I have plans to start my own business while doing my Masters degree. As is, I have two choices for college - an Ivy League school or another private school with a good reputation (but not a "household name".) The private school's degree plan is truly interesting. But, on the other hand, well... it's Ivy League.
Not knowing much about the professional socialite situation in the corporate world, I have one question - How important is the name of the school where you received your Masters for network/reputation-building purposes?
Answers
Having worked in government, corporate, and the academe for years, I have come to believe that leaders who do best are those who were mentored by top thinkers and performers in their discipline. To find one, determine your long-term goals; then, find the persons who are the thought leaders regarding that topic, regardless of the university. Make contact and express your goals. When the chemistry is good, apply to the program where you are likely to have access to that person. In so doing, you will be exposed to expert mentoring and cutting edge practices. Really pay attention. At the end of your program, you will be better prepared than most. Continued success.
Depends on where you want to go with it. I moved South and they are all about their own private schools.
They know the word Ivy, but such schools as Cooper Union, for example, they are not even familiar with.
The best, and most interesting, advice I was given when I was considering graduate degrees was from a high ranking member within Google's secretive biomedical division. He told me that the choice of school should revolve around where the alumni have gotten jobs, post graduation. Take a look, or better yet speak to the Alumni office about where their alumni find positions. The Ivy school will have some clout, but if the other option gives you an alumni network that is more valuable to your professional goals, I would strongly consider it.
Go to one of the top 10 business schools. Can't go wrong with Stanford, Harvard, Wharton, U. of Chicago , Kellogg , MIT among others .Armed with a degree from of these business schools, you will have doors opened for you country-wide , since the quality of these MBAs is known nation-wide. Each is known for certain strengths- Stanford for entrepreneurs, Wharton for finance as examples. So if you have a good idea of where you wish to end up, you can then choose which of these top of the line MBAs best fits your future plans. Stanford has the nicest weather, all else equal.
Without question, choose the highest ranked MBA program, Ivy (HBS, Wharton/Penn, etc.) or not (Stanford, MIT, Chicago, etc.). While the education is relatively the same across all MBA programs, the advantage is in the network. At top-tier programs, your classmates are landing great jobs, often with the help of the students a year ahead of you. These jobs are frequently at prestigious firms. As a rule of thumb, you rarely move up in terms of the caliber of company you work for, so it is best to start at the top.
One wrinkle is keeping an eye on your intended specialty. Some schools further down the overall rankings may rise to the top in certain fields and regions. Michigan State, at least when I was looking, was tops for distribution for example. Yale stood out for not-for-profit management. I am sure, but can't guarantee, that Georgia/Terry may have strong connections in Atlanta (Home Depot and Delta).
Before starting a business with my wife, I worked for at investment banks. In most fields, the caliber of the school matters.
At one time it was very important. Today while it still counts what you bring to the table in results counts a lot more. Today a masters degree is just one more stripe on the resume. It is a seperator for people who want to take the easy way out and not look at all the potentially better qualified people. In the 70's I worked for IBM. In our sales unit were 13 producers. Two from the Penn Wharton School with MBA's who were taught "they are the captains of industry". The three Top Performers in our unit had graduated from Drexel with engineering degrees. They knew how to work. The two Penn grads were ranked last in our unit. I can remember watching them stroll into the office each morning , drinking their coffe and reading the Wall Street journal while the rest of us were producing. Go to a good school and learn to produce and eventually you will come out on top.
The answer is both, but highly specific.
And, remember the following . . .
1. When degrees were fairly scarce, years ago, it did matter what school you attended because you stood out among the hordes who didn't have degrees, and the top-tier schools were usually the ones offering the degrees.
2. Pedigree-obsessed firms will care if you attended the Ivy League/top-tier because some of their employees attended the same schools and so birds of a feather . . . But, they also want to brag that they have X number of top-tier employees to sell to top-level clients, as what you'd find on Wall Street or in Silicon Valley. It's mainly for optics, but that's also not to downplay the importance of the strong caliber that some of these programs have.
3. Top-tier programs are also important for network effects -- that is, the relationships you make in these programs will open some doors later on.
Alexander,
Ensure that whatever school you choose has received accreditation for the degree you are pursuing. Certainly, the Ivy League school will provide better optics when presenting yourself to prospective employers or future business associates. You stated that your long term plan is to start your own business and earning an MBA will be extremely useful in that endeavor. Also, most MBA programs will provide additional areas of concentration depending on your future goals. (Marketing, Finance, Leadership, etc.) Good Luck!
Alexander,
This may sound like double talk, but all my colleagues are correct. In some companies the name of your school means nothing. However, if you are applying to a company with management that graduated from the school mentioned it is important for networking. In addition, graduating from a school that is a common name such as Harvard or Purdue helps some people think they know something about the quality of your education and your abilities. This is the result of some predigests positive or negative they may have developed toward the school.
It all come down to research. What is your area of focus? What schools are considered the best schools for your profession. If you choose a school based on the answers to those questions the name of the school will have impact on your resume.
Good luck, I am sure you will do well.
Jim Spencer
Dear Alexander,
Thank you for your question and for your service!
The name recognition a university provides can be huge for future career prospects. And, the networking opportunities an Ivy League university offers are often unmatched. Without knowing the specific names of the two universities it is hard to say how the two differ in terms of prestige/opportunities.
That being said there's a lot to consider when choosing which school to attend:
Cost - Will your total cost to attend be different depending on which school you attend? Don't just consider tuition, but also room and board, relocating, cost of living in the respective cities, etc. etc. (This may not be a factor for you.)
Family Obligations - Will you have to uproot your family? If you're married and your partner has a job, how hard will it to be to find a new job?
Long-term planning - Are you planning on entering the workforce at any time after your masters - what are your backups if you decide to postpone starting a small business?
School Fit - Some schools may seem great for you on paper, but can end up being a bad fit. If it's possible, I'd recommend you visit the two schools/cities to see if you could see yourself living there for two years. Outside of the specific degrees, what's life in the city like, and what do you do for recreation that may play a role in choosing a university. These may be secondary concerns, but they still can play a role in what you ultimately decide to do.
Career Placement/Classes - Are there substantive differences between the two degree programs? Do those degree programs offer the opportunity to gain work experience through internships/placements? Where do students typically end up after completing the program? And, how developed is each individual schools career placement office?
The list above is not exhaustive, there are plenty of other criteria that you may want to consider that are personal to you that I may not have discussed or be aware of.
Feel free to reach out to me if you have any more questions, I'd be happy to help in any way that I can.
Best,
-Bernard
In the 2020s, the name of the school means nothing. In the 1860s, the school you went to meant alot.
Results oriented skills mean everything.
This is the 2020s, not the 1860s.
Depends on your goals. For students who are looking to move up within their company or industry (where they have already been working for a few years) and have to coordinate work and school, then a less-than-prestigious MBA program will move them forward.
For someone wanting to move from public service into private enterprise (iike you?) then Ivy League could not be a bad thing. Ivy League gets noticed, by everyone. If it is future networking that interests you, make sure the MBA program is the real deal (not an "Executive MBA").
"Truly interesting" degree plan is good. Ivy League is better. IMHO. Good luck!
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