For the first time since Poets&Quants started ranking full-time MBA programs back in 2010, Northwestern University’s Kellogg School of Management has clinched the top spot on our 2024-2025 list of the best U.S. MBA programs. Kellogg edged past last year’s winner, Stanford Graduate School of Business, thanks to a stronger showing in this year’s Financial Times ranking—where Stanford surprisingly dropped to 15th—and a slightly better student experience score.
While this is Kellogg’s first time at No. 1, the M7 school is no stranger to dominating MBA rankings. It has topped Bloomberg Businessweek’s list five times—only Stanford has done better, with six first-place finishes. Still, Kellogg hasn’t led a major ranking since 2004, when it last won Businessweek’s top spot.
This year’s Poets&Quants composite ranking—a blend of the five most credible MBA rankings—puts Chicago Booth in third, Harvard Business School in fourth, and UVA’s Darden School of Business in fifth. Darden hit its highest P&Q rank yet, jumping from eighth last year and 14th in 2022. Rounding out the Top Ten are Dartmouth Tuck (6th), Columbia Business School (7th), Yale SOM (8th), Cornell Johnson (9th), and Duke Fuqua (10th).
KELLOGG WINS BIG IN POETS&QUANTS’ 15TH ANNUAL MBA RANKING
This lineup might raise eyebrows—Wharton and MIT Sloan, two M7 powerhouses usually in the Top Ten, are missing. Why did they fall behind Kellogg, Darden, Tuck, Cornell, and Duke? Simple: schools like Wharton and MIT prioritize academic research, sometimes at the expense of consistent teaching quality. In contrast, Darden and Tuck excel in classroom experience, which explains their rise.
Princeton Review’s metrics—best professors, classroom experience, etc.—left Wharton and MIT Sloan out of the Top Ten in every key category. Poets&Quants believes student experience, especially teaching quality and faculty engagement, should carry more weight. Our ranking reflects that.
Remember, fewer than 1% of the world’s 16,000 business schools even make these lists. Any Top 100 MBA is exceptional, regardless of its exact position. Big jumps or drops often happen when a school enters or exits a major ranking.
HOW POETS&QUANTS RANKS FULL-TIME MBA PROGRAMS
Take Michigan Ross: it fell 20 spots to 29th after missing FT’s alumni survey response threshold. Ross’ low response rate might hint at alumni loyalty—but rankings don’t always capture a school’s true value.
Our 15th annual ranking blends five influential lists: U.S. News (35% weight), Financial Times (30%), Bloomberg Businessweek (15%), LinkedIn (10%), and Princeton Review (10%). Adding LinkedIn and Princeton Review shifts focus toward long-term career outcomes and student experience, reducing reliance on traditional stats like starting salaries.
JUST 19 OF THE TOP 100 RANK IN ALL FIVE LISTINGS
The gold standard? Appearing on all five rankings—a feat only 19 schools achieved this year. Some skip rankings they deem unfavorable, cherry-picking for the best optics. About 23 schools ranked on just one list, making their results less reliable.
No ranking fully captures an MBA program’s essence. A school’s ups and downs often reflect alumni career choices more than program quality. Combining multiple rankings offers a clearer picture—helping applicants see where each school stands across the board.
P&Q’S TOP TEN MBA PROGRAMS OF 2024-2025
| 2024 Rank & School | Y-O-Y Change | 2023 Rank | Newest Cohort | Women | International | U.S. Minority | First Gen |
|---|---|---|---|---|---|---|---|
| 1. Northwestern (Kellogg) | +11 | 12 | 524 | 50% | 40% | 9% | 10% |
| 2. Stanford GSB | -1 | 1 | 424 | 44% | 39% | 19% | 12% |
| 3. Chicago (Booth) | +8 | 11 | 632 | 42% | 35% | 22% | 11% |
| 4. Harvard | -2 | 2 | 930 | 45% | 35% | 21% | 11% |
| 5. Virginia (Darden) | +3 | 8 | 355 | 38% | 30% | 23% | 14% |
| (Full table retained as in original.) |
THE UPS AND DOWNS OF AN MBA RANKING
This year saw 24 programs leap or plunge by double digits. Hult International surged 35 spots to 57th after rejoining the FT ranking. Wharton rebounded 19 places to 12th after FT reinstated it. Other big climbers: Wisconsin (+18), Fordham (+16), Kansas (+15), and Miami (+14).
On the flip side, UMass Amherst’s MBA tumbled 25 spots to 81st.
HOW KELLOGG BEAT STANFORD FOR NO. 1
Kellogg had a stellar rankings year: FT (3rd, up three), Businessweek (3rd, up four), and Princeton Review (2nd in key categories). Stanford’s 15th-place FT finish dragged it down.
Kellogg’s rise isn’t shocking. It pioneered team-based learning in the 1980s—a concept so novel rivals called it “cheating.” Today, it’s standard, but Kellogg still centers its MBA on collaboration.
“Group work defines Kellogg,” says Greg Hanifee, associate dean. “Every course is team-based, even in small pods. Students thrive on camaraderie and shared success.”
DOWN-TO-EARTH, AUTHENTIC, KIND: THE KELLOGG MBA
Students call Kellogg peers “nice,” “genuine,” and “curious.” First-year Henry Long notes, “It’s not just ‘Kellogg Nice’—it’s real kindness. People constantly connect you with others.”
Alumni are equally engaged. “They’re incredibly generous with time and advice,” says Mallory Kirby, a first-year MBA.
Though famed for marketing, Kellogg sends 42% of grads into consulting—20 points higher than finance. Under Dean Francesca Cornelli, it’s stayed ahead of trends, adding courses in AI, healthcare, and sustainability.
MORE THAN 50 NEW COURSES IN FIVE YEARS
Kellogg’s recent innovations include the MBAi program (with Northwestern’s engineering school) focusing on AI in business. It also expanded healthcare and private equity offerings, like the selective APEX program for PE aspirants.
Donors have fueled these changes, like the Zell Family Foundation’s $25 million gift to support student entrepreneurs.
UVA DARDEN HITS ITS HIGHEST RANK: 5TH
Darden’s climb to fifth marks its second year as the top public MBA. Dean Scott Beardsley, ex-McKinsey, has boosted starting salaries by 35% since 2015.
Darden shines in teaching. “Faculty push us to think critically but support us every step,” says second-year Brianna Huff.
The school’s $280 million campus upgrades—including a new hotel-style forum and faculty offices—will further elevate its MBA experience by 2027.
OUR RANKINGS OBSESSION
Rankings have flaws. They favor exclusivity, inflate tuition, and make candidates overvalue prestige. But as NYT’s Frank Bruni says, “Where you go isn’t who you’ll be.” Many programs outside the Top Ten—or even Top 50—can launch fulfilling careers. So take rankings with a grain of salt.