QS Global 200 Business Schools Report Unlocking the World’S Top 200 Business Schools According to MBA Employers

2013/2014 QS Global 200 Business Schools Report Unlocking the world’s top 200 business schools according to MBA employers

Nunzio Quacquarelli, MA Cambridge, MBA Wharton Danny Byrne, BA Oxford, MA University College London

www.TopMBA.com 3

Introduction

The QS Global 200 Business Schools Report originated in the early 1990s as an alternative to business school rankings. The ratings provide a detailed overview of the most popular business schools around the world, based on details provided to QS by over 4,318 employers who actively recruit MBA graduates. Without inferring any overall rankings, QS’ objective is to provide a resource to help prospective MBA students identify the business schools from which employers most actively recruit. The research is intended to be of use to MBA employers, prospective MBA students and institutions worldwide that are interested in international business education and recruitment trends.

At the heart of the report is the definitive list of 200 business schools from which employers prefer to recruit MBAs. This list is compiled from an annual survey of human resources (HR) managers and line managers with recruiting responsibilities at companies around the world. Each year, employers recommend new schools to be added to the list. This is then sent to other recruiters to rate.

1.0 Fast Facts

www.TopMBA.com 5

• Five schools received the maximum score for employer recognition, identifying them as the leading schools in their region: Harvard and Stanford (North America), INSEAD - France and London Business School (Europe), and INSEAD – Singapore (Asia-Pacific).

• Report highlights four distinct categories of business school in terms of employer recognition: Elite Global; Emerging Global; Elite Regional; Emerging Regional

• Of the 33 leading institutions to make the Elite Global category, 12 are from the US. The other nations with Elite Global business schools are Canada (6), UK (3), Spain (3), Switzerland (2), France (2), Denmark (1), India (1), Ireland (1), Italy (1) and Singapore (1).

• Australia has no Elite Global business schools, despite having the third- highest number of global top-100 universities in the QS World University Rankings. The UK has just three, despite having four of the top ten universities in the world

• MBAs from Elite Global schools in North America earn more than those from any other region. Salary+bonus packages average US$123,239, slightly more than the European figure of US$122,983

• The school with the highest average graduate salary is Switzerland’s IMD (US$159,912), ahead of the US’s Stanford Graduate School of Business (US$156,265)

• Schools ranked for employer reputation in ten subject specializations. Harvard tops the table in five subjects, with five other schools top in one subject each: INSEAD, Kellogg, MIT Sloan, Stanford and Wharton

• Two Asian schools make the Elite Global category: INSEAD Singapore and Indian Institute of Management, Ahmedabad

• Still no Elite Global schools in either Africa & Middle East or Latin America

• The top schools in Africa & Middle East for employer reputation are South Africa’s University of Cape Town Graduate School of Business and University of Witwatersrand, and American University of Sharjah

• Top Latin American schools are EGADE-Tecnologico de Monterrey, Campus Monterrey, Pontificia Universidad Católica de Chile, and Business School Sao Paulo

2.0 Business school categories

This year’s report divides the world’s top 200 business schools into four categories, based on their level of international employer recognition. 8 2013/14 QS Global 200 Business Schools Report

Elite global

Elite Global business schools form an established cadre of the world’s very best business institutions. They are targeted by a wide range of employers, both domestically, regionally and globally. Highly international, they typically admit only experienced candidates with superior GMAT scores and all- round credentials. Their name will transform the resume of any candidate. MBAs will in many cases go on to be influential business leaders, and can expect to earn top salaries upon graduation.

Emerging Global

Emerging Global business schools have an established reputation for excellence among employers that stretches well beyond their region. They attract high-quality candidates from all over the world, and graduates can expect to earn highly competitive salaries. Though in many cases they are newer and not as firmly established as the ‘brand name’ institutions that make up the Elite Global cluster, these institutions will in many cases aspire to break into the Elite Global group in years to come.

Elite Regional

Elite Regional institutions are well regarded by employers within their region, and may have started to develop a reputation further afield. Admitted students typically have strong credentials, though they may be slightly less experienced on average than those at Elite Global or Emerging Global institutions. Elite Regional institutions are often younger institutions that, having established an excellent reputation among employers within their region, will be looking to establish their brand as one with a truly global reach.

Emerging Regional

Emerging Regional institutions have established a solid reputation among employers within their own country. They will appeal to candidates with fewer years of professional experience, and graduate salaries are on average more modest than those at Elite Regional institutions. Having established a good reputation among domestic employers, they will now be looking to increase their visibility among international employers and students.

In addition to these global groupings, the research provides ratings of the most popular business schools according to two definitive categories:

• Regional ratings:

• Africa and the Middle East • Asia-Pacific • Europe • Latin America • North America

• MBA specialization* ratings:

• Corporate social responsibility (CSR) • Entrepreneurship • Finance • Information management • Innovation • International management • Leadership • Marketing • Operations management • Strategy

*MBA specialization refers to a business school’s perceived area of expertise among MBA employers. Throughout the report the above 10 areas of expertise are referred to as ‘MBA specializations’.

Regional MBA ratings

Management education is globalizing. The past decade has seen an increase of accredited business schools open in emerging markets such as in the BRIC countries (Brazil, Russia, India, and China). While business schools in the US and Europe remain the most popular study destinations among MBA students, schools elsewhere in the world such as those in Asia-Pacific are growing in popularity. The proliferation of accredited programs around the globe has led to a wider choice for MBA applicants over the past few years. Recent trends indicate that there is greater onus on choosing the right country as well as the right business school. According to the TopMBA.com Applicant Survey 2013, over 50% of MBA students are choosing schools based on the country in which they wish to work.

Furthermore, international MBA recruiting is no longer the domain of a few prestigious US and European companies. A growing number of HR managers in the Asia-Pacific region, Latin America, and the Middle East are informed about MBA education. Managers in these regions have been asked to share their views on the schools they would prioritize for MBA hiring.

There is a greater focus on regional MBA trends and in order to provide data to help students and recruiters choose which schools to apply to and recruit from, QS has categorized its business school ratings by region.

MBA specialization ratings

According to the QS TopMBA Applicant Survey, school specializations are the eighth most important criterion for school selection. According to the survey, which is the largest of its kind, school specializations are more important to applicants than MBA rankings, convenience of location, or recommendations from peers, colleagues and even employers.

The MBA curriculum is changing to respond to this in the offering of MBA specializations. For professionals who want to further their careers in the field that they are already working in, an MBA with a specialist focus would be a viable option. In developing ratings on MBA specializations, QS’ aim is to provide a useful resource for prospective students and employers’ alike to help aid decisions over which schools to apply to, or which to recruit from. MBA programs that do not offer specializations can still produce graduates that excel in specialist fields.

The results of the QS Global 200 Business Schools Report are based on MBA recruiters’ opinions and as such, employers also voted on general MBA programs that provide training and education in any one of 10 specialist fields, as well as programs that specialize in a particular field. There is now greater diversity in the many MBA specializations on offer, but QS rates the 10 core MBA specializations.

Global employability: business school rankings or ratings?

The objective of the QS Global 200 Employers and HR decision makers Business Schools Report is to provide worldwide are at the forefront of an indication of the employability of witnessing the worth of an MBA. an MBA upon graduation. As such, QS QS believes that they are in the best believes a ratings system as opposed position to judge the value of a business to the traditional business school school’s graduates, and have among the rankings provides a reliable measure of most objective and informed opinions the employability outcome of an MBA as to which are the ‘best’ business program. schools. When an HR department selects a business school to recruit MBAs Traditional rankings assess on average from, the decision will often be the 15 to 20 criteria in order to provide result of an intensive research exercise: an overarching indication of student evaluating the strength of faculty, the satisfaction. These vary but are mostly facilities and the relevance of the course based on general aspects: academic to the employee and the company’s peer review, citations per faculty, needs. faculty-student ratio, and international students, for example. Similarly, when HR managers choose which business schools to recruit from, The QS Global 200 Business Schools they will draw from a wide range of Report only measures one indicator – information sources. They assess the the employability outcome of an MBA quality and efficiency of the schools’ program by region and specialization. career services and the reputation of the Focusing solely on employers’ views school, for example. HR decision makers provide a reliable insight as to which look beyond rankings and examine the business schools produce MBA facilities, the course content and the graduates and alumni that are favored quality of students. Year-on-year, this by recruiters. This is derived from survey reveals remarkable consistency employers’ votes as to which schools in school selection. Allegiance to they prefer to recruit MBA graduates. particular schools is not gained or lost by one good or bad student but by a sustained experience over several years.

Methodology

The QS Global 200 Business Schools Report survey (hereafter referred to as the ‘survey’) captures the preferred set of business schools each responding employer wishes to recruit from, either now, in the recent past or in the near future.

QS asks international employers to select the schools they consider for hiring MBA graduates from. Employers that focus on domestic hiring are not included in the survey. However, QS recognizes that many excellent schools that cater predominantly for their local recruitment market may therefore not appear in the tables.

We include only business schools offering full-time MBA programs and as such well-known business schools like ESCP Europe and HEC Lausanne (which only offer executive MBA, part-time MBA and/or masters programs) are excluded.

In order to produce the QS Global 200 Business Schools Report, QS focuses on experienced HR and line managers at organizations that actively recruit MBAs. Respondents from each company are asked a series of questions about MBA recruiting in the previous and the forthcoming year.

Employer responses to these questions provide information on the following:

• MBA recruitment trends • MBA salaries and compensation trends • Global business school ratings by region • Global business school ratings by specialization

Each employer is asked to list, unprompted, the international schools from which they have recently attempted to recruit MBAs. Each time a school is selected by an employer, it receives one vote and the total number of votes is referred to as the ‘total unprompted votes.’

From a list of 500 business schools that have been categorized by region, employers are then asked to identify the schools they regard as attractive for the purpose of hiring MBA graduates. In order to be included in the survey, a school must have been recommended by an employer in the previous year of the research. Each time a school is voted, it is given one vote, referred to as the ‘total prompted votes’.

The prompted and unprompted votes are added together to create the ‘total employer votes’. In order to ensure balanced results that are not subject to influence from the economic cycle, an average of the ‘total employer votes’ is taken from the current year’s research and the previous two year’s research.

The best performing school(s) are given an index score of 100 and the average total employer votes is indexed against the best performing school(s). This indexing does not affect the relative positions of schools in any given year. This score is known as the school’s ‘index of employer votes’.

This research does not intend to infer an overall ranking of schools. The tables list schools in clusters, categorized by region and specialization. The relative employer position of schools is displayed based on their employer score in that year and a rating within the region or specialization.

Rating the business schools

The table below provides a summary of the number of business schools in each region which make up the list of the QS Global 200 Business Schools Report. Schools that achieved an index of employer votes of over 11 are included in the definitive list of 200 business schools. Schools are presented in clusters, which provide distinction in terms of recognition among employers. The relative positions within the clusters are not considered significant by the authors of this report.

Number of schools Top Cluster: Index of 2nd Cluster: Index of 3rd Cluster: Index of 4th Cluster: Index of Featured By Region Employer Votes >=65 Employer Votes >=23 Employer Votes >= 14 Employer Votes >= 11

North America 18 27 20 22

Europe 13 20 12 10 Asia-Pacific 2 11 9 11 Latin America 8 1 1 Africa & Middle-East 4 1

Source: QS Global Business Report 2012-2013 (TopMBA.com)

Sample

The survey was conducted between March and July 2013 and represents one of the largest exercises QS has undertaken in terms of geographic scope and level of detail.

The total 28,000 employer responses counted in 2013 included 4,318 who were actively recruiting MBAs. All employers who responded to the survey are guaranteed confidentiality for the components of their individual responses, except for any open-ended feedback they have chosen to provide on the value of an MBA or concerns with MBA hires.

* Comparative figures for the previous year are shown in brackets.

The following table gives a snapshot of some of the organizations that took part in the survey across the world. A more comprehensive list can be found in the appendix at the end of this document.

Sample of responding employers by region in 2013

Consulting Finance Industry Technology

Asia-Pacific Accenture AIG Investments 3M BenQ KPMG Daewoo Securities AkzoNobel GE Towers Watson Goldman Sachs TATA LG Africa & Middle Booz & Company American Express Abdul Latif Jameel ACS East (Toyota) Deloitte Consulting Investec Bank Ltd Delta Group Microsoft IBM Johannesburg Stock Aramco SAP Exchange Europe BCG Citibank BAE Systems Alcatel-Lucent A.T. Kearney Barclays Carl Zeiss AG Cognizant Frost & Sullivan Credit Suisse E.ON Google Latin America London Consulting Group BBVA Adidas Accenture Signium Santander Bayer Hewlett Packard TATA Consultancy Services J.P. Morgan Coca-Cola Telefonica US & Canada Bain & Company BlackRock Comcast IBM Capgemini Morgan Stanley Ford Intel Corporation Navigant Prudential Johnson & Johnson Cisco

Industry distribution of employers

The chart below shows the spread of employers across 20 industries. This reflects the global spread of industries that hire MBAs. The consulting and professional services sector are the largest respondents in 2011, reflecting the surge in MBA demand within this sector. Banking and financial services are the second largest responding sector, followed by HR/recruitment services. Manufacturing, IT, FMCG and energy are also well represented in the sample.

Aerospace / Defence Construction / Property Consulting / Professional Services Electronics / High Technology Energy Financial Services / Banking FMCG IT / Computer Services Law Manufacturing / Engineering Media / Entertainment & Arts Metals / Mining Other Pharmaceuticals / Biotech & Healthcare Public Sector / Govt. / Non-profit Recruitment / HR services Retail Telecoms Transportation / Distribution Travel / Leisure / Hospitality Utilities

0 100 200 300 400 500

Aerospace / Defence 21 Construction / Property 138 Consulting / Professional Services 567 Electronics / High Technology 129 Energy 143 Financial Services / Banking 379 FMCG 203 IT / Computer Services 281 Law 21 Manufacturing / Engineering 329 Media / Entertainment & Arts 58 Metals / Mining 104 Other 578 Pharmaceuticals / Biotech & Healthcare 157 Public Sector / Govt. / Non-profit 145 Recruitment / HR services 343 Retail 92 Telecoms 93 Transportation / Distribution 81 Travel / Leisure / Hospitality 65 Utilities 56 Grand Total 3983

Source: MBA Jobs & Salary trends 2013

Geographical distribution of employers

Responses were received from employers across the globe:

Africa & Middle East 5% Asia Pacific 29% Eastern Europe 6% Latin America 33% US & Canada 6% Western Europe 21% Grand Total 100%

2013 QS Global 200 Business School Ratings: Elite Global business schools 24 2013/14 QS Global 200 Business Schools Report

Elite Global business schools

Elite Global business schools form an established cadre of the world’s very best business institutions. They are targeted by a wide range of employers, both domestically, regionally and globally. Highly international, they typically admit only experienced candidates with superior GMAT scores and all-round credentials. Their name will transform the resume of any candidate. MBAs will in many cases go on to be influential business leaders, and can expect to earn top salaries upon graduation.

This year’s report shows that while Elite Global institutions remain clustered in North America and particularly the US, they are also present across Europe and to a lesser degree in Asia-Pacific. As yet there are no Elite Global business schools in the Middle East and Africa, or Latin America.

Of the 33 leading institutions to make the Elite Global category, 12 are from the US. The other nations with Elite Global business schools are Canada (6), UK (3), Spain (3), Switzerland (2), France (2), Denmark (1), India (1), Ireland (1), Italy (1) and Singapore (1).

Emerging Global business schools

There are a total of 73 Emerging Global schools worldwide. North America leads with 27, ahead of Europe (20), Asia-Pacific (12), Latin America (8) and Middle East & Africa (4).

