The 10 Biggest Surprises In The Economist’s Strange 2021 MBA Ranking

4) Why IESE Leapfrogged HEC Paris

Once it was clear that the M7 were boycotting The Economist’s ranking, the early betting put HEC Paris in the lead to top the list. After all, in 2019, HEC Paris was the big surprise, climbing 10 spots in just a year. Now, the two programs above HEC Paris – Chicago Booth and Harvard Business School – had declined to participate in the ranking. On top of that, the programs ranked 4th through 8th had also withdrawn.

The path was clear for HEC Paris to ascend to the top spot. And then IESE Business School swiped it from them – leapfrogging from 10th to 1st. That was certainly a big surprise. But it is worth nothing that ever since The Economist began ranking MBA programs 17 years ago, only five European schools have claimed first place, and IESE Business School earned top honors in the British magazine’s ranking in 2009, 2006 and 2005 so this is the fourth No. 1 win for the school.  IMD in Switzerland the only other European winner in 17 separate rankings.

So perhaps it was not all that surprising that IESE was able to claim the top prize over HEC Paris. HEC certainly did well, ranking 2nd overall in The Economist’s 2021 MBA ranking.

What happened?

Well, that’s big question – especially when The Economist uses 21 different data points to compile a ranking (and then doesn’t bother to provide the underlying data at time of publication). More still, these various data points – both qualitative inputs and outputs and quantitative survey responses – are fed into four different buckets: Open New Career Opportunities (35%), Personal Development and Education Experience (35%), Increase In Salary (20%), and Potential To Network (10%).

In other words, it’s complicated. 

Last year, HEC Paris’ ascension was powered by scoring #1 in the Networking surveys given to alumni, along with scoring among the best in Salary Increase. This year, HEC Paris ranked 3rd for Post-MBA Salary and 7th for Salary Increase, softening one of the last year’s biggest advantages. On the plus side, HEC Paris remained the top program, according to HEC Paris alumni and students surveyed, on Potential To Network. To the negative, HEC Paris barely outpaced IESE on the pay measures. At the same time, HEC Paris fell behind its European rival in key survey metrics like Culture, Educational Experience, and Programme Quality – which account for a 35% share of ranking weight.

Another 35% share belongs to New Career Opportunities, whose dimensions include recruiting, job placement, and career services While HEC Paris outpointed IESE in two-of-three Recruiter questions, it failed to measure up in Placement and Career Services, with a woeful 49th place finish on the latter…when 15 of the 25 highest-ranked program decided to sit on the sidelines!

In other words, IESE produced higher index scores in two categories that amount to 70% of a ranking’s weight. That’s why HEC Paris was passed over in a year where it was the odds-on favorite to cap an amazing run, one where it started at #15 in 2017. Alas, there is always next year – but 2021 will always be looked at as a missed opportunity.

5) A Marketing Team’s Dream

In December, the Oregon Ducks believed their football season was over. They’d blown two close conference games, which left them saddled with a 3-2 record. However, the Ducks were given a second chance. The division champions were unable to field a team for the Pac-10 title game due to an outbreak of COVID-19. So Oregon played instead – and knocked off the unbeaten USC Trojans to claim the conference championship. 

Talk about a feel good redemption story – well, until Oregon got trounced in the Fiesta Bowl.

The pandemic also provided a second chance for many business schools often overlooked by ranking-obsessed applicants. After the M7 took their ball and scurried home, several schools stepped up into the spotlight. In the process, they supplied a pitch that their marketing and admissions teams could hammer home for the next year.

Critics can say the 2021 Economist ranking is a watered-down shadow of itself. The ranking, they think, is packed with the junior varsity, the replacement schools that could only get into the game when the real players took a year off. The reality is quite the opposite. While the big names hid out in their lofts – petrified they might lose a precious spot from COVID confusion – the remaining schools went out and played. They filled the void. They made everything available to the world. This year, they earned their rankings.

This year, you might be surprised to see the University of Minnesota’s Carlson plaster its #11 ranking across every piece of marketing and communications collateral. Why not? They boast one of the top experiential learning programs in the world – and they ranked among the ten-best for Career Services and Career Opportunities in The Economist’s student and alumni survey too. How about The University of Florida’s Hough School at #12? Well, they were #30 last year, so not such a stretch – especially when it features the top-ranked career services center. The Kelley School of Business, an underrated coaching-centric gem, ranked 13th thanks to student and alumni enthusiasm over its Career Services, Faculty and Programme Content. Right below it, you’ll find the University of Georgia’s Terry College, whose graduates raked in the 5th-highest post-graduation salary increase. And let’s not forget the #19 Wisconsin School of Business, whose graduates ranked it 4th in both Education Experience and Alumni Effectiveness.

Only one of these programs ranked in The Economist’s top 30 last year –and that was Hough at #30. Make no mistake: these schools earned what they got. So when you see these schools touting their Economist ranking, don’t roll your eyes. Their ranking reflects more than their slot in a pecking order. Instead, it is a symbol that they aren’t afraid to compete with anyone – and they’ll never take anything for granted.