I am exploring my options for undergrad business programs and was wondering how US News and World Report determines its rankings. What factors do they consider? Essentially, what makes a 'top' business school according to them?
The rankings by U.S. News & World Report for undergraduate business programs are compiled based on several metrics which they consider to evaluate the quality of the educational programs. Here's how they go about it:
Firstly, the U.S. News & World Report relies heavily on peer assessment surveys. They send out surveys to deans and senior faculty at undergraduate business programs accredited by AACSB International (Association to Advance Collegiate Schools of Business). Respondents are asked to rate the quality of all the programs they are familiar with, on a scale of 1 (marginal) to 5 (distinguished).
Secondly, they use data from the schools themselves. This includes various indicators like the average salary and bonus of graduates, the employment rate of graduates, student selectivity (average GMAT and GPAT scores, acceptance rate), faculty resources (faculty/student ratio), and more.
Lastly, U.S News makes distinction for Specialty Rankings. These rankings of specialty areas are based solely on ratings by business school deans and directors of accredited MBA programs from the list of schools surveyed. They were asked to nominate up to 10 programs for excellence in the specific areas listed.
So, in essence, the "top" (or highly-ranked) undergraduate business programs according to U.S. News & World Report are ones that are highly regarded by their peers, have a track record of successful post-graduation outcomes, select highly qualified students, and offer a good student-faculty ratio among other factors.
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