IF a student secures admission in an MBA programme of Lums, IBA and Iqra University then he or she should choose Iqra over Lums and IBA. This is the suggestion implicit in the Higher Education Commission`s ranking of universities released recently. Iqra is ranked as the best university in the business category, IBA comes in second. If we were to rank universities on the basis of the salaries that fresh graduates of a university earn, HEC`s ranking would stand on its head. Rankings based on the proportion of prestigious foreign scholarships won by the graduates of a university would do the same. Seeing HEC rankings in the light of market perceptions makes one want to laugh. Quaid-i-Azam University, Punjab University, Comsats, Karachi University and Rawalpindi`s Arid Agriculture University (popularly known as `Barani University`), are ranked one to five, and Lums comes in at sixth position in the general category.