London Business School finally edged out its closest rival, University of Pennsylvania’s Wharton School, to take the number one spot in the FT’s Global MBA Rankings 2010.
The two schools shared the top spot last year.
One of the factors that has contributed to LBS’ success is its high rate of graduate employment.
Of the class of 2009, 81 per cent were employed within three months, while 5 per cent took a leap of faith and became entrepreneurs.
A quick glance at the school’s MBA employment report shows that historically, the percentage intake of students entering financial services has hovered in the early- to mid-forties. The 315 students that made up the class of 2009 did not buck this trend.
Although the proportion embarking on a career within finance slid to 36 per cent, it was still a more popular destination than global industry and management consulting, which took 33 per cent and 31 per cent of the class respectively.
Figures on job destinations show that pin-stripe corporations like Barclays and BP are recruiting from the LBS talent pool, but so are trendier contemporary companies such as 888 Holdings, the online casino and poker operator, Apple and MTV Networks.
Perhaps this was because the class of 2009 was relatively young, with an average age of 28, with the youngest being 22 and the oldest being 39 years old.
The statistics also revealed that over half of graduates took up jobs in the UK, earning an average base salary of £62,841. The three per cent of graduates who headed for the Middle East earned a base salary of £84,877.
The LBS community as whole, encompassing the careers service, professional networks, alumni and clubs, helps students secure employment after graduation.
“We employ former MBAs and leaders of business who have personal connections and entrees into the types of businesses our students want to work in ... We work closely not only with HR but also with senior line managers that are concerned with continuously bringing in top talent,” says Diane Morgan, director of the career service at LBS.
Morgan cites the LBS Peer Leadership Program as another source of help for MBAs on the job hunt. Second-year MBA students are trained by the career service to assist incoming students with CVs, interview practice and cover letters.
“Students are accustomed to a culture where they are helped by classmates and expect to return the favor not only when they are on campus but when they start working. Therefore, they often bring their companies exclusively to London Business School, or to us first, when looking to hire great talent at no cost,” explains Morgan.
Tomorrow’s MBA, a report published last week by CarringtonCrisp, a higher education consultancy, indicated that over 70 per cent of prospective students thought that a dedicated career service was important or very important to them when selecting a school.
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