Every year, U.S. News & World Report releases a comprehensive ranking of the best business programs in the United States. For the past three years, Harvard has dominated the list.
U.S. News surveys over 2,054 programs and considers a wide range of factors, including peer assessments and starting salaries, to calculate its graduate school rankings.
Harvard Business School (HBS) has held onto the the number one spot on the U.S. News ranking of business schools with famous professors, impressive alumni statistics and an exclusive 10.4 percent acceptance rate. But this year, HBS was dethroned by a school with an equally stellar reputation but an acceptance rate that is almost double Harvard's.
Here are the 15 best MBA programs in the country and what it takes to get in, according to U.S. News:
15. Cornell University | SC Johnson College of Business
Overall score: 86
Peer assessment score: 4.3
Recruiter assessment score: 4
Average undergraduate GPA: 3.41
Average GMAT score: 699
Acceptance rate: 33.10 percent
Average starting salary and bonus: $154,533
Employment rate at graduation: 79.70 percent
Employment rate three months after graduation: 91.00 percent
Tuition and fees: $69,290
Full-time enrollment: 573
12. Dartmouth College | Tuck School of Business (tie)
Overall score: 90
Peer assessment score: 4.3
Recruiter assessment score: 4
Average undergraduate GPA: 3.49
Average GMAT score: 722
Acceptance rate: 23.30 percent
Average starting salary and bonus: $157,821
Employment rate at graduation: 80.60 percent
Employment rate three months after graduation: 91.90 percent
Tuition and fees: $75,076
Full-time enrollment: 576
12. New York University | Stern School of Business (tie)
Overall score: 90
Peer assessment score: 4.3
Recruiter assessment score: 4
Average undergraduate GPA: 3.45
Average GMAT score: 716
Acceptance rate: 23.20 percent
Average starting salary and bonus: $159,021
Employment rate at graduation: 83.70 percent
Employment rate three months after graduation: 93.70 percent
Tuition and fees: $74,300
Full-time enrollment: 772
12. University of Virginia | Darden School of Business (tie)
Overall score: 90
Peer assessment score: 4.2
Recruiter assessment score: 4.1
Average undergraduate GPA: 3.5
Average GMAT score: 718
Acceptance rate: 32.90 percent
Average starting salary and bonus: $160,711
Employment rate at graduation: 87.30 percent
Employment rate three months after graduation: 92.30 percent
Tuition and fees: $68,350
Full-time enrollment: 660
10. Duke University | Fuqua School of Business (tie)
Overall score: 91
Peer assessment score: 4.4
Recruiter assessment score: 4.1
Average undergraduate GPA: 3.49
Average GMAT score: 704
Acceptance rate: 22.40 percent
Average starting salary and bonus: $155,129
Employment rate at graduation: 85.40 percent
Employment rate three months after graduation: 94.00 percent
Tuition and fees: $70,942
Full-time enrollment: 875
10. University of Michigan, Ann Arbor | Ross School of Business (tie)
Overall score: 91
Peer assessment score: 4.4
Recruiter assessment score: 4.1
Average undergraduate GPA: 3.48
Average GMAT score: 720
Acceptance rate: 27.10 percent
Average starting salary and bonus: $156,163
Employment rate at graduation: 89.30 percent
Employment rate three months after graduation: 93.50 percent
Tuition and fees: $68,974
Full-time enrollment: 832
9. Yale School of Management
Overall score: 92
Peer assessment score: 4.4
Recruiter assessment score: 4.2
Average undergraduate GPA: 3.67
Average GMAT score: 724
Acceptance rate: 20.40 percent
Average starting salary and bonus: $149,964
Employment rate at graduation: 77.10 percent
Employment rate three months after graduation: 89.80 percent
Tuition and fees: $71,620
Full-time enrollment: 723
6. Columbia Business School (tie)
Overall score: 95
Peer assessment score: 4.6
Recruiter assessment score: 4.3
Average undergraduate GPA: 3.6
Average GMAT score: 736
Acceptance rate: 14.50 percent
Average starting salary and bonus: $153,351
Employment rate at graduation: 75.00 percent
Employment rate three months after graduation: 90.10 percent
Tuition and fees: $77,404
Full-time enrollment: 1,297
6. Northwestern University | Kellogg School of Management (tie)
Overall score: 95
