2023-2024 Best Business Schools: US News MBA Rankings Have Landed

The much-anticipated US News & World Report annual ranking of American colleges and universities has been released, and as always, it is causing a stir in the world of higher education. The rankings are a comprehensive and influential guide for students, parents, and educators alike, with many schools anxiously awaiting their placement on the list. 

The rankings take into account a range of factors, including academic reputation, faculty resources, student selectivity, and alumni giving, among others. In addition to the overall rankings, US News also releases rankings for specific programs and majors, providing prospective students with a wealth of information to help them make informed decisions about their higher education.

In this article, we will provide you with a comprehensive overview of the top 10 US MBA programs, highlighting the differences from the previous year and discussing the various metrics used to determine their ranking.

Here are the new Top 10 US MBAs (according to US News)

We have compiled a list of the top 10 US MBA programs based on the ranking and metrics provided by US News & World Report.

Rank	B- School	Admit Rate	Average GPA	Median GMAT	Salary & Bonus	Employment
1	Chicago (Booth)	30	4	730	$194,792	96%
2	Northwestern Kellogg	31	4	730	$189,342	97%
3	Pennsylvania(Wharton)	23	4	740	$190,992	96%
4	MIT (Sloan)	15	4	730	$185,727	94%
5	Harvard	14	4	730	$198,180	90%
6	Dartmouth (Tuck)	33	4	730	$191,712	97%
7	Stanford GSB	9	4	740	$198,032	84%
8	Michigan (Ross)	28	3	720	$182,966	98%
9	Yale (SOM)	28	4	745	$181,362	93%
10	NYU (Stern)	27	4	740	$196,143	94%

Stanford is tied with Tuck (go Tuck!) for 6th. Columbia and Haas fell out of the top 10. Stern has made its way in. Booth held onto the number 1 spot, while Wharton dropped to 3rd. 

Wild, right?

Let’s talk about what changed

The Methodology: US News changed the weighting of several factors

	2023 – 2024	2022 – 2023
GMAT/GRE Scores	13%	16.25%
Average GPAs (4.0 Scale)	10%	7.5%
Faculty/Dean Survey	12.5%	25%
Corporate Recruiter Survey	12.5%	15%
Job Placement	30%	21%
Starting Pay	20%	14%

You can see that “outcomes” (job placement and starting pay) now account for 50% of the score and factors commonly associated with reputation and selectivity (test scores, recruiter/peer surveys) lost more than 18% of their weight.

Now, the important question – what does this mean for applicants?

Obviously, no one knows for sure, but here are some theories:

Theory #1: The increase in the weight of the GPA will have an impact on international and domestic applicants alike. International applicants who attended a university that did not use a 4.0 scale do not have their GPAs included in the school’s averages, which means universities will likely place more emphasis on enrolling domestic students with higher GPAs. This could result in increased competition amongst domestic applicants and/or fewer spots for international applicants who don’t have a GPA on a 4.0 scale.

Theory #2: Tuck is going to see an uptick in applicants. It’s still not a well-recognized international name, but it’s always had a prestigious reputation in the US and with its admirable leap into the top 10 and tied with Stanford… More applicants who are wanting to stay in or move to the US will strongly consider Tuck.

Theory #3: Booth is going to gain more traction in terms of international recognition. Being in the number 1 spot two years in a row, even with the change in ranking methodologies, demands respect. International applicants who are worried about work visas post-MBA will be paying attention to its high job-placement rate. At 96%, it beats out Harvard with 90% and is head and shoulders above Stanford’s 84% placement rate.

Theory #4: Speaking of Stanford and Harvard… having only an 84% and 90% placement rate respectively (lowest in the top 10s) might surprise people, but it actually makes sense when you think about why. Many of their candidates want placement in non-traditional or entrepreneurial roles that don’t hire at the same rate or on the same timeline as mainstream recruiters. However, I wouldn’t be surprised if we see a slight increase in acceptances for applicants who want to eventually be hired by more mainstream recruiters or traditional roles.

The takeaway: 

To put it bluntly, the new methodology incentivizes domestic applicants with higher GPAs and mainstream/traditional hires and penalizes schools with large international populations and candidates seeking entrepreneurial or non-traditional roles. 

Will this impact this year’s applicant pool? Absolutely.

The landscape of business schools is constantly evolving. Notably, USC Marshall has climbed its way into the top 15, sharing its rank with Cornell, while Emory has advanced four spots to secure 17th place, previously held by UCLA, now at 19. These shifts in rankings are prompting business schools to reassess their admissions strategies. Some institutions might integrate these rankings into their admissions policies, whereas others might choose to opt out of future rankings, mirroring the approach of numerous law and medical schools.

Staying informed about the latest developments, announcements, and information sessions in the business school world is crucial for aspiring MBA candidates. This is where the expertise of an MBA & Beyond consultant becomes invaluable. Our consultants are dedicated to staying abreast of all recent and forthcoming changes in the business education sphere. This commitment ensures that our clients are always one step ahead, benefiting from our deep understanding of the dynamic landscape. At MBA & Beyond, we don’t just keep pace with change; we leverage it to our advantage. Our strategic approach to crafting and honing our clients’ applications and profiles places them in a prime position to excel.

If you’d like to be matched with one of our expert consultants to get started on strategizing your profile and applications (even while preparing for GMAT/GRE), simply directly enroll for services and we will walk you through the next steps! 

To increase your chances of success, we hold coffee sessions every other week where our experts offer valuable tips and guidance. Make sure to attend these sessions and take advantage of the opportunity to learn from our experts.