BusinessWeek released its much awaited biannual, full-time MBA rankings. The rankings showed slight movement: Columbia went from #10 in 06 to #7 in 08. Wharton went from #2 to #4. Kelley climbed from #18 to #15.

Frankly, don't pay too much attention to the absolute ranking or even slight movement. Take advantage of BW's rich, informative database and fantastic resources for applicants. Then choose what's important to you and do your own ranking.

Top 30 U.S. Programs
1 University of Chicago
2 Harvard University
3 Northwestern University (Kellogg)
4 University of Pennsylvania (Wharton)
5 University of Michigan (Ross)
6 Stanford University
7 Columbia University
8 Duke University (Fuqua)
9 MIT (Sloan)
10 UC Berkeley (Haas)
11 Cornell University (Johnson)
12 Dartmouth (Tuck)
13 NYU (Stern)
14 UCLA (Anderson)
15 Indiana University (Kelley)
16 University of Virginia (Darden)
17 UNC - Chapel Hill (Kenan-Flagler)
18 Southern Methodist (Cox)
19 Carnegie Mellon (Tepper)
20 University of Notre Dame (Mendoza)
21 Texas - Austin
22 Brigham Young (Marriott)
23 Emory University (Goizueta)
24 Yale University
25 University of Southern California (Marshall)
26 University of Maryland (Smith)
27 University of Washington (Foster)
28 Washington University (Olin)
29 Georgia Tech
30 Vanderbilt University (Owen)

Top 10 Non-U.S. MBA Programs
1 Queens University
2 IE Business School
3 INSEAD
4 Western Ontario (Ivey)
5 London Business School
6 ESADE
7 IMD
8 Toronto (Rotman)
9 IESE
10 Oxford (Saîd)

BW bases its rankings on employer and student surveys as well as school research output or "intellectual capital."  This year for the first time, in a nod to the economic crisis, it is also including a ranking based on ROI and years to recoup the MBA investment. Not surprisingly, European schools, which tend to be one-year programs, are at the top of the chart. More surprising: HBS ranks 50 out of 50 in this chart. I guess assumptions matter.

This week's chats:

• London Business School. Today Monday, September 29, 2008 at 9:00 AM PT/12:00 PM ET/4:00 PM GMT/ 5:00 PM BT when admissions representatives, career services staff, and current students will be available to answer your questions.
• Columbia Business School with Linda Meehan,  Assistant Dean for MBA Admissions & Financial Aid,  will participate in a Columbia admissions chat at Accepted.com. Thursday, October 2, 2008 at 10:00 AM PT/1:00 PM ET/5:00 PM GMT
  

Mark your calendars for next week's chats:

• Anderson with new Director of Admissions, Mae Shores. October 6, 2008 10:00 AM PT/1:00 PM ET/ 5:00 PM GMT  
• MIT Magic  with Jennifer Burke Barba, Asst. Dir. Of Admissions,  October 7, 2008 10:00 AM PT/1:00 PM ET/ 5:00 PM GMT

We are excited to host Yale School of Management and its representatives this Thursday September 25 at 10:00 AM PT/1:00 PM ET/5:00 PM GMT. Our guests will be:

• Bruce Delmonico, Director of Admissions
• Shelley Clifford, Deputy Director of Admissions
• Keith Morriss,  Yale SOM Class of 2009

Please join us to learn more about Yale’s innovative curriculum, tight-knit community, and international study opportunities. Located close to the epicenter of today’s financial turmoil, Yale has a front seat. You can also use this opportunity to ask questions about the impact of the crisis on past, current, and future MBA students.

The chat will take place in Accepted’s chat room.

I am also please to announce that we have posted a couple of transcripts from recent chats: 

• INSEAD Chat Transcript   with Cassandra Pittman, Patrick Parker
  
• Wharton Chat Transcript with Jackie Zavitz,   Tiffany Gooden, and Alex Fleming

Highlights from the INSEAD chat:

Gayatri (Sep 11, 2008 12:16:10 PM)

Cassandra: How big of a factor is age; I will be 34 at Jan 2010. Will INSEAD very strict for older applicants? 

CassandraPittmanINSEAD (Sep 11, 2008 12:19:48 PM) 

Gayatri - we don't consider age in the Admissions process. Instead, we look at the quality and quantity of your work experience. So, age is not a factor at all. 

Linda Abraham  (Sep 11, 2008 12:22:35 PM) 

Cassandra, INSEAD used to have a maximum age of 35, has it done away with that limitation?

CassandraPittmanINSEAD  (Sep 11, 2008 12:24:43 PM) 

Linda: To be honest, I wasn't aware that INSEAD ever had an age limit. I've been with INSEAD for 3 years and we haven't had it in that time. However, we do encourage candidates who have 10+ years of work experience to consider whether they might get more value from our Executive MBA, in which they would learn with a peer group with similar levels of experience. 

Highlights from the Wharton Chat:

Jackie: Can you update us on the search for your director of admissions? How does a change at the top affect this year's applicants compared to last years? Any change in the type of students you are looking for?

JackieZavitzWHARTON  (Sep 15, 2008 12:03:13 PM) 

Wharton2011: We are in the process of interviewing candidates right now. There is no impact on candidates, really-- our office still serves our faculty, and the School strives to admit the best, most qualified and diverse group of students possible. We have a wonderful admissions committee, student volunteer base and alumni network to rely on, as well! 

i4 (Sep 15, 2008 12:11:30 PM) 

Tiffany: What do you really look for in reapplicants?  

TiffanyGoodenWHARTON  (Sep 15, 2008 12:14:37 PM) 

I4 - We would hope that you have done some reflection on the strengths and weaknesses of your previous application. While your core values may not have changed, the application should be stronger than the one you previously submitted in the other areas that we evaluate (i.e. presentation, cohesion, etc.). Having previous experience with the application process should be a help for you in managing the process this year.

Mark your calendars. Don’t miss our upcoming chats:

• Sept. 25 – Yale
  
• Sept. 29 – London Business School
  
• Oct. 2 – Columbia
  
• Oct. 6 – UCLA Anderson
  
• Oct. 7 – MIT Sloan  

A friend of ours is a financial adviser who likes to compare the gyrations of the stock market to a yo-yo being carried upstairs. My husband emailed him this morning and asked, "What happens if the guy carrying the yo-yo drops it?"

It's been a dizzying few days in the financial market. I have heard from several applicants who are concerned they may not have a job tomorrow. One applicant asked me, "Will losing my job hurt my chances of acceptance?"

If you lose your job at a company that is an obvious and very public victim of the current credit melt-down, it will not affect the admissions committees' evaluation of you and your credentials at all. They will not "hold you responsible," or think less of you. As I told the young woman I was speaking with, "Don't worry about it. You have bigger things to worry about."

Schools will look at how you respond to a layoff, especially if it becomes lengthy. If you quickly find another job, especially if it’s a position closer to your long-term goals or a promotion, it will help you. But if it takes a few months, adcoms will look at what you did when you didn't have to work. Did you acquire new skills? Did you volunteer more? Get involved in a favorite cause? The election? Devote more time to a hobby or sport? As usual your response to events will say more about you than the fact that something -- including a layoff -- happened.

There is one way that the financial turmoil will influence your chances whether employed or laid off, especially if you are in financial services and applying to schools that attract a lot of applicants from financial services: Competition will intensify and acceptance rates will decline.

Crains of NY reports today that unemployment in New York City surged in August (before the recent spate of dismal news) almost one full percentage point to 5.8%. The unemployment rate is still slightly below the national average, but the spike represents the sharpest monthly jump in New York City in at least three decades and is attributable partially to job loss in the financial sector. In fact "'...the continued financial sector turmoil guarantees that job losses on Wall Street will climb rapidly over the next few months,' said James Brown, a state Department of Labor economist."

So what can a hot-shot investment banker at Lehman Brothers or Merrill Lynch do? How can an AIG quant jock protect himself?

1. Have crystal clear goals. Present a compelling case for pursuing this degree at School X. You don't want to come across as merely one more refugee seeking shelter from the financial storm. Present yourself as a person with vision and goals who sees your target school as the best way for achieving them.
2. Spend a little more essay real estate on non-professional activities that reveal your ability to contribute uniquely to your class. Unless your work experience or career progression has been truly exceptional, this advice applies to anyone coming from financial services or a common professional group in the applicant pool.
   

Then you’ll be ready when the yo-yo resumes its climb up the staircase.

It is with great pleasure that I welcome Natalie Grinblatt to Accepted's staff. Natalie previously served as:

• Assistant Dean at Arizona State University's W P Carey School of Management.
• Director of Admissions and Financial Aid at Cornell's Johnson School
• Director of MBA Student Affairs and Enrollment Management at the University of Michigan (where she also earned her MBA).