If you’re looking for a career upgrade in the world of business and are thinking about pursuing a master’s in business administration (MBA), look no further than Fortune’s ranking of the best MBA programs.
Our list provides the context you need to find the right full-time, in-person program that strikes the right balance of prestige, cost, and potential trajectory for your career. (If you’re later in your career or plan to keep working while studying, you may want to check out our lists of the best online, part-time, or executive MBAs).
UNC Kenan-Flagler’s top-ranked online MBA is designed for experienced professionals looking to take their career to the next level. Students have access to lifelong career benefits and a global network of 51,000+ business school alumni. Earn your MBA online in as few as 18 months or up to three years. MBA Fellowships Available.
This year, Harvard Business School, University of Chicago (Booth), and Northwestern University (Kellogg) came out on top, but you may be wondering—how did we rank all 98 programs that participated in our ranking? Here’s what you need to know about our methodology.
Methodology for Fortune’s ranking of the best MBA programs
Ranking MBA programs is not easy; they all come in different sizes (for example, while Harvard has more than 900 graduates each cohort, schools like the University of Texas Permian Basin have close to 20) as well as focuses (the University of South Florida’s MBA is designed for those going into sport and entertainment management).
However, we sought to use factors that we felt best gauge the ecosystem for prospective students. We utilized data of alumni over the years (hence the Fortune 1000 score) as well as more recent graduates and admissions statistics.
Data that Fortune collected:
- Fortune 1000: 20%:
- We looked at the leaders of America’s 1000 biggest companies to see if they had obtained an MBA—and from which school. We analyzed each CEO, CFO, as well as technology lead (whether that be CIO, CTO, or CISO). The more alumni that now hold Fortune 1000 C-suite-level positions, the higher the school’s Fortune 1000 Score. A school’s score includes Fortune 1000 C-levels who graduated with an MBA from the school, regardless of the type of MBA program.
- Previous Fortune MBA ranking: 2%:
- We considered if a school participated in the last edition of Fortune’s MBA ranking
School-provided data:
- Median base salary: 25%
- 2022–23 graduates
- Employment placement rate: 15%
- Of those seeking a job, percentage of 2022–23 graduates who accepted job by three months after graduation date
- Graduation rate, 2020–23: 10%
- Median GMAT score, fall 2023 entrants: 7%
- Total tuition, out-of-state U.S. residents: 5%
- Retention rate, 2022–23: 5%
- Acceptance rate, fall 2023: 5%
- Yield, 2023–24: 3%
- Average undergraduate GPA, 2023–24 enrollees: 3%
Our expert panel
Prior to the creation of our ranking, Fortune discussed the MBA ecosystem with two experts who know the space well. They’ve both worked directly with business schools, admissions counselors, and prospective students for a number of years:
- David White, founding partner, Menlo Coaching
- Lily Bi, president and CEO, AACSB International
By asking questions about the differences between the traditional, full-time MBA and other formats, curriculum, and student outcomes, we hoped to gain a better understanding of how to guide those seeking the degree. It’s noteworthy that neither expert was directly involved in ranking any programs.
With MBAs, change is the constant
MBA programs are at the forefront of tackling the challenges of today and tomorrow of the business world, so change is always happening, Bi says.
More recently, the degrees have become more interdisciplinary—with specialized programming growing. For example, students can choose to concentrate or specialize in healthcare, technology, or finance within their MBA. However, the teaching of fundamental business knowledge remains core.
She admits there may be some overall softening in MBA enrollment, but many factors play into that—including the current job market. This could be good news for soon-to-be-applicants since the pools may be slightly less competitive. For the best of the best, though—such as the M7—business school admissions will likely always be difficult.
Graduate business school students typically fall into two buckets: career advances or career changers. And while many MBA programs may be able to help you reach your goals, finding one that’s the best fit is the most important—instead of necessarily the one with the best rank.
“You can always find an accredited school that meets your needs because each school has a different profile, have a different focus,” she explains.
Soft and hard factors affect MBA programs
When applying to any MBA program, White says there are multiple factors that schools consider to prove that you have a high analytical intelligence:
Hard factors:
- Undergraduate grades/GPA
- Test scores
- Professional experience
Soft factors:
- Your personal story
- Why you are interested in the role
Because hundreds of applicants apply to top schools with largely similar hard factors—soft factors come into increased importance. Those who are able to connect their own career goals with unique factors of the program are more likely to find success.
“...some people really have a kind of motivation that goes beyond just money or commercial success for why they do what they do, and then that really makes them a more interesting candidate in that way,” he says.
And due to the high price tag that MBA programs can bring, the return on investment for any candidate should be paramount in one’s research, White adds. While it may be great to attend a top school (that costs over $200,000), if one school has a partnership with a particular company you’d like to work for one day, it is best to choose what will be the best bang for your buck—long term.
Frequently asked questions
Which MBA ranking is most reliable?
Fortune’s MBA ranking is backed by 70 years of lists in the business world, and the MBA ranking uses unique data from the Fortune 1000 list about the success of MBA alumni.
What is the best MBA to get?
Harvard Business School is home to the best MBA program, according to Fortune’s 2025 ranking. However, each candidate is unique, and you should consider picking the program that is best for your personal and career goals.
Which MBA type is best?
The best MBA type depends on your career goals. For those early in their career—say in their late 20s with a few years of work experience, a traditional full-time MBA experience can be transformational. For those who need to continue working, a part-time or online MBA program can be the best of both worlds—allowing you to study and network without forgoing a salary. Finally, for those later in their career, an executive MBA can be great for career advancement with a cohort of experienced business leaders.
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
GMAT waivers are available for the online MBA from Rice Business, ranked a Top-20 Online MBA by U.S. News & World Report. Ranked #1 in graduate entrepreneurship in the U.S. by the Princeton Review for 2024, aspiring entrepreneurs can earn their MBA in as few as 24 months.
