Wharton ranked No. 1 MBA school

May build new. $100 millionMay build new. $100 millionfacility on current Book Store site Wharton graduate students are more likely to succeed in the business world than any of their competition -- according to BusinessWeek Magazine's ratings of the nation's top business graduate programs, which hits newsstands today. The Wharton School of Business ranked first in the nation for its graduate program for the second consecutive time. To meet Wharton's ever-expanding programming needs, the school plans to build a new complex to supplement Vance and Steinberg-Dietrich halls, according to Facilities Management Vice President Art Gravina. BusinessWeek reports that the construction could cost $100 million. "The infrastructure can't support the program that currently exists in [those buildings]," he said. "We'd be looking somewhere in the existing precinct of where Wharton is," Gravina said. "What looks most promising right now, depending on space, is The Book Store site." Gravina said he foresees the possibility of building the new facility in connection with plans to construct the Barnes & Noble bookstore at 36th and Walnut streets. The latter is scheduled for completion by late 1998 or early 1999, Gravina added. Wharton Graduate Dean Bruce Allen said he is overjoyed that BusinessWeek ranked Wharton at the top of the survey, but added that the rating is merely "icing on the cake." "Our goal is to produce the best possible educational product," Allen said. "Our own surveys have shown us that we've been doing that very well." Allen stressed that the outside recognition, although appreciated, confirms that Wharton is living up to the high standards it sets for itself. BusinessWeek Staff Editor David Leonhardt noted that these rankings are not based on quantitative variables, like students' scores on the Graduate Management Admissions Test or average salaries. Instead, employers, current students and recent graduates complete surveys that magazine staffers analyze. "People hiring don't care about [test] scores," Leonhardt said. "They care about what students are learning." Nearly 227 companies, which recruited more than 8,100 business graduates last year, took part in the survey. Their input contributes half of the final score given to each business school program. The other half of the score is based on surveys from current students and recent graduates now working in the corporate world. "Wharton was number one by a significant margin and a significantly greater margin than two years ago," Leonhardt said. He added that no other school received higher scores for the quality of firms recruiting on campus. According to the survey results, recruiters view Wharton as the best business school in the country. In addition, Wharton's international business program, elective teaching and administrative responsiveness all received high marks from BusinessWeek. But Leonhardt added that the average Wharton graduate student completed his degree with $45,600 in loans. As a result, he said he wonders if business schools are closing their doors to qualified students who cannot afford the rising prices of graduate business education.