Elite Regional business schools

There are a total of 45 Elite Regional schools worldwide. North America leads with 20, ahead of Europe (14), Asia-Pacific (9), Latin America (1) and Middle East & Africa (1).

Emerging Regional schools

There are a total of 44 Emerging Regional schools worldwide. North America leads with 22, ahead of Europe (10), Asia-Pacific (11) and Latin America (1).

Top business schools by region: North America 2 QS Global 200 Business Schools Report 2013/14

1. Elite global

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

1 1 Harvard Business School United States 100,0 730 4 34 41 941 2 3 Stanford University Graduate School of United States 100,0 729 4 42 35 398 Business 3 4 The Wharton School, University of United States 99,9 725 5 35 42 845 Pennsylvania 4 6 The University of Chicago Booth United States 99,6 715 5 33 35 579 School of Business 5 2 The Kellogg School of Management, United States 99,6 708 5 40 35 477 Northwestern University 6 5 Columbia Business School, Columbia United States 98,4 670 5 34 29 213 University 7 9 UCLA Anderson School of United States 94,1 704 5 33 34 360 Management 8 13 Joseph L. Rotman School of Canada 91,0 673 4,5 48 31 313 Management, University of Toronto 9 7 Sloan School of Management, United States 88,9 710 5 39 38 390 Massachusetts Institute of Technology (MIT) 10 10 The Fuqua School of Business, Duke United States 88,1 690 5 40 33 432 University 11 8 Haas School of Business, UC Berkeley United States 85,2 715 5 37 33 240 12 11 University of Michigan, Ross School of United States 83,8 703 5 36 30 502 Business 13 16 York University, Schulich School of Canada 77,3 664 5 50 36 345 Business 14 12 Richard Ivey School of Business, The Canada 76,0 669 5 31 29 133 University of Western Ontario 15 14 Desautels Faculty of Management at Canada 75,3 670 5 55 35 70 McGill University 16 21 HEC Montreal Canada 72,3 630 7 37 28 113 17 17 Yale School of Management, Yale United States 71,5 717 6 27 35 230 University 18 18 Queen's School of Business Canada 71,2 661 5 40 32 119

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

While in the past two years there has been a stable hierarchy of leading schools in North America, this year’s results see a greater level of variation at the top of the table.

Harvard retains the top spot, yet last year’s second-placed institution Kellogg School of Management drops to fifth, overtaken by Stanford, Wharton and Chicago Booth.

Canadian school Joseph L Rotman is the biggest climber in the top ten, moving up five places to eighth. The only school to drop out of the top ten this year is UC Berkley’s Haas School of Business, which drops three places to 11th.

A total of 18 schools from the region qualify for Elite Global status. The two new additions are the University of North Carolina’s Kenan-Flagler Business School, and the MBA program at Canada’s University of Alberta. The US accounts for two-thirds of the Elite Global schools in the region, with 12 to Canada’s six.

The top three schools are also the strongest in terms of students’ average GMAT scores, suggesting that there is a close match between the perceptions of employers and the best- qualified MBA students.

However, the correlation is far less precise beyond the leading three. NYU Stern School of Business is placed fourth for average GMAT scores but just 21st for employer recognition, with 17th-placed Yale School of Management and 11th-placed Haas School of Business also boasting among the highest average GMAT scores.

In the case of NYU Stern, the New York City factor may help it to attract top candidates, while Berkeley and Yale both have big-name pulling power. In contrast, Columbia, Rotman and Fuqua all make the top ten for employer recognition yet have average GMAT scores of under 700 – a benchmark reached or surpassed by 15 other schools.

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

Harvard Business School 120000 26216 74 24 112350 Stanford University Graduate School of Business 129692 26573 92 24 119100 The Wharton School, University of Pennsylvania 120000 28563 83 21 119472 The University of Chicago Booth School of Business 115079 27680 89 21 117520 The Kellogg School of Management, Northwestern 120000 21755 86 20 118170 University Columbia Business School, Columbia University 103453 25549 94 20 121440 UCLA Anderson School of Management 100000 22320 80 24 75180 Joseph L. Rotman School of Management, University of 89848 13237 82 18 75000 Toronto Sloan School of Management, Massachusetts Institute of 118406 22925 94 24 61440 Technology (MIT) The Fuqua School of Business, Duke University 112626 27793 80 22 118000 Haas School of Business, UC Berkeley 97000 20272 80 21 77096 University of Michigan, Ross School of Business 111047 26111 85 21 116900 York University, Schulich School of Business 86587 8730 94 16 55900 Richard Ivey School of Business, The University of Western 93078 10668 90 12 78280 Ontario Desautels Faculty of Management at McGill University 90000 22000 98 20 80000 HEC Montreal 72776 5800 71 12 14200 Yale School of Management, Yale University 104147 26318 85 21 114400 Queen's School of Business 62580 9495 80 12 82000

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

The top three schools for employer recognition and GMAT scores, Harvard, Stanford and Wharton also have the highest average salaries, underlining their dominance. Yet second-placed Stanford beats Harvard, with average salary-plus-bonus remuneration totaling an impressive US$156,235.

McGill University’s Desautels Faculty of Management has the highest employment rates, with 98% of graduates having secured jobs within three months of graduation – though at US $112,000, average remuneration is not quite as high as at the top US schools.

Average salaries for MBAs from Elite Global schools in North America stand at US$102,573, with an average bonus of $20,666 bringing the total package to around $123,239. This places them just ahead of MBAs graduating from Elite Global schools in Europe, who earn average salary- plus-bonus packages of $122, 983.

Though base salaries tend to be slightly lower than in Europe (US$102,573 compared to US$107,432), North American graduates earn significantly higher bonuses, averaging US$20,666 compared to the European figure of US$15,551.

2. Emerging Global

Avg Avg Employer % % 2013 2012 Institution Country GMAT Years Class Size Index Intern'l Female Score Work

19 15 Sauder School of Business, University Canada 64,4 646 6 56 26 124 of British Columbia 20 20 Thunderbird School of Global United 60,2 618 5 58 27 303 Management States 21 19 Stern School of Business, New York United 56,2 720 5 39 35 389 University (NYU) States 22 31 University of Alberta, Alberta MBA Canada 53,2 600 5 56 42 80 Programs 23 25 Kenan-Flagler Business School, United 49,6 690 5 36 29 290 University of North Carolina States 24 24 Boston University School of United 48,0 683 5 37 33 147 Management States 25 27 Kelley School of Business, Indiana United 38,5 664 5 34 30 178 University States 26 29 Tepper School of Business, Carnegie United 38,2 693 5 32 27 203 Mellon University States 27 22 Tuck School of Business at Dartmouth United 36,9 716 5 36 35 280 States 28 30 University of Virginia Darden School of United 35,9 703 5 34 35 320 Business States 29 28 McCombs School of Business, Univ. of United 35,7 684 5 25 33 261 Texas at Austin States 30 37 Texas A&M University, Full-Time MBA United 33,2 649 5 35 24 66 Program, Mays Business School States 31 23 S.C. Johnson Graduate School of United 32,7 700 5 34 30 271 Management, Cornell University States 32 44 School of Business Administration, United 32,2 638 3 29 38 88 University of Miami States 33 35 McDonough School of Business, United 31,8 684 5 22 29 258 Georgetown University States 34 33 University of Illinois Urbana-Champaign United 31,6 650 4 41 26 123 - Illinois MBA States 35 36 Georgia Tech College of Management United 31,3 678 5 13 31 68 States 36 26 Goizueta Business School, Emory United 30,8 681 5 37 23 205 University States

37 32 Vanderbilt University, Owen Graduate United 29,9 682 5 22 35 175 School of Management States 38 67 The Carroll School of Management, United 28,7 666 4 31 31 103 Boston College States 39 47 Babson College United 27,4 630 5 42 29 160 States 40 42 Hult International Business School United 27,2 610 6 86 29 2250 States 41 38 Florida International University, United 26,1 555 3 41 35 85 Chapman Graduate School of Business States 42 34 Marshall School of Business, University United 25,7 700 5 19 30 1794 of Southern California States 43 Weatherhead School of Management, United 24,0 615 3 52 42 106 Case Western Reserve University States 44 51 John Molson School of Business, Canada 23,9 623 6 58 37 74 Concordia University 45 43 Edwards MBA University of Canada 23,2 550 4 13 17 30 Saskatchewan 46 56 University of Calgary, Haskayne School Canada 23,0 620 5 46 32 53 of Business

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

The US accounts for 22 of the 27 Emerging Global schools in North America, with Canada claiming five. The three schools closest to the Elite Global category are Canada’s Sauder School of Business, University of British Columbia, and the US’s Thunderbird School of Global Management and Stern School of Management, NYU.

Four Emerging Global schools in the region have a GMAT average score of over 700: NYU Stern (720), Tuck School of Business Dartmouth (716), University of Virginia Darden School of Business (703), S.C. Johnson Graduate School of Management, Cornell University (700) and Marshall School of Business, University of Southern California (700).

As in the Elite Global, the level of correlation between level of employer recognition and average GMAT scores is highly variable. NYU Stern’s score places it above all but three of the region’s Elite Global schools, while the lowest-ranked school in the category for employer recognition, University of Southern California, is among the best GMAT performers

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

Sauder School of Business, University of British Columbia 81028 11150 80 16 52000 Thunderbird School of Global Management 83034 N/A N/A 18 86160 Stern School of Business, New York University (NYU) 94968 26291 80 22 122548 University of Alberta, Alberta MBA Programs 73329 9800 94 20 97900 Kenan-Flagler Business School, University of North Carolina 102170 24606 86 21 107984 Boston University School of Management 97734 15561 87 21 87940 Kelley School of Business, Indiana University 97489 19740 89 21 93100 Tepper School of Business, Carnegie Mellon University 100000 18289 96 21 115000 Tuck School of Business at Dartmouth 115302 27384 93 21 117870 University of Virginia Darden School of Business 109335 27900 92 21 101800 McCombs School of Business, Univ. of Texas at Austin 105112 23426 94 21 97664 Texas A&M University, Full-Time MBA Program, Mays 93511 11040 100 16 46399 Business School S.C. Johnson Graduate School of Management, Cornell 106900 26900 79 21 111896 University School of Business Administration, University of Miami 62613 19429 80 21 83040 McDonough School of Business, Georgetown University 99799 24071 89 21 107200 University of Illinois Urbana-Champaign - Illinois MBA 82693 11667 89 21 59952 Georgia Tech College of Management 93195 15236 94 22 110656 Goizueta Business School, Emory University 103453 25549 94 22 92000 Vanderbilt University, Owen Graduate School of 95134 22219 92 21 90000 Management The Carroll School of Management, Boston College 94147 12290 85 22 84000 Babson College 89742 14706 88 21 83668 Hult International Business School 89510 10000 80 12 65800 Florida International University, Chapman Graduate School 49574 4177 80 12 35490 of Business Marshall School of Business, University of Southern 82405 16000 93 22 108792 California

Weatherhead School of Management, Case Western 80762 10857 N/A 21 87960 Reserve University John Molson School of Business, Concordia University 72707 10000 77 16 35255 Edwards MBA University of Saskatchewan 63088 N/A 94 12 35000 University of Calgary, Haskayne School of Business 63300 5000 96 16 27000

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

The average starting salary+bonus package for MBAs from Emerging Global schools in North America stands just short of six figures, at US$97,617. This compares to an average of $123,239 for graduates from the region’s Elite Global schools.

Seven schools have average six-figure base salaries: Kenan-Flagler Business School, University of North Carolina (US$102,170), Tepper School of Business, Carnegie Mellon University ($100,000), Tuck School of Business at Dartmouth ($115,000), University of Virginia Darden School of Business ($109,335), McCombs School of Business, Univ. of Texas at Austin ($105,112), S.C. Johnson Graduate School of Management, Cornell University ($106,900) and Goizueta Business School, Emory University ($103,453).

Top salary+bonus packages are earned by MBAs from Tuck School of Business at Dartmouth ($142,686), followed by University of Virginia Darden School of Business ($137,235). The lowest earners are MBAs from Florida International University, Chapman Graduate School of Business, with total packages averaging US$53,751.

3. Elite Regional

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

47 53 University of Colorado at Boulder United States 22,6 630 5 24 25 83 Leeds School of Business 48 University of Massachusetts - Boston United States 22,5 587 4 52 50 42 - Boston MBA Program 49 University of Victoria - Faculty of Canada 22,2 573 4 57 51 53 Business 50 49 Georgia State University, J. Mack United States 21,7 571 5 43 57 26 Robinson College of Business 51 64 The Paul Merage School of Business, United States 21,2 673 5 28 23 83 University of California, Irvine 52 45 The Johns Hopkins Carey Business United States 20,6 650 3 56 40 N/A School 53 78 Darla Moore School of Business, United States 20,6 622 5 15 27 93 University of South Carolina 54 62 University of California - Davis, United States 20,4 692 4 25 35 55 Graduate School of Management 55 74 American University Kogod School of United States 19,8 575 4,5 30 40 30 Business 56 The Fox School of Business, Temple United States 19,8 617 5 14 44 52 University 57 41 Simon Fraser University, Segal Canada 19,7 630 9 36 27 55 Graduate School of Business 58 39 University of Wisconsin-Madison United States 19,6 675 5 9 41 118 Wisconsin School of Business 59 40 Rice University, Jesse H. Jones United States 18,9 676 5 29 35 116 Graduate School of Business 60 55 Max M. Fisher College of Business, The United States 18,8 673 5 34 25 118 Ohio State University 61 Rady School of Management, United States 18,7 680 4,4 47 40 53 University of California, San Diego 62 57 School of Business, George United States 16,8 635 4 35 42 113 Washington University

63 Telfer School of Management, Canada 16,5 622 7 49 27 49 University of Ottawa 64 University of San Francisco, Masagung United States 16,2 570 4 33 51 70 Graduate School of Management 65 W. P. Carey School of Business, United States 15,0 675 4,8 42 25 69 Arizona State University 66 59 University of San Diego United States 14,5 626 4 37 32 20 67 82 Rutgers Business School - Newark and United States 14,4 644 4 18 18 90 New Brunswick

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

University of Colorado at Boulder Leeds School of Business 76750 3929 69 21 71146 University of Massachusetts - Boston - Boston MBA N/A N/A 88 20 35000 Program University of Victoria - Faculty of Business N/A N/A 80 17 27945 Georgia State University, J. Mack Robinson College of 80906 N/A 52 14 37544 Business The Paul Merage School of Business, University of 79000 12840 94 21 94176 California, Irvine The Johns Hopkins Carey Business School N/A N/A N/A 21 96000 Darla Moore School of Business, University of South 76572 9292 84 23 71580 Carolina University of California - Davis, Graduate School of 91569 10886 93 21 95494 Management

American University Kogod School of Business 80000 13500 74 22 66028 The Fox School of Business, Temple University 79078 13356 98 24 62624 Simon Fraser University, Segal Graduate School of Business 52000 N/A 68 12 34500 University of Wisconsin-Madison Wisconsin School of 91625 18695 86 21 62442 Business Rice University, Jesse H. Jones Graduate School of 99506 16058 92 22 97000 Business Max M. Fisher College of Business, The Ohio State 80081 15264 80 21 92704 University Rady School of Management, University of California, San 73000 11500 79 21 84000 Diego School of Business, George Washington University 84208 13250 85 21 84645 Telfer School of Management, University of Ottawa 70900 N/A 78 12 37000 University of San Francisco, Masagung Graduate School of 70000 2000 65 21 69560 Management W. P. Carey School of Business, Arizona State University 92556 13000 89 22 94000 University of San Diego 78289 N/A 70 22 73360 Rutgers Business School - Newark and New Brunswick 85053 15593 91 24 80000

