MBAorBUST presented the interesting question of why students exclude Columbia.
Three explanations I have come across:
1) Columbia has a relatively pronounced boom and bust cycle for an ultra elite school that scares off the best candidates
2) Columbia has not been a leader in the same way that other ultra elites have been and thus is not as attractive to the best candidates
3) CBS at times has lived off the brand name of the university rather than address shortcomings in the quality of the business school
1) Boom and Bust Business School
There is no denying that CBS has suffered through some low points. As mentioned above, Columbia in the late 1980s was one nadir:
"At that point the school was very demoralized. We had fallen to 14th in the Business Week rankings. The students were very unhappy; they felt the curriculum was out of date and out of touch."
"The alumni felt very alienated and disenchanted. There were many alumni who had no contacts with the school. "
This was certainly not the first low point for the school. Dean Courtney C. Brown's played a crucial role in the 1950s and 1960s by elevating the business school from its lowly status as a cash producing vocational school to a serious academic unit of a major university. At the time of his arrival the business school had a largely undistinguished faculty, substantial morale problems, and a curriculum that was better suited to teaching undergraduates than MBA level professionals.
Since reputations tend to form over a long period of time, current impressions of Columbia are affected to some extent by weak moments in its past. Accordingly, some students might bypass Columbia in favor of schools with less variance.
2) Follow that School
A related weakness is that Columbia has rarely appeared to be a leader in the same way as Penn, Chicago, or Harvard have been. Wharton was instrumental in the creation of serious post-secondary training in business, Chicago in finding a rigorous academic core for business education in economics and the related social sciences, and Harvard in making business school a graduate level discipline. While its emphasis on International Business has been important, Columbia has rarely been a leader in business education.
3) Image Cross-subsidization
At times, CBS has seemed to rely on the image of its parent university and the fact that the parent is a member of the Ivy League to justify relatively weak offerings. This certainly seemed to have been the case when Dean Brown took over the business school in 1954. To this day, CBS uses an implicit “Quality by Associationâ€