Top 10 The Best Business Schools in The USA
Top 10 The Best Business Schools in The USA

Going to business school is a rite of passage for many of the world’s most powerful businesspeople.

But not all business schools are created equal. Some business schools launch graduates into high-paying careers and others can fall short of students’ expectations. U.S. News & World Report analyzed thousands of schools to determine the best business schools in the country. They considered factors such as undergraduate GPA, ability to find a job within three months of graduation and starting salary.

Find out who are the 10 best business schools in the United States as Wharton and Chicago Booth come joint first in the US News MBA Ranking 2023 below!

Best Business Schools in the USA: M7 Business Schools dominate the top 10

The six schools that make up the top five best business schools in the US are all members of the elite M7 business school club. The other member of that club, Columbia Business School, sits in eighth place in this year's ranking. The M7 are widely regarded as being among the best business schools in the world.

Elsewhere in the top 10 are Yale School of Management in seventh place—the school's highest place to date in the US News ranking—Berkeley Haas School of Business in joint eighth place, and University of Michigan Ross School of Business in 10th.

The success of this year's winners, Wharton and Chicago Booth, can be put down to each school's impressive overall performance at both the enrollment and graduation stage. Both schools' classes boast top average GMAT scores and the highest and the second-highest percentage of students employed at graduation across the top 10.

Booth's latest graduating class has an average GMAT score of 732 with an average GPA of 3.54. The average base salary of graduates is more than $150,000, and 88.7% of the latest class were employed at graduation.

Wharton's class has an average GMAT of 733 and an average GPA of 3.6, which highlights the quality of candidate that fills the Wharton MBA classroom. Grads from the school earn an average base salary of $156,000, and 89.9% of the class were employed at graduation.

The US News MBA ranking can be viewed as the most definitive list of the best business schools in the USA.

Michigan Ross enters the top 10 best US MBAs & Something’s up with Harvard’s employment rate

Many of the business schools that feature in this year’s US News MBA Ranking top 10 have changed position. Yale School of Management climbs to seventh from ninth, while Michigan Ross returns to the top 10 after placing 13th last year.

At over $171,000, Michigan Ross MBA can expect to earn higher average starting salaries than graduates from MIT Sloan, Yale, and Berkeley Haas.

Out of the top 10, only Chicago Booth and Wharton boast a better post-MBA employment rate than Michigan Ross, at 88.2%, rising to 96.1% after three months.

Harvard and MIT rank joint fifth for a second consecutive year. But, within the ranking data, one data point stands out: Harvard’s post-MBA-employment rate, at 69%, is significantly lower than the rest of the top 10.

Harvard declined to comment on this. However, this is not likely to be a major cause for concern. Harvard’s low employment rate may in fact demonstrate how Harvard graduates feel so confident in their ability to get jobs that they’re willing to wait for their ideal positions.

Harvard also has a stellar reputation—it’s among the best ranked for its recruiter assessment score—and Harvard’s graduate employment rate improves to 92.3% three months after graduation.

Top 10 Best Business Schools In The USA

1. Chicago: Booth

2. Wharton

3. Northwestern: Kellogg

4. Stanford

5. Harvard

6. MIT: Sloan

7. Yale

8. Columbia

9. Berkeley: Haas

10. Michigan: Ross

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What Are The Best Business Schools In The USA?

1. Chicago: Booth

Photo: europeanceo
Photo: europeanceo

Sharing 19th place with NYU among the world’s top business schools, the University of Chicago’s Booth School of Business was the first US business school to offer an executive MBA program (in 1943) as well as the first to offer a Ph.D. in business (1920). Seven of Booth’s faculty members are Nobel Laureates and the school has around 49,000 alumni across the world.

The Booth School of Business at University of Chicago (Booth) offers these departments and concentrations: accounting, consulting, e-commerce, economics, entrepreneurship, ethics, finance, general management, human resources management, industrial management, international business, leadership, manufacturing and technology management, marketing, management information systems, not-for-profit management, production/operations management, organizational behavior, portfolio management, public administration, public policy, real estate, sports business, supply chain management/logistics, quantitative analysis/statistics and operations research, and technology. Its tuition is full-time: $74,919 per year; part-time: $7,492 per credit; and executive: $194,000 total program. At graduation, 88.70 percent of graduates of the full-time program are employed.