Peer assessment score: 4.6
Recruiter assessment score: 4.3
Average undergraduate GPA: 3.6
Average GMAT score: 732
Acceptance rate: 21.90 percent
Average starting salary and bonus: $151,605
Employment rate at graduation: 80.40 percent
Employment rate three months after graduation: 92.00 percent
Tuition and fees: $73,074
Full-time enrollment: 1,304
6. University of California, Berkeley | Haas School of Business (tie)
Overall score: 95
Peer assessment score: 4.6
Recruiter assessment score: 4.3
Average undergraduate GPA: 3.67
Average GMAT score: 726
Acceptance rate: 15.40 percent
Average starting salary and bonus: $147,921
Employment rate at graduation: 75.50 percent
Employment rate three months after graduation: 93.40 percent
Tuition and fees: $61,442
Full-time enrollment: 590
3. Harvard Business School (tie)
Overall score: 98
Peer assessment score: 4.9
Recruiter assessment score: 4.4
Average undergraduate GPA: 3.71
Average GMAT score: 731
Acceptance rate: 10.40 percent
Average starting salary and bonus: $159,314
Employment rate at graduation: 79.10 percent
Employment rate three months after graduation: 89.30 percent
Tuition and fees: $80,532
Full-time enrollment: 1,873
3. Massachusetts Institute of Technology | Sloan School of Management (tie)
Overall score: 98
Peer assessment score: 4.7
Recruiter assessment score: 4.4
Average undergraduate GPA: 3.57
Average GMAT score: 728
Acceptance rate: 13.10 percent
Average starting salary and bonus: $159,245
Employment rate at graduation: 86.00 percent
Employment rate three months after graduation: 93.50 percent
Tuition and fees: $76,712
Full-time enrollment: 813
3. University of Chicago | Booth School of Business (tie)
Overall score: 98
Peer assessment score: 4.7
Recruiter assessment score: 4.3
Average undergraduate GPA: 3.58
Average GMAT score: 731
Acceptance rate: 22.90 percent
Average starting salary and bonus: $154,722
Employment rate at graduation: 87.60 percent
Employment rate three months after graduation: 95.50 percent
Tuition and fees: $73,209
Full-time enrollment: 1,179
2. Stanford Graduate School of Business
Overall score: 99
Peer assessment score: 4.9
Recruiter assessment score: 4.4
Average undergraduate GPA: 3.73
Average GMAT score: 732
Acceptance rate: 6.10 percent
Average starting salary and bonus: $162,704
Employment rate at graduation: 68.70 percent
Employment rate three months after graduation: 88.10 percent
Tuition and fees: $70,590
Full-time enrollment: 855
1. The Wharton School at the University of Pennsylvania
Overall score: 100
Peer assessment score: 4.8
Recruiter assessment score: 4.4
Average undergraduate GPA: 3.6
Average GMAT score: 732
Acceptance rate: 20.70 percent
Average starting salary and bonus: $165,528
Employment rate at graduation: 83.60 percent
Employment rate three months after graduation: 94.60 percent
Tuition and fees: $78,948
Full-time enrollment: 1,742
The Wharton School at the University of Pennsylvania was ranked the best business school in the country this year. According to U.S. News, this is the first time Wharton has earned this title on its own.
"For the first time, the University of Pennsylvania's Wharton School takes the sole No. 1 spot for full-time MBA programs," states U.S. News. "Wharton moved up two spots after demonstrating high employment rates, starting salaries and bonuses for its graduates."
Harvard University tied for third place with the Massachusetts Institute of Technology and the University of Chicago. Stanford University came in second on the list. It has the lowest acceptance rate among the top-tier programs, with just 6.1 percent of applicants earning admissions, though acceptance rates have actually increased at many of the top schools since 2018.
The cost of attending a top 10 business school ranges from $61,442 for out-of-state students at UC Berkeley to $80,532 at Harvard.
And graduates from these programs earn some serious starting salaries. On average, graduates of these business schools reported starting salary and bonuses of approximately $155,671. Wharton graduates earned an average of $165,528 after graduation, the highest starting salary across these top-ranked business schools.
Like this story? Subscribe to CNBC Make It on YouTube!
Don't miss:
