Harvard Business School has taken a mighty dive in the latest MBA rankings put together by Bloomberg Businessweek. And it’s the students that are most to blame.
Ranked second a year ago, Harvard fell all the way to eighth this time around, influenced heavily by its student survey. HBS students ranked it 25th overall, down from 12th in 2013, due mainly to its atmosphere and makeup. Harvard students said the business school caters to the elite and tends to neglect women and minorities.
[efc_twitter text="The biggest problem appears to be the socioeconomic climate at Harvard."] The school is made up of the haves and the have-nots, with the latter group unable to participate in important extracurricular activities due to cost pressures, said one student. Bloomberg surveyed 113 schools. HBS finished 112th in the “climate for all socioeconomic backgrounds” category.
“Diversity to HBS means playing around with grades and other measures of success until the numbers look right, rather than tackling the underlying issues,” added another student.
Harvard was ranked much higher by recruiters at hiring companies, who placed the school seventh on their list. Still, there are six schools whose graduates are more enticing than HBS. That’s a bit of a surprise.
The one area where Harvard didn’t fall shorter than expected is applications. Nearly 10,000 people applied to its business school last year, with fewer than 10% being admitted.
Meanwhile, the winner of the survey was Duke’s Fuqua School of Business, which took the top spot after finishing sixth a year ago. There was a lot of movement in the ranking this year as Bloomberg changed its methodology to include more data on how well MBAs do in the workplace, which certainly makes sense.
The Highlights of Goldman’s New Partner Class (eFinancialCareers)
The day is a little bit brighter for the 78 Goldman Sachs employees who were just named partners of the firm.
10 Insights Into Finance Pay (eFinancialCareers)
What's happening to investment banking pay? The industry's preeminent pay consultant says it's not so hot, particularly compared to pay in asset management.
FX Settlement (WSJ)
Six banks – UBS, RBS, J.P. Morgan, HSBC, Bank of America and Citigroup – agreed to settle allegations that they colluded to fix foreign exchange rates. Barclays is rolling the dice and has not settled.
Sketchy Chat History (CFTC via Matt Levine)
Here’s a look at the chat history of some of the traders who allegedly colluded on FX dealings. The quick takeaway is that they are terrible at spelling and love to call each other “gents.” I’m not sure what “get lumpy cable at the fix ok” means, but it sounds exciting.
Banks Firing Back (Bloomberg)
Meanwhile, the fallout from the FX settlements has already begun. UBS has been ordered to cap bonuses for foreign exchange traders and RBS just suspended three employees and may look to clawback pay.
Bloomberg Crash (Reuters)
A Bloomberg swaps-trading platform crashed on Wednesday and was out for nearly an hour. Not a good thing for a company that’s facing new competition in its primary field of business.
Deutsche Adding U.S. Talent (WSJ)
Deutsche bank has hired two big names for its U.S. corporate banking coverage unit. It poached Allen Blankenship from Citigroup and Michaela Galluzzo from Royal Bank of Scotland.
Buzz Around the Office
It’s a Metaphor (NYDN)
A Washington D.C. man broke up with his girlfriend then sent her a note that read: “there are a lot of chicks out there.” Oh, and the note was attached to a box containing 15 chickens.
Quote of the Day: “Tell you what, let’s double team it.” – one trader chatting with another about moving FX rates