Graduate schools of business: Harvard (gasp!) no longer No. 1

Graduate schools of business saw some reshuffling of rankings this year as US News & World Report downgraded perennial No. 1 Harvard and crowned a new undisputed champion. The business schools, part of US News's broader survey of all graduate schools, were ranked using nine measures. In one category, however, the Top 5 business schools were very evenly matched. Tuition ranged narrowly from $48,550 to $53,118 a year. Here's a look at the Top 5:

6. University of Chicago

Alan Klehr/
Among graduate schools of business, the University of Chicago's Booth School (pictured here in 2010) tied for the No. 5 spot in US News & World Report's rankings.

The University of Chicago's Booth School tied for the No. 5 spot. It is only of two graduate schools of business among the Top 5 that offers part-time, as well as full-time, enrollment for an MBA. Or, students can pursue an executive MBA in Chicago, London, or Singapore. MBA students may opt for a joint-degree with the schools of law, public policy, medicine, or social service administration. There are 1,177 full-time students and 1,639 part-time students. Tuition for full-time students is $50,900 per year.

The school has gotten even better ratings from Bloomberg Businessweek, which in November 2010 proclaimed it the nation's top business school. The magazine uses surveys of MBA graduates and recruiters, as well as a review of faculty research, to come up with its ranking. “Chicago has written the book on a number of the business fundamentals we now take for granted and I would encourage anyone who can, to be part of that history,” wrote one graduate.

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