive towards a strong team outcome; the better the team interacts together, the better all of you will look individually.

5. Set yourself up for a professional virtual appearance, as Wharton will once again facilitate the Team Based Discussion using a virtual format.

• Understand the platform that you’ll be using; if it’s new to you, download the platform and practice with a friend or family member to gain some comfort prior to your interview. 

• Opt for a clean, uncluttered background or select a plain virtual background (forget the beach, mountains, or the Golden Gate bridge). 

• Place a light in front of you so that your face is clearly visible on the screen (backlighting will result in shadows). You may want to take a test run with a friend or family member around the same time of day as your interview to confirm that they are able to see you clearly (this will ensure any natural light in the room isn’t casting shadows).

• If possible, ask others in your home to log out of any high-bandwidth activities during the time of your interview, or consider hardwiring your computer into the internet. You may also want to perform an internet speed test (you can find via google).

6. Day-of tips: 

• Wear a business suit.

• Make your notes available, but do not read them directly or rely on them for more than a memory trigger. It helps to use a larger font, with key words bolded so that you can find your reference quickly.

• Pace yourself when speaking. (When nerves hit, people tend to speak more quickly.) Use hand gestures to emphasize your points, and make eye contact as much as possible with the other attendees. 

• Stay calm in the event of a tough question. Collect yourself by taking a deep breath or a sip of water. Don’t feel the need to launch into a response prior to gathering your thoughts.

• As much as possible, relax and try to enjoy the experience. This will be representative of the dynamic you’ll live in for the next two years. Ensure it feels right to you.

Related blog: How to Approach Wharton’s Essays

New Report Examines Changing Costs of an MBA

The cost of obtaining an MBA from a global top 20 program has increased 6.3 percent in 2022, according to the recently published Business Because Cost of MBA Report 2022. The estimated average cost now totals $189,000, including tuition, fees, living costs, healthcare, and materials. This continues the steady upward trend of the last few years; costs averaged $176,000 last year and $168,000 in 2020. 

The report’s 2022 analysis includes only the FT top 20 schools, while last year the analysis included the FT top 20 plus six other top-ranked U.S.-based schools (who had opted out of the 2021 rankings due to the covid-19 pandemic). 

Some of the key findings include:

• NYU Stern is the most expensive MBA program within the top 20 with a total cost of $246,506. It is followed by MIT Sloan ($239,990) and Wharton ($237,160). On the other end of the scale, CEIBS comes in as the least expensive in the top 20 at $84,500, followed closely by SDA Bocconi ($85,525). These are the only two schools on the list with totals falling under $100K. 

• Within the top 20, tuition for the U.S. programs average $225,605, significantly higher than the averages for Europe ($121,583) and Asia ($104,881). 

• Differences in cost between the U.S., Europe, and Asia are magnified by both the strong dollar (making it more cost effective for Americans to study abroad and increasing the expense for international students to study domestically), and differences in average program lengths. MBA programs in the U.S. typically last two years. Those in Europe and Asia run for 12 to 18 months. 

• Between 2021 and 2022, expenses increased the most at Cornell Johnson (+11.4 percent) and Berkeley Haas (+8.6 percent). The most significant decreases, which are enhanced by fluctuations in the currency markets, were reported by the London Business School (-21.1), CEIBS (-15.1), and HEC Paris (-10.5). 

• Tuition expenses, which make up the greatest proportion of costs, are the highest at Wharton ($165,748), NYU Stern ($164,652), Columbia ($160,944), and MIT Sloan ($160,800). They are the lowest at CEIBS ($68,300) and SDA Bocconi ($64,800). 

• Living costs vary considerably based on the school’s location. Within the U.S. schools, the estimated cost of living was highest for Stanford ($72,396), followed by NYU Stern ($67,792), and Harvard ($62,780). Cost of living was the lowest at Duke ($40,608). 

• Healthcare costs are considerably higher in the U.S. than in Europe or Asia. Domestically, the Yale School of Management offers the least expensive healthcare coverage at $5,512. It is important to note that some schools bundle healthcare costs with other personal student costs, making it difficult to compare schools directly. 

While the price of an MBA is significant and prospective students should carefully consider each of the underlying cost components, data shows that the degree positions students well to pay off loans. This is especially true for graduates of elite programs. Prospective students should also keep in mind that all applicants are considered for merit-based scholarships (through Round 2), which are more likely with a competitive application package.  

How to Approach Wharton’s Essays

Like most business schools, Wharton’s admissions committee is interested in those applicants who can demonstrate collaborative leadership, critical thinking skills, innovation, and the ability to thrive in a diverse environment. But, as the world’s oldest collegiate business program and one of the most prestigious, they will have a lot of applicants to choose from. Set your story apart. 

In a sea of other high test scores and transcripts, it’s your essays that will carry the most influence in securing your spot in one of Wharton’s team-based interviews. This is because they give you a place to show the reader your abilities through stories from your life. You will also be able to make the case, in your essays, for what you will contribute to the Wharton community and why you will be able to do what you say you want to do post-MBA. Unlike your resume, which will provide an overview of your life from the start of college, your essays should take a deep dive into anecdotes that will give the reader a view into the person behind some of your most meaningful experiences and accomplishments. 

