转一篇很可观的M7商学院的全面数据和比较- The M7: The Super Elite Business Schools By The Numbers

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The M7: The Super Elite Business Schools By The Numbers- by John A. Byrne

The M7.

It’s the informal super elite group of seven private business schools generally considered to have the world’s best MBA programs. If you’re in business, you know their names: Harvard, Stanford, Wharton, Kellogg, Booth, Columbia, and MIT Sloan.

You can quibble forever over whether the Magnificent 7 really should be the Terrific 10, with Dartmouth College’s Tuck School of Business, UC-Berkeley’s Haas School, and Duke University’s Fuqua School of Business thrown in for good measure.

But years ago, the deans of these top seven schools decided to form their informal network to share information and to meet twice a year, and through the years, the group has been limited by the self-anointed seven instiutions. It’s not only the deans who get together. The M7 modality cascades down to meetings among vice deans, admission directors, career management directors, even PR and marketing types.

SECRET MEETINGS TO TRADE GOSSIP, INFORMATION AND BEST PRACTICES

At the private sessions, for which the schools rotate hosting duties, business school officials trade gossip, best practices, and whatever topical issues end up on the agenda. In the aftermath of Lehman Brothers bankruptcy and the onset of the Great Recession, for example, the deans discussed how their schools were responding to the collapsing job market. There’s a good bit of jealousy about these tete a tetes, especially from the deans of schools just outside the Magic 7, who privately gripe about how elitist the whole exercise is.

From an applicant’s point of view, the M7 is something else entirely: It’s the Holy Grail of the MBA Kingdom. Every year, there’s a sizable number of applicants who will only apply to the M7 schools or a subset of them, even though there are many other business schools that are just as or nearly as good. Indeed, for some candidates, a case can easily be made why the Tuck School or the Darden School at the University of Virginia might well be preferable to an M7 institution. After all, the cutoff at seven was arbitrary to begin with and was made at a very different time.

Still, the fascination with this mysterious group and these schools can turn into an obsession for any highly striving MBA candidate. Which is why we’ve put together this comparative look at the M7 players, comparing and contrasting them by everything from GMATs and GPAs to starting salaries and job offer rates.

SURPRISES, EVEN AMONG THE SUPER ELITE

Even among these elite schools, there are surprises. For the first time ever, the average GMAT score for Wharton’s incoming class in the fall of 2014 beat the Harvard Business School. Wharton said its mean GMAT–often considered something of a proxy for the quality of a class–rose to a new record 728, up from 725 in 2013, which represented a more sizable hike from a score of 718 in the previous four years. The new record is just two points higher than Harvard’s reported 726 average so the difference isn’t all that much. But it does send a signal that Wharton is aggressively playing the GMAT game in admissions, having increased its average score by a full ten points in the past two years.

Make no mistake. When it comes to the top seven MBA programs in the world, you’re looking at the best of the best–a fraction of the 1% of business schools that routinely attract among the best students, faculty, and corporate recruiters. They boast highly achieving alumni and valuable networks of influencials in nearly every walk of life.

Our guide:

The Basics On The Latest Incoming Class At The M7 Schools

Stats	Harvard	Wharton	Columbia	Chicago	Kellogg	Stanford	MIT
Incoming Class Size	936	859	743	581	483	410	406
Acceptance Rate	12%	21%	18%	24%	22%	7%	13%
Yield	89%	69%	70%	59%	48%	80%	68%
Average GMAT	726	728	716	724	717	732	719
Average GPA	3.67%	3.60%	3.50%	3.59%	3.54%	3.73%	3.60%
Female	41%	40%	36%	35%	37%	42%	39%
International	35%	31%	41%	36%	36%	44%	40%
Minority	24%	30%	32%	14%	26%	23%	25%
Average Age	27	27	28	28	28	26	28

Source: Business school class profiles

How The M7 Rank Against Each Other

You might expect the M7 schools to all rank naturally in the top seven positions of the most credible rankings. But you would be wrong. Because rankings are based on often flawed and misinformed methodologies, the media organizations that crank out these lists often have M7 schools outside the top seven.

In fact, several highly prominent lists have some of the M7 institutions far back in the pack, in 14th, 12th, and 9th place. Bloomberg Businessweek’s 2014 list, for example, ranks MIT Sloan 14th. The Economist has Northwestern University’s Kellogg School of Management in 12th place among U.S. MBA programs and 14th overall on its global list. U.S. News & World Report‘s 2014 survey put Columbia Business School 8th, the same position thatBusinessweek relegated the Harvard Business School in 2014.

Not to toot our own horn, but it’s worth noting that every M7 school is in the top seven positions of the 2014 composite ranking by Poets&Quants, further evidence that putting together all the most influential lists in a selectively weighted fashion is the best way to get the most authoritative ranking.

