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To: maayanpi
Maayan,
There's a huge difference between not distinguishing between the top-10 schools based on general academics and not distinguishing between these schools at all. I don't share your point of view that some schools are academically better than others because students study harder or the faculty gets paid more. My main gripe with this argument is that none of us can render an informed, objective opinion on this due to the simple fact that no one does more than one MBA (although I wouldn't mind volunteering to such a research ;-)
By the way, several HBS grads told me that they thought that the academics were a joke(!) – based on that, maybe the school's investment in its world renowned faculty is not garnering the desired ROI..?
What we were all more or less unanimous about is that one shouldn't infer that Wharton is "better" than Harvard just because it's ranked 2 places above it in any one MBA ranking.
What we would all probably agree with you on is that different schools have different strengths and weaknesses, even academically. However, these differences usually resonate beyond just the academic curriculum. Moreover, more often than not, one would have to research schools beyond the occasional review of rankings to fully comprehend these differences.
All the best!