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A Master of Business Administration, also known as an MBA, is a graduate degree that can help you develop leadership and management skills. Top MBA programs can accommodate full-time and part-time students. Some of the best MBA programs in the United States are located on the East Coast, West Coast, and Midwest.An MBA rankings guide can help you assess the strengths and weaknesses of any particular business school. Below we compare 10 prestigious U.S. business schools and highlight their pros and cons to help you determine which one may be right for you.
1. University of Chicago Booth
The University of Chicago Booth School of Business is a renowned business school with four top MBA programs, three global locations, and an award-winning faculty that includes at least nine Nobel Prize-winning professors as of October 2022.
What Makes It Exceptional
Booth’s faculty comprises more than 200 professors, including at least nine laureates of the Nobel Prize in economic sciences. Students can enroll in one of four top MBA programs, including the full-time, evening, weekend, or executive leadership programs. The Executive MBA program is offered in Chicago, London, and Hong Kong.
Eligibility Criteria
You must meet the following eligibility criteria to be considered for admission into Booth’s full-time MBA program:
Have an undergraduate degree from an accredited U.S. college or university or its equivalent in another country
Must submit your scores on the Graduate Management Admission Test (GMAT) or the Graduate Record Examinations (GRE)
You may have to take an English language test if English is not your native language and you wish to enroll as an international student
Application Deadline and Process
Chicago Booth has several rounds of applications. Anyone interested in applying and matriculating in fall 2023 can submit an application by Jan. 5, 2023, or April 11, 2023. These applicants may be notified of an admissions decision in spring 2023.Here’s the application process:
Submit an online application and any required mail-in materials
Provide your professional résumé
Provide two letters of recommendation
Provide college transcripts from all postsecondary educational institutions you’ve attended
Provide your GMAT or GRE scores
Provide your responses to MBA-related essay questions
Pay the $250 application fee
Pros and Cons of Attending
The below table highlights some pros and cons of attending Chicago Booth:
Pros
Cons
Offers full-time and part-time programs, each boasting excellent MBA rankings
Total tuition for the two-year program is $155,682 for full-time MBA students
Student can learn from distinguished professors in some of the best MBA programs in the U.S. or abroad
Full-time students may have to pay a one-time $2,600 administrative service fee
Executive MBA programs are based in Chicago, London, and Hong Kong
Some international applicants may have to take a rigorous English language test to be considered for admission
2. University of Pennsylvania Wharton
The Wharton School at the University of Pennsylvania offers one of the best MBA programs. It boasts top MBA rankings from various publications and offers a variety of two-year fellowship awards based on merit. Wharton students may receive executive coaching sessions as a perk and can access the school’s global network of more than 100,000 living alumni.
What Makes It Exceptional
The Wharton School can help boost your career: Most full-time students graduating from the Class of 2021 received job offers shortly after seeking employment. “It is extraordinary to see that 99% of our recent MBA graduates seeking employment received an offer, and that such success was achieved across an increasingly diverse set of industries,” Erika James, dean of the Wharton School, said in a data report. “I’m incredibly thankful to the entire Wharton community of employers, alumni, faculty and staff who played a crucial role in helping us reach this milestone.”
Eligibility Criteria
You must meet the following eligibility criteria to be considered for admission into Wharton’s MBA program:
Have an undergraduate degree from an accredited U.S. college or university or its equivalent in another country
Must submit your valid GMAT or GRE scores that are no more than 5 years old
You may have to take an English language test and submit your results if English is not your native language and you wish to enroll as an international student
Application Deadline and Process
Wharton has several rounds of applications. Anyone interested in applying and matriculating in fall 2023 can submit an application by Jan. 4, 2023, or March 29, 2023. These applicants may be notified of an admissions decision in spring 2023.Here’s the application process:
Submit an online application
Provide your professional résumé
Provide two letters of recommendation
Provide college transcripts from all postsecondary educational institutions you’ve attended
Provide your GMAT or GRE scores
Provide your responses to MBA-related essay questions
Pay the $275 nonrefundable application fee
Pros and Cons of Attending
The below table highlights some pros and cons of attending the Wharton School:
Pros
Cons
Students may receive executive coaching sessions as a perk at one of the world’s best MBA programs
Wharton does not accept transfer credits
Students can access the Wharton School’s global network of more than 100,000 living alumni
The MBA program can be difficult for students who haven’t taken prior courses in business or introductory courses in calculus or statistics
Students may be considered for financial fellowship awards based on merit
First-year tuition and fees are $84,874 for 2022–23
3. Northwestern University Kellogg
The Kellogg School of Management at Northwestern University has top MBA program rankings. Kellogg touts a renowned career management center. It also has a rich history of developing future business leaders. Students can learn from distinguished faculty members who serve as researchers, educators, and mentors.