Of course, looking at the overall standing of a school in MBA rankings doesn’t give you the most complete picture of the strengths and weaknesses of an MBA program. Another way to look at these rankings is to parse them by category and that’s exactly what we’ve done in taking U.S. News’ specialty ranking and showing how each of the M7 schools fare. These rankings are determined by a survey of business school deans and MBA directors.

A word of caution should be issued on these latter rankings. Because they reflect the views of deans and MBA directors who often do not have direct experience with other schools, they are more likely to be based on “perception” rather than “reality.” Kellogg, for example, has made a major push into entrepreneurship, yet the school fails to receive a rank in this category by U.S. News. Wharton, long known as a school of finance, turns up pretty high in almost all the categories ranked by U.S. News, proving once again that Wharton has clearly outgrown its narrow definition as a school of finance.

The final table on the page parses some of the more telling data from the different rankings, from Forbes‘ highly conservative estimate of the payback period for the degree (it fails to conclude scholarship grants) and U.S. News‘ surveys of corporate recruiters and academics to The Financial Times‘ alumni recommendation and academic research rankings.

2014 Rankings For the M7 MBA Programs

Stats	Stanford	Harvard	Wharton	Chicago	Columbia	Kellogg	MIT
Poets&Quants	1	2	3	4	5	6	7
U.S. News	1	1	1	4	8	6	5
Forbes	1	3	4	2	7	5	12
Businessweek	4	8	2	3	5	7	14
Financial Times	2	1	3	6	4	9	5
The Economist	7	4	9	1	8	12	10

Source: P&Q analysis

The Best M7 MBA Programs By Discipline or Specialty

Stats	Stanford	Harvard	Wharton	Chicago	Columbia	Kellogg	MIT
Accounting Rank	6	21	2	4	14	14	18
Entrepreneurship	1	4	6	12	17	NR	3
Finance	6	7	1	2	4	9	5
Management	2	1	3	10	9	4	13
Marketing	3	4	2	5	8	1	14
Non-Profit	2	3	NR	NR	8	NR	5
International Business	11	4	3	14	5	NR	19
Production & Operations	5	NR	3	NR	8	6	1
Information Systems	9	NR	6	NR	NR	NR	1
Supply Chain Logistics	4	15	7	NR	18	12	1

Source: U.S. News & World Report 2014 specialty rankings

Parsing The Rankings On The Best M7 MBA Programs

Stats	Stanford	Harvard	Wharton	Chicago	Columbia	Kellogg	MIT
U.S. News Recruiter Scores	4.6	4.6	4.6	4.4	4.3	4.4	4.5
U.S. News Peer Scores	4.8	4.8	4.8	4.8	4.4	4.7	4.7
Forbes’ Payback Period	4.1 yrs	4.0 yrs	4.0 yrs	3.7 yrs	3.9 yrs	3.8 yrs	4.0 yrs
FT’s Alum Recommendation Rank	2	1	3	4	8	6	5
FT’s Research Rank	10	1	2	7	7	13	4
FT’s Salary Increase	100%	113%	99%	100%	116%	94%	101%

Source: Various rankings

What You Can Expect To Pay & What You Can Expect To Get From An M7 School

An MBA degree from an M7 school is pretty much a sure thing. No one is going to question your decision to go to any of these schools, and very few of the graduates from these institutions regret their choice to attend. But none of this comes cheap.

The highest estimated cost of the MBA degree among these elite schools is at Stanford where the price tag, including living expenses, is now more than $200,000. Of course, that’s the price before any scholarship grants–and it turns out that if you need financial help Stanford is among the more generous business schools in the world. The average annual grant to an MBA student at Stanford is $35,830 and 52% of the students receive fellowship support from the school.

That’s an important part of the financial puzzle to keep in mind when you apply to these schools. Don’t let the sky high tuition scare you off. Stanford, Harvard, and Chicago Booth are awarding large sums of money to students that make essentially make the return on investment of their MBA degrees outrageously good. In effect, every school has a two-tier pricing structure for the MBA: the full sticker price and the discounted price. Stanford and Harvard claim to only give out money based on need, but all the other schools are using the cash to lure the best qualified applicants to their programs.

Once you’re in one of these MBA programs, you can see what kind of teaching methods you’re likely to encounter. There’s no surprise that Harvard is on the extreme end when it comes to case study teaching. The school estimates that 80% of all the learning at HBS is via the case method. It’s also no surprise that the team with the most team project work–25% is Kellogg, known around the world for its highly collaborative culture. Among the M7 schools, MIT Sloan claims that it piles on the most experiential learning, with 22% of the teaching delivered that way.

The largest core classes are at Harvard which puts as many as 94 students in a classroom. The smallest core courses are at Stanford and Chicago Booth which claim that they sign up no more than 50 students per class. Interestingly, every school estimates that the typical class size for electives is exactly 43 students.