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

4. Emerging Regional

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

68 46 Claremont Graduate University - Peter United States 13,9 625 2 30 47 39 F. Drucker 69 77 Robert H. Smith School of Business, United States 13,8 660 4,5 34 31 278 University of Maryland 70 54 University of Denver, Daniels College of United States 13,7 614 4 32 30 106 Business 71 50 The Eli Broad Graduate School United States 13,3 630 4 33 20 92 of Management, Michigan State University 72 65 Southern Methodist University, Cox United States 13,2 641 4 22 22 108 School of Business 73 71 Graduate School of Business, United States 12,8 550 4 30 40 80 California Lutheran University 74 Shidler College of Business, University United States 12,6 626 5 16 32 38 of Hawaii at Manoa 75 61 Mendoza College of Business, United States 12,4 692 5 8 23 130 University of Notre Dame 76 Katz Graduate School of Business, United States 12,3 608 4 44 28 104 University of Pittsburgh 77 Pepperdine University, The Graziadio United States 12,0 628 4 12 35 25 School of Business 77 52 Smeal College of Business, Penn State United States 12,0 643 5 32 26 80 University 79 Charles H. Kellstadt Graduate School United States 11,9 623 4 27 23 52 of Business, DePaul University 80 75 Michael G. Foster School of Business, United States 11,8 670 6 20 38 130 University of Washington 81 58 DeGroote School of Business, Canada 11,7 630 2 24 37 235 McMaster University 82 73 School of Management, University at United States 11,4 606 1 30 33 102 Buffalo / SUNY 83 76 Naveen Jindal School of Managementt, United States 11,3 669 4 40 60 63 The University of Texas at Dallas 83 66 Olin Business School, Washington United States 11,2 695 4,4 33 25 148 University in St. Louis

85 60 Krannert School of Management, United States 11,1 632 4 64 24 239 Purdue University 86 70 Auburn University College of Business United States 9,8 619 3 25 38 48 87 48 University of Minnesota, Carlson United States 9,7 690 4 30 25 107 School of Management 88 Clark University Graduate School of United States 9,5 566 3 59 46 45 Management 89 68 Mason School of Business, College of United States 9,3 610 4 44 40 112 William & Mary 90 LeBow College of Business, Drexel United States 9,2 613 5 38 35 35 University

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Average salaries

% Avg Avg Employed Program Salary on Mean Total Tuition Fees Institution 3 Months Length Graduation Bonus (USD) After (Months) (USD) (USD) Graduation Claremont Graduate University - Peter F. Drucker 73215 12000 N/A 24 101400 Robert H. Smith School of Business, University of 92938 12548 82 21 76950 Maryland University of Denver, Daniels College of Business 53083 11800 61 21 69840 The Eli Broad Graduate School of Management, Michigan 83588 14216 91 24 104724 State University Southern Methodist University, Cox School of Business 87694 16694 95 22 86072 Graduate School of Business, California Lutheran N/A N/A N/A 12 32000 University Shidler College of Business, University of Hawaii at Manoa N/A N/A 83 21 42296 Mendoza College of Business, University of Notre Dame 99500 15000 87 21 90260 Katz Graduate School of Business, University of Pittsburgh 63000 9000 86 20 90584 Pepperdine University, The Graziadio School of Business 72815 12756 N/A 20 77523,5294117647

Smeal College of Business, Penn State University 84345 10915 86 21 94232 Charles H. Kellstadt Graduate School of Business, DePaul 63000 6000 88 18 62700 University Michael G. Foster School of Business, University of 109000 14330 97 24 110484 Washington DeGroote School of Business, McMaster University 66700 3000 80 20 76875 School of Management, University at Buffalo / SUNY 50157 6119 77 21 40292 Naveen Jindal School of Managementt, The University of 78107 11277 87 16 26000 Texas at Dallas Olin Business School, Washington University in St. Louis 95000 15000 94 22 99400 Krannert School of Management, Purdue University 85897 15482 83 21 87000 Auburn University College of Business 57169 3786 N/A 17 31500 University of Minnesota, Carlson School of Management 82436 16158 97 22 90000 Clark University Graduate School of Management N/A N/A N/A 24 113850 Mason School of Business, College of William & Mary 75674 12885 83 21 82708 LeBow College of Business, Drexel University 65000 5357 63 18 54000

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Top business schools by region: Europe 2 QS Global 200 Business Schools Report 2013/14

1. Elite global

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

1 1 INSEAD - France France 100,0 704 5 93 33 1006 2 2 London Business School United 100,0 698 5 91 33 406 Kingdom 3 4 IE Business School Spain 99,6 680 5 97 33 450 4 6 Oxford University, Said Business United 99,3 698 6 94 25 232 School Kingdom 5 3 IMD Switzerland 98,6 670 7 98 28 90 6 7 SDA Bocconi School of Management Italy 98,3 650 5 73 32 90 7 5 IESE Business School, University of Spain 95,3 672 4 80 29 280 Navarra 8 9 ESADE Business School Spain 92,7 670 6 87 34 159 9 11 Copenhagen Business School Denmark 92,2 620 8 95 40 47 10 8 HEC MBA Program (Paris) France 89,6 689 6 87 32 361 11 10 The St.Gallen MBA, University of St Switzerland 81,0 660 6 85 25 35 Gallen 12 14 Trinity MBA,University of Dublin, Trinity Ireland 67,7 600 9 70 22 27 College 13 12 Judge Business School, University of United 66,3 680 6,5 97 30 152 Cambridge Kingdom

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

INSEAD retains its position as the region’s number one institution ahead of London Business School (LBS) his year. The two have a profile among international MBA employers that far exceeds that of any other school in the region, and places them alongside Harvard Business School at the top of the global hierarchy.

Behind the top two there has been a shift in the hierarchy this year, with Spain’s IE Business School and Oxford’s Said Business School moving up to third and fourth respectively, and last year’s third-placed school IMD dropping to sixth.

The UK and Spain both have three Elite Global schools, ahead of Switzerland (2), France (2), Denmark (1), Ireland (1) and Italy (1).

Students at INSEAD have the region’s highest average GMAT scores at 704, ahead of LBS and Oxford Said, both on 698. GMAT performance in the region lags significantly behind North America. INSEAD is the only European school with an average score of over 700, compared to 15 schools in North America.

Around 88.5% of MBAs from Elite Global schools in Europe are employed within three months of graduating, a slightly better rate than the 85.4% achieved by those in North America. Cambridge Judge Business School achieves a leading figure of 97%, alongside two Spanish schools: ESADE Business School and IESE Business School, University of Navarra.

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

INSEAD - France 122900 26600 84 10 59500 London Business School 113779 18698 96 21 97000 IE Business School 102500 20000 92 13 59900 Oxford University, Said Business School 99000 7000 90 12 54000 IMD 142412 17500 89 11 63000 SDA Bocconi School of Management 95000 10103 83 12 59000 IESE Business School, University of Navarra 101990 16700 97 19 93000 ESADE Business School 90400 11100 97 18 74100 Copenhagen Business School 100031 12000 77 12 57000 HEC MBA Program (Paris) 109880 17641 88 16 62400 The St.Gallen MBA, University of St Gallen 110000 N/A 90 12 67000 Trinity MBA,University of Dublin, Trinity College 100000 N/A 70 11 38350 Judge Business School, University of Cambridge 108736 13724 97 12 57000

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

MBAs from Elite Global schools in Europe earn average salaries of US$107, 432, with average bonuses of $15,551 taking the total average remuneration to US$122,983. This total falls just of the North American figure of $123,239.

Perhaps predictably, the strongest average salaries earned by European MBAs are those from Swiss school IMD (US$159,912), placing it number one in the world ahead of the US’s Stanford Graduate School of Business (US$156,265). INSEAD (US$149, 500) is second in the region.

Only three of the 13 Elite Global schools in Europe have average base salaries below US$100,000 per annum: ESASE Business School (US$90,400), SD Bocconi School of Management (US$95,000), and Oxford Said (US$99,000). However, all three cross the six-figure threshold once bonuses are included.

2. Emerging Global

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

14 19 Imperial College Business School, Imperial United 58,6 660 7 65 29 52 College London Kingdom 15 15 Mannheim Business School Germany 54,3 675 5 60 22 58 16 Frankfurt School of Finance and Management Germany 53,4 N/A 4 N/A N/A N/A 17 22 Cranfield School of Management United 51,5 650 9 75 30 73 Kingdom 18 20 Warsaw University of Technology, Business Poland 49,1 500 5 30 42 20 School 19 21 Rotterdam School of Management, Erasmus Netherlands 48,4 640 6 96 33 138 University 20 17 Warwick Business School, University of United 47,4 640 6 91 27 67 Warwick Kingdom 21 13 European Business School (EBS) Germany 45,1 600 4 58 7 N/A 22 18 Central European University, CEU Business Hungary 44,6 600 8 94 39 32 School 23 26 ESIC Business & Marketing School Spain 44,4 670 5 72 32 40 24 Politecnico di Milano > MIP - School of Italy 42,2 602 4 70 30 50 Management 25 16 WHU Otto Beisheim School of Management Germany 39,8 600 4 51 30 31 26 25 Vlerick Leuven Gent Management School Belgium 34,8 640 6 90 28 87

32 48 Solvay Business School, ULB (Universite Libre Belgium 26,5 600 8 90 62 23 de Bruxelles) 33 42 Henley Business School United 24,8 500 12 60 28 33 Kingdom 34 54 European University (Barcelona, Geneva, Spain 23,4 550 2 80 60 N/A Munich) 27 27 Manchester Business School, The University United 33,8 625 6 90 35 114 of Manchester Kingdom 28 24 Corvinus University of Budapest, Corvinus Hungary 31,8 565 7 80 30 15 School of Management 29 23 ESSEC Business School France 30,0 650 6 80 13 24 30 43 University of Edinburgh Business School United 29,3 586 7 96 44 54 Kingdom 31 35 University College Dublin, Smurfit School of Ireland 27,1 620 8 47 29 45 Business

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

A total of 20 European schools make the Emerging Global category, spread across 10 nations: UK (6), Germany (4), Belgium (2), Hungary (2), Spain (2), France (1), Ireland (1), Italy (1), Netherlands (1), and Poland (1)

The leading school for employer recognition is the UK’s Imperial College Business School, Imperial College London, ahead of Germany’s Mannheim Business School and Frankfurt School of Finance and Management.

Average GMAT scores range from 675 at Mannheim Business School to 500 at Warsaw University of Technology Business School and Henley Business School. Candidates at the UK’s Cranfield School of Management average as many as 9 years’ experience, while those at European University (Barcelona, Geneva, Munich) average as few as two.

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

Imperial College Business School, Imperial College London 97000 11750 96 12 56000 Mannheim Business School 52000 10000 100 12 33000 Frankfurt School of Finance and Management N/A N/A N/A 12 40300 Cranfield School of Management 98100 11988 97 13 52500 Warsaw University of Technology, Business School N/A N/A 100 12 12220 Rotterdam School of Management, Erasmus University 88000 12963 81 12 58000 Warwick Business School, University of Warwick 75000 17712 95 12 47500 European Business School (EBS) 69062 N/A 74 16 42250 Central European University, CEU Business School 69062 N/A 74 11 17500 ESIC Business & Marketing School 80000 6000 N/A 11 34218 Politecnico di Milano > MIP - School of Management 84000 10700 74 14 47500 WHU Otto Beisheim School of Management N/A N/A 95 15 45500 Vlerick Leuven Gent Management School 116475 6000 100 12 46500 Manchester Business School, The University of Manchester 79521 11799 93 18 40000 Corvinus University of Budapest, Corvinus School of 35000 N/A 80 24 12000 Management ESSEC Business School 76000 16070 N/A 12 59000 University of Edinburgh Business School 98500 N/A 95 12 23200 University College Dublin, Smurfit School of Business 85000 5000 97 12 39000 Solvay Business School, ULB (Universite Libre de Bruxelles) N/A N/A 60 12 32500 Henley Business School N/A N/A N/A 12 37500 European University (Barcelona, Geneva, Munich) N/A N/A 80 9 22620

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

The diverse range of nations represented in the Emerging Global category means graduate salaries vary significantly. Average salary+bonus compensation comes out at US$91,088, ranging from US$122,475 at Vlerick Leuven Gent Management School to US$35,000 at Corvinus University of Budapest, Corvinus School of Management.

Average starting salary + bonus compensation tops six figures for MBAs from four schools: Imperial College Business School, Cranfield School of Management, Rotterdam School of Management Erasmus University and Vlerick Leuven Gent Management School.

Mannheim Business School, Warsaw University of Technology Business School and Vlerick Leuven Gent Management School all boast 100% employment rates within three months of graduation.

3. Elite Regional

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

35 31 EDHEC Business School France 22,7 613 8 85 45 46 36 45 Ashridge Business School United 22,3 573 10 92 33 25 Kingdom 37 28 HHL - Leipzig Graduate School of Germany 20,3 630 5 70 30 25 Management 37 30 Sorbonne Graduate Business School - France 20,2 550 4 80 50 N/A IAE de Paris 39 29 ESMT European School of Germany 18,5 640 6 88 40 40 Management and Technology 40 Nottingham Trent University - United 17,9 500 3 10 10 0 Nottingham Business School Kingdom 41 32 MIB School of Management Italy 17,2 627 5 18 30 49 42 Nottingham University Business School United 17,2 600 5 88 35 68 Kingdom 43 Faculdade de Economia, Universidade Portugal 16,9 609 7 11 26 19 Nova de Lisboa 44 37 Cass Business School United 16,6 635 8 87 25 80 Kingdom 45 55 Grenoble Graduate School of Business, France 16,3 600 6 85 41 91 Grenoble Ecole de Management

46 The Business School, University of United 15,1 600 7 73 64 28 Exeter Kingdom 47 49 Universiteit van Amsterdam, Netherlands 14,3 630 5 90 50 25 Amsterdam Business School 47 47 LUISS Business School Italy 14,3 500 3 40 20 N/A 49 50 Business School Lausanne Switzerland 14,2 600 7 100 40 20

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

EDHEC Business School 85400 21000 90 10 50000 Ashridge Business School 162000 N/A 92 12 48500 HHL - Leipzig Graduate School of Management 88000 19500 80 15 34500 Sorbonne Graduate Business School - IAE de Paris N/A N/A N/A 14 62000 ESMT European School of Management and Technology 96000 10000 98 12 39000 Nottingham Trent University - Nottingham Business School 0 12 21600 MIB School of Management 81163 20000 87 12 37500 Nottingham University Business School 73000 N/A 90 12 19500 Faculdade de Economia, Universidade Nova de Lisboa N/A N/A N/A 11 20800 Cass Business School 87750 21000 87 12 52000 Grenoble Graduate School of Business, Grenoble Ecole de 67000 N/A 68 12 39000 Management The Business School, University of Exeter N/A N/A N/A 12 28500 Universiteit van Amsterdam, Amsterdam Business School 66000 N/A 90 12 40000 LUISS Business School N/A N/A 80 17 28080 Business School Lausanne 90000 N/A 85 12 44800

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

4. Emerging Regional

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

50 38 EMLYON Business School France 13,2 595 7 82 29 31 51 33 Aston Business School, Aston United 12,7 620 6 93 30 60 University Kingdom 52 51 Durham Business School, Durham United 11,9 560 9 90 36 45 University Kingdom 53 58 Bradford University School of United 10,2 600 0 99 23 97 Management Kingdom 54 62 IAE AIX, Graduate School of France 9,8 580 8 60 40 20 Management - Universite Paul Cezanne (Aix-Marseille III) France 55 44 School of Management, University of United 9,3 610 8 86 44 60 Bath Kingdom 56 41 ALBA Graduate Business School Greece 9,1 600 4 40 40 45 57 56 Hochschule Offenburg - University of Germany 9,1 520 4 82 65 N/A Applied Sciences 58 63 EADA Spain 8,3 650 5 92 41 32 59 53 EAE Business School Spain 8,2 510 5 85 45 N/A 60 57 University of Strathclyde Business United 7,9 550 7 92 32 58 School Kingdom

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

EMLYON Business School 95304 N/A 80 12 47500 Aston Business School, Aston University 75000 N/A 85 12 37300 Durham Business School, Durham University 75553 N/A N/A 12 28000 Bradford University School of Management 75000 N/A 92 12 26000 IAE AIX, Graduate School of Management 40000 N/A N/A 12 22000 - Universite Paul Cezanne (Aix-Marseille III) France School of Management, University of Bath 92000 N/A 92 12 47000 ALBA Graduate Business School 52000 N/A 90 12 20100 Hochschule Offenburg - University of Applied N/A N/A N/A 15 9428,9 Sciences EADA 70000 N/A 83 11 39000 EAE Business School 40000 N/A N/A 12 19500 University of Strathclyde Business School 66500 15000 N/A 12 37500

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Top business schools by region: Asia-Pacific 2 QS Global 200 Business Schools Report 2013/14

1. Elite Global

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

1 1 INSEAD - Singapore Singapore 92,1 704 5 93 33 1006 2 2 Indian Institute of Management, India 65,5 767 2 1 15 310 Ahmedabad

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Two Asian schools make this year’s Elite Global group: INSEAD Singapore and Indian Institute of Management, Ahmedabad. First-placed INSEAD Singapore holds a significant advantage over all of its regional rivals in terms of employer recognition.