What Makes It Exceptional
The Kellogg School pioneered the one-year MBA program that places students on a fast track to earning a Master of Business Administration. The one-year MBA program gives students the ability to bypass core classes and jump straight into a rigorous curriculum of electives.
Eligibility Criteria
You must meet the following eligibility criteria to be considered for admission into Kellogg’s MBA program:
Have an undergraduate degree from an accredited college or university
Must submit your GMAT or GRE valid test results that are no more than 5 years old
You may have to take an English language test and submit your results if English is not your native language and you wish to enroll as an international student
Must complete pre-enrollment courses in statistics, economics, marketing, and operations before entering the one-year MBA program
Application Deadline and Process
The Kellogg School has several rounds of applications. Anyone interested in applying and matriculating in fall 2023 for the full-time MBA program can submit an application by Jan. 10, 2023, or April 5, 2023. These applicants may be notified of an admissions decision in spring 2023.Here’s the application process:
Submit an online application
Provide your professional résumé
Provide two letters of recommendation
Provide college transcripts from all postsecondary educational institutions you’ve attended
Provide your GMAT or GRE scores
Provide your written and video responses to MBA-related essay questions
Pay the $250 nonrefundable application fee
Pros and Cons of Attending
The below table highlights some pros and cons of attending the Kellogg School:
Pros
Cons
Offers one-year and two-year programs for full-time MBA students
One-year MBA students must complete several pre-enrollment courses or have prior academic history satisfying this requirement
Features a recently created Diversity, Equity, and Inclusion Pathway within the full-time, evening, and weekend MBA programs
One-year MBA program has an early start date compared with the two-year MBA program
Offers courses and workshops on bias reduction and empathetic leadership
Tuition costs $108,016 for the one-year MBA program in 2022–23
4. Stanford University
The Stanford Graduate School of Business offers a two-year Master of Business Administration program that commands top MBA program rankings worldwide. The Stanford MBA Program is a general management program for full-time students that can help develop leadership skills. Anyone who applies for the Stanford MBA program can create a customized dashboard to track application progress, get tailored course recommendations, and learn more about the Stanford community.
What Makes It Exceptional
Stanford operates a student loan forgiveness program that may provide loan repayment assistance to MBA alumni who work in the nonprofit or public service sectors or in high impact businesses. The MBA program offers rigorous core courses taught by distinguished faculty members. Incoming MBA students or candidates can customize their admissions journey with a personalized dashboard online.
Eligibility Criteria
You must meet the following eligibility criteria to be considered for admission into Stanford’s MBA program:
Have a U.S. bachelor’s degree or equivalent
Must submit a valid GMAT or GRE score
You may have to take an English language test and submit your results if English is not your native language and you wish to enroll as an international student
Application Deadline and Process
The Stanford Graduate School of Business has several rounds of applications. Anyone interested in applying and matriculating in fall 2023 for the MBA program can submit an application by Jan. 5, 2023, or April 11, 2023. These applicants may be notified of an admissions decision in spring 2023.Here’s the application process:
Submit an online application
Provide a one-page business résumé
Provide two letters of recommendation
Provide college transcripts from all postsecondary educational institutions you’ve attended
Provide your GMAT or GRE scores
Provide your written responses to Stanford essay questions
Pay the $275 nonrefundable application fee
Pros and Cons of Attending
The below table highlights some pros and cons of attending Stanford Graduate School of Business, which offers one of the best MBA programs in U.S. academia:
Pros
Cons
Stanford Loan Forgiveness Program can reduce your student debt burden
MBA program tuition costs $76,950 for 2022–23 school year
Applicants can create customized dashboards to track application progress and get tailored course recommendations
All students are initially and automatically enrolled in Stanford’s medical insurance plan, even if you already have an alternative insurance plan
Stanford is committed to making business school admission more equitable, accessible, and affordable while maintaining its rigorous curriculum in the MBA program
You generally cannot defer enrollment to a later year unless you’re a college senior or current grad student who lacks full-time professional work experience
5. Harvard University
Harvard Business School offers a two-year MBA program for full-time students who gain access to world-renowned research professors. The school helps MBA students develop general management and leadership skills. The MBA curriculum emphasizes environmental, social, and governance (ESG) reporting and teaches students how to make business decisions involving sustainability issues.