Essay 1: How do you plan to use the Wharton MBA program to help you achieve your future professional goals? You might consider your past experience, short and long-term goals, and resources available at Wharton. (500 words)

This prompt asks you to explain how a Wharton MBA will bridge your past accomplishments and your future goals. To do this, you will want to anchor this essay in the past. Because what you’ve already done, learned, and achieved is far more important than what you haven’t—what you say you want to do in the future. In order to fully satisfy the objective of this prompt, go into your backstory and detail the key moments that influenced you and the formation of your goals. Then transition into what you have yet to learn, and why a Wharton MBA is your next step. Prove to them that their program is the perfect intersection between where you’ve been and where you want to go. Which courses, professors, experiential learning opportunities, etc. are most interesting to you? Choose three or four that differentiate Wharton from other business schools you’re considering and explain why you’re so eager to engage and participate. This essay is about connecting the dots; once the reader has taken the trip to your past, your proposed path forward will make much more sense. 

Essay 2: Essay 2: Taking into consideration your background – personal, professional, and/or academic – how do you plan to make specific, meaningful contributions to the Wharton community? (400 words)

Show Wharton’s admissions officers how you will be a valued member of their community by anchoring your response in experiences from your past that will inform and invigorate your plan. Are you a passionate environmentalist who has spent your career in corporate social responsibility and hopes to spearhead a new sustainability case competition for full-time MBA students? Were you part of a years-long organizational behavior research study in undergrad and hope to find a research mentor in that department at Wharton? Did you start a pro-bono consulting group at your current employer, and you’d like to partner with a local organization to offer similar services alongside a group of your Wharton colleagues? In linking your passions and expertise to your proposed contributions, you will demonstrate to the admissions directors that you are the kind of collaborative, community-minded, and determined student they are looking for. 

Optional Essay: Please use this space to share any additional information about yourself that cannot be found elsewhere in your application and that you would like to share with the Admissions Committee. This space can also be used to address any extenuating circumstances (e.g., unexplained gaps in work experience, choice of recommenders, inconsistent or questionable academic performance, areas of weakness, etc.) that you would like the Admissions Committee to consider. (500 words)

This essay is for additional context around a weak spot in your application. Did you get a C in calculus? Or withdraw from your courses your sophomore year to help a family member? Do you feel that your lackluster GMAT score isn’t indicative of your abilities?

If you are going to address a low grade in an analytical course or a low GMAT score, don’t make excuses. Spend the majority of your word count demonstrating your ability to excel in rigorous academic or professional environments using specific examples. Provide information on similar classes in which you achieved excellent grades or give details about a professional pursuit that resulted in success.

If you are speaking to a more sensitive situation, perhaps a big mistake or legal issue that impacted your GPA, spend approximately 20 percent of your essay addressing the situation. Then use the remaining 80 percent on the actions you took to improve and what happened as a result. Do not make excuses, simply address the situation, placing the emphasis on what you learned. Remember, everyone makes mistakes, taking accountability and moving forward demonstrates maturity.

The Writing Process

Begin with a brainstorm. Do not underestimate the importance of this step. Document your experiences, positive and negative, that prompted an evolution in your perspective—you know, those “ah-ha!” moments without which you would be a different student, professional, and/or person today. Then, record those experiences that will show the reader your abilities in innovation (critical/creative thinking and problem solving), leadership, and teamwork, as well as those experiences that reinforced your interest in an MBA program. Capture as many details as possible, paying particular attention to what you thought, felt, said, and did in each situation. Your focus should be on adult experiences (from the start of college and later), though stories from your youth could comprise up to 20 percent of this brainstorm.

During your brainstorm, don’t limit yourself by worrying about a cohesive narrative, the quality of your writing, or the number/length of your stories. Simply focus on collecting those situations that helped to guide your path to this point and impacted your decision to apply to the Wharton MBA program.

Craft an outline. Select the key stories you will use to anchor your narratives. Remember that you’ll use your essays to go deep into experiences that demonstrate the traits you want to emphasize. Think about your application as a whole and use your responses to strategically cover any qualities that may not be adequately addressed in other aspects of your application. 

Write. Keep in mind that you must be showing, not telling the reader who you are. Invite the reader into your life by highlighting sensory details, such as smells and sounds, and don’t hesitate to engage your readers emotionally. Sprinkle in humor (if you feel comfortable doing so) or hit a poignant note. In contrast to your resume which provides a general overview of your experiences, your essay responses should go deep into a story that allows the reader to come to their own conclusions about some of your character traits and abilities. Highlight how you’ve struggled, triumphed, learned, and how these experiences have developed you into the person you are now.  

Review. Revise. Repeat. Confirm your word count and read your essay aloud noting where you stumble. Make revisions as necessary. Once it reads smoothly, set it down and walk away for at least 24 hours. Then re-read it. Is it you? Is it personal and authentic? You want the reader to see the real person behind the applicant number. While we caution against “oversharing,” being appropriately vulnerable will create connection.  

