The numerous rankings of the best MBA programs in the world show how fiercely competitive they are. That of FinancialTimes for 2022 was released at the end of February. While it is largely dominated by American MBAs, only four Canadian universities are there: three from Ontario and Montreal’s McGill. Why ?
Posted at 11:00 a.m.
The last meeting that John-Paul Ferguson, director of the MBA program at McGill University, had with the FinancialTimes to discuss the ranking was in 2020, just before the pandemic. He notes that his evaluation criteria remain those of before the financial crisis which ended in 2010.
“Before the crisis, most people were doing an MBA to go work in finance, for example in investment banks, and the programs were very centered on the United States, he says. But now many of the students don’t have that goal in mind. »
PHOTO ALAIN ROBERGE, THE PRESS
John-Paul Ferguson, director of the MBA program at McGill University
The two main criteria evaluated by the ranking of the FinancialTimes are the average salary three years after completing the program and the salary increase compared to before the MBA, each weighted at 20%.
“It is certain that these criteria are detrimental to Canadian MBAs because you have to consider the exchange rate and the cost of living,” says Mr. Ferguson.
The salary increase for McGill MBA graduates, which is at 90and rank in the 2022 ranking, is 89%, reaching an average salary of US$99,002. In first place is the University of Pennsylvania, with a 115% increase and an average salary of US$237,530.
The salaries of Canadian graduates look very low when compared to those in the United States, but this is not the case when you consider the cost of living here.
John-Paul Ferguson, director of the MBA program at McGill University
A life project
Education is a good gateway to Canada for immigrants. Thus, 70% of MBA students at McGill come from outside North America.
“Most of these students plan to stay working here for at least a few years, if not immigrate permanently,” says Ferguson.
Of course, they may end up deciding to go to work in finance. “But by changing continents, they are undertaking a much larger and more complex project than aiming for a simple salary increase,” adds the director of the MBA. We are very proud to be a destination of choice for immigrants, especially since there is a shortage of labor in Quebec. »
The other criteria
Several other criteria are considered to establish the ranking, but have less weight in the final result. For example, the proportion of graduates who were able to achieve their goals while completing the program, the percentage of women in faculty and among MBA students, the international experience offered during the program, and the proportion of teaching hours devoted to environmental, social and governance aspects.
“We always give the information requested by the FinancialTimes, but we don’t hesitate to give more than is asked to reflect what we notice that is important to students, hoping that the ranking criteria will evolve, says Ferguson. This is what we do with the whole aspect of sustainable development. »
So while he says rankings are important for the sake of reputation and program visibility, he wouldn’t go so far as to sacrifice things that set McGill apart in an attempt to sneak past upper.
We would not, for example, reduce our diversity of student profiles to focus on people who want to evolve in the finance industry.
John-Paul Ferguson, director of the MBA program at McGill University
“The elements that allow us to differentiate ourselves from others are not necessarily well captured in a ranking that compares what is found in all programs. But we want our students to choose us for our particularities,” he explains.
The first program in Canada to appear in the ranking is that of the University of Toronto, at 79and rank. The other two Canadian universities in the ranking are Western, in London, at 92and row, and Queen’s, in Kingston, at 99and rank.