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

INSEAD - Singapore 122900 26600 84 10 59500 Indian Institute of Management, Ahmedabad 66888 N/A 100 22 36000

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Starting salaries at INSEAD Singapore are on a par with many Elite Global schools in Europe and North America, totaling US$103,700 (salary plus bonus). IIM Ahmedabad’s average graduate salary of US$68,000 is the lowest of any Elite Global school.

2. Emerging Global business schools

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

3 5 Melbourne Business School, The Australia 60,0 664 5 72 40 50 University of Melbourne 4 3 National University of Singapore - Singapore 55,0 590 5 90 27 96 NUS Business School 5 4 Indian Institute of Management, India 51,2 780 2 10 20 N/A Bangalore 6 12 Indian School of Business India 46,7 709 5 6 29 569 7 8 Peking University, Beijing International China 36,7 676 7 36 38 50 MBA Programs - BiMBA 8 7 University of New South Wales, AGSM Australia 36,2 652 7 65 33 48 MBA Programs 9 9 Indian Institute of Management India 35,0 780 2 3 12 N/A Calcutta 10 6 Nanyang Business School, Nanyang Singapore 31,1 680 6 86 43 72 Technological University 11 10 China Europe International Business China 29,8 692 5 45 30 180 School (CEIBS) 12 14 The HKUST Business School Hong Kong 27,3 673 5 97 36 109 13 11 Macquarie Graduate School of Australia 25,6 680 7 90 34 74 Management, Macquarie University 14 17 The Australian National University, ANU Australia 25,1 630 7 29 28 72 College of Business and Economics

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

A total of 12 schools from six nations in the region are included in the Emerging Global category: Australia (4), India (3), China (2) and Singapore (2).

Melbourne Business School is the top-ranking Emerging Global school in the region, ahead of Singapore’s NUS Business School and India’s IIM Bangalore.

The extremely high average GMAT scores at Indian schools are skewed by the fact that only a very small number of candidates have taken the test. Stats at the other Emerging Global schools in the region are variable, ranging from 680, at Nanyang Business School and Macquarie Graduate School of Management, to 500 at Sydney Business School, University of Wollongong.

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

Melbourne Business School, The University of Melbourne 112065 19456 91 16 70000 National University of Singapore - NUS Business School 67786 1300 89 17 41200 Indian Institute of Management, Bangalore 30000 N/A 100 21 9000 Indian School of Business 44000 N/A 100 12 45000 Peking University, Beijing International MBA Programs - N/A N/A N/A 18 37300 BiMBA University of New South Wales, AGSM MBA Programs 85308 17837 92 16 67320 Indian Institute of Management Calcutta 27500 4870 100 24 8000 Nanyang Business School, Nanyang Technological 53016 3377 91 16 40000 University China Europe International Business School (CEIBS) 79516 9486 92 18 49800 The HKUST Business School 127600 19839 97 16 67350 Macquarie Graduate School of Management, Macquarie 143583 N/A 82 12 56500 University The Australian National University, ANU College of Business 63000 N/A N/A 18 54000 and Economics

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

The strength of the Australian dollar is reflected in the stellar salaries of its graduates. Macquarie University has one of the highest figures of any business school in the world at 143,583, while graduates of three other Australian schools stand to earn in excess of US$100,000: University of New South Wales AGSM MBA Programs, Melbourne Business School, and Sydney Business School, University of Wollongong.

Due to the range of economies represented, the regional average is considerably lower, at US$78,261. Salaries in China and India remain considerably lower than those on offer elsewhere in the region, with graduates of School of Management, Fudan University (US$29,070) and Indian Institute of Management, Bangalore ($30,000) the lowest earners.

3. Elite Regional schools

Avg Avg Employer % % 2013 2012 Institution Country GMAT Years Class Size Index Intern'l Female Score Work

15 13 Sydney Business School, University of Australia 24,6 500 2 75 20 99 Wollongong 16 21 School of Management, Fudan China 23,4 600 5 10 45 113 University 17 16 Monash University Faculty of Business Australia 20,1 550 11 4 23 48 and Economics 18 22 The Chinese University of Hong Kong Hong 17,9 650 5,6 80 45 75 Kong 19 23 The University of Hong Kong, Faculty Hong 17,6 657 6 90 48 53 of Business and Economics Kong 20 34 Seoul National University, Graduate Korea, 17,3 510 5 25 23 60 School of Business South 21 19 School of Economics and China 17,1 650 6 45 38 123 Management, Tsinghua University 22 26 The University of Adelaide, Business Australia 16,9 550 8 15 35 80% of School received appliations 23 32 La Trobe University - La Trobe Australia 16,8 654 6 89 25 57 Business School

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

Sydney Business School, University of Wollongong 102500 N/A 92 16 33000 School of Management, Fudan University 29070 N/A 96 24 2100 Monash University Faculty of Business and Economics N/A 20000 76 24 65340 The Chinese University of Hong Kong N/A N/A 92 16 47900 The University of Hong Kong, Faculty of Business and 70000 N/A 85 14 58022 Economics Seoul National University, Graduate School of Business 53000 10000 100 12 40000 School of Economics and Management, Tsinghua University N/A 6428 N/A 24 28000 The University of Adelaide, Business School N/A N/A 100 15 34849 La Trobe University - La Trobe Business School 110000 N/A 94 15 27000

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

4. Emerging Regional

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

24 15 Asian Institute of Management Philippines 12,6 656 4 71 28 140 25 25 Waseda Business School Japan 12,0 580 8 45 28 90 26 27 Guanghua School of Management, China 11,6 637 6 72 44 433 Peking University 27 24 Indian Institute of Foreign Trade India 10,2 650 2 3 20 N/A 28 S P Jain School of Global Management India 9,8 680 2 0 33 180 29 18 Brisbane Graduate School of Business, Australia 7,8 610 9 18 33 N/A QUT 30 30 School of Business, Bond University Australia 6,6 580 8 63 41 39 31 28 Lee Kong Chian School of Business, Singapore 6,0 663 6 72 46 N/A Singapore Management University

32 36 The Otago MBA, University of Otago New Zealand 5,2 632 10 55 27 20 33 Cheung Kong Graduate School of China 4,4 670 6 22 33 61 Business 34 29 RMIT University, Graduate School of Australia 4,0 550 2 65 40 175 Business and Law 35 33 International University of Japan, Japan 3,9 511 4 73 29 50 Graduate School of International Management

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

Asian Institute of Management 40000 N/A 52 16 24000 Waseda Business School N/A N/A 60 24 37479 Guanghua School of Management, Peking University 24136 N/A 100 24 27800 Indian Institute of Foreign Trade N/A 10000 80 24 20000 S P Jain School of Global Management N/A N/A N/A 24 10000 Brisbane Graduate School of Business, QUT 104756 N/A 85 18 38000 School of Business, Bond University 58000 N/A 84 12 43260 Lee Kong Chian School of Business, Singapore N/A N/A 90 12 48000 Management University The Otago MBA, University of Otago N/A N/A 95 16 34500 Cheung Kong Graduate School of Business 40000 N/A 100 12 48000 RMIT University, Graduate School of Business and Law 47000 N/A 75 12 34330 International University of Japan, Graduate School of 54000 18000 100 21 90300 International Management

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Top business schools by region: Latin America 2 QS Global 200 Business Schools Report 2013/14

1. Elite global

There are currently no Latin American schools in this category.

2. Emerging Global

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

1 1 EGADE-Tecnologico de Monterrey, Mexico 62,9 628 8 15 33 439 Campus Monterrey 2 2 Pontificia Universidad Católica de Chile Chile 47,7 500 0 10 10 N/A 3 3 BSP - Business School Sao Paolo, Brazil 36,2 550 5 40 30 N/A MBA 4 4 Fundacao Getulio Vargas Brazil 31,9 550 6 20 25 N/A 5 8 Instituto Tecnologico Autonomo de Mexico 29,1 580 7 15 30 N/A Mexico (ITAM) 6 7 Universidad de Chile Chile 28,4 500 15 15 18 28 7 5 IAE Business School, Universidad Argentina 27,9 651 5 60 25 52 Austral 8 6 INCAE Business School Costa Rica 25,3 600 4 85 38 184

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

A total of eight schools from Latin America make the Emerging Global category this year, with 5 nations represented: Brazil (2), Chile (2), Mexico (2), Argentina and Costa Rica.

EGADE-Tecnologico de Monterrey, Campus Monterrey retains its position as Latin America’s number one school for employer recognition, ahead of Pontificia Universidad Católica de Chile and Brazil’s Business School Sao Paulo.

The top school for GMAT scores is Argentina’s IAE Business School, Universidad Austral. Average years of work experience range from 15 at Universidad de Chile to zero at Pontificia Universidad Católica de Chile.

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

EGADE-Tecnologico de Monterrey, Campus Monterrey 50000 N/A N/A 17 35700 Pontificia Universidad Católica de Chile N/A N/A N/A 15 23000 BSP - Business School Sao Paolo, MBA 68000 N/A 80 18 25000

Fundacao Getulio Vargas N/A N/A N/A 18 8874 Instituto Tecnologico Autonomo de Mexico (ITAM) N/A N/A N/A 12 15710 Universidad de Chile 65000 6000 95 18 37750 IAE Business School, Universidad Austral 30000 N/A 70 11 24000 INCAE Business School 40000 8320 60 21 47650

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

In terms of graduate salaries, Emerging Global schools in Latin America remain some way behind those in Europe, North America and parts of Asia-Pacific, despite continued economic growth.

Salaries for graduates of Universidad de Chile (US$71,000) and Business School Sao Paulo (US$68,000) are well in excess of those on offer elsewhere in the region, approaching those in Canada and mid-ranking European nations. Yet these are the only schools in the region with averaging starting salaries exceeding US$50,000.

3. Elite Regional

Peru’s ESAN, Escuela de Administracion de Negocios para Graduados is the only Latin American school in this category.

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

9 10 ESAN, Escuela Peru 18,2 500 6 10 40 64 de Administracion de Negocios para Graduados

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

4. Emerging Regional schools

Mexico’s IPADE Business School, Universidad Panamericana is the only Latin American school in this category.

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

10 9 IPADE Business Mexico 13,8 608 4 9 33 69 School, Universidad Panamericana

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Top business schools by region: Middle East & Africa 2 QS Global 200 Business Schools Report 2013/14

Schools from Middle East & Africa appear in two categories: Emerging Global and Elite Regional.

1. Elite global

There are currently no schools from Middle East & Africa in this category.

2. Emerging Global

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

1 1 University of Cape Town, South Africa 48,9 581 7 24 31 79 Graduate School of Business 2 3 University of Witwatersrand South Africa 31,8 579 8 10 23 N/A 3 American University of United Arab 28,1 500 3 44 56 N/A Sharjah Emirates 4 2 American University in Egypt 27,9 583 7 5 27 158 Cairo

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

University of Cape Town remains the region’s top performer for employer recognition, ahead of fellow South African school University of Witwatersrand. Egypt’s American University of Cairo moves down two places to fourth in the region.

Average GMAT scores for Emerging Global schools in the region range from 583 at American University in Cairo to 500 at American University of Sharjah.

Average salaries

% Employed Avg Salary on Avg Mean Program 3 Months Total Tuition Institution Graduation Bonus Length After Fees (USD) (USD) (USD) (Months) Graduation

University of Cape Town, Graduate School of 50000 N/A 87 11 39000 Business University of Witwatersrand 50000 10000 80 14 13000 American University of Sharjah N/A N/A N/A 12 32250 American University in Cairo N/A N/A N/A 30 90000

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Graduates of UCT and Witwatersrand earn average starting salaries of US$50,000, though those at the latter also earn average bonuses of $10,000. The percentage of MBAs employed within three months of graduation stands at 87% at UCT and 80% at Witwatersrand.

3. Elite Regional

Lebanon’s The Suliman S. Olayan School of Business, The American University of Beirut is the only school from Middle East & Africa in this category.

Avg Avg Employer % % Class 2013 2012 Institution Country GMAT Years Index Intern'l Female Size Score Work

5 4 The Suliman S. Olayan Lebanon 21,1 610 7 6 55 78 School of Business, The American University of Beirut

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

4. Emerging Regional schools

There are currently no schools from Middle East & Africa in this category.

