Wharton falls from top spot in U.S. News rankings of nation's best MBA programs for 2023

The Wharton School of the University of Pennsylvania has dropped from the top spot among graduate business schools to the number three position. The U.S. News & World Report's list of best full-time MBA program this year ranked No. 3 among the top business schools.

Penn remains the only institution to be ranked in the top three of the country's business, nursing, and education programs in the Best Graduate Schools rankings for 2023-2024. Wharton held the No. The top spot for full-time MBAs was held by Wharton for two of the three previous years. Last year, it was shared with University of Chicago Booth School of Business. Booth is the top Chicago institution this year. The Kellogg School of Business at Northwestern University ranks No. 2.

U.S. News reports that Wharton students who paid nearly $83,000 a year in tuition for their full-time MBA received an average salary of almost $191,000 upon graduation. More than 87% were employed.

The rankings of business schools are based on the earnings of graduates. The other half of the ranking is a combination academic metrics of incoming students, the reputation of the school among other business schools, recruiters, and other contacts. Wharton scored 98 out of 100, Booth scored 100 and Kellogg 99. The top three are then followed by the Sloan School of Management at Massachusetts Institute of Technology and Harvard University.

Penn's graduate programs are ranked among the best in the country for finance, real estate, and executive MBA. It is ranked No. It is ranked No. 2 in marketing and accounting.

In the rankings of full-time MBA programs, the Ivy League school ranked significantly higher than other schools in Philadelphia. Penn State University Smeal College of Business is ranked No. Temple University's Fox School of Business is ranked No. 37. Drexel University Lebow College of Business ranks No. 84. University of Delaware comes in at No. 102. Drexel and La Salle both saw significant increases in their rankings. Drexel jumped 61 places this year, and La Salle climbed 80 spots. 207 by 2022.

Villanova University is ranked No. 25 for part-time graduate business programs. Villanova University is now ranked 25th for part-time graduate business schools, up 19 places from last year's ranking of 44th. Last year, it was ranked No. 44.

U.S. News also ranks Penn's nursing program as the second-best in the country. Penn is ranked No. 19 among top engineering schools.

U.S. News was criticized by colleges and universities in recent months when they pulled out of rankings in waves. Penn's Carey Law School announced in early December that it would not be participating in rankings. Penn's Perelman Medical School announced in January that it would no longer be participating in the U.S. News rankings of medical schools. Although the pushback from law and medical schools has not yet reached the business school rankings a survey by Inside Higher Ed revealed that 37% admissions officers in full-time MBA programs believe "business school ranking have lost some prestige over the past couple of years."