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Choosing a Business School: Is Harvard the best MBA program in the world?
Written by Sameer Kamat
While selecting bschools, variations of this question pop up in the minds of MBA applicants. Other queries falling in a similar category are as follows.
- Which is the best 2 year (or 1 year) MBA program?
- Are US universities better than those in the UK or Europe?
- Should I choose international business schools over Indian MBA colleges?
All of these questions are natural to have and justified, considering how much you would be investing in the program. Ask most Indian applicants and most would have a standard answer. Most would say IIM Ahmedabad (IIM-A) is the best Indian MBA program in the 2-year format. Or ISB is the best GMAT-based Indian MBA program. Or Harvard is the best 2-year MBA course in the world.
But if you really look beyond the popular public opinion, for many of these questions, there are no absolute answers really. There’s one basic quality that applies to bschools – uniqueness. All MBA programs are not created equal.
Contrast this to the GMAT test, where the objective for all test takers is exactly the same – score a (balanced and) very high GMAT score. The GMAT syllabus is fixed. The duration of the test is fixed. How you study for the GMAT might vary – self-study using GMAT books, online GMAT course, classroom based GMAT coaching or one-on-one tutoring for specific GMAT topics (e.g. verbal). But that doesn’t change the fact that there’s exactly one goal for everyone. Knock the crap out of the test and come out victorious.
For Adcoms too, it’s a like-to-like comparison to find out which GMAT score is better. A 780 score is better than a 700 score. No debate there.
However, consider the bigger picture now for the MBA degree. Almost everything about it is variable. Apart from the three letter acronym that you’ll get on your resume, everything that goes into getting it varies. The duration of the MBA program, the syllabus, the teaching methodology (mix of classroom based lectures, group assignements, presentations, case studies). Most importantly, the takeaways from the MBA experience are different for every single person.
Not everyone wants to be an Investment banker (or a management consultant).
Not everyone wants to work in the US (or India or Europe).
Not everyone wants to spend 2 years in a classroom (or maybe a single day).
Not every is there for the academic knowledge (which you could get from books anyway).
Not every wants to earn a lot of money and buy a home in the Bahamas.
Well, on second thoughts, ignore that last point for now.
In such a situation where almost all parameters that you could compare vary so dramatically, can you really compare two schools and say one is better than the other. MBA rankings try to do exactly that, and I think many of them raise more eyebrows than provide solutions (global truths) that would make everyone happy.
Rashmi Bansal, the author of the best-seller Stay Hungry Stay Foolish, recently interviewed me for her blog (read it –> here). I use Harvard as an example to illustrate the point. I greatly respect the brand, but I just can’t afford it. Whether they’d take me is a different story, but apart from MBA financing issues, there was no way I could’ve met my post-MBA goal (voluntary retirement from corporate life before I turn 40) if I had gone to Harvard.
So let’s ignore the general public vote and re-phrase the original question.
Which is the best business school in the world…for YOU?
And to arrive at the answer you’ll have to ask yourself a whole lot of questions about where you are in your career right now, why you are unhappy, where you want to go from here and which MBA can get you there in the most painless possible manner. In our MBA Mock Application Process (MBA MAP), this is precisely what we spend a lot of time on. Rather than providing magical solutions, we push applicants into coming up with their own answers.
If something as formal as the MBA MAP is not on your to-do list, no worries. You can identify many of the gaps & issues and come up with the answers on your own. The key is to start early, have access to the right data/information and design a customised application strategy plan (covering bschools, positioning your profile, planning out the post-MBA career etc) that works for YOU.
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Harvard the bschool of your dreams.