2. Wharton

Photo: whartonafrica
Photo: whartonafrica

The Wharton School of the University of Pennsylvania requires applicants to submit either a GMAT or GRE score to be considered for admission to its full-time MBA program. With a 27% acceptance rate last year, the average student had a 722 GMAT and 3.58 undergraduate GPA. Two letters of recommendation must be submitted with an application. International students are not required to submit TOEFL scores. The deadline to apply for its upcoming class is March 30, 2022. The school currently enrolls 915 full-time MBA students. Graduates earn a median base salary of $150,000.

The Wharton School at University of Pennsylvania (Wharton) offers these departments and concentrations: accounting, e-commerce, economics, entrepreneurship, ethics, finance, general management, health care administration, human resources management, insurance, international business, marketing, production/operations management, public policy, real estate, and quantitative analysis/statistics and operations research. Its tuition is full-time: $76,000 per year and executive: $210,900 total program. At graduation, 89.90 percent of graduates of the full-time program are employed.

3. Northwestern: Kellogg

Photo: e-gmat
Photo: e-gmat

The 3rd of these top US universities for business is Northwestern University, which shares 22nd place in the world for this subject. Its Kellogg School of Management was established in 1908 under a different title, gaining its current name in 1979 in honor of John L. Kellogg (the son of the founder of the Kellogg’s cereal company) for his donation to the school.

The Kellogg School of Management at Northwestern University requires that applicants submit either a GMAT or GRE score during the admissions process to its full-time MBA program. The average incoming Kellogg student has a 727 GMAT score or 163 GRE score and a 3.6 undergraduate GPA. Last year, 27% of applicants to Kellogg’s full-time MBA program were admitted. Two letters of recommendation must be submitted with an application. Kellogg currently enrolls 1,016 full-time MBA students. TOEFL scores are required for international applicants. The median base salary for Kellogg graduates is $144,000.

4. Stanford

Photo: scpd.stanford.edu
Photo: scpd.stanford.edu

Ranked 4th in the world for business and management, Stanford University has one of the most selective business schools in the US, with only around a 7% acceptance rate. Renowned for producing a remarkable number of successful business leaders and entrepreneurs from its alumni, Stanford is located at the heart of California’s Silicon Valley, home to a range of famous high-tech corporations and start-ups.

Stanford Graduate School of Business requires applicants to submit either a GMAT or GRE score, and in response to COVID-19 is accepting test scores for the official online versions of the tests. The average incoming student to Stanford’s Graduate School of Business has a 733 GMAT score and a 3.8 undergraduate GPA. In 2020, Stanford GSB reported an 8.9% acceptance rate. Applications must include two recommendation letters. Stanford has three application rounds for its full-time MBA program, and currently enrolls 840 students. The median base salary for graduating MBA students is $156,000.

Top 10 Best Universities In The World 2022

5. Harvard

Photo: forbes
Photo: forbes

Harvard University overtook the UK’s London Business School to feature at 1st in the business and management ranking this year and is ranked 3rd in the world overall in the QS World University Rankings® 2016-2017. Harvard Business School (HBS), founded in 1908, owns Harvard Business Publishing, which publishes the famous Harvard Business Review magazine. It has an enrolment of just over 2,000 students on MBA and doctoral programs.

Harvard Business School applicants must submit either a GMAT or GRE score to be considered for admission. The school does not have preference for one test over the other. An average HBS student accepted last year had a 727 GMAT score. In 2020, HBS reported an acceptance rate of 11.5%. TOEFL scores are required for international applicants. HBS offers two application deadlines each year and currently enrolls 1,593 full-time MBA students. Two letters of recommendation are needed to apply. The median base salary for graduating MBA students is $150,000.

6. MIT: Sloan

Photo: e-gmat
Photo: e-gmat

The Sloan School of Management at Massachusetts Institute of Technology (Sloan) offers these departments and concentrations: accounting, economics, entrepreneurship, finance, general management, health care administration, human resources management, industrial management, international business, leadership, manufacturing and technology management, marketing, management information systems, production/operations management, organizational behavior, supply chain management/logistics, quantitative analysis/statistics and operations research, tax, and technology. Its tuition is full-time: $78,954 per year. At graduation, 83.80 percent of graduates of the full-time program are employed.

MIT Sloan School of Management for the 2021-2022 application cycle does not require a GMAT or GRE score to be submitted as part of its full-time MBA program application due to COVID-19 challenges. The average incoming student in 2020 had a 720 GMAT score and a 3.49 undergraduate GPA. The school did not disclose its acceptance rate for last year, but it currently enrolls 887 full-time MBA students. Applicants must submit one letter of recommendation to be considered for admission. Sloan graduates earn a median base salary of $150,000.