Corporate Social Responsibility 2 QS Global 200 Business Schools Report 2013/14

Corporate Social Responsibility

2013 2012 School Country Score Band

1 1 Harvard Business School United States 100.0 3 2 2 Stanford University Graduate School of Business United States 100.0 3 3 3 INSEAD - France France 100.0 3 4 5 IE Business School Spain 100.0 3 5 4 The Wharton School, University of Pennsylvania United States 100.0 3 6 8 London Business School United Kingdom 100.0 3 7 10 University of Michigan, Ross School of Business United States 99.8 3 8 11 School of Business, George Washington University United States 99.6 3 9 12 Michael G. Foster School of Business, University of United States 99.4 3 Washington 10 6 Columbia Business School, Columbia University United States 98.9 3 11 22 IMD Switzerland 98.3 3 12 19 Indian Institute of Management, Ahmedabad India 98.0 3 13 15 Yale School of Management, Yale University United States 96.9 3 14 7 Tuck School of Business at Dartmouth United States 96.4 3 15 13 IESE Business School, University of Navarra Spain 96.4 3 16 17 York University, Schulich School of Business Canada 96.3 3 17 21 Indian Institute of Management, Bangalore India 96.2 3 18 9 The Kellogg School of Management, Northwestern University United States 96.0 3 19 14 Sloan School of Management, Massachusetts Institute of United States 91.6 3 Technology (MIT) 20 16 The University of Chicago Booth School of Business United States 88.2 3 21 26 Haas School of Business, UC Berkeley United States 81.5 3 22 18 Stern School of Business, New York University (NYU) United States 80.6 3 23 24 S.C. Johnson Graduate School of Management, Cornell United States 76.8 3 University 24 32 SDA Bocconi School of Management Italy 74.7 3 25 25 ESADE Business School Spain 74.3 3 26 20 University of Virginia Darden School of Business United States 73.1 3 27 40 Judge Business School, University of Cambridge United Kingdom 70.6 3

2013 2012 School Country Score Band

28 28 UCLA Anderson School of Management United States 67.5 3 29 29 The Johns Hopkins Carey Business School United States 67.1 3 30 36 HEC MBA Program (Paris) France 66.9 3 31 27 Ashridge Business School United Kingdom 66.6 3 32 31 Mendoza College of Business, University of Notre Dame United States 64.0 3 33 23 The Fuqua School of Business, Duke University United States 63.0 3 34 30 Thunderbird School of Global Management United States 61.9 3 35 44 The St.Gallen MBA, University of St.Gallen Switzerland 60.9 3 36 38 Indian School of Business India 58.1 3 37 46 Indian Institute of Management Calcutta India 54.6 3 38 37 Joseph L. Rotman School of Management, University of Canada 54.3 3 Toronto 39 33 Oxford University, Said Business School United Kingdom 53.9 3 40 39 Boston University School of Management United States 50.0 3 41 86 ESIC Business & Marketing School Spain 49.8 2 42 45 Kenan-Flagler Business School, University of North Carolina United States 49.2 2 43 34 Melbourne Business School, The University of Melbourne Australia 47.9 2 44 47 ESSEC Business School France 46.9 2 45 43 Sydney Business School, University of Wollongong Australia 46.9 2 46 50 The University of Hong Kong, Faculty of Business and Hong Kong 46.1 2 Economics 47 55 Copenhagen Business School Denmark 45.8 2 48 51 Trinity MBA,University of Dublin, Trinity College Ireland 44.2 2 49 62 Warwick Business School, University of Warwick United Kingdom 41.0 2 50 52 Nanyang Business School, Nanyang Technological University Singapore 39.8 2

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

There is a stable hierarchy at the top of this year’s specialization ranking for Corporate Social Responsibility (CSR), suggesting that a handful of programs at elite schools are clearly established in the eyes of the world’s MBA employers as the leaders in the field. Harvard, Stanford and INSEAD retain the top three places, with the only change in the top five coming as IE Business School and Wharton switch places.

The fact that the top programs in this area correspond quite closely to the top scoring schools overall is an indication of how seriously CSR is now being taken at the world’s leading schools. As corporations come under greater scrutiny for their ethical and environmental practice, employers are turning to a growing number of MBAs from elite schools specializing in this zeitgeist area.

The only new schools in the top ten are School of Business, George Washington University, which moves up from 11th to eight, and Michael G. Foster School of Business, University of Washington moves from 12th to ninth. North America takes seven of the top ten spots, compared to three for Europe.

North America also accounts for 22 of the top 50, ahead of Europe with 18 and Asia- Pacific with nine. There are as yet no schools from either Middle East & Africa or Latin America among the global elite in this area of study.

The best-performing schools by Business schools showing notable region are: improvements in this year’s • Harvard Business School corporate social responsibility (North America) rating include: • INSEAD – France (Europe) • ESIC Business & Marketing School • Indian Institute of • Copenhagen Business School Management, Ahmedabad • Trinity MBA,University of Dublin, (Asia-Pacific) Trinity College The top four schools from the • Warwick Business School, Asia-Pacific region are all Indian, University of Warwick which suggests it has been • Nanyang Business School, quicker than its peers to embrace Nanyang Technological University this non-traditional area of study.

Entrepreneurship 2 QS Global 200 Business Schools Report 2013/14

Entrepreneurship

2013 2012 School Country Score Band

1 1 Harvard Business School United States 100.0 3 2 2 Stanford University Graduate School of Business United States 100.0 3 3 3 The Wharton School, University of Pennsylvania United States 100.0 3 4 4 IE Business School Spain 100.0 3 5 5 INSEAD - France France 100.0 3 6 6 Sloan School of Management, Massachusetts Institute of United States 99.9 3 Technology (MIT) 7 8 London Business School United Kingdom 99.9 3 8 7 Babson College United States 99.1 3 9 10 Columbia Business School, Columbia University United States 97.8 3 10 9 The Kellogg School of Management, Northwestern University United States 96.9 3 11 13 IESE Business School, University of Navarra Spain 94.9 3 12 12 The University of Chicago Booth School of Business United States 94.5 3 13 11 Haas School of Business, UC Berkeley United States 90.8 3 14 19 IMD Switzerland 89.2 3 15 15 Judge Business School, University of Cambridge United Kingdom 86.2 3 16 17 Indian Institute of Management, Ahmedabad India 86.0 3 17 21 HEC MBA Program (Paris) France 77.2 3 18 25 Indian Institute of Management, Bangalore India 76.0 3 19 18 Tepper School of Business, Carnegie Mellon University United States 69.4 3 20 23 Oxford University, Said Business School United Kingdom 67.4 3 21 14 Stern School of Business, New York University (NYU) United States 64.0 3 22 16 UCLA Anderson School of Management United States 63.2 3 22 27 ESADE Business School Spain 63.2 3 24 29 Thunderbird School of Global Management United States 56.5 3 25 52 Indian Institute of Management Calcutta India 55.0 3 26 42 Joseph L. Rotman School of Management, University of Toronto Canada 54.6 3 27 35 Indian School of Business India 54.3 3

2013 2012 School Country Score Band

28 31 American University Kogod School of Business United States 52.9 3 29 20 Marshall School of Business, University of Southern California United States 52.6 3 30 32 Michael G. Foster School of Business, University of Washington United States 52.3 3 31 39 SDA Bocconi School of Management Italy 51.9 3 32 36 The University of Hong Kong, Faculty of Business and Economics Hong Kong 51.2 3 33 24 Melbourne Business School, The University of Melbourne Australia 50.4 3 34 26 Imperial College Business School, Imperial College London United Kingdom 50.2 3 35 45 The St.Gallen MBA, University of St.Gallen Switzerland 48.6 2 36 28 University of Michigan, Ross School of Business United States 47.0 2 37 34 Nanyang Business School, Nanyang Technological University Singapore 44.3 2 38 33 Yale School of Management, Yale University United States 43.3 2 39 119 University of Colorado at Boulder Leeds School of Business United States 43.2 2 40 37 University of Virginia Darden School of Business United States 41.4 2 41 30 EMLYON Business School France 39.7 2 42 22 The Fuqua School of Business, Duke University United States 37.4 2 43 38 The HKUST Business School Hong Kong 35.1 2 44 59 Richard Ivey School of Business, The University of Western Canada 34.7 2 Ontario 45 62 The Fox School of Business, Temple University United States 34.2 2 46 64 S.C. Johnson Graduate School of Management, Cornell United States 33.9 2 University 47 46 Boston University School of Management United States 33.3 2 48 44 Tuck School of Business at Dartmouth United States 32.6 2 49 48 S. P. Jain Institute of Management and Research India 30.8 2 50 40 NUS Business School, National University of Singapore Singapore 30.3 2

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

The same schools comprise the top ten in this year’s ranking for entrepreneurship as in 2012, led by Harvard, Stanford, Wharton and IE. A total of 11 nations are represented in the global top 50: US (25), India (4), UK (4), France (3), Spain (3), Canada (2), Hong Kong (2), Switzerland (2), Australia (1), Italy (1), and Singapore (1).

In a top ten dominated by ‘big-name’ schools that feature prominently in the Elite Global category of the overall rating, Babson College stands out as a school whose strength in entrepreneurship exceeds its overall reputation. Rated in the Emerging Global grouping overall, it ranks 8th globally for entrepreneurship, one place lower than last year.

The four highest ranked schools from Asia-Pacific are all Indian: IIM Ahmedabad, IIM Bangalore, IIM Calcutta and Indian School of Business.

Business schools showing notable improvements in this year’s entrepreneurship rating include:

• Indian Institute of Management, Bangalore • Joseph L. Rotman School of Management, University of Toronto • Indian School of Business • SDA Bocconi School of Management • The St.Gallen MBA, University of St.Gallen • University of Colorado at Boulder Leeds School of Business • Richard Ivey School of Business, The University of Western Ontario • The Fox School of Business, Temple University • S.C. Johnson Graduate School of Management, Cornell University

While seemingly paradoxical, MBA employers are increasingly placing an emphasis on the entrepreneurial talents of their new hires. Though

traditionally an area where a business school graduate might aim to start up their own enterprise, employers value the talents of graduates who can, in tough economic times, develop fresh sources of revenue, while the graduates themselves find greater security in testing their entrepreneurial ideas with the financial backing of their employers.

“Interestingly, large employers were once reluctant to hire MBAs with significant entrepreneurship coursework for fear that the new hire was only passing time before starting his or her own business,” explains Dr Brian S Anderson, assistant professor of entrepreneurship at the Richard Ivey School of Business. “As large firms come to recognize that pursuing innovation and entrepreneurial-centric strategies pays off in terms of better performance - something that research has shown repeatedly - those firms are seeing more value in MBAs that have knowledge of, and experience with entrepreneurship topics.”

However, with a gloomy economic outlook for much of the world, it’s not just businesses that are placing their faith in MBA entrepreneurs, as Séan Rickard, director of the full-time MBA program(2006-2011) at Cranfield School of Management explains:

“Governments have come to the view – rightly or wrongly – that their influence on their economies is greatly weakened in a globalizing world and now put great emphasis on business start ups and entrepreneurship to generate jobs and growth. Not surprising therefore that entrepreneurship has a higher profile in business schools.”

Dr Anderson continues: “I think the entrepreneurship field in scholarly circles is becoming far more accepted as a legitimate course of study, faculty hiring in the area is up, and more resources are being spent in developing very high-quality, experiential learning programs for students.”

One business school that has consistently rated highly for entrepreneurship is The Wharton School at the University of Pennsylvania, ranked third this year.

“Wharton was the first business school to develop a fully integrated curriculum of entrepreneurial studies and continues to emphasize entrepreneurship across all disciplines,” says Emily Gohn Cieri, managing director of The Wharton School’s entrepreneurial programs. “We teach students how to acquire an entrepreneurial mindset so they learn to adapt rapidly, throughout the venturing process, to new situations while avoiding fatal flaws and traps.”

Business schools showing notable improvements in this year’s entrepreneurship rating include: • University of Colorado at Boulder Leeds School of Business • Richard Ivey School of Business, The University of Western Ontario • The Fox School of Business, Temple University • S.C. Johnson Graduate School of Management, Cornell University

Finance 2 QS Global 200 Business Schools Report 2013/14

Finance

2013 2012 School Country Score Band

1 1 The Wharton School, University of Pennsylvania United States 100.0 3 2 3 London Business School United Kingdom 100.0 3 3 2 The University of Chicago Booth School of Business United States 100.0 3 4 4 Harvard Business School United States 100.0 3 5 5 Stern School of Business, New York University (NYU) United States 100.0 3 6 6 Columbia Business School, Columbia University United States 100.0 3 7 7 INSEAD - France France 100.0 3 8 8 IE Business School Spain 98.4 3 9 9 Stanford University Graduate School of Business United States 96.7 3 10 10 The Kellogg School of Management, Northwestern University United States 91.7 3 11 12 Indian Institute of Management, Ahmedabad India 90.9 3 12 13 IESE Business School, University of Navarra Spain 88.7 3 13 11 Sloan School of Management, Massachusetts Institute of United States 81.8 3 Technology (MIT) 14 16 HEC MBA Program (Paris) France 73.2 3 15 15 SDA Bocconi School of Management Italy 71.9 3 16 18 Indian Institute of Management, Bangalore India 69.8 3 17 14 NUS Business School, National University of Singapore Singapore 69.7 3 18 20 IMD Switzerland 67.0 3 19 19 Indian Institute of Management Calcutta India 64.7 3 20 24 ESADE Business School Spain 61.6 3 21 37 Haas School of Business, UC Berkeley United States 60.9 3 22 17 University of Michigan, Ross School of Business United States 60.3 3 23 23 Oxford University, Said Business School United Kingdom 58.6 3 24 21 Joseph L. Rotman School of Management, University of Canada 58.6 3 Toronto 25 25 Melbourne Business School, The University of Melbourne Australia 55.4 3 26 22 The Fuqua School of Business, Duke University United States 53.6 3 27 28 Cass Business School United Kingdom 50.4 3

2013 2012 School Country Score Band

28 30 Boston University School of Management United States 48.3 2 29 38 UCLA Anderson School of Management United States 47.8 2 30 33 Yale School of Management, Yale University United States 46.9 2 31 39 The St.Gallen MBA, University of St.Gallen Switzerland 45.5 2 32 32 The Australian National University, ANU College of Business Australia 45.2 2 and Economics 33 27 Imperial College Business School, Imperial College London United Kingdom 44.8 2 34 31 University of Virginia Darden School of Business United States 39.7 2 35 26 Judge Business School, University of Cambridge United Kingdom 39.6 2 36 29 Tuck School of Business at Dartmouth United States 39.5 2 37 35 Indian School of Business India 39.3 2 38 34 Richard Ivey School of Business, The University of Western Canada 33.5 2 Ontario 39 40 The University of Hong Kong, Faculty of Business and Hong Kong 33.1 2 Economics 40 43 ESSEC Business School France 30.7 2 41 36 Tepper School of Business, Carnegie Mellon University United States 30.6 2 42 46 Monash University Faculty of Business and Economics Australia 28.7 2 43 48 University of New South Wales, AGSM MBA Programs Australia 28.3 2 44 44 Manchester Business School, The University of Manchester United Kingdom 28.1 2 45 41 S. P. Jain Institute of Management and Research India 28.1 2 46 47 European Business School (EBS) Germany 26.9 2 47 55 Thunderbird School of Global Management United States 26.7 2 48 45 S.C. Johnson Graduate School of Management, Cornell United States 25.8 2 University 48 57 Warwick Business School, University of Warwick United Kingdom 25.8 2 50 52 Nanyang Business School, Nanyang Technological University Singapore 24.8 1

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Wharton reigns supreme in finance, topping the table again as it has done every year since 2010. There are also particularly strong performances from LBS (2nd) and NYU Stern (5th), both of which benefit from strong links to the finance sectors in the major global capitals in which they are located. Fellow New York City-based institution Columbia Business School is just one place behind NYU Stern, in sixth.

The top Asia-Pacific school is India’s IIM Ahmedabad in 11th, five places ahead of IIM Bangalore. A total of 12 countries are represented in the top 50: US (19), UK (7), India (5), Australia (4), France (3), Spain (3), Singapore (2), Switzerland (2), Canada (2), ), Germany (1), Hong Kong (1), Italy (1)

Business schools that have shown big improvements in how employers value their MBA graduates’ financial abilities include:

• Haas School of Business, UC Berkeley

• UCLA Anderson School of Management

• The St.Gallen MBA, University of St.Gallen

• Thunderbird School of Global Management

• Warwick Business School, University of Warwick

A long-standing favorite specialist area for many MBA graduates, finance has taken a hit in popularity amongst applicants in recent years, following the global financial crisis. However, as business schools continue to react to the ongoing financial events around the world, altering their programs to incorporate the lessons that need to be learnt from such economically game-changing events, employers continue to value the modern approach of MBA graduates to finance.

At The Wharton School at the University of Pennsylvania, which over the years has consistently been rated top in fostering a financial prowess among their MBAs, evolution of their curricula is important.

