Best Business Schools in the World

Previously on, we mentioned some benefits of studying business. This knowledge could be acquired in formal (such as conventional schools and vocational centres) and/or informal settings (such as in apprenticeship). 

See Why Study Business? for details.

Hmmm, our focus here is on traditional Business  Schools.  Don't get me wrong. I didn't decry informal school settings.  In fact, the informal settings in some important ways give traction to the theoretical knowledge acquired in formal settings.  For examples through Internships, Industrial Attachments, and Community Service/National Youth Service, among others.


By the way,  my old friend (young at heart) called yesterday to share his experiences.  The theme of the discussions was on how engaging his Masters' programme in the United States has been.  He also spoke on the associated financial costs among other issues.  Our joy was that he was getting on fine.  The entire details of the conversation is a subject for the future. 

Actually, the discussions with him had made this post more compelling.

Back to business schools (B-schools, yep!) ....

                                                                                                              Source: Wikipedia Image

Have you ever thought about the best business schools in the world? Personally, I reflected on this a couple of years back and Harvard and Stanford was a sing song.  My choice then, was largely based on researches on offline and online media.  That was over a decade, though!

I found that most well established investors, entrepreneurs, executives and the likes are Alumni of these B-Schools (Harvard and Stanford).

Interestingly, in more recent times, Harvard and Stanford  continually appear on the list of world best business schools.

You would be pleasantly surprised by the outcomes of Business Insider's proprietary ranking of world's best business schools.  The criteria . ..

Hear this:

"At the highest levels, moreover, there's only one thing that really differentiates one business school from another: The amount the school will help your future career.

Beyond the curriculum, that breaks down to:

• The value of the school's brand (how others perceive the quality of the school), and
• The network of contacts you build while you're there

These two things -- a credential that will cause future employers, executives, investors, and journalists to be impressed by you and a high-power social network -- will help your career more than any particular accounting course or case study.  And they're part of what you're buying when you elect to spend two years and up to ~$100,000 as a customer of a particular business school."

For the list of 50 world's best business schools, see this:  Business Insider's Business Schools Rankings.

Based on my review, I found that most of these B-Schools also made the list on Financial Times Global MBA rankings 2011.  Yet, Business Insider's and Financial Times' ranking  methodologies differ. 

For the list of 100 world-class business schools, see Financial Times Business Schools Rankings (pdf)

See also a chart comparing some of the top schools.

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How Business Developed Over the Years: An Overview

Have you ever wondered how the products and services you enjoy/consume where made possible? Have you ever thought about how the stages involved were like centuries ago when the means of production was in its infancy phase or not well developed? 

An understanding of how business developed over the years, would largely resolve these and related issues!

Here we go:

Overview of How Business Developed Over the Years

Business is as old as man.  It has a prehistoric and long heritage.  In a primitive society, people with the use of crude implements provided needed goods and services.  

An individual produced mainly for his or her immediate family.  It was a period of self – sufficiency.  With increased population, the desire to produce more want satisfying commodities to meet the teeming population of the times became prevalent. In the event of a surplus, the commodity was stored or exchanged for some other commodities.  The economy then was basically subsistent.

In the course of time, the increased population was sustained, and coupled with the emergence of the Industrial Revolution in England in the 18th century (around 1750), the business landscapes of nations altered tremendously.  The use of machinery has come to largely replace crude tools, especially in developed parts of the world. 

Welcome to a civilized era!

Here, people have more opportunities to greater number of goods and services.  This is made possible by the efforts of varied numbers of people working independently or together to satisfy their individual needs and wants, as well as those of the organisations they belong. 

For our purposes, we are concerned about business in a modern or contemporary society.

Definition of Business

Business is any human activity that aims to provide goods and services (economic and/or social) for the benefits of the individual, group, and society as a whole, within the framework of societal norms. The benefits sustain and improve people standards of living and quality of life.

Next time, we would consider:  Why Study Business?

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Why Study Business?

Now that you know an overview how business developed over the years 

It would be appropriate to understand some rationales or motivations for studying business.  Like all human endeavours, studying business demands effort, determination and commitment. The rewards reflect in personal and career growth, broaden perspectives and unique advantage, when you want to be your own boss or desire a management position. 

Here are a number of rationales for studying business:

1.  Career Choice: Studying business offers one the opportunities to think about careers in the areas of business. As one progresses, some areas become of particular interest, and demand investigation. Career fields in business include production, sales, accounting, and marketing, among others. It pays off to have a career direction, prolonged delay might be too costly.

2. Self–Employment: Some individuals may not be comfortable working for someone. Such persons may show considerable entrepreneurial spirit that demands independence; as a result, they embrace self-employment. To be successfully self-employed, one needs knowledge of different areas of business which include personnel, operations, marketing, accounting, finance, and management. 

Studying business provides this needed knowledge base.

3.  Service to Others: Business does not operate in a vacuum. It is a part of a larger society, and depends on the external environment for resources. This way, the survival of the firm or enterprise, to a considerable extent, is contingent on the nature of the existing relationship with its environment. By studying business one will gain insight into how to maintain a stable relationship with the stakeholders in the society. One learns how to fulfill business' obligations. And one may be able to improve society by providing services such as health care, donations to charities, sponsorship of community events, and participation in community development, among others. 

4. Relevance to Everyday Living: By studying business one acquires a better understanding of business realities. This understanding facilitates better-informed decisions as a consumer.

5.  Personal Profit and Growth:  Another benefit of studying business is the chance of financial gain and psychological growth. 

The business world, understandably, is competitive and challenging.   It is no place for the risks averse individual.  However, the personal profit and growth, psychological and economic, can be exciting. For example, financially, business people are able to make a good living. They possess the wherewithal or resources to acquire life's necessities or luxuries. Psychologically, business people are able to contribute to society by providing meaningful job opportunities. Employers help create and distribute wealth through job opportunities. This fosters a better way of life for others and for themselves, in psychological terms. 

If you are looking to study business, here are some world's leading business schools:

• Waikato Management School
• Oxford Brookes University Business School
• Imperial College Business School London
• Mansfield University 
• Bryan College
• UCD Quinn School of Business      
•   
•   Other useful resources include:    
  
  
  • Free Students Enquiry Service (Business and Management) 
  • Prospects UK's Official Graduate Careers website 
  • Asian Correspondent             

Business as a field of study and practice is insightful and rewarding.  As you gain this knowledge, stay alert to many of its applications.

Over the years, I've developed special interest in business schools (aka b-schools) especially in the contexts of career growth, value added, community development and prospect of future social networking.


Next time, I would show you a list of top Business Schools.


If you liked this blog, you might also like this Business under Various Economic Systems.

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