US News Ranks Chicago Booth and UPenn Wharton as Best Business Schools

The US News and World Report published its 2023 Business School Rankings today with University of Chicago’s Booth and University of Pennsylvania’s Wharton taking the top spot, previously held by Stanford’s Graduate School of Business. Stanford fell to the third rank, which it shares with Northwestern University’s Kellogg. Generally, the top ten looks similar to last year, although there was some movement. Notably, University of Michigan’s Ross moved to the 10th spot from 13th last year, and Dartmouth’s Tuck and NYU’s Stern, who were tied at 10th last year, dropped to 11th and 12th respectively. NYU Stern shares the 12th ranking with Duke’s Fuqua. 

Find the complete 2023 Best Business Schools ranking.

Chicago’s Booth also took the top spot in the part-time MBA program rankings. As per usual, there was no movement within the top five ranked part-time programs, with each program retaining its rank from last year. In fact, the top five ranked part-time MBA programs have been consistent for the past four years of rankings. 

Find the complete 2023 Best Part-time MBA ranking.

Trends in Business: MBA Programs Prepare Students for Leadership Roles in Technology

Technology is changing. And so are the demands of the leaders and professionals in the field. Recently, zdnet, a technology-focused news and research site, published an article describing the changing demands of leaders and employees in technology. No longer, the article states, is technical proficiency enough. Technology can no longer exist as a stand-alone function, but must be thoroughly integrated into the business. And tech practitioners must be able to take a broader perspective that includes a thorough understanding of other business functions and how technology fits in amongst them to drive the organization’s mission. “It's important to start to learn about finance, business processes, and other strategies that make up how your product or solution comes full-cycle for your organization," said Nag Vaidyanathan, Chief Technology Officer at Duck Creek Technologies. "How you collaborate with other functions is critical to the results you can achieve." 

Haluk Saker, a Senior Vice President at Booz Allen Hamilton, notes that the speed of technological change is such that professionals and managers need, "…problem-solving skills versus language-specific skills. IT professionals should focus on learning, disrupting the status quo, and continuing to gain skills across different domains that interest them. This type of professional, with an innate curiosity and an aptitude to grow as a leader and influencer, is the one that will be able to face tomorrow's toughest challenges head-on," he said.

MBA programs are at the forefront of understanding transformation in the technology industry and a number of leading schools (noted below) now offer shorter, and more focused Tech MBA programs. They include core requirements in technology, in addition to typical MBA requirements in general management and leadership. 

• Johnson Cornell Tech MBA: This is a one-year MBA conferred by the Johnson Graduate School of Management. Graduates will have a full understanding of the startup and tech ecosystems, and will be prepared to manage product teams, and lead tech companies.

• NYU Stern Andre Koo Tech MBA: This is a one-year STEM-designated MBA program conferred by NYU Stern. Graduates will be qualified to join startups and mature tech companies at the forefront of innovation and technology, and will be prepared to accelerate their careers in technology or start their own businesses. 

• Northwestern Kellogg MBAi: This is a joint degree between Kellogg and the McCormick School of Engineering. Graduates will be prepared for careers in tech operations, analytics, and innovation leadership. 

• Foster School of Business Technology Management MBA: This is an 18-month work-compatible MBA conferred by the Foster School of Business, and is designed to prepare graduates to accelerate or re-direct their careers, or to start their own businesses.

• IE Business School Tech MBA: This is a one-year MBA conferred by the IE Business School. It is designed for students who want to develop their career in the technology sector or in tech-centric job roles, and who seek to become fluent in the language of business and technology. 

In addition to the Tech MBA program options, many schools are integrating technology tracks into their full-time, two-year MBA programs. Fordham University’s Gabelli School of Business has created a secondary concentration in blockchain, and Georgetown’s McDonough School of Business now offers a handful of classes in fintech and crypto. And this trend is just getting started. Recently, several elite schools have announced incoming investments earmarked for building out technology initiatives. The USC Marshall School of Business received a $5 million gift to establish the Digital Assets Initiative, which will establish new curriculums and research opportunities in cryptocurrency, NFTs, and blockchain. Similarly, Harvard Business School is establishing the “D3” Institute to promote collaboration and research in digital and technology, data science, artificial intelligence and machine learning, and design thinking. And University of Pennsylvania’s Wharton School recently received an anonymous $5 million donation (in bitcoin) that will support the Stevens Center for Innovation in Finance, which focuses on fintech research and education.

University of Pennsylvania’s Wharton Named Top MBA by the Financial Times

The Financial Times just released its 2022 MBA rankings and University of Pennsylvania’s Wharton school is at the top. This marks the school’s eleventh return to the first rank, after last receiving the honor in 2011. Columbia placed second, which is its highest-ever showing in the Financial Times ranking. U.S.-based MBA programs had a strong showing overall, taking ten out of the top fifteen spots.