If you’ve ever wanted to get an MBA—this is a great week to start the journey, thanks in part to the release of Fortune’s latest rankings of Best MBA Programs of 2025.
The highly competitive ranking process has seen many top schools retain their influence—with Harvard Business SchoolThe University of Chicago (Booth) and Northwestern University (Kellogg) took the coveted top three spots, respectively.
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| School | Rankings 2021–22 | Ranking 2022–23 | Ranking 2023–24 | Ranking 2025 |
|---|---|---|---|---|
| Harvard Business School | 1 | 1 | 1 | 1 |
| University of Chicago (Booth) | 4 | 2 | 7 | 2 |
| Northwestern University (Kellogg) | 5 | 3 | 5 | 3 |
| University of Pennsylvania (Wharton) | 3 | 4 | 3 | 4 |
| Columbia Business School | 6 | 6 | 6 | 5 |
| Top 5 MBA Programs in the USA | ||||
|---|---|---|---|---|
| Harvard Business School | ||||
| 1 | ||||
| 1 | ||||
| 1 | ||||
| 1 | ||||
| University of Chicago (Booth) | ||||
| 4 | ||||
| 2 | ||||
| 7 | ||||
| 2 | ||||
| Northwestern University (Kellogg) | ||||
| 5 | ||||
| 3 | ||||
| 5 | ||||
| 3 | ||||
| University of Pennsylvania (Wharton) | ||||
| 3 | ||||
| 4 | ||||
| 3 | ||||
| 4 | ||||
| Columbia Business School | ||||
| 6 | ||||
| 6 | ||||
| 6 | ||||
| 5 | ||||
But there’s more to it than the initial data suggests. Every program is unique, and for many students, any ranking is just one part of the decision-making process of figuring out which school is best for their educational and career goals.
Luck used nearly a dozen different data points to evaluate 98 MBA programs nationwide. To put that in perspective, here’s the average across all programs:
| Metric system | Medium |
|---|---|
| Estimated annual tuition, for out-of-state residents | $52,650 |
| Acceptance Rate, Fall 2023 | 49% |
| Average GMAT score, fall 2023 applicants | 665 |
| Productivity, 2023–24 | 45 |
| Average undergraduate GPA, 2023–24 academic year | 3.45 |
| Graduation Rate, 2020–23 | 93% |
| Retention Rate, 2022–23 | 94% |
| Employment Rate (3 Months After Graduation) | 84% |
| Average base salary (3 months after graduation) | $118,000 |
| Fortune 1000 Score | 8 |
| Average Data Scores Among MBA Programs Ranked by Fortune | |
|---|---|
| Estimated annual tuition, for out-of-state residents | |
| $52,650 | |
| Acceptance Rate, Fall 2023 | |
| 49% | |
| Average GMAT score, fall 2023 applicants | |
| 665 | |
| Productivity, 2023–24 | |
| 45 | |
| Average undergraduate GPA, 2023–24 academic year | |
| 3.45 | |
| Graduation Rate, 2020–23 | |
| 93% | |
| Retention Rate, 2022–23 | |
| 94% | |
| Employment Rate (3 Months After Graduation) | |
| 84% | |
| Average base salary (3 months after graduation) | |
| $118,000 | |
| Fortune 1000 Score | |
| 8 | |
What makes the best MBA program?
In a nutshell, the best MBA programs prepare students for the business world of today and tomorrow through a modern perspective. Students become the best at problem solving, critical thinking, and data-driven decision making. Having a faculty with industry experience and a curriculum that is constantly evolving is paramount.
Looking at the numbers more closely, the best programs are highly sought after, and thus students enter with competitive applications, including years of professional work experience, good to high undergraduate GPAs, and GMAT or GRE score. With the rising cost of higher education, Fortune also negatively rates high tuition. Once enrolled in a program, retention and graduation rates are especially key. Finally, after graduation, success is demonstrated by the ability to find a high-paying job.
M7 fields typically check all of these boxes. Take a look at Northwestern University (Kellogg)For example, new entrants have an average GMAT score of 740 and an average undergraduate GPA of 3.7. Retention and graduation rates are both above 99%. Three months after graduation, about 92% of job seekers have found jobs—with an average salary of $175,000.
Fortune magazine also pays special attention to unique data from its list of the largest companies in the country.
This has partly helped some shows rise in the rankings. Washington University in St. Louis (Olin) is a prime example. Its MBA program has produced 19 Fortune 1000 CEOs and CFOs.
“I’m proud of the momentum at Olin, and frankly, I’m not surprised that a large portion of our students are making it to the C-Suite. At Olin, we’re a tight-knit, hyperconnected community: We have a unique ability to deliver a truly personalized educational experience,” said Mike Mazzeo, dean of the Olin School of Business. Luck.
Faculty of the school, alumni networkand the area business community contribute greatly to student success at Olin, he added.
“Students choose Olin because they know our approach gets them ready on day one and ready for their sixth form career,” says Mazzeo.
