Insights from the 2019 US News Ranking of Top Business Schools: Booth Climbs to #1

US News College RankingsWe don’t like to overemphasize the importance of rankings, but we know that applicants are extremely interested in them.  As such, let’s take a look at the US News and World Report Best Business Schools rankings for 2019 (ranked in 2018) today.

What’s new?  

 

Booth went from #3 last year to #1 this year, tied with Harvard.  

This is the first time Booth has been ranked #1 by US News and World Report.  Comparing Harvard and Booth, the acceptance rate jumps out at you.  Booth accepted 23.5% of applicants and Harvard 9.9%. The percentage of graduates employed at the time of graduation also stands out.  Booth has one of the highest at 88%. The only school in the top 25 with a higher percentage is Ross-more on them later-with 89.7%.  Side note: We don’t want to get too deep into employment statistics, but if having a job at the time of graduation, or getting one shortly thereafter is really important to you, check out the numbers reported for graduates employed 3 months after graduation.  The highest percentage you’ll see in the top 25 is Foster at 98.1%-pretty impressive. For those of you who’d been solely focused on applying to and getting in to H/S/W, we hope this helps you open your mind to the value of applying to and the possibility of attending a school other than those 3.  

Ross went from #11 last year to #7 tied this year, tied with Berkeley Haas.  

Ross achieved a noteworthy rise in the rankings, cracking the coveted Top 10.  Similar to my comment above, for those of you hyper focused on attending a school in the top 10, we hope this 1) helps you realize that the top 10 varies from year to year and 2) opens your mind to applying to schools outside of the top 10.     

The difference between a school being ranked in the top 10 and not is pretty small.  One year they may be in the top 10, the next year they may be out. Did the school change that much in 1 year?  Probably not. Is the school still a great school? Most likely yes. There can be so much focus on a school being ranked in the top 10, but there are a number of excellent schools which hover right around the top 10 and even crack the top 10 (as they say) some years that as an applicant, you should make sure you don’t overlook them.  So, while Fuqua, Yale, Stern and Darden aren’t in the top 10 this year, as you consider which schools to apply to, take a look at these schools as they are perennially near the top 10 and sometimes included, if that’s important to you.

What do you need to know?  

One thing we noticed when we looked at the rankings was the average GMAT score.  Scanning the rankings, it wasn’t until you got to #17 Tepper that the average GMAT score dipped below 700.  Yikes! The average GMAT score at 5 of the top 6 schools (including the top 4 schools) was 730+. Wowza! Similar to rankings, we don’t want to place too much emphasis on the average GMAT score, but it’s worth noting that the average scores remain high and are continuing to go up for schools in the top 25.  You’re probably wondering, what you can do about it? Check out these articles on the Veritas Prep blog or contact us so we can give you some free advice.  

It’s pretty common knowledge that the top 7 schools are pretty consistent–thus the term M7.  And everyone wants to go to Harvard, Stanford, and Wharton – thus the term H/S/W – even though Booth, Kellogg, or Sloan may be tied or ranked higher any given year.  Outside of the top 7, though, call it 8 through 12, there can be movement and as such, one school may be in the top 10 one year and out the next.
We constantly remind applicants, rankings are only one factor to consider when selecting which schools to apply to.  Regardless of which schools you decide are right for you, you’ll want to make sure you submit the strongest application you’re capable of.  Contact us today to discuss your chances of admission to your target programs, to get answers to your questions, and to find out how we can help you get accepted to the school of your dreams.

MBA Application Advice for Older Applicants

SAT/ACTFirst of all, who is considered an older applicant?

Now there is not a universal cutoff that determines what an older or younger applicant is, but rather there is more of a guideline. Generally you want to base this determination off of the average age of the student body. The average age for most of the top full time MBA programs is typically about 27 or 28 years old, but as we learned from our GMAT prep, averages don’t tell us a lot. Even looking at the middle 80% age range of full-time MBA programs, most students are between 25 and 31 years old.  

So, if you have more than 7 years of work experience, at the time of application, you will be at the upper end of the range.  In other words, if you’ll be 30 or older at the start of the program, you’ll be above average. There is no cut off, though.

Every year, full time programs admit applicants in their mid 30s, however these people are outliers, Just as a candidate with a GMAT score that falls outside of the middle 80% of a school’s range must justify how they will succeed academically, an applicant that falls outside the middle 80% in age range must justify why they want an MBA, why now, and how they’ll fit with the program both culturally and professionally.

If you are an older applicant, what can you do to maximize your chances of admission?  

 

Make it clear why you want an MBA now.

Admissions officers are going to see your age, your college graduation date and the years of work experience you bring, so there’s no sense in trying to hide or downplay this aspect of your profile.  Instead, make sure you have a clear and coherent response for why you want to get your MBA now, how it fits into your professional path, and how receiving a full-time MBA is the best possible path to achieve your goals.  Know that the admissions committee will be looking at this portion of your application with extra scrutiny. I guarantee that every 32 year old who was admitted to a top-tier, full-time program had a very clear and compelling argument for why they should be there. Nobody stumbles into a top-tier program with 10 years of work experience who simply said, “I’m looking to expand my career opportunities and improve my management skills” without providing significantly more detail.  

Demonstrate fit.  

Also, don’t forget to do thorough research on each program to which you are applying.  Talk with current students and recent alums who were a little older in their class and pick their brains on school culture, the ways they got involved, and their overall experience. Get on your target schools’ websites to find out what clubs interest you most and include these in your application essays to show the admissions committee that you’re serious about getting involved!  At Veritas Prep, we have expert consultants for older candidates and can help you refine your professional goals, why you need an MBA now, and how you will contribute to your class.

Consider applying to a part time or EMBA program.  

Many business schools, including Stanford and Wharton, offer other programs such as EMBA, part-time and executive education tracks that may be better suited to candidates who will not likely take advantage of the immersive experience of a full-time MBA.  If you have 7 or 8 or more years of work experience, be sure you are considering all of your options. Leaving your full-time job for two years is not always the wisest option for people later in their careers and will not provide the same ROI as for younger candidates.  Think through which program makes the most sense for where you are at in your life and career and what you desire out of your MBA experience. Generally the part-time and EMBA programs attract an older applicant pool given the structure and set-up of the programs. With whatever program makes the most sense for you make a strong case for how the offerings best align with your development needs.

If you need help with any of the advice above contact us, we’d be happy to help.

Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or sign up for a free consultation. As always, be sure to find us on Facebook, YouTube, and Twitter.