How to read MBA rankings

Every year several publishers release MBA rankings, and business schools promote any good result. Rankings can be useful, but only if you understand what they measure. A school that ranks well on graduate salary may not rank well on student satisfaction, and a list built from a survey of employers may look nothing like a list built from alumni outcomes.

The main rankings

AFR BOSS Best Business Schools

The Australian Financial Review's BOSS magazine has long published a survey of Australian business schools and their MBA programs. Because it focuses on the local market, it is one of the most closely watched lists for Australian students. Check the AFR for the current year's results and method.

QS Global MBA Rankings

QS publishes global MBA rankings and separate rankings for online MBAs and executive MBAs. QS rankings typically combine measures such as employer reputation, academic reputation, graduate outcomes and diversity. Several Australian schools usually appear. QS publishes its full method on its website.

Financial Times

The FT publishes global rankings for full-time MBAs, executive MBAs and online MBAs, as well as other business programs. Its rankings place heavy weight on alumni outcomes, such as salary and career progress, collected through surveys of graduates. Only schools that meet the FT's entry criteria and choose to take part are included, so not every Australian school appears.

The Economist (discontinued)

The Economist stopped publishing its full-time MBA ranking in 2022. Older Economist results still appear in school marketing and online, so check the date of any ranking you see.

Why rankings disagree

• Different measures. One ranking may focus on salary, another on reputation surveys, another on student satisfaction.
• Different weightings. Even when two rankings use similar data, they weigh it differently.
• Opt-in participation. Many rankings only include schools that apply or meet thresholds. A school's absence may mean it did not take part.
• Different programs. A school's full-time MBA may rank but its online MBA may not, or the other way round.
• Year-to-year noise. Small changes in survey responses can move a school several places.

How to use rankings wisely

1. Read the method. Before you rely on a ranking, read what it measures and how. If it is mostly salary-based, ask whether salary is your main goal.
2. Check which program is ranked. Make sure the ranking applies to the format you are considering.
3. Look at trends, not single years. A school that appears consistently is more meaningful than one big jump.
4. Use rankings to build a shortlist, not to make the final choice. Then compare programs on fit, cost, format and class profile.
5. Combine with other data. QILT's student experience and graduate outcome surveys add a different perspective.

Beyond rankings

Accreditation

International accreditations such as AACSB and EQUIS assess the quality of the whole business school. They are not rankings but are useful quality signals.

Graduate outcomes

Ask schools for career outcome reports for recent MBA graduates. Check how many graduates responded and whether figures include sponsored students returning to their old employer.

Fit

The program that fits your goals, experience and life is usually the best choice, whatever its rank. Talk to recent graduates, sit in on a class and compare the total cost.

A quick framework

Questions to ask about any ranking

1. Who publishes it, and in what year?
2. Which program is ranked: full-time, part-time, online or executive?
3. What does it measure, and how much weight goes to each factor?
4. Where does the data come from: schools, alumni, employers or academics?
5. How many Australian schools took part?
6. How much has the school moved over several years?

Rankings and international students

International students often rely heavily on global rankings because they are less familiar with local reputations. Rankings can help, but also check whether the course is on CRICOS, what support is available to international students, and what graduates from your country have gone on to do. Employers in your home country may know some Australian universities better than others, so ask people in your industry for their view.