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#Best Executive MBA Programs: The Wall Street Journal - s 2010 Rankings

Wharton and Olin come out on top as more students look to change careers, not just get a promotion

Last year, Takashi Yoshizaki was halfway through his executive M.B.A. studies at the University of Pennsylvania's Wharton School of Business when his employer announced it would file for bankruptcy.

This could have been a worrisome development, to say the least, since he was personally committed to pay the $150,000 in tuition. But Mr. Yoshizaki, 37 years old, quickly negotiated a new position with one of the companies buying out his firm. And paying his tuition himself, he says, helped maximize his bargaining power.

The Journal Report

As Mr. Yoshizaki's experience suggests, the journey of the typical E.M.B.A. student has grown more complicated since The Wall Street Journal's first ranking of executive M.B.A. programs in 2008. E.M.B.A. programs cater to students already in the managerial ranks who have a decade or more of work experience. Classes are typically held every other weekend over two years.

In the aftermath of the financial crisis and a continuing decline in corporate sponsorships, students are increasingly paying their own way and searching for new jobs even while they're still enrolled. They also are demanding more from their schools, such as specialized training, career coaching and job placement.

The programs, meanwhile, are under additional pressure from those increasingly budget-conscious companies that still sponsor promising managers and demand more in the way of a clear return on their investment.

Close attention to both parties' needs helped Wharton secure its No. 1 spot in this year's rankings, up from No. 2 in 2008. The school had high satisfaction ratings from students and companies, and top scores for the quality of its curriculum and faculty. Students at Wharton's E.M.B.A. campuses in Philadelphia and San Francisco choose from more than 30 elective classes, and the program has added career-service personnel as well.

ENLARGE

William Duke

Consideration for students' needs on the career front also helped vault Washington University's Olin School to No. 2 in this year's E.M.B.A. rankings. In the past year the program has added a full-time career counselor and a career-coaching component to its curriculum. This was the Olin School's first year in our survey.

Rounding out the top five, in descending order: Thunderbird School of Global Management, the University of Southern California's Marshall School of Business, and Northwestern University's Kellogg School of Management.

Eight newly ranked programs made the top 25 this year, including Washington University and the University of Notre Dame's Mendoza School of Business, at No. 6.

To the Top

To compile the 2010 Wall Street Journal report and rankings of executive M.B.A. programs, we again worked with Management Research Group and Critical Insights, both of Portland, Maine, to survey thousands of students and hundreds of companies about the quality of E.M.B.A. programs and how well they deliver on improving management and leadership skills.

Jennifer Merritt discusses a new Wall Street Journal survey, which reveals recruiters are shifting their attention away from elite private schools to focus instead on state universities.

Northwestern's Kellogg, meanwhile, dropped four slots from 2008 in the overall ranking, despite the fact that in our corporate ranking it far outpaced all other programs. Kellogg graduates stand apart for their ability to step forward in a calm and direct manner under stressful conditions, says Bill Corley, director of human resources at Northstar Aerospace Inc. But student satisfaction varied across the school's seven programs (some of which are delivered with partner schools). That pulled Kellogg's overall student satisfaction and skills scores down considerably.

New Motivations

In our 2010 survey, for the first time we asked students their reasons for attending an E.M.B.A. program. About 35% said their No. 1 reason for getting an E.M.B.A. was to help them change careers or industries, with 29% citing hopes of getting a promotion at their current company. In years past, according to business-school administrators, executives enrolled in E.M.B.A. programs primarily as a way to move up the ladder in their own company.

Rutgers, No. 21 on our list, received students' highest ranking for administrative support. And more of the same is coming. Farrokh Langdana, program director at Rutgers Business School, is in the process of hiring additional executive career coaches who specialize in IT and pharmaceuticals to give students more support. But he's not making the final decision on whom to hire: The E.M.B.A. students are.

Another big shift: On average, 36% of students are covering the full cost of their E.M.B.A. degrees themselves, according to data from the schools.

Three years ago this [type of student] was not on our radar screen, Mr. Langdana says.

Now, many students are pouring their life savings into these degrees, which generally cost $60,000 to $150,000.

Students want more from their schools in exchange for spending their own money. Some schools have responded by offering certificates and specializations. At the University of California, Los Angeles, students who complete at least four classes in a specialized area now earn a certificate in that field. At New York University's Leonard N. Stern School of Business, elective choices doubled to 30 last year, and nine new specializations were added on top of those in finance and leadership.

Career Guidance

Nearly 90% of schools now offer tailored career services for E.M.B.A. students. The percentage of surveyed schools offering these services: