If you are considering a graduate degree in business such as an MBA, it would be worth your time to check out the rankings here.

Below we’ve listed the top 10 Executive MBA programs according to US News & World Report:

1. University of Pennsylvania (Wharton) Philadelphia, PA
2. Northwestern University (Kellogg) Evanston, IL
3. University of Chicago (Booth) Chicago, IL
4. Duke University (Fuqua) Durham, NC
5. Columbia University New York, NY
6. New York University (Stern) New York, NY
7. University of California–Berkeley (Haas) Berkeley, CA
8. University of Michigan–Ann Arbor (Ross) Ann Arbor, MI
9. University of California–Los Angeles (Anderson) Los Angeles, CA
10. University of North Carolina–Chapel Hill (Kenan-Flagler) Chapel Hill, NC

This month the MBA Roundtable released the results of its 2009 MBA Curricular Innovation Study indicating that 69% of MBA programs have significantly revised the curriculum in the past four years to improve the relevancy of the degree in response to criticism that they are not preparing graduates for today’s business challenges.

What Is Relevance?

Among the 69% of MBA programs making significant revisions to their curriculum, the most common change was the addition of ‘applied content’, or project-based courses. In addition to giving students more opportunities to take their learning out of the comfortable lecture hall and into the demanding real-world business simulations, respondents also reported that integration across topics and disciplines, as well as interdisciplinary content were popular changes.

MBA Programs That Get Into Details

MBA programs have traditionally focused on equipping students with big picture concepts, eschewing fine details of specific industries for personal leadership and decision making skills. Apparently that’s changing. The MBA Roundtable data reveals that 25% of MBA degree programs have added an industry specialization in the past three years. Common emphasis areas are healthcare, biotech, medicine, and entrepreneurship. Another change: about half the programs reported that they had added a focus on leadership development (as in, developing others) and global perspectives to their offerings.

Change is Good

And the changes just keep coming. 89% of all MBA programs surveyed are planning additional curricular changes.

“I think this is very promising news,” said Rodney Alsup, president of the MBA Roundtable. “It shows that there has been a concentrated effort among MBA programs to innovate and make changes that increase their relevance to both students and employers. Furthermore, this has been done in an educational environment that can be resistant to change, or, at the very least, has approval processes that make it difficult to make changes in a timely manner. Some schools need approval from their state boards of education prior to revising their curricula, for example.”

The motivation for these changes comes from both internal and external sources, according to the study. The most common motivator by far was internal quality improvement initiatives, with 64% of participants selecting it as one of their motivators. Among external motivators, “competitor schools” was the most commonly chosen answer, with 34% of respondents choosing it as one of their motivators.

If  you want to know more, check out all the results at www.mbaroundtable.org/events_preview.html.

The Personal Potential Index

Educational Testing Service (ETS) has created the ETS Personal Potential Index (ETS PPI), a web-based evaluation system that provides graduate applicants ratings on specific personal attributes deemed by graduate and professional school deans and faculty to be critical for academic success.

The tool is the first of its kind to evaluate students’ noncognitive or personal attributes. Specifically, the testing process measures:

• Knowledge and Creativity
• Communication Skills
• Teamwork
• Resilience
• Planning and Organization
• Ethics and Integrity.

These “soft skills” are considered essential for academic success. The launch of ETS PPI marks the first large-scale use of noncognitive measures for admissions in higher education.

Michael L. Jeffries, Associate Dean of Students at the University of Illinois, Urbana-Champaign, and Director of McNair Scholars & Minority Student Affairs, says ETS PPI will help identify candidates that might otherwise have been missed, while expanding opportunities for a diverse range of students. The McNair Scholars Program is a national initiative aimed at increasing the number of first-generation, low-income and/or underrepresented students in Ph.D. programs.

“The graduate community needs to continue to reduce barriers to graduate education and allow more underrepresented scholars to join the ranks of the professoriate,” explains Jeffries. “To the extent that the ETS PPI will broaden opportunities for students, it is something that I strongly support.”

Early Evidence of Success

Based on more than a decade of research, ETS PPI was developed in response to requests from graduate deans and admissions professionals to address a need for noncognitive measures to evaluate applicants. The development and introduction of ETS PPI comes with the full support of the independent Graduate Record Examinations (GRE) Board.

ETS PPI has been piloted for the past three years through the National Hispanic Research Center’s Project 1000, a program based at the University of Arizona that seeks to increase the number of underrepresented students in graduate school. ETS PPI also was successfully used during this time by ETS for selecting candidates for its summer intern program.

According to David G. Payne, Ph.D., Vice President and COO in the ETS Higher Education & School Assessments Division, research indicates that achievement gaps that exist in standardized tests do not exist in noncognitive measures, which is why ETS PPI is seen as a tool that may help to level the playing field for students seeking graduate and professional degrees, such as an MBA.

“Solid GRE scores and undergraduate grades are very important, but they don’t provide the complete picture of a candidate’s potential,” says Payne. “We’ve known for some time, thanks to research and anecdotal evidence, that qualities like resilience and teamwork were indicators of success in graduate school. The problem was how to measure them effectively. But now, with the introduction of ETS PPI, we have a tool that allows for accurate and valid measures of these critical personal attributes.”

Ready to Be Tested?

Students who have registered for the GRE General Test after May 1, 2009 will have the option of using ETS PPI and sending up to four ETS PPI evaluation reports at no additional cost. ETS PPI is not exclusive to GRE registrants. It is also available to past GRE test takers and others for a fee of $20 per report.

Student can create an ETS PPI profile online as well as contact information for the evaluators he or she would like to complete an ETS PPI evaluation. ETS then sends an e-mail to each evaluator inviting them to access the ETS PPI system to complete the student’s evaluation. Evaluators log in to the system and respond to a series of statements to rate the student on the six personal attributes and to provide an overall rating of the student. The student is notified when each evaluation has been completed and can choose the schools to which the evaluations will be sent. ETS creates an evaluation report, and sends it to the institutions designated by the student.

Find out more here: www.ets.org/ppi

The way ETS describes the process, it sounds like an extended reference letter, but apparently the science supports the results.

What do you think about personality trait testing as a criteria for grad school admission?

This 12th edition of The Official Guide for GMAT Review will run you $36.95 in stores, but only just over $24 on Amazon. That’s a no brainer for prospective business students.

Do You Really Need to Study For the GMAT?

A lot of people like to ‘wing it’ in a variety of situations. It might be a test, a job interview, or an important sales pitch. While this works exceptionally well for some people, they are most likely the exception and not the rule.

Most people do well with an adequate amount of preparation. And methodically proceeding through an organized study guide can provide that preparation. Remember that successful test taking involves a lot of strategy that has nothing whatsoever to do with the content of the test.

So I say yes, study for the GMAT!

Study for the GMAT with Real Questions

There’s not much value in my opinion to any study guide that does not contain actual test questions. This edition of The Official Guide for GMAT Review has been thoroughly revised and updated to include 300 GMAT questions never before released to the public.

 These never before available questions are among the 800 verbal and quantitative questions from the GMAT that don’t appear in any other study materials. In my opinion there is nothing better than practicing on actual test questions.

But Wait, There’s More!

The nice thing about the Official Guide for GMAT Review is that it includes a diagnostic tool to help you pinpoint exactly where to focus your precious study time. This type of feedback is invaluable in two ways.

First, it builds confidence in those areas which you are strong. Second, it reveals your weaknesses accurately so that you can proceed with a study plan that you know is going to yield results. There are also complete explanations for the answers to every GMAT question that appears in the book.

More practical features include sections that focus on the essay-writing section of the GMAT and common myths about the exam.

Click here to buy The Official Guide for GMAT Review now.

Everyone Wants an MBA

According to the the Graduate Management Admissions Council, the numbers are up. A record number of over a quarter million people took the Graduate Management Admissions Test (GMAT) in 2008. And more than 75% of full-time graduate business programs report that applications are on the rise. All this translates to stiffer competition to get into business school right now.

It also proves you’re not alone. And all those people can’t be wrong, right?

An MBA is Not a Back-Up Plan

While your motivation to go back to school may in fact be driven by your current circumstances, you can’t let those who review your application know that. Never let decision makers think you’re just trying to escape the bleak job market. The application materials must paint your quest for the MBA as part of an intentional career path strategy. Don’t forget those compelling reasons why you want an MBA, why you want to study in the particular program you’re applying to, and a clear explanation of your career goals.

Taking Advantage of the Part-Time MBA

If you still have a job, but you’re concerned about the future, you may want to complete an evening, weekend, or part time MBA program. These can be completed while still employed and help you accomplish several things:

Improve standing with your current employer.
If the time comes when your company is forced to start laying people off, do you want to be the slacker who checks out a five o’clock or the go getter who’s studying business at night and on weekends? And the beauty of online MBA programs is that you can complete a lot of your work at work on your lunch hour.

Gain valuable skills.
Not only will studying for your MBA make you look good to your superiors, if you choose the right one you will actually learn skills that you can apply right away at work, increasing your value to the organization and decreasing the likelihood that you’ll catch the ax any time soon.

Get your education subsidized.
Many employers offer tuition reimbursement programs that can significantly reduce your out of pocket costs for obtaining an MBA. Especially if you know you need the degree to advance your career, you may as well get started while you still have a job and this valuable benefit to take advantage of.

Prepare for the future.
In the worst case scenario you actually lose your job. Having more education will only help you in your search for a new one.

If you want an MBA, and you can afford it – both in time and money – go for it. You certainly won’t be lonely!

Do You Really Need an Admissions Consultant?

According to Stacy Blackman, most applicants to top business schools are qualified to attend. That doesn’t mean everyone gets in. The role of consultants like Blackman is to make sure your application stands out. Blackman and others offer personalized services that are also customized to the schools the student is applying to.

Consultants can help with everything from developing a strategy to assisting with essay writing and interview coaching. Premium services can include planning campus visits, coordinating school communications, and access to online resources to make your application as good as it can be.

If you’re thinking these services don’t come cheap, you’re right. That’s where the competition can help.

Beat the GMAT Competition

Qualified prospective MBA candidates can bow compete for scholarship packages that include GMAT preparation courses as well as expert consultation by a business school admissions consultant. The fourth annual 2009 Beat The GMAT Scholarship Competition is open for submissions. Applications will be accepted until May 8th.

Applicants must have completed college or be in their final year of college, and plan to attend business school within two years. 2009 Beat The GMAT Scholarship Competition is open to U.S. and international candidates.

“In these difficult economic times, there is a surge in business school applications, making it increasingly competitive to get into business school. We aim to support deserving candidates with this scholarship program,” said Stacy Blackman, President of Stacy Blackman Consulting.

Stacy Blackman Consulting and her team of professionals have hands on admissions experience, MBA’s from top schools, and strong writing and marketing skills. They’ve helped prospective students gain admission to every top business school in the world and they’re partnering with Manhattan GMAT to offer the prizes for the competition.

Enter to Win Free Services

The Beat the GMAT competition provides potential business school students with financial help assistance to help them achieve their educational goals by awarding the following prizes:

• First prize ($5,490 value): $500 cash, one full Manhattan GMAT course, 1 school comprehensive package with Stacy Blackman (business school admissions consultant).
• Second prize ($2,310 value): $500 cash, one full Manhattan GMAT course, 2,500-word editing service with Stacy Blackman.
• Third prize ($2,210 value): $500 cash; one full Manhattan GMAT course; 1,000-word editing service with Stacy Blackman.
• Fourth prize ($2,020 value): $500 cash, one full Manhattan GMAT course; copy of the MBA APPLICATION ROADMAP book by Stacy Blackman.
• Fifth prize ($2,020 value): $500, one full Manhattan GMAT course.

So how do  you enter? This link takes you directly to the 2009 Beat The GMAT Scholarship Competition site.

Applying is as simple as writing an essay. And if you find a consultant for that, let us know!

Passing the series of CFA exams demonstrates that you have the technical skills to succeed in asset or investment management, specifically in the field of investment banking. Getting your MBA prepares you for a broad range of challenges in the business world, especially the so called ‘softer’, yet crucially important leadership and people skills.

The MBA and CFA are actually quite complimentary designations.  This is why the CFA Institute has created specialized resources to help university offer the CFA Program Candidate Body of Knowledge (CBOK) as part of their business programs. The following North American colleges and universities currently offer CBOK curriculum.

Northeast

• Baruch College, The City University of New York, Executive MS in Financial Statement Analysis and Securities Valuation
• Boston University, Master of Science in Investment Management
• Cornell University, MBA Program at the Johnson School of Management  University of North
• University of Pittsburgh, MBA with Concentration in Finance Program
• Fordham University, Bachelor of Science in Finance 
• University of Rhode Island, Bachelor of Science, Major in Finance 

Southeast

• Georgia Institute of Technology, Master of Business Administration 
• University of Richmond,  BS in Finance 
• Carolina at Chapel Hill, Master of Business Administration, Concentration in Investment Management
• University of Virginia, B.S. in Commerce with a Concentration in Finance
• University of Florida, Bachelor of Science in Business Administration with a Major in Finance Master of Science in Finance
• Virginia Tech, BS in Finance

Midwest

• University of Kansas, Bachelor of Science in Business, Major in Finance
• University of Missouri at Columbia, Bachelor of Business Administration, Emphasis in Finance 
• University of Nebraska-Lincoln, Bachelor of Science in Business Administration, CFA Track within the Finance Major 
• Creighton University, Master of Security Analysis and Portfolio Management     
• Marquette University, Applied Investment Management Program 
• Michigan State University, Bachelor of Arts in Finance MBA Program 
• Saint Louis University, John Cook School of Business, Bachelor of Science in Finance, Financial Analyst Track 
• University of Wisconsin-Madison, Master of Business Administration, Applied Securities Analysis Program 
• University of Illinois at Urbana-Champaign, Master of Science in Finance

West

• University of San Francisco, MS in Financial Analysis
• University of Southern California, MBA
• Texas Tech University, Bachelor of Business Administration, Finance Major with Investments Emphasis

Canada

• Concordia University, Goodman Institute of Investment Management MBA Program
• Université de Sherbrooke, M.Sc. in Finance
• Université Laval, Bachelor of Administration with Finance Major MBA Finance

Lt. Gen. Jack C. Stultz, Chief, Army Reserve, and Commanding General, U.S. Army Reserve Command is excited about the program.

“Operation MBA will enhance opportunities for Army Reserve Soldiers who wish to contribute their talents and skills to the Nation’s business communities.”

Military + MBA = Business Success

The level of responsibility granted at relatively young ages in the military, the requirement to solve problems on the spot, and the leadership skills developed in the military are all a good foundation for success in business. With baby boomers leaving executive positions for retirement, ex-military may have just the skills corporate America needs. An MBA gives them the specific business credential they’ll need to get in the door.

According to a poll by Military MBA, over one fourth of military officers seek an MBA in order to improve career opportunities outside the military.

David A. Wilson, president of GMAC, notes the synergy between the military and business school and beyond:

“Officers and other leaders are among the very best candidates for business school. Their experience in managing resources and developing strategy enrich the dialogue in the classroom, a cornerstone of the MBA program. Their discipline prepares them well for the rigors of the program and for management upon graduation.”

Goals of Operation MBA

Teaming up with the GMAC, the Army Reserve hopes to accomplish the following:

• teach members of the Army Reserve the value of obtaining an MBA
• providing easy access to preparation materials for the Graduate Management Admission Test (GMAT)
• information about applying to graduate business schools
• listing of military-friendly business schools

The list of schools is especially useful in that these institutions have agreed make various concessions to military personnel, such as waiving admissions fees, making financial aid available, and offering grant deferments if soldier’s plans are delayed by their service branch. Together GMAC and the Army Reserve will post material about Operation MBA on their respective websites, www.mba.com and www.ArmyReserve.Army.mil.

If the military is such a good preparation for management, maybe our Fortune 500 should incorporate some military style discipline into their training programs . Jim Bolt at Fast Company agrees. How about you?

Students Expect 24/7 Access

Building on their successful Open CourseWare Program, MIT’s Sloan School of Management provides extensive audio and video recordings for free to students and the public at large. And last month the London Business School made plans to implement a comprehensive class capture program. Their MBA students will soon be able to access recorded lectures from anywhere in the world.

MIT and the London Business School are by no means alone. Service provider Mediasite now helps students from more than 600 colleges and universities bridge the gaps of time and distance. They coordinate and automate webcasting and content management systems for the capture, management, delivery and search of rich media presentations (audio, video and graphics) for live or on-demand viewing.

Russell Altendorff, Director of Information Systems for London Business School described the need for the online component of business education.

“All major business schools are coping with an insatiable demand, primarily student-driven, for video and podcasting. The demographics of our students are changing. We see an increasing volume of Executive MBA students who are highly mobile, and with our new centers in Dubai and Hong Kong, over the last two years we increasingly have a whole cohort of students taught abroad and as a result we need to deploy more distributed learning.”

The London Business School had already been making filmed lectures and events available to students, but the new system will automate the process so that they can provide even more. This leader among business schools sees the online content as an addition to their already rich MBA program content.

“…we can not only provide online content as a service to our customers, but also as an adjunct way to support the learning process, so learning can occur not only through reading, reflection and face-to-face teaching, but also can be reinforced through access to instruction online.” said Altendorff.

Educational Benefits of Captured Classes

When students have access to recorded lectures it enables them to access class anytime. Complex concepts can be reviewed on demand until the message is clear. In that respect it’s almost like having the instructor on call. Also, knowing that lecture material is available later means students don’t necessarily have to take notes. While many students learn well by taking notes in class, others learn better when they can focus their full attention on listening.

Class capture provides the confidence that nothing will be missed. Everything the professor says and presents is stored for later reviewed. And some proponents believe that having a backup of the live presentation frees students to engage with each other and the instructor in a more meaningful way.

Key Word for Student Investors: Prudent

The Cayuga Fund’s strong performance was driven primarily by what Cornell MBAs describe as a ‘prudent risk management strategy’ that had shorts and longs performing comparably for the year.

“In spite of governmental efforts to prop up the financial industry and by extension, the equity markets, the economic picture remains very challenging and we expect this trend to continue throughout 2009. The Cayuga Fund intends to remain focused on generating absolute return through a combination of selective stock-picking and prudent risk management.” 

The top long performer (at at fourth quarter return of 65%) was Yanzhou Coal Mining Company (YCZ). This Chinese company mines, prepares, transports, and sells coal. It’s done well amid the growing global demand for inexpensive sources of energy.

The best short performer was American Apparel (APP), generating a return of 76 % in the last quarter. This company manufactures, distributes, and retails casual wear apparel for men, women, and children. Despite a weak retail segment, APP has performed well relative to many of its peers.

MBA Hedge Fund Creates Opportunities for Students

Cornell’s Johnson School created the Cayuga MBA Fund as an investment vehicle that aims to provide a competitive rate of return to its investors, but also serves to offer educational and professional opportunities to the Johnson School MBA students. By combining the cutting-edge research of faculty members with the participation of student portfolio managers, the fund provides a return far greater than that which is received by its investors.

Student portfolio managers, quantitative analysts, traders, and an investor relations manager all manage the fund under the guidance of faculty and outside investment advisers. Together, they work to achieve consistent positive returns that are uncorrelated with equity market benchmarks, and to maintain significantly lower volatility than the broader market.

Parker Center the Envy of Wall Street

The Cayuga MBA Fund also benefits from the support of Cornell’s Parker Center, which is a classroom for real-time stock quotes, international data feeds, and financial analysis software and data. This center is valued at more than $1.8 million per year in licensing fees. Representatives from Cornell say it’s as good as, if not better than, the resources found at many Wall Street firms. With this kind of return, who could argue?

What’s the lesson here? Either get yourself to business school, or give you money to someone who’s already there!