Although there are arguments about the validity of the methods used, such rankings are influential. Some European schools feature in such lists, but European listings are more recent, and at present exclude distance learning provision, which is a major shortcoming, since this is the largest sector.
In the USA, business schools also need to gain accreditation. The main body performing this is the AACSB. In the UK, all universities are deemed to be of an acceptable standard, so accreditation has been seen as less important, although nonuniversities will need to have programmes validated. Because of the variability of programmes, accreditation is valued by potential students, and therefore increasingly sought by universities, particularly if they operate outside the UK as well. The bestknown UK body is AMBA. This also accredits some programmes elsewhere in Europe.
AMBA has stringent criteria, and provides networking opportunities and other services to those with an AMBA-approved MBA through an active alumni association.
Accreditation is a developing field within Europe. The US-based AACSB is substantially expanding its operations in Europe. Perhaps in response, the European Foundation for Management Development (Efmd) has launched EQUAL, an international association of quality assessment and accreditation agencies in the field of European management development. EQUAL has developed a European Quality Improvement System (EQUIS), which has developed a system of quality benchmarking which can be used for audit, or as a ‘stamp of approval’ through an accreditation process.
In the UK, intending students can gain information about the general credibility of a business school by finding how it scored in the most recent Research Assessment Exercise, and how it was rated in the Higher Education Funding Council’s assessment of teaching. Schools that have received high scores will tend to include this information in publicity material. You need to treat such information with a degree of caution. The
research will not necessarily inform the teaching you receive, although academics may argue strongly to the contrary. And while schools receiving bad teaching assessments are best avoided, given that the assessment teams vary from school to school, and it is difficult therefore to calibrate assessments, the difference between very good and satisfactory ratings may be elusive.
Indeed, you need to use all ‘official’ information about credibility with a degree of caution. A business school with a high US ranking, or a top research ranking, while undoubtedly credible, may still not be the best programme for you. A school with a lower, though still good ranking might offer a programme more suited to your situation, or provide more of the sort of support that you need in order to do well.
Employers, too, may have their own preferences with respect to MBAs. Those which influence sponsoring decisions may be different from those which influence hiring ones. It is impossible to predict what these will be – there is no alternative to doing a little research. In-company values, preferences and prejudices should be fairly easy to elicit. If you are aiming at an eventual job in another organisation or sector you may need to do some investigating for yourself.
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