What Makes It Exceptional
Any ranking of MBA schools almost always includes Harvard Business School in a top position. Required and elective courses within Harvard’s MBA program help prepare students for modern-day challenges involving environmental and sustainability issues. Such popular courses in 2021 included an elective on entrepreneurial solutions to world problems.
Eligibility Criteria
You must meet the following eligibility criteria to be considered for admission into Harvard’s MBA program:
Generally must have a U.S. bachelor’s degree or its international equivalent
Must submit a valid GMAT or GRE score
You may have to take an English language test and submit your results if English is not your native language and you wish to enroll as an international student
Application Deadline and Process
Harvard Business School may offer one or more rounds of applications. Anyone interested in applying and matriculating in fall 2023 for the MBA program can submit an application by Jan. 4, 2023. These applicants may be notified of an admissions decision in spring 2023.Other applicants applying for Harvard’s deferred admission 2+2 Program may submit an application by April 27, 2023. These applicants may be notified of an admissions decision on or about July 6, 2023.Here’s the application process:
Submit an online application
Provide a current business résumé
Provide two letters of recommendation
Provide college transcripts from all postsecondary educational institutions you’ve attended
Provide your GMAT or GRE scores
Provide your written response to any essay questions
Submit your signed acceptance of Harvard Business School’s admissions policies
Pay the $250 nonrefundable application fee ($100 if you’re applying to the 2+2 Program)
Pros and Cons of Attending
The below table highlights some pros and cons of attending Harvard Business School:
Pros
Cons
MBA courses may incorporate ESG reporting and sustainability strategy in the curriculum and instruction
The MBA program is designed for students who have at least two years of professional full-time work experience before matriculation
Harvard promotes a culture of teaching and provides students with access to professors outside of the classroom
Annual tuition costs $73,440 for the MBA program in the 2022–23 school year
Ethics has been an integral part of the curriculum since the school’s founding in 1908
Only 10% of the student body receives full tuition scholarships
6. MIT Sloan
The Massachusetts Institute of Technology Sloan School of Management offers a two-year MBA program for full-time students. The school can promote leadership skills and career advancement. For example, 95.9% of the MBA Class of 2021’s jobseekers received job offers within three months of graduation, school data show. Students can also receive one-on-one career coaching or career advising from the school’s Career Development Office.
What Makes It Exceptional
Students can pursue one of three tracks within MIT Sloan’s MBA program: The finance track, the entrepreneurship and innovation track, or the enterprise management track. Students who complete the program can receive an MIT Sloan MBA degree and an academic track certificate. The curriculum and instruction can help students advance in their careers — 95.9% of the MBA Class of 2021’s jobseekers received job offers within three months of graduation.
