Top 10 The Best Business Schools in The U.S of 2024

Laelia Yang March 01, 2023 | 07:47

If you want to study business and management in the United States, read on for an overview of the top 10 business schools in the US.

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Top 10 The Best Business Schools in The USA

Many of the most successful executives in the world consider attending business school to be a rite of passage.

All business schools, however, are not created equal. While some business schools can help graduates land well-paying jobs, others may fall short of what students hope for. In order to identify the best business schools in the nation, U.S. News & World Report examined thousands of institutions. They took into account things like starting wage, ability to get a job within three months after graduation, and undergraduate GPA.

See below for the US News MBA Ranking 2023/2024, which places Wharton and Chicago Booth joint #1 among the country's top business schools.

Best Business Schools in the USA: M7 Business Schools Dominate the Top 10

Six of the top five US business schools are M7 members. Columbia Business School, another club member, ranks sixth this year. World-class business schools include the M7.

Yale School of Management placed seventh—its highest US News ranking to date—Berkeley Haas School of Business placed eighth, and University of Michigan Ross School of Business placed 10th.

This year's winners, Wharton and Chicago Booth, excelled in enrolment and graduation. Both schools have top average GMAT scores and the greatest and second-highest graduation employment rates in the top 10.

Booth's last graduating class averaged 732 GMAT and 3.54 GPA. The average base wage of recent graduates is over $150,000, and 88.7% were employed at graduation.

Wharton MBA students have an average GMAT of 733 and a GPA of 3.6, demonstrating their outstanding caliber. 89.9% of graduates were employed, and the average base pay was $156,000.

The US News MBA ranking is the most authoritative ranking of US business schools.

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

Many of this year's US News MBA Ranking top 10 business schools have moved. Yale School of Management rises to seventh from ninth, while Michigan Ross returns to the top 10 from 13th last year.

Michigan Ross MBAs earn more than MIT Sloan, Yale, and Berkeley Haas graduates.

Michigan Ross ranks third in post-MBA employment, behind Chicago Booth and Wharton, at 88.2%, rising to 96.1% after three months.

Harvard and MIT are fifth again. Harvard's 69% post-MBA employment rate is significantly lower than the rest of the top 10.

Harvard declined comment. This shouldn't worry you. Harvard's low employment rate may indicate that graduates are confident in their job prospects and willing to wait for their ideal positions.

Harvard's recruiter assessment score is among the best, and its three-month graduate employment rate is 92.3%.

What Are The Best Business Schools In The USA - Top 10 2023/2024?

1. Chicago: Booth

Chicago: Booth

The University of Chicago Booth School of Business was the first US business school to provide an executive MBA program (in 1943) as well as the first to offer a Ph.D. in business. It currently shares 19th place with NYU among the top business schools in the world (1920). Almost 49,000 of Booth's alumni live all throughout the world, and seven of its professors have won the Nobel Prize.

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, and portfolio management are among the departments and concentrations offered by the Booth School of Business at the University of Chicago (Booth). Its tuition is $74,919 per year for full-time students, $7,492 per credit for part-time students, and $194,000 for the executive program. 88.70% of full-time program alumni had jobs when they graduated.

2. Wharton

Wharton

The University of Pennsylvania's Wharton School's full-time MBA program requires GMAT or GRE scores. Last year's 27% acceptance rate averaged a 722 GMAT and 3.58 undergraduate GPA. Applications require two recommendation letters. Foreign students are exempt from TOEFL. Its 2022 class application deadline is March 30. 915 full-time MBA students are enrolled. Graduates make $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. Full-time tuition is $76,000 and executive $210,900. 89.90% of full-time grads are employed.

3. Northwestern: Kellogg

Northwestern: Kellogg - Photo: e-gmat

The 3rd of these top US universities for business is Northwestern University, which shares 22^nd place in the world for this subject.

The Kellogg School of Management was founded in 1908 under a different name; it received its current name in 1979 in recognition of a gift made to the institution by John L. Kellogg, the son of the originator of Kellogg's cereal.

In order to be considered for admission to its full-time MBA program, the Kellogg School of Management at Northwestern University needs applicants to submit either a GMAT or GRE score. The typical new Kellogg student has a 3.6 undergraduate GPA, a GMAT score of 727, or a GRE score of 163. In the previous year, Kellogg's full-time MBA program admitted 27% of candidates. A completed application must be accompanied by two letters of recommendation. Currently, Kellogg has 1,016 full-time MBA students enrolled. For overseas applicants, TOEFL scores are necessary. Among Kellogg grads, the median base pay is $144,000.

4. Stanford

Photo: scpd.stanford.edu

Stanford University, which is ranked fourth in the world for business and management, is one of the most demanding business schools in the US, with an admittance rate of only 7%. Stanford University is situated in California's Silicon Valley, which is home to a number of renowned high-tech firms and start-ups and is renowned for creating a remarkable number of successful business leaders and entrepreneurs among its graduates.

In response to COVID-19, Stanford Graduate School of Management is now accepting test results from the official online versions of the examinations in addition to the GMAT or GRE scores that are required of applicants. The typical GMAT score of new students to Stanford's Graduate School of Management is 733, while their undergraduate GPA is 3.8. The Stanford GSB reported an admission rate of 8.9% for 2020. Applications must be accompanied by two letters of recommendation. There are presently 840 students enrolled in Stanford's three application rounds for its full-time MBA program. For MBA graduates, the median base pay is $156,000.