This year, WashU made the biggest jump of any school, rising 18 places to 21st.
Sleeper MBA Programs with Stories to Tell
Experts will remind applicants not to forget to consider programs that are not typically at the top of the rankings as they often have very similar outcome statistics, but may be a little less competitive and more expensive.
Take the University of Texas–Austin (McCombs), for example. Fortune ranked them as the 12th best MBA program (up five spots from last year). tuition fees per year is around $60,000—nearly $20,000 cheaper than many of the top 20 programs. And guess what, their students have employment rates and salaries that are almost identical to M7.
Georgia Tech (Scheller), the No. 19 best MBA program, has a similar story. Graduates typically see a median annual salary of $165,000 and tuition is just $42,790 per year. Plus, the school No GMAT/GRE score required to apply.
One of the universities that can give you a bigger bang for your buck—as long as you’re willing to live in Utah—is Brigham Young University. It’s ranked #37 in 2025, but its annual tuition for undergraduates is only about $15,500. That’s significant, especially considering that graduates leave the program with an average base salary of about $120,000.
5 Cheapest MBA Programs
| School | Ranking 2025 | Estimated annual tuition, for out-of-state residents |
|---|---|---|
| Louisiana Tech University | 85 | $9,537 |
| Missouri State University | 97 | $13,608 |
| Brigham Young University (Marriott) | 37 | $15,528 |
| Indiana State University (Scott) | 60 | $16,362 |
| Troy University (Sorrell) | 65 | $17,100 |
| 5 Cheapest MBA Programs | ||
|---|---|---|
| Louisiana Tech University | ||
| 85 | ||
| $9,537 | ||
| Missouri State University | ||
| 97 | ||
| $13,608 | ||
| Brigham Young University (Marriott) | ||
| 37 | ||
| $15,528 | ||
| Indiana State University (Scott) | ||
| 60 | ||
| $16,362 | ||
| Troy University (Sorrell) | ||
| 65 | ||
| $17,100 | ||
Top 5 Easiest MBA Programs to Get Into
If you are Looking to join a top MBA programBut if you’re worried about getting accepted, the acceptance rate may be your top concern. Of the top 25 programs, the University of Washington (Foster) has the highest acceptance rate.
| School | Ranking 2025 | Acceptance rate |
|---|---|---|
| University of Washington (Foster) | 25 | 41.60% |
| UCLA (Anderson) | 23 | 40.42% |
| Vanderbilt University (Owen) | 20 | 40.00% |
| Dartmouth College (Tuck) | 13 | 40.00% |
| University of Virginia (Darden) | 11 | 39.40% |
| Top 5 Easiest MBA Programs to Get Into | ||
|---|---|---|
| University of Washington (Foster) | ||
| 25 | ||
| 41.60% | ||
| UCLA (Anderson) | ||
| 23 | ||
| 40.42% | ||
| Vanderbilt University (Owen) | ||
| 20 | ||
| 40.00% | ||
| Dartmouth College (Tuck) | ||
| 13 | ||
| 40.00% | ||
| University of Virginia (Darden) | ||
| 11 | ||
| 39.40% | ||
How does ranking actually work?
We’ll be the first to say that the world of rankings isn’t perfect. Every year, schools are thrilled when they move up in the rankings and disappointed when they move down. However, we hope to provide applicants with a glimpse of how schools compare to each other using the metrics we feel are the best measures of success.
Fortune’s rankings are based on an opt-in process, meaning only schools that respond to Fortune’s invitation and submit responses to our data questionnaire are included. This is done to evaluate programs with the most consistent, comprehensive, and consistent metrics. While many schools publish data on their applicants and graduates, specific information often varies from school to school.
Fortune reached out to more than 200 schools this year, and nearly 100 opted in. Some schools that regularly appear on Fortune’s rankings, such as Georgetown University, Babson College, and Marquette University, decided not to participate this time. We hope to see them back next year.
Also on this year’s list are several new schools, including the University of Georgia (Terry), San Jose State University (Lucas) and Troy University (Sorrell).
With the revised methodology and different schools, there are bound to be changes in rankings. The schools with the biggest gains are:
- Washington University in St. Louis (Olin): Number 21 (+18)
- University of Tennessee-Knoxville (Haslam): Number 36 (+16)
- Southern Methodist University (Cox): Number 30 (+13)
- University of Massachusetts–Amherst (Isenberg): Number 41 (+13)
The biggest reductions were:
- Indiana State University (Scott): Number 60 (-35)
- University of San Diego (Knauss): Number 87 (-29)
- CUNY Bernard M. Baruch College (Zicklin): Number 76 (-29)
- University of Denver (Daniels): Number 83 (-28)
Ultimately, though, while rankings can be important, they’re not a comprehensive assessment of a school. They should simply give potential applicants a general idea of how prestigious a school might be—and where they might pursue their careers.
Harvard Business School declined to comment for this article.
Check all Luck’S ranking of degree programsand learn more about specific career path.