“Change has occurred both organically, as in the MBA curriculum review we just completed, and reactively, in response to the financial crisis,” explains

Michael Gibbons, deputy dean at Wharton. “These changes extend to all academic-related work such as courses, research, seminars, and conferences. In the classroom, Wharton continues to offer an innovative curriculum that reflects its expertise in finance. Students are provided with knowledge that is in-depth but broad enough to be responsive to the vagaries of the market. In the post-crisis financial system, it is apparent that business leaders need to understand government better given increased regulation in the financial sector.”

However, it’s not purely the financial services sector that employs MBA graduates and alumni who are well versed in all that is finance. Organizations outside of the sector have always required leaders with an in-depth financial know-how, but as the global economy evolves this need is growing more than ever.

“Financial companies offer unique challenges to their leaders and senior managers, particularly on subjects as varied as leadership, trust issues and regulatory framework changes,” explains Professor Steve Thomas, executive MBA course director and professor of finance at Cass Business School, City University London. “Recent global developments offer unusual and substantial challenges to managers in this sector. Anyone planning to run a business with these additional issues present needs to ensure they are knowledgeable and comfortable with a very wide range of management and professional skills.”

When looking into specialist areas taught on MBA programs, it should always be made clear that the MBA qualification has traditionally been seen as a general management degree, and only recently have specialist programs dedicated to the finance profession developed. As most business schools offer numerous finance-focused options, prospective students need to look carefully when trying to differentiate between programs. One effective way is through assessing the strength of the school’s career service links within the financial industry around the world. The Stern School at New York University, for example, regularly attracts Wall Street recruiters to campus.

Despite many MBA programs reporting an increase in diversity of working backgrounds in their class, the financial services industry still provides the largest amount of candidates to pursue the qualification across the world. Many students are looking to further their place in the industry and have specific goals, so look to an MBA to help them achieve career progression.

For this reason, many schools offer a large range of finance-specific courses, both as part of their core curriculum and as optional electives. The University of Chicago’s Booth School of Business is well known for its quantitative and analytical finance focus, and traditionally places around 75% of their graduates in finance and consulting jobs. The opening of their executive MBA campuses in the financial centres of London and Singapore has also helped increase their perception among global financial services employers.

MBA candidates may also be looking to move into the financial sector from other industries. With jobs in the sector in great demand, schools that have established internship links with such finance firms can particularly help candidates looking to switch industries. The Wharton School for example, traditionally places many of its students in Wall Street firms for internships at the end of their first year.

Business schools showing notable improvements in this year’s finance rating include: • Thunderbird School of Global Management • Warwick Business School, University of Warwick • Nanyang Business School, Nanyang Technological University

Information Management 2 QS Global 200 Business Schools Report 2013/14

Information Management

2013 2012 School Country Score Band

1 1 Sloan School of Management, Massachusetts Institute of United States 100.0 3 Technology (MIT) 2 2 Harvard Business School United States 100.0 3 3 4 Stanford University Graduate School of Business United States 100.0 3 4 6 IE Business School Spain 100.0 3 5 3 INSEAD - France France 100.0 3 6 7 London Business School United Kingdom 100.0 3 7 5 The Wharton School, University of Pennsylvania United States 100.0 3 8 9 The Kellogg School of Management, Northwestern University United States 99.7 3 9 8 Columbia Business School, Columbia University United States 99.4 3 10 11 Haas School of Business, UC Berkeley United States 94.2 3 11 13 The University of Chicago Booth School of Business United States 93.9 3 12 14 Indian Institute of Management, Ahmedabad India 92.4 3 13 18 UCLA Anderson School of Management United States 92.2 3 14 15 Stern School of Business, New York University (NYU) United States 89.4 3 15 21 Melbourne Business School, The University of Melbourne Australia 88.9 3 16 16 IESE Business School, University of Navarra Spain 87.7 3 17 102 WHU Otto Beisheim School of Management Germany 86.7 3 18 17 HEC MBA Program (Paris) France 84.8 3 19 22 Indian Institute of Management, Bangalore India 82.0 3 20 19 University of Michigan, Ross School of Business United States 80.6 3 21 25 SDA Bocconi School of Management Italy 78.1 3 22 20 ESADE Business School Spain 77.5 3 23 12 IMD Switzerland 73.7 3 24 27 Indian Institute of Management Calcutta India 69.0 3 25 23 NUS Business School, National University of Singapore Singapore 67.3 3 26 24 The Fuqua School of Business, Duke University United States 67.2 3 27 10 Tepper School of Business, Carnegie Mellon University United States 66.9 3

2013 2012 School Country Score Band

28 34 Indian School of Business India 66.6 3 29 51 S.C. Johnson Graduate School of Management, Cornell United States 65.0 3 University 30 43 The St.Gallen MBA, University of St.Gallen Switzerland 64.2 3 31 36 Thunderbird School of Global Management United States 60.0 3 32 33 The HKUST Business School Hong Kong 59.2 3 33 46 Kenan-Flagler Business School, University of North Carolina United States 55.5 3 34 38 Monash University Faculty of Business and Economics Australia 54.5 3 35 45 Joseph L. Rotman School of Management, University of Canada 54.1 3 Toronto 36 30 Richard Ivey School of Business, The University of Western Canada 52.0 3 Ontario 37 31 Nanyang Business School, Nanyang Technological University Singapore 51.6 3 38 42 Yale School of Management, Yale University United States 48.0 2 39 44 Oxford University, Said Business School United Kingdom 47.4 2 40 54 Judge Business School, University of Cambridge United Kingdom 44.8 2 41 29 Krannert School of Management, Purdue University United States 44.6 2 42 124 Trinity MBA,University of Dublin, Trinity College Ireland 44.4 2 43 28 The University of Hong Kong, Faculty of Business and Hong Kong 42.8 2 Economics 44 49 Boston University School of Management United States 42.6 2 45 37 Warwick Business School, University of Warwick United Kingdom 42.4 2 46 65 Vlerick Leuven Gent Management School Belgium 40.4 2 47 40 University of Massachusetts Boston MBA Program United States 40.3 2 48 39 Instituto Tecnologico Autonomo de Mexico (ITAM) Mexico 40.2 2 49 50 Asian Institute of Management Philippines 39.3 2 50 47 EGADE-Tecnologico de Monterrey, Campus Monterrey Mexico 37.8 2

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

MIT, Harvard and Stanford all appear strongly at the head of the information management rating. MIT has long been seen as a leader in this field, combining world-class technical research with international management and strategy expertise. The school offers two highly regarded programs - Leaders for Global Operations (LGO) and Systems Design and Management (SDM) - with the MIT faculty of engineering. This allows MBAs to take advantage of the cutting-edge research resources of the world’s number one engineering faculty, as confirmed by the QS World University Rankings.

Stanford’s Graduate School of Business also features among the top performers in the information management rating, with good links to many of the world’s top technology companies based in and around the surrounding area of San Francisco Bay. Other schools from North America that appear strongly include the Wharton School, Kellogg School of Management, Northwestern University, Columbia Business School and Haas School of Business, UC Berkeley.

In Europe, IE Business School, INSEAD and London Business School, appear as the top rated schools through the eyes of employers. INSEAD boasts world-class faculty in the field of information management, found at the technology and operations management area within the school. IE and HEC similarly both have world-class faculty in this topic, publishing numerous research papers covering developments in information management.

Business schools that have made considerable gains in employer reputation for their teaching of information management to MBA students include:

• WHU Otto Beisheim School of Management

• S.C. Johnson Graduate School of Management, Cornell University

• The St.Gallen MBA, University of St.Gallen

• Kenan-Flagler Business School, University of North Carolina

• Joseph L. Rotman School of Management, University of Toronto

• Judge Business School, University of Cambridge

• Trinity MBA, University of Dublin, Trinity College

• Vlerick Leuven Gent Management School

There are 11 Asian-Pacific schools featured in the information management report, more than are found in many other specializations. IIM Ahmedabad appears highest, followed by other technically renowned schools such as Melbourne Business School, IIM Bangalore, and IIM Calcutta. Indian School of Business and the The HKUST Business School also feature strongly.

The fast-growing global importance of information management to the business world has created an increase in the demand for MBA graduates with technical skills over the past decade. Of particular note is the fast-paced growth in technology, specifically new platforms such as social networking formed on the back of the rapid integration of the online domain into everyday life.

This shift has also seen growth in the number of prospective MBA candidates with IT and engineering backgrounds who look to build on their technical skills, instead of looking to switch to the traditionally popular MBA industries such as finance, general management or consulting. Importance has now been placed on combining world-class management skills with already established technical expertise.

Business schools excelling in the field have looked to reflect this demand from students and MBA employers within their MBA curricula, with growth in the number of MBA programs specifically designed for technical students. Specializations like

information and technology management, for example, systems integration, back office, and knowledge management are an attraction for engineers, keen to make the transition from a technical specialist to a technical manager.

Although the traditional view of the MBA curriculum focuses on general management, many large and specialist business schools offer electives for MBAs to specialize in information and technology management.

When comparing MBA programs, prospective students should consider the percentage of the current class who have similar technical backgrounds, and more importantly the percentage of recent graduates who have graduated to roles similar to that which they seek themselves. If it is a technical management role that is being sought, then graduating class data will reflect how competent a school is at providing this opportunity. The main employers who recruit at a school, and the specific roles for which they recruit, will also give an indication of the school’s ability to attract technically-focused recruiters.

Business schools showing notable improvements in this year’s information management rating include: • WHU Otto Beisheim School of Management • S.C. Johnson Graduate School of Management, Cornell University • Judge Business School, University of Cambridge • Trinity MBA,University of Dublin, Trinity College • Vlerick Leuven Gent Management School

Innovation 2 QS Global 200 Business Schools Report 2013/14

Innovation

2013 2012 School Country Score Band

1 1 Stanford University Graduate School of Business United States 100.0 3 2 3 Harvard Business School United States 100.0 3 3 2 Sloan School of Management, Massachusetts Institute of United States 100.0 3 Technology (MIT) 4 4 INSEAD - France France 100.0 3 5 7 IE Business School Spain 100.0 3 6 5 The Wharton School, University of Pennsylvania United States 100.0 3 7 6 London Business School United Kingdom 100.0 3 8 9 IMD Switzerland 98.5 3 9 8 The Kellogg School of Management, Northwestern United States 98.2 3 University 10 10 IESE Business School, University of Navarra Spain 98.1 3 11 13 Indian Institute of Management, Ahmedabad India 93.6 3 12 14 The University of Chicago Booth School of Business United States 92.8 3 13 12 Columbia Business School, Columbia University United States 91.4 3 14 15 Haas School of Business, UC Berkeley United States 88.7 3 15 17 Indian Institute of Management, Bangalore India 88.4 3 16 11 Stern School of Business, New York University (NYU) United States 81.8 3 17 18 Yale School of Management, Yale University United States 78.1 3 18 21 Oxford University, Said Business School United Kingdom 74.7 3 19 19 UCLA Anderson School of Management United States 72.0 3 20 23 ESADE Business School Spain 71.0 3 21 16 Tepper School of Business, Carnegie Mellon University United States 67.6 3 22 42 Joseph L. Rotman School of Management, University of Canada 67.5 3 Toronto 23 26 SDA Bocconi School of Management Italy 65.4 3 24 25 Judge Business School, University of Cambridge United Kingdom 65.1 3 25 20 The HKUST Business School Hong Kong 63.8 3 26 29 Indian School of Business India 62.1 3

2013 2012 School Country Score Band

27 28 HEC MBA Program (Paris) France 61.5 3 28 22 University of Virginia Darden School of Business United States 60.4 3 29 32 Indian Institute of Management Calcutta India 60.3 3 30 39 S.C. Johnson Graduate School of Management, Cornell United States 55.5 3 University 31 31 The University of Hong Kong, Faculty of Business and Hong Kong 54.5 3 Economics 32 30 Melbourne Business School, The University of Melbourne Australia 51.0 3 33 34 Boston University School of Management United States 50.6 3 34 27 University of Michigan, Ross School of Business United States 49.4 2 35 46 The St.Gallen MBA, University of St.Gallen Switzerland 47.2 2 36 36 The Fuqua School of Business, Duke University United States 45.6 2 37 44 Thunderbird School of Global Management United States 45.2 2 38 35 Kenan-Flagler Business School, University of North United States 44.3 2 Carolina 39 38 Babson College United States 43.1 2 40 33 Desautels Faculty of Management at McGill University Canada 42.5 2 41 45 Instituto Tecnologico Autonomo de Mexico (ITAM) Mexico 37.8 2 42 43 Manchester Business School, The University of Manchester United Kingdom 37.0 2 43 55 Queen's School of Business Canada 33.8 2 44 37 NUS Business School, National University of Singapore Singapore 32.5 2 45 52 Imperial College Business School, Imperial College London United Kingdom 31.6 2 46 53 Ashridge Business School United Kingdom 31.6 2 47 40 Richard Ivey School of Business, The University of Western Canada 30.0 2 Ontario 48 61 ESSEC Business School France 29.4 2 49 60 HEC Montreal Canada 29.3 2 50 51 EMLYON Business School France 29.2 2

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Stanford retains the top spot for innovation, ahead of fellow US schools Harvard and MIT Sloan. The top ten is split 50/50 between schools from North America and Europe, with five US schools joined by two from Spain (IE and IESE Navarra), and one apiece from France (INSEAD) and the UK (LBS). Wharton and Kellogg School of Management make up the remaining spots in the top ten. Each of these schools hold established records at developing high-profile innovative business leaders across industries, often achieved through differing methods.

In Asia, Indian business schools are again showing their rapid development, with the two Indian Institute of Managements in Ahmedabad and Bangaloreretaining their places in the top 20. The Indian School of Business and the Indian Institute of Management in Calcutta also show good progress in the eyes of employers seeking MBA graduates versed in innovation.

Elsewhere in the Asia-Pacific region, HKUST Business School, the University of Hong Kong and Melbourne Business School are well respected by MBA employers and recruiters.

Other business schools that have gained significantly in employer opinion for innovation include:

• Joseph L. Rotman School of Management, University of Toronto

• S.C. Johnson Graduate School of Management, Cornell University

• The St.Gallen MBA, University of St.Gallen

• Queen's School of Business

• ESSEC Business School

• HEC Montreal

Innovation has long been both the cause and effect of developments in MBA curricula taught at the world’s highest respected business schools. With the stories of many famous business leaders beginning through innovations of new or current processes and technology, schools understand the importance of developing the ability to form innovative ideas and implementing them in the future business world.

Many faculty members at top business schools see the practical application of their teaching and research, particularly by the graduates who pass through their MBA programs, as their contribution towards the development of long-term business methods and procedures. Schools try to offer their support in creating a working environment to best foster management innovation in their students.

Sherring Ng, head of marketing and admissions of HKUST Business School’s MBA programs stresses the importance of innovation in order to foster sustainable growth in business: “Innovation helps to improve productivity, add value to the existing services or product or improve efficiency of business operations. Employers value innovation because employees with this competence are likely to help the companies to create new products, processes, or services which will meet the ever- changing demand in the market and sustain business growth.”

Ng continues, explaining what innovation at MBA level involves:“A specialization in innovation entails creativity, imagination and open-mindedness to new ideas. To facilitate a specialization in innovation, a business school has to be supportive to new ideas; it should build up a positive atmosphere that encourages people to express their own opinion and to take risk. Communication channels and occasions that allow collections of new ideas and experimentation will facilitate the innovation process.”

When considering MBA programs that will help encourage innovation in management, there are a number of factors to consider.