Top 10 Best Universities In The World 2022

5. Harvard

Photo: forbes

The QS World University Rankings® 2016-2017 place Harvard University third overall and first in the business and management category, surpassing the London Business School of the United Kingdom. The renowned Harvard Business Review journal is published by Harvard Business Publishing, which is owned by the 1908-founded Harvard Business School (HBS). Just over 2,000 students are enrolled in its doctorate and MBA programs.

GMAT or GRE scores are required from applicants to Harvard Business School in order to be considered for admission. The school does not favor any particular test over others. An average GMAT score for a student accepted to HBS last year was 727. HBS reported an acceptance rate of 11.5% for 2020. For overseas applicants, TOEFL scores are necessary. There are now 1,593 full-time MBA students enrolled at HBS, and there are two application deadlines each year. It takes two letters of recommendation to apply. For MBA graduates, the median base pay is $150,000.

6. MIT: Sloan

Photo: e-gmat

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, and supply chain management are among the departments and concentrations offered by the Sloan School of Management at Massachusetts Institute of Technology (MIT Sloan). Full-time students pay $78,954 in annual tuition. At graduation, 83.80% of the full-time program's graduates have jobs.

Due to COVID-19 issues, MIT Sloan School of Management will not accept GMAT or GRE scores as part of applications for its full-time MBA program in 2021–2022. The typical new student in 2020 had a 3.49 undergraduate GPA and a GMAT score of 720. The school now has 887 full-time MBA students enrolled, but it did not publish its admission rate for the previous academic year. To be taken into consideration for admission, candidates must provide one letter of recommendation. The median base income for Sloan graduates is $150,000.

7. Yale

Photo: admissions.yale.edu

The Yale School of Management at Yale University rose 10 spots in 2016 to take 16th place among the top business schools worldwide. There are currently just about 668 students registered, and it was formed in 1976. The first program of its kind in the world, the school will start offering a new one-year master of management studies in systemic risk in the 2017–2018 academic year.

GMAT or GRE scores must be submitted by full-time MBA applicants to Yale School of Management. Last year, the typical new student had a 3.62 undergraduate GPA and a GMAT score of 720. Less than one-third of those who applied for the program in 2020 were approved. To apply, you must provide two letters of recommendation. There are 692 full-time MBA students enrolled at Yale right now, and there are three application rounds per year. A TOEFL score is not required from international students. Graduates of the Yale SOM earn an average base income of $140.000.

What is the First University in the World

8. Columbia

Photo: forbes

Another university from New York City, Columbia University is situated in Manhattan and is ranked joint-twelfth in the world for business and management. Manhattan is the center of the US's international economic hub. It was established in 1916, and as it celebrates its 100th anniversary this year, it takes pride in being "at the very center of business."

The average new student reports a GMAT score of 726, and Columbia Management School requires a GMAT, GRE, or Executive Assessment score for admission to its full-time MBA program. The school's admittance rate was 16% last year, and the typical new student had an undergraduate GPA of 3.6. For international applicants, Columbia does not require a TOEFL score but does require one letter of recommendation. April 8, 2022, is the application deadline. At Columbia University right now, there are 1,521 MBA students enrolled full-time. The median base pay for graduates is $150,000.

9. Berkeley: Haas

Photo: Youtube

The University of California, Berkeley (UCB), which is ranked 12th in the world for business and management, is the next best US university in these fields. Over 2,200 undergraduate and graduate students are taught at its Haas School of Business, which was founded in 1898 and is named after former Levi Strauss & Co. president and chairman Walter A. Haas.

The Haas School of Management at UC Berkeley does not have a test waiver policy and requires full-time MBA applicants to submit a GMAT or GRE score in order to be considered for admission. The typical incoming Haas student has a 3.65 undergraduate GPA and a GMAT score of 727. 23.3% of applications were accepted by the institution last year. An application must be accompanied by two letters of recommendation. Each year, the institution offers three application deadlines. Currently, 1,233 students are enrolled full-time in the MBA program at Haas. Graduates make a base salary of $140,000 on average.

10. Michigan: Ross

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, and Its tuition is full-time: $67,114 (in-state); full-time: $72,114 (out-of-state); part-time: $65,467 (in-state); part-time: $70,455 (out-of-state); executive: $168,500 total program (in-state); and executive: $173,500 entire program (out-of-state). 88.20% of full-time grads are employed.

Action-based learning at Michigan's Ross School of Commerce teaches students to ask essential questions, discover critical challenges, and become effective leaders. Global, executive, and part-time MBAs are available. Part-time degrees can be done on weekends or evenings, and EMBA classes meet only one weekend a month. Accounting, management, entrepreneurship, and supply chain management master's and Ph.D. degrees are available.

US MBA programs: Gains & Losses

Dartmouth's Tuck School of Business is disappointed to fall out of the top 10. The school is 11th this year, followed by NYU Stern School of Business, another 2022 dropout.

Some lower-ranked schools made big gains this year in the US News MBA Ranking, which rarely changes.

Two schools entered the top 25 this year, including Syracuse University's Whitman School of Management, which rose 27 spots to 55th. Notre Dame's Mendoza College of Business rose 11 spots, from 36th to 25th, and Emory's Goizueta School of Business rose five spots, from 26th to 21st.

Northeastern University's D'Amore-McKim School of Business, this year's biggest loser in the US News list, fell 30 places from 55th to 85th.