Eligibility Criteria
You must meet the following eligibility criteria to be considered for admission into MIT Sloan’s MBA program:
Must have a four-year undergraduate degree or its equivalent
Generally must submit a valid GMAT or GRE score unless granted a waiver
Application Deadline and Process
MIT Sloan may offer multiple rounds of applications. Anyone interested in applying and matriculating in fall 2023 for the MBA program can submit an application by Jan. 18, 2023, or April 11, 2023. These applicants may be notified of an admissions decision in spring 2023.Here’s the application process:
Submit an online application
Provide a one-page résumé
Provide one letter of recommendation
Provide contact information for two additional references
Provide an organizational chart highlighting the hierarchy of your business or workplace
Provide college transcripts from all postsecondary educational institutions you’ve attended
Provide your GMAT or GRE scores unless granted a waiver
Provide a brief cover letter (300 words or fewer, excluding address and salutation)
Submit a brief video statement introducing yourself on camera (60 seconds or less)
Pay the $250 nonrefundable application fee
Pros and Cons of Attending
The below table highlights some pros and cons of attending MIT Sloan:
Pros
Cons
Offers three unique tracks promoting an MBA degree and certificate in finance, entrepreneurship and innovation, or enterprise management
Applicants must provide an organizational chart highlighting the hierarchy of their business or workplace
International MBA applicants don’t have to take or submit an English language test score
MBA program tuition costs $80,400 for the 2022–23 school year
MBA program can help students advance in their careers
Some applicants may be required to take a course in microeconomics, calculus, or financial accounting prior to starting their MIT Sloan MBA studies
7. Yale University
The Yale School of Management, also known as Yale SOM, offers a two-year MBA program for full-time students. The first year introduces students to the world of management and how organizations work in a global and competitive environment. The second year of the program gives students a chance to pursue wide-ranging electives while further developing expertise in the areas of business, management, and leadership.
What Makes It Exceptional
Students may have the opportunity to travel as part of their curriculum to help enhance their global awareness. After completing the MBA program, graduates who work for an eligible government organization or nonprofit and meet certain income eligibility guidelines may receive some amount of student loan repayment assistance for up to 10 years. Hundreds of graduates have benefited from the Yale School of Management Loan Forgiveness Program since its inception in 1986.
Eligibility Criteria
You must meet the following eligibility criteria to be considered for admission into Yale’s MBA program:
Generally must have a U.S. bachelor’s degree or its equivalent
Must submit a valid GMAT or GRE score
Application Deadline and Process
Yale SOM may offer multiple rounds of applications. Anyone interested in applying and matriculating in fall 2023 for the MBA program can submit an application by Jan. 5, 2023, or April 11, 2023. These applicants may be notified of an admissions decision in spring 2023.Here’s the application process:
Submit an online application
Provide a one-page résumé
Provide two letters of recommendation
Complete the online behavioral assessment
Provide college transcripts from all postsecondary educational institutions you’ve attended
Provide your valid GMAT or GRE scores
Provide your written response to any essay questions
Complete the video questions
You may have to pay an application fee (ranges from $125 to $250 depending on your annual income)
Pros and Cons of Attending
The below table highlights some pros and cons of attending Yale SOM:
Pros
Cons
Global study and travel is part of the curriculum and instruction for MBA students
Class size is relatively small compared with other top MBA programs (349 students enrolled in Class of 2023)
International MBA applicants don’t have to take or submit an English language test score
Students are automatically enrolled in the Yale health insurance plan and must provide proof of medical insurance each academic year to waive coverage
Yale SOM Loan Forgiveness Program helps reduce the burden of student debt
MBA tuition and fees cost $79,500 in the 2022–23 school year
8. Columbia University
The Columbia Business School MBA program can help students explore internships and externships for career advancement. Students have access to Columbia’s Career Management Center and can take advantage of one-on-one sessions with advisors when searching for internships or full-time job opportunities. The core curriculum of the MBA program promotes collaborative learning models aimed at developing a student’s analytical and leadership skills.
What Makes It Exceptional
Columbia Business School has more than 150 full-time faculty members who educate and conduct research on best business practices. As mentioned above, the core curriculum of the MBA program promotes collaborative learning models aimed at developing a student’s analytical and leadership skills. Students can take advantage of one-on-one sessions with advisors when searching for internships or employment opportunities.
