Higher education is big business. There are commercial training programs to help students navigate the K-12 system, pass the college entrance exams, and select the right college based on published rankings.
In late March, Bloomberg Businessweek produced the 2012 ratings for 124 undergraduate business programs (additional information can be found at www.businessweek.com). They use nine different measures of student satisfaction, post-graduation outcomes, and academic quality to determine the overall rankings.
The following rankings, from Bloomberg Businessweek, show scores for Notre Dame, the top ranked school, and the three largest Colorado undergraduate programs.The Daniels School is clearly the top ranked undergraduate business school in Colorado, yet it is rated near the bottom of the second quartile of schools. CU and CSU have similar ratings and are on the border of the fourth quartile.
The Leeds School is ranked in the bottom quartile in all of the core subject matters. (The state deserves better from its flagship institution).
CU and DU are in the top quartile for their sustainability and ethics classes respectively. If CU and DU are good enough to be top ranked in specialty programs, why aren’t their core classes stronger?
Of the three schools, CSU is clearly the best buy, in terms of cost and quality.
Over time there is usually minimal variance in the rankings, i.e. schools move up and down within a certain range. When looking at rankings over several years it is important to note that there has been a steady increase in the number of schools ranked.
In 2008 Notre Dame was ranked 3rd of 96 schools. It has obviously improved in the rankings, although it didn’t have far to move. It is now 1st of 124 colleges.
Of the Colorado schools, the Daniels School at the University of Denver has improved the most. It was ranked 67th of 96 (70%) in 2008 and is now 57th of 124 (46%) in 2012.
The business school at Colorado State University has stayed the same. It was ranked 73rd of 96 (76%) in 2008 and is now 94th of 124 (76%). It remains in the bottom quartile of schools for its overall ranking.
And the Leeds School has escaped the bottom quadrant (barely). In 2008 it was ranked 83rd of 96 (86%) and it is now 92nd of 124 (74%).
These rankings are much like the BCS rankings in football. They are meaningful to the schools in the upper echelon and provide prestige and bragging rights. As well, they help the schools attract quality students and donors to the program.
The schools below the elite level have deficiencies, based on the ranking criteria. Many college officials tend to respond by saying, “The rankings don’t really matter” or “They just don’t take into account the challenges we face.” or “The criteria don’t really capture what a great school we are.”
There are many variables for measuring the quality of a business education. Most importantly, students must find a program that meets their individual needs. Then they must demonstrate willingness and motivation to learn. When that happens the rankings are irrelevant.
©Copyright 2011 by CBER.