In the world of business school rankings, springtime can only mean one thing: a new U.S. News & World Report ranking. The publication ranked the Stanford Graduate School of Business and the Wharton School of the University of Pennsylvania first in its 2023–2024 list of domestic MBA programs. Stanford was ranked sixth in last year’s list, while Wharton was third. Last year’s number-one school, the University of Chicago Booth School of Business, rounds out the top three this year. The rest of the top ten is largely unchanged from the previous year in terms of schools, most of which shifted position only slightly. However, the Darden School of Business at the University of Virginia has entered the top ten after being ranked 14th last year.
Farther down the list, Vanderbilt University’s Owen Graduate School of Management saw one of the most notable climbs of the year and is now in 20th place after ranking 27th last year. The Olin Business School at Washington University in St. Louis similarly rose several spots, from 37th place last year to 26th. Finally, the Fisher College of Business at Ohio State University now sits in 30th place after being ranked 44th last year.
The new ranking featured slight changes in methodology. U.S. News added a new factor to its ranking process this year: assessing post-graduate salary by profession. According to the publication, this component accounts for ten percent of the scoring and puts more emphasis on the return on investment of an MBA degree.
As always, remember to approach rankings as simply a small part of a holistic process. Rankings are just one way to compare business schools; when deciding which schools to target, they should not factor into your decision too heavily, if at all. Examine all aspects of the schools that interest you in order to make an informed decision—and have fun with it!