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Penn's Wharton School was named third in the 2023-2024 ranking of MBA programs. Credit: Abhiram Juvvadi

Penn's Wharton School fell from the top spot to No. 3 in the U.S. News & World Report Best Business Schools ranking. 

The 2023-2024 ranking of MBA programs, which U.S. News published on April 25, listed the University of Chicago’s Booth School of Business in the No. 1 spot, with Northwestern University’s Kellogg School of Management at No. 2. Rounding out the rest of the top 5 business schools are MIT Sloan at No. 4 and Harvard at No. 5. 

Wharton was ranked No. 1 in the 2022-2023 iteration of the rankings and has ranked in the top five consistently for the past 10 years. It was last ranked No. 3 in 2019. In the newly released rankings, Wharton ranks No. 1 in its executive MBA, finance, and real estate programs, and it ranks No. 2 in marketing and accounting.

Wharton previously fell off the Financial Times’ 2023 MBA rankings after the school failed to reach the FT’s alumni response threshold. It was previously ranked No. 1 by the FT in 2022 and has been ranked No. 1 for 10 of the past 25 years.

Some of Penn’s other graduate schools have opted not to submit data to the U.S. News rankings, joining a number of law and medical schools that have cited issues with the rankings. Wharton has not taken such a step.

The Perelman School of Medicine ranked No. 2 in this year’s U.S. News Best Medical Schools ranking after deciding to no longer submit data to the ranking system. The school rose four spots from last year’s rankings. Penn Carey Law ranked No. 4 in this year’s U.S. News Best Law Schools ranking after also deciding not to no longer submit data. The school rose two spots from last year’s rankings.

Penn was ranked No. 7 in U.S. News' most recent Best National Universities ranking. Wharton's MBA program is currently ranked No. 7 by Bloomberg, No. 4 by Fortune, and No. 5 by Forbes.