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SEPTEMBER 30, 2008

And the Best Executive M.B.A. Programs In 2008 Are...

In theJournal's firstsurvey, two schools standfarabovetherest

BySAMAR SRIVASTAVA

Executive M.B.A. programs make a big promise: They'll turn up-and-comingmanagers intofull-fledged leaders, showing them howtothink strategically,inspire their staff and expand the business.So, which schools do the best job of delivering on that bold talk? That's what weset out to measure in The Wall Street Journal's first survey of executive M.B.A.programs. Working with Management Research Group and Critical Insights, we askedthousands of students and hundreds of companies to rank executive M.B.A.programs in a host of categories, with a focus on howwell they developmanagement and leadership skills. The result is a ranking of 25 schools world-wide that takes into account the rigor needed to build tomorrow'scorporate leaders and C-suite executives.Topping the list:Northwestern University's Kellogg School of Management, which ranked No. 1, and theUniversity of Pennsylvania's WhartonSchool, whichcame in No. 2. The twoschools have among the largest E.M.B.A. programs, with406 students currentlyenrolled inWharton's two programs and 843 candidatesin the seven Kellogg programs, including four international partnerships and asatellite campus in Miami. What set Kellogg and Wharton apart? The schools got high marks fromcompanies -- nearly double those of their nearest competitors -- which gave thema clear lead overall. And those stellar grades far outpaced their lower marks fromstudents.Kellogg and Wharton were ranked at the top more often bycompanies bya widemarginover their competitors. What's more, corporate scores varied the most inour surveys, with the leaders outpacing the middle of the pack, and the middleschools leaving the laggards far behind. That variation and wide lead shifted theoverall rank infavor of Kellogg and Wharton.

Executive M.B.A. Rankings

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Incontrast, student surveyscores showed less variation. Kellogg, for example, which ranked No. 15 in the student survey, had a score much closer to that of theleading schools. In a few cases, like that of the No. 1 school in the studentranking, theUniversityof North Carolina's Kenan-Flagler Business School, aschool's student score was strong enough that the school made the top five.Inall, we surveyed 4,060 students and recent grads from 72 executive M.B.A.programs at 53 business schools in nine countries on howwell their programenhanced leadership and management skills; 62% responded. We also surveyed 455 human-resources and executive-development managers atcompanies across 23 industries, on the value of the education provided by E.M.B.A. programs. More than 200 officials completed the survey, for aresponse rate of 44%.Last, we looked at how well the programs met employers' and graduates'expectations whenit came toenhancing their management acumen. Wemeasured what employers wanted out of the programs -- largely, improvedmanagement and leadership skills such as managing change and strategicthinking. Then we asked students howwell their programs delivered those skills,and weighted their responses to arrive at a final score for the 2008 ranking.Inall cases, survey questions were developed and surveyresults analyzed incollaboration with Management ResearchGroup, Portland, Maine. To calculatethe final ranking, the corporate and student ratings were each given 40% weight,and the skills rating 20%. (For more information on the methodology, please see"How the Rankings Were Compiled.") Wharton was No. 1 with companies and received top marks from students for itscurriculum. The program "allows a platform so you can step up to the next level,start implementing [the tools used in the program] and be a well-roundedmanager beyond your specific area of expertise," says Wharton grad Will Tilton,director of global product supply for Shire Pharmaceuticals in Chesterbrook, Pa.Kellogg came in a close second with companies and received highmarks fromstudents for its curriculum and program features. Kristen Dickey, human-resources director of Chicago-based OrbitzWorldwide Inc., says the program'sfocus on interactive marketing makes it especially attractive to e-commercecompanies like Orbitz: "It's a unique feature that we benefit from." The company sponsors several Kellogg E.M.B.A. students.Rounding out the top 5: theThunderbird School of Global Management, at No. 3,lauded bystudents for its global-business focus; theUniversityof SouthernCalifornia's Marshall School of Business, at No. 4; and theUniversity of NorthCarolina's Kenan-Flagler Business School, at No. 5.UNC, Thunderbird and USCalso led the student rankings, getting high marks forprogram quality, leadership education, faculty qualityand program support.USC, UNCandEmoryUniversity's Goizueta Business Schoolwere top rated inthe management and leadership skills ranking.

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Four international schools made the overall list:ESADEandIESE, both of Spain;IPADE, which runs executive M.B.A. programs in Mexico; and theUniversity of WesternOntarioin Canada.London Business School'sjoint program withColumbia University's Business Schoolalso earned a spot in thetop 25.

Eyes on the Prize

The survey also provided a window intostudents' thinking about the programs: what drives them topursue executive M.B.A.s, what they get out of them -- andhowthey choose a program in the first place.Students said E.M.B.A.s are a way todevelop leadership skills without losingmore than a fewdays a monthin the office. (Unlike traditional M.B.A.s, theseprograms are usually held everyother weekend and often involve distancelearning.) And students can take the methods theylearn in class and use themimmediatelytotackle real-world business problems.One surveyrespondent summed it up neatly: "Learnon Fridayand Saturday,apply on Monday." When it comes to choosing a program, the top factor was the school's reputation(noted by 51% of students in the survey). Take the case of one surveyrespondent whoearned an executive M.B.A. from Kellogg. The school "has a significantreputation in marketing and branding," wrote the student, who said he neededthat credibility to move into a different job at work.Since graduating, he added, "I've been short-listed for a couple of very goodinternational opportunities."Some schools have excelled by creating a reputation around other specialties.FrankWilson, director of finance for the ChicagoPolice Department, choseThunderbird because of its focus on international markets. Before applying, the46-year-old emailed a Thunderbird professor about howmuch the program would teach him about doing business in Brazil. Mr. Wilson has traveled thereand hopes to work in Latin America one day.The professor replied withina day, pointing out a course that covers the region.Mr. Wilson says he would have had to attend a European school to get the sameinternational-management exposure he found at Thunderbird.Faculty, of course, make up a huge part of a school's reputation-- and weighheavily on students' decision-making. In the survey, 78% of students said they considered their school because of its distinguished faculty. Indeed, as schoolscompete for students, they oftenbend over backward tosecure their best faculty for executive M.B.A. programs. At Columbia Business School, Nobel laureate Joseph Stiglitz co-teaches a weeklong elective course onglobalization. At New YorkUniversity's SternSchoolof Business, Edward Altman, known for developing the Z-score formula forpredicting bankruptcy, has taught executive M.B.A. students for many years.

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