The Master of Business Administration, or MBA, is the most popular graduate degree globally and completion almost guarantees a significant increase in salary. The graduate business schools offering MBAs compete fiercely and annual MBA rankings are widely read and highly influential.
MBAs have been around for about 100 years and today are offered by thousands of business schools worldwide. The MBA, a two-year full-time graduate degree in the theory and practise of business management, was first widely popularized by Harvard Business School with its famous 'case method' during the 1920s. HBS's MBA still regularly appears in top-10 rankings, as do those of its top-drawer U.S. peers like the University of Chicago Graduate School of Business, which in 2007 scored a coveted number one ranking from the respected Economist Intelligence Unit (EIU).
MBAs have exploded in popularity over recent decades; enrolment in them grew in the U.S. by a factor of 20 between 1960 and 2000. The average cost of an MBA is around $30,000 but can vary from $10,000 to more than $50,000, although 70% received financial aid to cover MBA costs. On the other hand, and MBA is believed to add between $10,000 and $30,000 more to an annual salary compared to a regular bachelors degree.
The Top Tens
MBA rankings litter the Internet but the two lists below for 2007 are from established sources whose report cards have industry credibility.
EIU MBA program rankings:
- 1. University of Chicago Graduate School of Business
- 2. Stanford University Graduate School of Business
- 3. IESE Business School - University of Navarra
- 4. Dartmouth College - Tuck School of Business
- 5. IMD - International Institute for Management Development
- 6. UC Berkeley - Haas School of Business
- 7. Cambridge University - Judge Business School
- 8. New York University - Leonard N. Stern School of Business
- 9. IE Business School
- 10. Henley Business School
Forbes MBA business school rankings:
- 1. Dartmouth - Tuck
- 2. Stanford
- 3. Harvard Business School
- 4. University of Virginia Darden School of Business
- 5. University of Pennsylvania Wharton School of Business
- 6. Columbia University
- 7. Chicago GSM
- 8. Yale University
- 9. Northwestern University - Kellogg School of Business
- 10. Cornell University - Johnson School of Business