Eligibility Criteria
You must meet the following eligibility criteria to be considered for admission into Columbia’s MBA program:
Have a bachelor’s degree or its equivalent from an accredited institution
Must submit a valid GMAT, Executive Assessment, or GRE score
Application Deadline and Process
Columbia Business School may offer one or more rounds of applications. Anyone interested in applying and matriculating in August 2023 for the MBA program can submit an application by Jan. 11, 2023, or April 5, 2023. The January application deadline applies to applicants who wish to receive priority consideration for merit-based fellowships.Here’s the application process:
Submit an online application
Provide a professional résumé spanning one or two pages
Provide one letter of recommendation
Provide college transcripts from all postsecondary educational institutions you’ve attended
Provide your valid GMAT, Executive Assessment, or GRE score
Provide your written response to any essay questions
Pay the $250 nonrefundable application fee, unless a waiver is granted
Pros and Cons of Attending
The below table highlights some pros and cons of attending Columbia’s MBA program:
Pros
Cons
Can help students find internships while educating students with case-based lessons and collaborative learning models
Students entering the MBA program must submit two nonrefundable tuition deposits months before the program formally begins
Columbia’s Career Management Center gives MBA students the opportunity to meet one-on-one with advisors
Tuition costs $80,472 for MBA students in the 2022–23 school year
International students are not required to submit an English language test when applying for the MBA program
Employment during the academic terms is discouraged, particularly in the first year for MBA students
9. University of California Berkeley Haas
The Haas School of Business at the University of California, Berkeley offers three top MBA programs, including a full-time program, evening and weekend program, and an executive program. All three programs operate on different class schedules, but each one gives you the opportunity to study on campus and earn a prestigious Berkeley MBA degree. The Haas School of Business promotes experiential learning — a form of education that provides students with hands-on learning.
What Makes It Exceptional
As mentioned above, Berkeley Haas offers three top MBA programs, including a full-time program, evening and weekend program, and an executive program. Each program features a rigorous curriculum and instruction that champions leadership development. These MBA programs by design can help students advance in their careers.
Eligibility Criteria
You must meet the following eligibility criteria to be considered for admission into a Berkeley Haas MBA program:
Have a bachelor’s degree or its equivalent from an accredited institution
Must submit a valid GMAT or GRE score
Must take an English language test and submit your results if your postsecondary education comes from a country where English isn’t the primary language
Application Deadline and Process
UC Berkeley’s Haas School of Business may offer one or more rounds of applications. Anyone interested in applying and matriculating in July or August 2023 for the MBA program can submit an application by Jan. 5, 2023, or April 6, 2023. Applicants may be notified of an admissions decision in spring 2023.Here’s the application process:
Submit an online application
Provide a professional résumé
Provide two letters of recommendation
Provide college transcripts from all postsecondary educational institutions you’ve attended
Provide your valid GMAT or GRE score
Provide your written response to any essay questions
Pay the $200 nonrefundable application fee, unless a waiver is granted
Pros and Cons of Attending
The below table highlights some pros and cons concerning the Berkeley Haas MBA programs:
Pros
Cons
Offers three top MBA programs that can accommodate students with different levels of business experience
Estimated tuition and fees for MBA students in the 2022–23 school year are $67,424 for California residents and $76,433 for nonresidents
Provides students with a rigorous curriculum and experiential learning
Students educated from countries where English isn’t the primary language may be required to take an English language test and submit the results to be eligible for admission
The Haas Loan Repayment Assistance Program can help reduce the student debt burden of MBA program graduates who qualify
Highly educated leaders who already have an MBA from elsewhere are not eligible for admission into the Berkeley Haas MBA program
10. University of Michigan Ann Arbor Ross
The Stephen M. Ross School of Business at the University of Michigan offers five MBA programs, including a full-time program, online program, weekend program, executive program, and global program. You can take executive-level classes once a month in Michigan or Los Angeles to earn your MBA in 21 months. Or you may consider the full-time, two-year program that offers action-based learning that can spark career advancement.
What Makes It Exceptional
As mentioned above, Michigan Ross offers five MBA programs, including a full-time program, online program, weekend program, executive program, and global program. Any ranking of MBA schools may recognize programs that offer a rigorous curriculum and action-based learning. The full-time program at Michigan Ross, in particular, may provide students with hands-on opportunities to start, advise, lead, and invest in businesses.