One important consideration is the opportunity to interact with classmates to help build perspectives and shape business ideas, and consequently importance is placed on diversity figures of the current MBA class. If the level of interaction between MBA students is high, then it makes sense that the more diverse the class, then the more opportunity there is to learn from students with different working and cultural backgrounds or perspectives.

Further linked to this concept of creating an innovative working environment is the way in which the class is taught. A program that offers a large amount of group work and opportunities to work on case studies may find that innovation is more prevalent. Schools that teach with a case study method, such as Harvard Business School, Richard Ivey School of Business, The Darden School of Business at the University of Virginia and IESE Business School, offer their MBA students the chance to interact with classmates on real business cases, often inviting business leaders to facilitate the learning process.

Business schools showing notable improvements in this year’s innovation rating include: • Queen's School of Business • Imperial College Business School, Imperial College London • Ashridge Business School • ESSEC Business School • HEC Montreal • EMLYON Business School

International Management 2 QS Global 200 Business Schools Report 2013/14

International Management

2013 2012 School Country Score Band

1 1 INSEAD - France France 100.0 3 2 2 Harvard Business School United States 100.0 3 3 3 The Wharton School, University of Pennsylvania United States 100.0 3 4 5 London Business School United Kingdom 100.0 3 5 6 IE Business School Spain 100.0 3 6 4 Thunderbird School of Global Management United States 100.0 3 7 8 Stanford University Graduate School of Business United States 99.9 3 8 7 Marshall School of Business, University of Southern United States 99.2 3 California 9 10 Judge Business School, University of Cambridge United Kingdom 97.8 3 10 15 The University of Chicago Booth School of Business United States 97.6 3 11 14 Columbia Business School, Columbia University United States 97.4 3 12 11 The Fox School of Business, Temple University United States 97.3 3 13 12 The Kellogg School of Management, Northwestern University United States 96.4 3 14 13 IMD Switzerland 95.6 3 15 16 IESE Business School, University of Navarra Spain 93.5 3 16 9 SDA Bocconi School of Management Italy 93.4 3 17 19 Haas School of Business, UC Berkeley United States 93.1 3 18 17 Melbourne Business School, The University of Melbourne Australia 93.0 3 19 18 Sloan School of Management, Massachusetts Institute of United States 92.6 3 Technology (MIT) 20 27 HEC MBA Program (Paris) France 85.8 3 21 21 Oxford University, Said Business School United Kingdom 83.4 3 22 32 Indian Institute of Management, Ahmedabad India 76.4 3 23 22 ESADE Business School Spain 74.9 3 24 26 Boston University School of Management United States 73.8 3 25 25 Stern School of Business, New York University (NYU) United States 69.8 3 26 31 The St.Gallen MBA, University of St.Gallen Switzerland 69.4 3 27 28 UCLA Anderson School of Management United States 65.9 3 28 24 The Fuqua School of Business, Duke University United States 65.2 3

2013 2012 School Country Score Band

29 23 Richard Ivey School of Business, The University of Western Canada 62.3 3 Ontario 30 29 NUS Business School, National University of Singapore Singapore 54.9 3 31 35 Joseph L. Rotman School of Management, University of Canada 53.3 3 Toronto 32 34 University of Michigan, Ross School of Business United States 52.8 3 33 33 Tuck School of Business at Dartmouth United States 52.0 3 34 39 The University of Hong Kong, Faculty of Business and Hong Kong 50.5 3 Economics 35 41 The Australian National University, ANU College of Business Australia 50.2 3 and Economics 36 20 Darla Moore School of Business, University of South Carolina United States 49.8 2 37 58 Indian Institute of Management, Bangalore India 47.8 2 38 30 Rotterdam School of Management, Erasmus University Netherlands 45.8 2 39 46 University of New South Wales, AGSM MBA Programs Australia 44.4 2 40 65 Indian Institute of Management Calcutta India 43.9 2 41 38 Yale School of Management, Yale University United States 41.8 2 42 40 Nanyang Business School, Nanyang Technological University Singapore 39.6 2 43 50 Hult International Business School United States 39.6 2 44 120 HEC Montreal Canada 39.5 2 45 37 Manchester Business School, The University of Manchester United Kingdom 39.4 2 46 45 Indian School of Business India 38.8 2 47 48 Sydney Business School, University of Wollongong Australia 38.3 2 48 47 School of Economics and Management, Tsinghua University China 38.2 2 49 36 The HKUST Business School Hong Kong 38.1 2 50 62 Sauder School of Business, University of British Columbia Canada 36.8 2

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

INSEAD France retains its place as the number one school of international management, making it the only one of the ten MBA specializations covered in this report that is not topped by a US institution. Fellow European schools LBS and IE also make the top five, while Cambridge’s Judge Business School joins them in the top ten.

With its diverse mix of home nationalities, close international ties, and a strong global perception of MBA education, European business schools prove extremely attractive to international applicants, translating to internationally diverse classes. The international make up of the European business school’s full-time MBA programs that feature in the top 10 are impressive:

• INSEAD, France: 93% international students;

• London Business School: 91% international students;

• IE Business: 97% international students;

• Judge Business School: 97% international students.

Yet despite the prominence of European schools in the top ten, in numerical terms they are outperformed by North America, with 23, and Asia-Pacific, with 13. The leading Asia-Pacific school is Melbourne Business School, while India’s IIM Ahmedabad, Singapore’s NUS Business School, and the University of Hong Kong all feature prominently. The leading US schools are Harvard, Wharton, Thunderbird, Stanford, and Marshall School of Business, University of Southern California.

Schools rated highly in the international management ratingoften have multiple campuses across the world. INSEAD’s MBA, for instance, runs in a dual campus format, where students are able to study at either of their campuses in Singapore or France. Similarly, Thunderbird School of Global Management has locations in Switzerland, China, Russia, and Mexico, in addition to its main campus in the US.

MBA education evolves with the changing needs of a competitive economic environment, and over the past decade, international management and the need to understand management within a global context has grown significantly in importance.

Top business schools have seen the necessity of creating international MBA classroom environments that reflect the ever-increasing international working environment. A number of leading business schools have designed their curricula to focus on international management, while other schools have launched specialized MBA programs in this area.

Mark Crosby, associate professor of economics at Melbourne Business Schoolstates, “International management is increasingly becoming an integrative part of the curriculum as opposed to a standalone concentration featured in MBA programs of the past.

“Understanding the vital role that international trade plays in the world economy and the resulting implications for business is a key objective for an MBA student. Accommodating globalization, dealing with the world financial crisis, and achieving sustainable development are among the major challenges facing the world economy. “The international trading system, for example, is central to successfully addressing these and other global challenges,” he adds.

Many students who pursue a specialization in international management are driven by the desire to gain global exposure and work within a diverse and international team. Often they have international work experience and look to both study and work in a different country to their own. “The internationalization of business demands a sound working knowledge of the principles of international finance and the operation of international financial markets,” Crosby states.

Employers who responded to the latest TopMBA.com Jobs and Salary Trends Report strongly agreed that screening for language and intercultural skills is an increasingly important part of the hiring process.

Business schools showing notable improvements in this year’s international management rating include: • HEC Montreal • Sauder School of Business, University of British Columbia

Leadership 2 QS Global 200 Business Schools Report 2013/14

Leadership

2013 2012 School Country Score Band

1 1 Harvard Business School United States 100.0 3 2 2 The Wharton School, University of Pennsylvania United States 100.0 3 3 3 INSEAD - France France 100.0 3 4 4 London Business School United Kingdom 100.0 3 5 5 Stanford University Graduate School of Business United States 100.0 3 6 12 IMD Switzerland 99.8 3 7 7 IE Business School Spain 99.8 3 8 8 Columbia Business School, Columbia University United States 98.8 3 9 6 The Kellogg School of Management, Northwestern United States 98.2 3 University 10 9 The University of Chicago Booth School of Business United States 94.3 3 11 10 Sloan School of Management, Massachusetts Institute of United States 94.2 3 Technology (MIT) 12 13 IESE Business School, University of Navarra Spain 91.4 3 13 11 Tuck School of Business at Dartmouth United States 86.9 3 14 18 Oxford University, Said Business School United Kingdom 82.0 3 15 20 Indian Institute of Management, Ahmedabad India 82.0 3 16 29 HEC MBA Program (Paris) France 72.3 3 17 31 Indian Institute of Management, Bangalore India 68.1 3 18 17 UCLA Anderson School of Management United States 67.4 3 19 21 NUS Business School, National University of Singapore Singapore 64.8 3 20 26 Melbourne Business School, The University of Melbourne Australia 62.9 3 21 14 University of Michigan, Ross School of Business United States 60.8 3 22 39 Indian Institute of Management Calcutta India 60.2 3 23 25 Yale School of Management, Yale University United States 60.0 3 24 24 Kenan-Flagler Business School, University of North Carolina United States 58.2 3 25 28 The St.Gallen MBA, University of St.Gallen Switzerland 56.1 3 26 33 Haas School of Business, UC Berkeley United States 53.6 3 27 27 ESADE Business School Spain 53.6 3

2013 2012 School Country Score Band

28 16 Richard Ivey School of Business, The University of Western Canada 52.8 3 Ontario 29 15 Stern School of Business, New York University (NYU) United States 51.3 3 30 30 University of Virginia Darden School of Business United States 51.3 3 31 22 S.C. Johnson Graduate School of Management, Cornell United States 51.2 3 University 32 37 Judge Business School, University of Cambridge United Kingdom 50.0 3 33 35 SDA Bocconi School of Management Italy 48.9 2 34 41 Indian School of Business India 46.6 2 35 42 Joseph L. Rotman School of Management, University of Canada 45.7 2 Toronto 36 40 The University of Hong Kong, Faculty of Business and Hong Kong 44.4 2 Economics 37 32 Thunderbird School of Global Management United States 43.7 2 38 43 Boston University School of Management United States 42.2 2 39 36 Cranfield School of Management United Kingdom 40.9 2 40 19 The Fuqua School of Business, Duke University United States 40.8 2 41 23 McDonough School of Business, Georgetown University United States 39.5 2 42 98 Mannheim Business School Germany 38.2 2 43 34 Lancaster University Management School United Kingdom 35.9 2 44 47 Tepper School of Business, Carnegie Mellon University United States 35.8 2 45 38 Henley Business School United Kingdom 34.5 2 46 50 Copenhagen Business School Denmark 33.4 2 47 48 Warwick Business School, University of Warwick United Kingdom 32.5 2 48 46 Ashridge Business School United Kingdom 31.3 2 49 45 Nanyang Business School, Nanyang Technological Singapore 30.7 2 University 50 53 Queen's School of Business Canada 27.8 2

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Harvard retains the top spot in the leadership rating for a fourth consecutive year, one of five subject specializations in which it is rated number one by MBA employers this year. Harvard’s preeminence in this particular area does not come as a surprise, as historically it has produced more Fortune 500 CEOs than any other business school.

The list is dominated by big-name schools in the Elite Global category, with the same top five this year as in 2012. The only major change at the top of the table comes as IMD jumps from 12th to sixth, while The Kellogg School of Management drops three places to ninth.

A total of eight UK schools feature in the top 50, amongst a total of 18 European schools. LBS is joined in the top 20 by Oxford’s Said Business School, with Cambridge’s Judge Business School and Cranfield School of Management also featuring prominently.

INSEAD and London Business School have a longstanding reputation for leadership development on their MBA programs. Both offer very different approaches; however they also have similarities in that both schools have widened and developed their executive education curriculum, allowing their MBA students to benefit from interaction with senior business leaders.

Other European schools featuring prominently in the ratings include Switzerland’s IMD, as well as Spanish schools IE and IESE. IMD in particular has an outstanding global reputation for its ability to develop individual leadership skills in its small class of MBA students.

Other top schools are adopting innovative approaches to developing MBAs’ leadership capabilities. The Wharton School for example provides leadership development training at a military academy in Quantico, Virginia as an optional part of its program, while other North American schools such as the Tuck School of Business have designed programs that are tailored to each MBA student.

At Tuck the curriculum is designed as such that MBA students can develop their leadership skills over two years, and each students has a personal leadership plan. The Richard Ivey School of Business has also tailored its program to appeal to MBA students keen to develop their leadership skills.

The leading school form the Asia-Pacific region is Indian Institute of Management, Ahmedabad, while IIM Bangalore, Singapore’s NUS Business School and Australia’s Melbourne Business School also make the global top 20 for their employer reputation.

The following schools have significantly improved their reputation for leadership among global MBA employers:

• HEC MBA Program (Paris)

• Indian Institute of Management, Bangalore

• Indian Institute of Management Calcutta

• Mannheim Business School

Business schools showing notable improvements in this year’s leadership rating include: • Mannheim Business School • Queen's School of Business

Marketing 2 QS Global 200 Business Schools Report 2013/14

Marketing

2013 2012 School Country Score Band

1 1 The Kellogg School of Management, Northwestern University United States 100.0 3 2 3 Harvard Business School United States 100.0 3 3 2 The Wharton School, University of Pennsylvania United States 100.0 3 4 4 INSEAD - France France 99.9 3 5 5 IE Business School Spain 99.9 3 6 7 Stanford University Graduate School of Business United States 99.3 3 7 8 London Business School United Kingdom 99.0 3 8 16 Columbia Business School, Columbia University United States 96.5 3 9 9 UCLA Anderson School of Management United States 96.3 3 10 6 Judge Business School, University of Cambridge United Kingdom 96.3 3 11 13 Haas School of Business, UC Berkeley United States 96.1 3 12 11 SDA Bocconi School of Management Italy 96.0 3 13 14 Sloan School of Management, Massachusetts Institute of United States 95.1 3 Technology (MIT) 14 18 The University of Chicago Booth School of Business United States 94.8 3 15 12 University of Michigan, Ross School of Business United States 94.2 3 16 10 The Fuqua School of Business, Duke University United States 94.1 3 17 15 Indian Institute of Management, Ahmedabad India 90.0 3 18 21 ESADE Business School Spain 87.1 3 19 17 Stern School of Business, New York University (NYU) United States 86.6 3 20 20 Melbourne Business School, The University of Melbourne Australia 83.5 3 21 19 Tuck School of Business at Dartmouth United States 82.7 3 22 22 Oxford University, Said Business School United Kingdom 79.5 3 23 26 IESE Business School, University of Navarra Spain 76.9 3 24 24 University of Virginia Darden School of Business United States 74.7 3 25 23 NUS Business School, National University of Singapore Singapore 73.4 3 26 28 IMD Switzerland 71.6 3 27 25 Warwick Business School, University of Warwick United Kingdom 70.5 3 28 29 HEC MBA Program (Paris) France 64.4 3

2013 2012 School Country Score Band

29 27 Indian Institute of Management, Bangalore India 63.7 3 30 32 Thunderbird School of Global Management United States 56.1 3 31 30 Manchester Business School, The University of Manchester United Kingdom 50.4 3 32 35 Sauder School of Business, University of British Columbia Canada 48.7 2 33 31 ESSEC Business School France 48.1 2 34 52 Joseph L. Rotman School of Management, University of Toronto Canada 47.1 2 35 41 Sydney Business School, University of Wollongong Australia 44.4 2 36 33 Marshall School of Business, University of Southern California United States 44.3 2 37 38 Kelley School of Business, Indiana University United States 42.6 2 38 37 Rotterdam School of Management, Erasmus University Netherlands 41.6 2 39 54 S.C. Johnson Graduate School of Management, Cornell United States 41.4 2 University 40 42 University of New South Wales, AGSM MBA Programs Australia 40.1 2 41 36 The Johns Hopkins Carey Business School United States 39.8 2 42 34 S. P. Jain Institute of Management and Research India 39.3 2 43 87 York University, Schulich School of Business Canada 38.3 2 44 45 McDonough School of Business, Georgetown University United States 36.9 2 45 55 ESIC Business & Marketing School Spain 36.4 2 46 40 Cranfield School of Management United Kingdom 36.1 2 47 60 The St.Gallen MBA, University of St.Gallen Switzerland 35.3 2 48 39 UQ Business School, University of Queensland Australia 34.9 2 49 44 Kenan-Flagler Business School, University of North Carolina United States 34.9 2 50 43 Goizueta Business School, Emory University United States 33.8 2

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

The Kellogg School of Management claims the top spot for the third successive year, underlying its status as the world’s most prestigious source of top marketing talent. The school’s research output delivered by its world-class faculty can be found in the top business marketing journals, and it continues to be among the most sought after for MBA graduates with an expertise in the field of marketing.

