Wharton drops in 'Business Week' rankings

Apparently Penn's top-notch business school isn't so top notch anymore -- not according to Business Week magazine, anyway.

In rankings released this week, the magazine placed Wharton's MBA program at the No. 5 position on its list of the best business schools in the country. Northwestern University's Kellogg School took over the top spot.

Business Week ranks business schools every two years and publishes updates during the years in between.

Before this week, Wharton had maintained a No. 1 ranking since 1994. In the 14 years the magazine has published ratings, the school had never fallen below No. 4 prior to this year.

But Wharton officials claimed that they were not surprised by the drop.

"It would be very difficult to see five number ones in a row," MBA Admissions Director Rosemaria Martinelli said.

"After being on top for a few years in a row, I figured it was time for a new number one," she later added.

Martinelli said that Wharton administrators were expecting a drop in this year's rankings as a result of several factors.

"We knew we had some issues with career management and the changing economy last year," Martinelli said.

Wharton officials first began to understand the magnitude of these problems last May, when they received the results of the school's annual student assessment.

"We were not helping students get access to a very broad range of professional opportunities beyond the traditional areas of consulting and I-banking," Wharton MBA Program Director Anjani Jain said.

Career management problems were compounded last March when Director of Career Management Bob Bonner stepped down. The office was then left without a director from March until August, when Peter Degman took over.

This long transition came at a time when many graduating students were actively seeking jobs.

"This was a critical time to have an office without a leader," Martinelli said.

Many 2002 graduates were left without jobs, and without a leader in the career management office, the tight job market was not nearly as easy to maneuver.

That may have been at the front of their minds when they filled out the 46-question survey sent out by Business Week.

According to the magazine, one Wharton student responded, "Precisely when we needed them to be innovative and proactive, they were unable to deliver."

And apparently students were not the only ones left less than satisfied with the school last year. Wharton dropped to No. 3 in the polling done among corporate recruiters.

Martinelli said the rating was an indication that Wharton needs to improve.

"I think it's always good to reflect on opportunities to change," she said.

Administrators have already taken steps to improve the situation. In addition to hiring a new director, officials are completely restructuring Wharton Career Management.

The office is now emphasizing a variety of career opportunities rather than just focusing on Wall Street positions. According to Martinelli, this added diversity should help accommodate more students in the failing economy.

Jain said the office is also spending more time speaking with students directly, in order to determine their individual goals and needs.

Since August, Wharton Career Management counselors have met with about 1,200 students. Jain said the student reactions to the new initiatives have been positive.

"In many areas of career management we are seeing a great deal of momentum," Jain said. "I am very confident that the new director will lead the office in fulfilling the new mission of the office in a very effective way."

In the meantime, Martinelli said she is not worried that the rankings would negatively impact Wharton admissions.

"I don't think there's really going to be any net effect," she said.

Martinelli emphasized that all of the top-tier business schools possess different attributes and stressed that each student should select a school based on their personal desires rather than magazine rankings.

"We want students to find the right school... that fits their needs best," she said.

Martinelli said she is optimistic that with some work Wharton will once again return to No. 1.

"We are on an upward trajectory," she said. "We are a school certainly on the move with new programs, new scholarship, and new energy -- and that will certainly be recognized.

Please note All comments are eligible for publication in The Daily Pennsylvanian.