Eligibility Criteria
You must meet the following eligibility criteria to be considered for admission into a Michigan Ross MBA program:
Have a bachelor’s degree or its equivalent from an accredited institution
Demonstrate your academic readiness by submitting a standardized test score from the GMAT, GRE, MCAT, LSAT, PCAT, or DAT
International applicants may have to take a standardized English language test and submit the valid results
Application Deadline and Process
Michigan Ross may offer one or more rounds of applications. Anyone interested in applying and matriculating in fall 2023 for the full-time MBA program can submit an application by Jan. 9, 2023, or April 3, 2023. Applicants may be notified of an admissions decision about two months after the application deadline passes.Here’s the application process:
Submit an online application
Provide a one-page professional résumé
Choose a recommender who can discuss your professional background
Provide college transcripts from all postsecondary educational institutions you’ve attended
Provide your valid GMAT or GRE score (you may also submit your MCAT, LSAT, PCAT, or DAT score if you have one)
Provide your written response to any essay questions
Pay the $200 nonrefundable application fee, unless a waiver is granted
Pros and Cons of Attending
The below table highlights some pros and cons concerning the Michigan Ross MBA programs:
Pros
Cons
All five MBA programs can provide students with a rigorous curriculum and instruction
Full-time MBA tuition costs $68,196 for Michigan residents and $73,196 for nonresidents in the 2022–23 school year
You may apply to the full-time Michigan Ross MBA program even if you’ve already earned an MBA degree from another institution
Students cannot transfer into the Michigan Ross MBA program
Applicants can submit scores from the GMAT, GRE, MCAT, LSAT, PCAT, or DAT to demonstrate academic readiness for the full-time MBA program
There is no appeals process for denied applicants
Paying for an MBA
Top MBA programs can cost tens of thousands of dollars in annual tuition alone. Here are some ways you may pay for MBA program costs:
Student Loans for Grad School
Graduate students can borrow federal or private student loans to help pay for the cost of an MBA program. The difference between private and federal student loans is that federal student loans are provided exclusively by the U.S. Department of Education, whereas banks, credit unions, online lenders, and select state-based or state-affiliated organizations may offer private student loans.Borrowers are generally expected to repay their education loans over time. The typical student loan debt across the United States is tens of thousands of dollars per borrower, according to the Education Data Initiative. Researchers from that group found the average federal student loan debt in 2021 stood at $36,510 per borrower, while private student loan debt averaged $54,921 per borrower.One option you may consider is paying off a student loan early. There’s no prepayment penalty if you pay your student loans off early, and doing so may minimize your interest costs.Here are some additional factors to consider:
Federal Grad PLUS Loans can help you pay for MBA program costs
The average time to pay off student loans can range from 10 to 30 years for borrowers with federal student loans and five to 25 years for borrowers with private student loans
Scholarships for Graduate Students
Scholarships are among the financial aid options that can help students pay for the cost of attending an MBA program.Students may apply for financial assistance under the Free Application for Federal Student Aid, better known as the FAFSA® form. Business schools may encourage students to complete and submit a FAFSA to be considered for need-based scholarships offered by the school.The FAFSA for grad school is generally more simplified than FAFSA for undergraduate students. That’s because grad school students are generally independent students who don’t have to provide their parents’ information when submitting FAFSA graduate school documents.
Refinancing Undergraduate Student Loans
If you’re a college graduate who wants to pursue an MBA, you may consider refinancing some or all of your undergraduate student loans. You can refinance a portion of your student loans if you qualify for student loan refinancing.How student loan refinancing works is that borrowers submit an application with a private lender requesting a new loan agreement for refinancing student loan debt. Refinancing student debt can allow borrowers to replace their existing education loans with the terms and conditions of a private loan agreement. There are some potential advantages and disadvantages of refinancing a student loan. One of the advantages of refinancing student loans is it may provide you with a lower interest rate.You can refinance federal student loans and private student loans, but the portion of your federal student debt that you refinance loses its eligibility for federal debt relief, including military student loan forgiveness for members of the U.S. armed forces.Here are additional factors you may want to consider:
If you want to refinance student loans, Lantern by SoFi can help you find and compare different student loan refinancing lenders. Refinancing might be right for you if you can lock in a lower interest rate.Compare student loan refinance rates without impacting your credit score.
Frequently Asked Questions
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Does MBA school ranking really matter?
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Photo credit: iStock/gremlin
About the Author
Sulaiman Abdur-Rahman
Sulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and served as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.