Fellow US schools Harvard and Wharton takes spots two and three. The schools are well known for their published marketing research, as well as their analytical tools. Columbia Business School is this year’s biggest climber at the top of the table, rising from 16th in 2012 to eighth this year. Stanford and UCLA are the other US schools in the top ten.

In Europe, marketing expertise is dispersed across many countries. France’s INSEAD, Spain’s IE Business School, and the UK’s London Business School and Cambridge Judge Business School all make the top ten. SDA Bocconi and ESADE Business School continue to be held in high regard for their marketing electives among employers, both featuring in the top 20.

Seven business schools in the Asia-Pacific region feature in the marketing ratings. Of them, IIM Ahmedabad in India received the highest rating, while Australia’s Melbourne Business School is the only other Asia-Pacific school in the top 20.

The following schools have significantly improved their reputation for marketing among global MBA employers:

• Columbia Business School, Columbia University

• Joseph L. Rotman School of Management, University of Toronto

• Sydney Business School, University of Wollongong

• S.C. Johnson Graduate School of Management, Cornell University

• York University, Schulich School of Business

• ESIC Business & Marketing School

The fast paced technological evolution over the past few decades has changed the shape of marketing for ever, heightening its importance in the business world. In order to meet these demands, many business schools have emphasized the nurturing of marketing skills in their curricula.

In particular, the increased dominance of the internet, online social media platforms, and the collation of databases containing detailed customer profiles, has heightened the value and sophistication of marketing tools for achieving competitive advantage. The latest QS TopMBA.com Jobs and Salary Trends Report shows that the majority of employers across the world find marketing skills among MBA graduates important, and over the past few years business schools are building on this competitive advantage through offering their students an increase in the amount and variety of marketing focused courses and electives as part of their MBA programs.

Nitin Pangarkar, associate professor and academic director of the MBA program at NUS Business School, explains that marketing is a hugely important aspect of business management. “Students pursuing the marketing specialization take courses addressing aspects such as consumer behavior, marketing research, channel management and pricing, plus product and brand management,” Pangarkar states. “Through these courses, students come to acquire an in-depth understanding of classic concepts as well as new ideas in marketing. Students also acquire insights into the practice of these ideas.”

Many of the top business schools in marketing are renowned not only for producing world-class MBA graduates in the field, but also for their strong marketing faculty and research. Many widely available marketing journals publish work from the top business schools featured in the rating.

Business schools showing notable improvements in this year’s leadership rating include: • Joseph L. Rotman School of Management, University of Toronto • S.C. Johnson Graduate School of Management, Cornell University • York University, Schulich School of Business • ESIC Business & Marketing School • The St.Gallen MBA, University of St.Gallen

Operations Management 2 QS Global 200 Business Schools Report 2013/14

Operations Management

2013 2012 School Country Score Band

1 2 Harvard Business School United States 100.0 3 2 1 Sloan School of Management, Massachusetts Institute of United States 100.0 3 Technology (MIT) 3 5 INSEAD - France France 100.0 3 4 3 The Wharton School, University of Pennsylvania United States 100.0 3 5 6 IE Business School Spain 100.0 3 6 4 Stanford University Graduate School of Business United States 100.0 3 7 7 London Business School United Kingdom 100.0 3 8 8 IMD Switzerland 100.0 3 9 12 IESE Business School, University of Navarra Spain 99.2 3 10 11 The University of Chicago Booth School of Business United States 96.9 3 11 10 The Kellogg School of Management, Northwestern University United States 96.6 3 12 16 Columbia Business School, Columbia University United States 95.8 3 13 14 Indian Institute of Management, Ahmedabad India 94.4 3 14 9 Krannert School of Management, Purdue University United States 93.5 3 15 18 ESADE Business School Spain 90.5 3 16 15 University of Michigan, Ross School of Business United States 88.6 3 17 13 Tepper School of Business, Carnegie Mellon University United States 88.0 3 18 17 Warwick Business School, University of Warwick United Kingdom 87.8 3 19 24 Indian Institute of Management, Bangalore India 84.6 3 20 19 Cranfield School of Management United Kingdom 83.2 3 21 20 Indian School of Business India 83.0 3 22 21 Stern School of Business, New York University (NYU) United States 73.0 3 23 25 SDA Bocconi School of Management Italy 70.5 3 24 23 HEC MBA Program (Paris) France 67.8 3 25 74 WHU Otto Beisheim School of Management Germany 67.6 3 26 22 The Fuqua School of Business, Duke University United States 67.4 3 27 31 UCLA Anderson School of Management United States 66.8 3 28 39 Haas School of Business, UC Berkeley United States 66.2 3

2013 2012 School Country Score Band

29 33 Melbourne Business School, The University of Melbourne Australia 61.3 3

30 41 The St.Gallen MBA, University of St.Gallen Switzerland 56.1 3 31 30 Vanderbilt University, Owen Graduate School of Management United States 55.5 3 32 28 Manchester Business School, The University of Manchester United Kingdom 54.1 3 33 58 Copenhagen Business School Denmark 53.6 3 34 40 Judge Business School, University of Cambridge United Kingdom 52.6 3 35 26 Thunderbird School of Global Management United States 52.1 3 36 29 Oxford University, Said Business School United Kingdom 49.6 2 37 46 Indian Institute of Management Calcutta India 48.5 2 38 45 Boston University School of Management United States 47.6 2 39 36 S. P. Jain Institute of Management and Research India 47.0 2 40 37 Yale School of Management, Yale University United States 46.0 2 41 27 NUS Business School, National University of Singapore Singapore 44.9 2 42 82 Cass Business School United Kingdom 44.2 2 43 61 The University of Hong Kong, Faculty of Business and Hong Kong 44.1 2 Economics 44 44 Richard Ivey School of Business, The University of Western Canada 42.6 2 Ontario 45 51 Nanyang Business School, Nanyang Technological University Singapore 40.5 2 46 66 Imperial College Business School, Imperial College London United Kingdom 40.3 2 47 67 ESSEC Business School France 39.8 2 48 191 Florida International University, Graduate School of Business United States 37.8 2 49 35 Tuck School of Business at Dartmouth United States 37.7 2 50 57 Max M. Fisher College of Business, The Ohio State University United States 37.6 2 50 39 Darla Moore School of Business, University of South Carolina United States 46.8

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Harvard overtakes MIT’s Sloan School of Management to take the top spot in this year’s ranking for operations management. INSEAD also rises, taking third place ahead of the Wharton School, while IE Business School moves up into the top five ahead of Stanford. The top ten is evenly split between the US and Europe, with five apiece.

The US still dominates this area of MBA instruction, with 21 of the top 50 schools, though this number has dropped from as high as 27 two years ago as the range of leading schools targeted by employers continues to diversify. Europe now accounts for 17 of the top 50 schools, including five of the top ten, while nine schools from Asia-Pacific are featured.

IIT Ahmedabad continues to increase its global profile, moving up a single place to 13th as it edges closer to the elite schools in the top ten. IIT Bangalore and Indian School of Business are also rated highly by employers recruiting MBAs within this specialization area, with Melbourne Business School joining them in the top 30.

In Europe, UK business schools once again lead the way in operations management, accounting for eight of the 17 European schools featured. INSEAD, France is the highest rated European business school, having made the top five for the past three years.

The following schools have significantly improved their reputation for operations management among global MBA employers:

• WHU Otto Beisheim School of Management

• Haas School of Business, UC Berkeley

• The St Gallen MBA, University of St.Gallen

• Copenhagen Business School

• Cass Business School

• The University of Hong Kong, Faculty of Business and Economics

• Imperial College Business School, Imperial College London

• ESSEC Business School

• Florida International University, Graduate School of Business

An MBA specialization in operations management looks at the underlying concepts of the production and operations function of an organization, and is generally divided into two areas – the study of service operations, and manufacturing or production operations. This may encompass study in the following areas: design- related activities that form the function of a particular operation; the planning and control activities necessary to run the operation; and/or improving the way a particular operation performs its function. Operations management is often an attractive specialization for MBA students interested in following management careers in engineering, manufacturing, and logistics.

Professor Miguel Angel Heras, director of ESADE’s department of operations management and innovation explains that careers in this field can be broken down to simple key processes that are vital to many organizations.

“These processes are made up of interrelated, sequential activities through which the components and actors required (raw materials, labor, capital, information, the client, and such) are transformed into products. The key is the value added through the process as perceived by the customer, i.e. the end product has a greater value than the elements pre-process.”

Nitin Pangarkar, associate professor and academic director of the MBA program at NUS Business School adds that business management skills in operations management will be vital for some employers. “Some firms might have strategies built around specific strengths. For instance, operations are one of Walmart’s greatest strengths and, clearly, they would like to employ managers who have a good understanding of key issues in that area.”

Business schools showing notable improvements in this year’s leadership rating include: • WHU Otto Beisheim School of Management • Copenhagen Business School • Cass Business School • The University of Hong Kong, Faculty of Business and Economics • Nanyang Business School, Nanyang Technological University • Imperial College Business School, Imperial College London • ESSEC Business School • Florida International University, Graduate School of Business • Max M. Fisher College of Business, The Ohio State University

Strategy 2 QS Global 200 Business Schools Report 2013/14

Strategy

2013 2012 School Country Score Band

1 1 Harvard Business School United States 100.0 3 2 2 INSEAD - France France 100.0 3 3 3 The Wharton School, University of Pennsylvania United States 100.0 3 4 4 Stanford University Graduate School of Business United States 100.0 3 5 5 London Business School United Kingdom 100.0 3 6 7 IE Business School Spain 100.0 3 7 6 The Kellogg School of Management, Northwestern University United States 99.5 3 8 9 Columbia Business School, Columbia University United States 99.3 3 9 8 IMD Switzerland 99.1 3 10 10 The University of Chicago Booth School of Business United States 96.7 3 11 12 Sloan School of Management, Massachusetts Institute of United States 93.6 3 Technology (MIT) 12 11 IESE Business School, University of Navarra Spain 93.5 3 13 14 Indian Institute of Management, Ahmedabad India 90.9 3 14 13 Stern School of Business, New York University (NYU) United States 84.9 3 15 15 HEC MBA Program (Paris) France 82.3 3 16 23 Haas School of Business, UC Berkeley United States 67.3 3 17 18 ESADE Business School Spain 67.1 3 18 34 The St.Gallen MBA, University of St.Gallen Switzerland 66.7 3 19 22 Indian School of Business India 64.5 3 20 26 Oxford University, Said Business School United Kingdom 62.6 3 21 19 Yale School of Management, Yale University United States 61.3 3 22 28 SDA Bocconi School of Management Italy 61.2 3 23 30 Indian Institute of Management, Bangalore India 61.1 3 24 29 Judge Business School, University of Cambridge United Kingdom 59.8 3 25 16 Tuck School of Business at Dartmouth United States 59.5 3 26 27 Boston University School of Management United States 57.3 3 27 25 Tepper School of Business, Carnegie Mellon University United States 53.4 3 28 33 UCLA Anderson School of Management United States 49.5 2

2013 2012 School Country Score Band

29 67 Indian Institute of Management Calcutta India 46.9 2 30 17 University of Michigan, Ross School of Business United States 46.7 2 31 20 The Fuqua School of Business, Duke University United States 45.9 2 32 45 Desautels Faculty of Management at McGill University Canada 44.3 2 33 21 University of Virginia Darden School of Business United States 43.4 2 34 32 Thunderbird School of Global Management United States 41.6 2 35 31 Melbourne Business School, The University of Melbourne Australia 38.8 2 36 49 S.C. Johnson Graduate School of Management, Cornell United States 34.9 2 University 37 38 Richard Ivey School of Business, The University of Western Canada 34.4 2 Ontario 38 41 The University of Hong Kong, Faculty of Business and Hong Kong 33.0 2 Economics 39 50 Warwick Business School, University of Warwick United Kingdom 32.1 2 40 54 Joseph L. Rotman School of Management, University of Canada 31.5 2 Toronto 41 35 S. P. Jain Institute of Management and Research India 31.4 2 42 44 Monash University Faculty of Business and Economics Australia 30.4 2 43 73 Sauder School of Business, University of British Columbia Canada 28.4 2 43 46 ESSEC Business School France 28.4 2 45 55 Copenhagen Business School Denmark 25.5 2 46 51 Nanyang Business School, Nanyang Technological University Singapore 25.4 2 47 48 Cass Business School United Kingdom 25.0 2 48 65 Vlerick Leuven Gent Management School Belgium 24.4 1 48 68 WHU Otto Beisheim School of Management Germany 24.4 1 50 40 Manchester Business School, The University of Manchester United Kingdom 23.7 1

Source: QS Global 200 Business Schools Report 2013/14 (TopMBA.com)

Last year’s top five all retain their positions in the 2013/13 ranking for strategy, led by Harvard, INSEAD and Wharton. The top ten schools are all from the elite global category, reflecting the status of strategy as a core curriculum area prioritized by the most prestigious business schools around the world. Overall, North America accounts for 23 of the top 50 schools, compared to 18 from Europe and nine from Asia-Pacific.

Wharton, Stanford, Kellogg School of Management, Columbia Business School and Chicago Booth Business School all join Harvard in the top ten. All six leading US schools are thought-leaders in the field, with a strong teaching presence combined with high-profile research.

European business schools are considered by employers to perform very well in arming their MBA graduates with in-depth knowledge of business strategy. Nine European schools appear in the top 20, led by INSEAD, London Business School, IE and IMD.

In the Asia-Pacific region, India is currently leading the way in the MBA strategy specialization. Of the nine business schools in the Asia-Pacific region featured in the rating, five are located in India, including all of the region’s top four.

The following schools have significantly improved their reputation for operations management among global MBA employers:

• The St.Gallen MBA, University of St.Gallen

• Indian Institute of Management Calcutta

• Desautels Faculty of Management at McGill University

• S.C. Johnson Graduate School of Management, Cornell University

• Warwick Business School, University of Warwick

• Joseph L. Rotman School of Management, University of Toronto

• Sauder School of Business, University of British Columbia

• WHU Otto Beisheim School of Management

As the ratings that make up the QS Global 200 Business Schools Report are based on MBA recruiters’ opinions of MBA graduates’ abilities in strategy, MBA programs that include elements of strategy, as well as those that specialize in it are included in the ratings. Business schools that emphasize strategy as part of their standard programs, and MBA programs specifically specializing in strategy can place successful alumni in careers focusing on new commercial avenues, as well as modernizing the management of existing business structures.

Business schools showing notable improvements in this year’s leadership rating include: • Indian Institute of Management Calcutta • Joseph L. Rotman School of Management, University of Toronto • Sauder School of Business, University of British Columbia • Copenhagen Business School • Nanyang Business School, Nanyang Technological University • Vlerick Leuven Gent Management School • WHU Otto Beisheim School of Management

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