2024 Best Business Schools

U.S. News & World Report recently released their Best Graduate Schools 2024 edition, which includes numerous rankings by category: Best Business Schools, Best Law Schools, Best Medical Schools: Research, Best Engineering Schools, and Best Education Schools, to name a few.

2024 BEST BUSINESS SCHOOLS (TOP 10)

Top Tier Admissions Graduate School Admissions Director, Dr. Kristen Willmott, weighed in on the business school rankings:

“U.S. News & World Report’s 2024 Best Business Schools Rankings featured a few shakeups. Stanford and UPenn tied for first and Cambridge’s favorites of MIT and Harvard are now #5 and #6. Personally, I love that Northwestern’s Kellogg snagged slot #3 as I think it’s a very reputable program and when their website pushes a “high impact, low ego mentality,” I really do find that to be true. I was lucky to work with MBA applicants this year who earned spots in Northwestern’s MBA program, amongst many others in the top ten on this 2024 list. 

Dartmouth Tuck sank 4 spots to 10th place and UTexas McCombs sank 4 spots to #20, so they’re likely not loving the 2024 list. Tulane’s having a good year, as they moved from #81 to #62. Brandeis just pushed out of the top 100 though, sinking from 84 to 107.” 

GRAD SCHOOL RANKINGS: GOLD STANDARD?

Long considered the “gold-standard” in college and graduate school evaluations, these rankings should be taken with a grain of salt as they oversimplify the complex dynamics and nuances of each individual student’s situation and the strengths of the programs themselves.

Dr. Willmott states, “The catch with rankings is that they fluctuate year to year, but it’s not just the rankings that change, the metrics U.S. News & World Report uses to calculate these rankings also changes. That’s like stepping on a scale at your doctor’s office versus the one in your friend’s bathroom. Those numbers are often a touch different, right? 

For example, Stanford was #6 in 2023 and now they’re #1, but U.S. News & World Report overhauled their rankings measurements this year. As they admitted this week, ‘Outcome measures continue to be weighed more heavily than selectivity and reputation . . . The [2024] Best Business Schools ranking of full-time MBA programs placed more emphasis on earnings, facilitated by a new ranking factor.’

Despite this, many MBA applicants continue to think that the rankings measure purely selectivity, reputation and overall perceived worth of a program. At TTA, I take the time to review the rankings of the schools on my students’ radar, but we also review the way they are measured, factoring in what matters most to a student.”

GRAD SCHOOL RANKINGS: ONE PIECE OF THE PUZZLE

U.S. News said it best themselves, “The rankings should not be used as the sole basis for deciding to attend one graduate program or school over another. Prospective students should consider other factors as well, like a school’s course offerings, department culture, total cost to obtain the degree, networking after graduation, advising or mentoring programs, location and campus life.”

Dr. Willmott notes, “For example, UPenn Wharton is known for offering just under 200 electives and students can pursue dual degrees from their medical school, law school, in healthcare management and in international studies. At the Wharton Climate Center, students can research areas from renewable energy to the impacts of deforestation. In contrast, UMichigan Ross offers a different twist and is known for featuring real-world experience in their MBA program. Their unique focus on action-based learning in small class sizes sets them apart from other top MBA programs.”

As enticing as rankings may be, they should never serve as the sole determinant in the graduate school decision-making process. Instead, they should be viewed as one piece of a much larger puzzle. On your graduate school selection journey, remember that these rankings offer signposts that can guide, but should never wholly dictate your path.

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