Costs Of An M7 MBA Degree

Stats	Stanford	Harvard	Wharton	Chicago	Columbia	Kellogg	MIT
Total Estimated Cost	$202,870	$190,028	$195,084	$189,866	$192,936	$177,614	$192,028
Two-Year Tuition	$123,750	$117,750	$136,420	$123,040	$126,296	$123,192	$127,500
Student Debt Burden	$77,599	$78,991	$117,200*	$72,959*	$114,800*	$88,740*	$80,598

Source: P&Q analysis

The M7 Scholarship Grants

Stats	Stanford	Harvard	Wharton*	Chicago*	Columbia*	Kellogg	MIT*
Total Scholarship Money	$15.7 million	$31.5 million	$16.9 million	$16.3 million	$10.1 million	$11.8 million	$8.1 million
% of Gross Tuition	31.0%	28.6%	14.8%	22.6%	12.5%	27.9%	15.6%
Average Annual Grant	$35,830	$32,000	$30,500	$30,000	$20,500	$22,800	$28,220
% of MBAs on Scholarship	52%	50%	33%	60%	46%	35%	35%

Source: P&Q analysis

The M7 MBA Experience

Stats	Stanford	Harvard	Wharton	Chicago	Columbia	Kellogg	MIT
Case Study Teaching	40%	80%	40%	30%*	40%	30%	30%
Lecture Teaching	20%	——-	30%	40%*	30%	28%	20%
Experiential Learning	15%	5%	10%	——-	——-	——-	22%
Team Project Learning	——-	10%	——-	10%*	15%	25%	——-
Size of Core Classes	50	94	57	50	66	58	66
Size of Elective Classes	43	43	43	43	43	43	43

Source: Business schools reporting to Bloomberg Businessweek

Pay, Placement & Industry Choices Of M7 Graduates

The payoff of an M7 education is indisputable. There are few educational degrees, with the exception of a degree in computer science, that payoff as quickly as an MBA from one of these top schools and–more importantly–builds on its value over the course of a career. The first-year compensation package for M7 grads tends to be above $150,000, once you include a sign-on bonus, other year-end compensation, and possible stock options and perks that schools don’t even bother to tally.

Where M7 grads actually end up varies by school, but all of these institutions have world-class companies and organizations regularly recruiting their MBAs.

The Pay & Placement Rates For M7 MBAs

Stats	Harvard	Stanford	Wharton	Columbia	MIT	Chicago	Kellogg
20-Year Pay	$3,233,000	$3,011,000	$2,989,000	$2,796,000	$2,723,000	$2,558,000	$2,544,600
2014 Median Salary	$125,000	$125,000	$125,000	$119,400	$124,400	$120,000	$120,000
2014 Median Sign-On Bonus	$25,000	$25,000	$25,000	$25,000	$25,000	$25,000	$25,000
2014 Median Other Comp	$34,700	$31,500	$27,000	$22,390	$20,000	$26,000	——–
2014 Median Total Comp	$184,700	$181,500	$177,000	$166,790	$169,400	$171,000	$145,000
2014 Offers at Graduation	88%	80%	88%	83%	86%	90%	85%
2014 Offers 3 Months Later	93%	94%	98%	97%	95%	98%	94%

Source: Business school employment reports & Payscale

Notes: 20-year income estimates are by Payscale and reflect historical income up to 2013 and not future income; 2014 median total is comp reflects all three key pay components together, though not all graduates receive all three

How Industry Choices In 2014 Compare Across the M7 Schools

Industry	Kellogg	Harvard	Stanford	Wharton	Chicago	Columbia*	MIT
Consulting	35%	23%	16%	26%	28%	34%	34%
Finance	14%	33%	29%	36%	36%	35%	14%
Technology	18%	17%	24%	14%	14%	12%	26%
Consumer Products/Retail	14%	7%	8%	10%	8%	6%	11%
Healthcare	6%	5%	4%	6%	2%	2%	6%
Manufacturing	5%	5%	1%	2%	2%	1%	3%
Energy	2%	2%	2%	2%	3%	——	2%
Media/Entertainment	1%	3%	4%	2%	2%	2%	2%
Non-Profit/Government	1%	3%	6%	2%	2%	2%	—–
Real Estate	1%	2%	2%	2%	1%	3%	—–
Starting A Business	5%	8%	17%	7%	2%	3%	7%

Source: 2014 school employment reports

Notes: * Indicates that the school includes sponsored students in its numbers. If Columbia subtracted out the sponsored students in consulting, for example, the percentage going into that industry would fall to 26% from 34%. Some categories are not always exactly the same across the schools.

The M7 Alumni Networks

Stats	Stanford	Harvard	Wharton	Chicago	Columbia	Kellogg	MIT
Total Living Alumni	18,142	80,917	43,144	48,968	42,361	46,675	12,122
Active Alumni Clubs	92	106	73	91	71	70	7
Countries With Alumni Clubs	36	48	36	40	39	57	4
Fortune 500 CEO Alums	10	40	13	7	4	6	0

Source: P&Q analysis

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