Harvard or home?

When doing your MBA, should you go to one of the top-ranked schools athome or pick one of the most prestigious schools in the world? -Sherry Noik-Bent

Globe Investor Magazine, May 22, 2008
Illustrations by Kate O'Connor

Knowing that it's only going to take the best candidates, Harvard doesn't bother with minimum grade point averages (GPAs), GMAT scores or work experience requirements. Your combined credentials, however, better rank among the top 15% of applicants. Of 6,716 applicants last year, only 907 were selected. Your chances of getting into U of T's Rotman are much better, though there are far fewer spaces available; about 25% of the 1,000 applicants are accepted each year. A GPA of at least 3.0 and two years' full-time work experience "with a record of accomplishment" is considered mandatory.

ADVANTAGE: ROTMAN

The oft-imitated "case method" of studying real-world scenarios, pioneered by Harvard, is widely considered to be the best preparation for future go-getters. Grads can tap into the school's research centres all over the globe and an alumni network of more than 40,000. Rotman's integrative-thinking approach, which draws on traditional business models to build new ones, is the brainchild of dean Roger Martin. Yet Rotman is focused on the job market, too: Its Corporate Connections Centre provides tips on everything from dressing for Bay Street to prepping for an interview.

NO CLEAR ADVANTAGE

If you consider the clout of your future network to be a critical factor-and you should- Harvard is hard to top. Its grads are a who's who of the corporate elite. Among them is Jeff Immelt, Milt Romney, Meg Whitman, Rick Wagoner, Michael Porter, Michael Bloomberg, Stephen Covey, Lou Gerstner, Jim Balsillie, and even Rotman's Roger Martin, to name just a few. In fairness, Rotman can also claim its fair share of alumni notables, including Bill Downe, Jean-Pierre Sabourin, Richard Nesbitt and Joseph Rotman himself. Pound for pound, however, Harvard's heft is second to none.

ADVANTAGE: HARVARD

Two years of classes, books, plus room and board at Harvard Business School will run you nearly $150,000 (U.S.). But you'll earn that money back in a hurry. Ninety-four per cent of graduates find positions within three months of convocation, and their average starting salary is a whopping $165,000 (U.S). Rotman charges considerably less-roughly $112,000-for its two-year program, and boasts equally impressive job statistics-93% of its students also find positions within three months of finishing. But the big discrepancy is in the paycheque: Rotman grads earn, on average, $111,000 (U.S).

ADVANTAGE: HARVARD

The bottom line Harvard may be much tougher to get into, and more expensive, but if you're looking for better, faster and higher returns, it's the obvious choice. After all, if you weren't after the big payback, you wouldn't be doing this degree.