7. Yale

Photo: admissions.yale.edu
Photo: admissions.yale.edu

Yale University’s Yale School of Management climbed 10 places in 2016 to rank 16th among the world’s top business schools. It was founded in 1976 and has only around 668 students enrolled. From the 2017-2018 academic year, the school will offer a new one-year master of management studies in systemic risk, the first of its kind in the world.

Yale School of Management requires full-time MBA applicants to submit either a GMAT or GRE score. The average incoming student last year had a 720 GMAT score and 3.62 undergraduate GPA. In 2020, less than one third of candidates who applied were accepted to the program. Two recommendation letters are needed to apply. There are three application rounds per year, and Yale currently has 692 full-time MBA students enrolled. International students are not required to submit a TOEFL score. The median base salary for Yale SOM graduates is $140,000.

What is the First University in the World

8. Columbia

Photo: forbes
Photo: forbes

Ranked joint 22nd in the world for business and management, Columbia University is another New York City-based institution, located in Manhattan and therefore the heart of the US’s global business hub. Founded in 1916, it celebrates its centenary this year with a range of events, and prides itself on being ‘at the very center of business’.

Columbia Business School requires a GMAT, GRE, or Executive Assessment score for admission to its full-time MBA program, with the average incoming student reporting a 726 GMAT score. Last year, the average incoming student had a 3.6 undergraduate GPA and the school’s acceptance rate was 16%. Columbia requires one letter of recommendation with an application, but does not require a TOEFL score for international students. Applications are due April 8, 2022. There are currently 1,521 full-time MBA students enrolled at Columbia. Graduates earn a median base salary of $150,000.

9. Berkeley: Haas

Photo: Youtube
Photo: Youtube

The next of the top US universities for business and management is the University of California, Berkeley (UCB), which ranks 12th in the world for business and management. Its Haas School of Business, named after former Levi Strauss & Co. president and chairman Walter A. Haas, is the second-oldest business school in the US (founded in 1898) and educates about 2,200 undergraduate and graduate students.

UC Berkeley’s Haas School of Business requires full-time MBA applicants to submit a GMAT or GRE score to be considered for admission and does not offer a test waiver policy. The average incoming Haas student has a 727 GMAT score and 3.65 undergraduate GPA. Last year, the school accepted 23.3% of applicants. Two letters of recommendation are required with an application. The school offers three application deadlines each year. Haas currently has 1,233 students enrolled in its full-time MBA program. Graduates earn a median base salary of $140,000.

10. Michigan: Ross

Photo: noodlepartners
Photo: noodlepartners

The Stephen M. Ross School of Business at University of Michigan--Ann Arbor (Ross) offers these departments and concentrations: accounting, consulting, economics, entrepreneurship, finance, general management, health care administration, human resources management, international business, leadership, manufacturing and technology management, marketing, production/operations management, organizational behavior, portfolio management, public policy, real estate, supply chain management/logistics, quantitative analysis/statistics and operations research, and technology. Its tuition is full-time: $67,114 per year (in-state); full-time: $72,114 per year (out-of-state); part-time: $65,467 per year (in-state); part-time: $70,455 per year (out-of-state); executive: $168,500 total program (in-state); and executive: $173,500 total program (out-of-state). At graduation, 88.20 percent of graduates of the full-time program are employed.

The University of Michigan's Ross School of Business stresses action-based learning, a concept designed to teach students to ask pertinent questions, identify important problems and become effective leaders. Students can complete a full-time, part-time, global or executive MBA. Part-time degrees can be completed in the evenings or on weekends, and the EMBA courses meet only one weekend a month. There are also master's degree programs in accounting, management, entrepreneurship and supply chain management, as well as a Ph.D. program.

US MBA programs: Gains & Losses

Dartmouth's Tuck School of Business will be disappointed to have dropped out of the top 10. The school sits in 11th place this year, followed by NYU Stern School of Business in 12th, another school to have dropped out of the top 10 in 2022.

There are rarely seismic shifts at the top end of the US News MBA Ranking, but some lower-ranked schools made significant gains this year.

Whitman School of Management at Syracuse University climbed 27 places to 55th this year, while there were two schools that made strong gains to jump into the top 25. Mendoza College of Business at the University of Notre Dame climbed 11 places, from 36th to 25th, and Emory's Goizueta School of Business jumped five places, moving from 26th to 21st.

There were some significant movements further down the rankings too, with this year's biggest loser in the US News list, Northeastern University's D'Amore-McKim School of Business, falling 30 places, from 55th 5o 85th.

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