Bloomberg’s ranking is based largely on a survey of 25,000-plus students and alumni, with employment data and salaries given the biggest weight. In part, the ranking is also based on surveys of employers—3,698 of them were sent out last year.
Bloomberg has recently delved into the data from its employer survey to better understand what matters most to recruiters when it comes to hiring MBAs in particular.
One of the biggest factors MBA recruiters look for is class diversity.
Why does diversity matter in business school?
Diversity exists in a myriad of ways beyond gender, ethnicity, nationality and culture. Different ages, sexual orientations, political beliefs, work and academic backgrounds, and life experiences can all contribute to diversity.
The important thing is that diversity is paired with inclusion. It is not enough to have different people in a space, without making sure everyone has a chance to contribute.
Programs like the MBA are known for the peer-to-peer learning that takes place within the classroom. The exchange of ideas and diverse perspectives are important. So real diversity is particularly important in business schools.
As the nature of business has become more international, so too has the make-up of business school cohorts. Recruiting students from diverse backgrounds is key to the learning process.
Business schools, of course, are not the only places where diversity is valued. McKinsey’s latest report on diversity in the workplace shows ‘a statistically significant correlation between a more diverse leadership team and financial out-performance’.
Companies with ethnic, cultural diversity, it shows, were 33% more likely to have industry-leading profitability.
How do MBA programs achieve diversity?
Achieving diverse and inclusive classrooms is the result of intentional initiatives. Each of the top-rated business schools has programs that focus specifically on increasing diversity.
The top three schools seen by recruiters as having the most diverse candidate pool are Yale School of Management, Carnegie Mellon (Tepper) and INSEAD.
Yale has partnered with a number of organizations seeking to increase diversity in business school enrolment including the Forté Foundation, which supports women in business. Carnegie Mellon’s Tepper hosts diversity weekends for women, underrepresented minorities, members of the LGBTQ+ community, and military veterans. INSEAD, meanwhile, boasts an alumni network of 163 nationalities and a number of diversity scholarships.
Bloomberg’s recruiters graded the diversity of each school’s pool of candidates, with one as the lowest score and five as the highest.
Here are the best business schools for diversity, in the eyes of recruiters: