Stanford is Back on Top Alongside Penn’s Wharton in U.S News’ 2024 Best MBA Ranking

The U.S. News and World Report has posted the 2024-2025 Best MBA rankings. Stanford GSB and University of Pennsylvania Wharton are tied for the top spot, followed by a tie for third rank between Northwestern Kellogg and Chicago Booth.

Notable changes to the top 25 from the last year’s rankings include: 

• Stanford’s five-rank jump, which moved it from 6th in 2023 back to 1st, a position it also held in 2021 and 2022. 

• Harvard, which has spent the past two years in 5th, dropped one spot into the 6th position in 2024.

• The biggest increases this year, apart from Stanford, were Vanderbilt Owen, which moved up seven ranks to the 20th spot, and Berkeley Haas and UVA Darden, which both moved up four positions to take 7th and 10th, respectively.

• Dartmouth Tuck and Michigan Ross experienced the largest declines from 2023, both falling four positions. Tuck now shares the 10th spot with Darden, while Ross joined Columbia and Duke in a three-way tie at 12th. 

According to Poets & Quants, U.S. News acknowledged that its addition of a new post-graduate salary metric explains some of the movement seen within this year’s ranking. The addition of the metric de-emphasizes post-graduate starting salary/bonus slightly, incorporating MBA graduates’ starting salaries based on the field in which they’re entering. A description is available here. 

Rank School Name, Change from 2023

1 Stanford University (tie), +5

1 University of Pennsylvania, Wharton (tie), +2

3 Northwestern University, Kellogg (tie), -1 

3 University of Chicago, Booth (tie), -2

5 MIT, Sloan, -1

6 Harvard University, -1

7 New York University, Stern, (tie), +3

7 University of California–Berkeley, Haas (tie), +4

7 Yale University (tie), +1

10 Dartmouth, Tuck, (tie), -4

10 University of Virginia, Darden (tie), +4

12 Columbia University (tie), -1 

12 Duke University, Fuqua (tie), -1

12 University of Michigan, Ross (tie), -4

15 Cornell University, Johnson (tie), – 

16 Carnegie Mellon, Tepper (tie), +2

16 University of Texas–Austin, McCombs (tie), +2

18 Emory University, Goizueta (tie), -1

18 University of Southern California, Marshall (tie), -3

20 Indiana University, Kelley (tie), +2

20 University of California–Los Angeles, Anderson (tie), -1

20 University of North Carolina–Chapel Hill, Kenan-Flagler (tie), +2

20 Vanderbilt University, Owen (tie), +7

24 Georgetown University, McDonough, –

25 Georgia Institute of Technology, Scheller, +1

Choosing Allopathic (MD) Programs: Our Top Tips

In our last post, we discussed the reasoning behind applying to a large number of medical schools. Now, we'll walk you through what else you should know about the school selection process, starting with a real biggie.

• Apply to a bonkers number of schools. For the 2021-2022 cycle, the average applicant applied to 18 schools, according to the AAMC. We typically recommend 25 to 35 schools. If you have the resources (and an MCAT score below 510), it's not a terrible idea to apply to even more. The average medical school acceptance rate is 6.5%, according to a 2020 U.S. News & World Report survey of 121 ranked schools. (The acceptance rate between schools runs the gamut from barely 2% to around 20%.)

• Apply to every state school in your state. If you're going to apply to a state school outside of your state, that school should matriculate at least 25% of their students from out of state, à la the University of Vermont and University of Iowa.

• Consider newer medical schools, which have higher acceptance rates and take on students with lower average GPAs and MCAT scores. The AAMC reported that the mean GPA of 2021-2022 matriculants was 3.74, and the mean MCAT score was 511.9. 

• Your scores are important, but they are not everything. It is possible to have a higher GPA/MCAT than a school's average and still not get into it. Incidentally, this is why your Work and Activities, Personal Statement, and Secondary Essays are so important. They show a whole person—and that's often what lands you an interview. 

"Something we consider beyond an MCAT score and GPA is the balance of the class," a six-year medical school admissions veteran told us. "We look at personalities. Does this applicant have leadership qualities? Are they collaborative? Are they resilient? What unique perspective could they bring to our community? And frankly, is this a person who fellow students and faculty are going to want to be around for years?" 

• Don't underestimate seeming compatible with a school. Each campus is a close-knit environment. Research schools. Find your commonalities with each, express them in your essays and interview, and you could find yourself with an acceptance letter. Researching schools also helps you connect to a school that you're feeling iffy about—say, you don't love the location or were hoping to attend a smaller program. Knowing a program is aligned with your values and goals will allow you to stay open-minded.

Related: Choosing Allopathic (MD) Programs: Take a Broad Perspective

Choosing Allopathic (MD) Programs: Take a Broad Perspective

The Association of American Medical Colleges (AAMC) recommends researching schools several months before submitting your AMCAS application. In a perfect world, we like our clients to start by February or March at the latest. 

You've likely thought about your top picks—but you need to apply to many more than those. The biggest mistake you can make when applying to medical schools is not applying to enough of them. We recommend applying to between 25 and 35 schools. The second biggest mistake is wasting your attention and money on long applications for only shot-in-the-dark schools. You should apply to one or two of those and a slew of target schools where your GPA and MCAT numbers are at or above the average of accepted students. 

We're often asked: "How on earth am I going to find 25 to 30 schools that I like?”

Our answer: It's not about like. It's about where you can get in. There are only 155 accredited allopathic medical schools in the U.S. Having so few options makes this much more competitive than the undergraduate process. But it's not all bad news. Because while campus vibes and research and clinical opportunities will vary, all medical schools MUST teach you the same thing. Going anywhere is going towards your goal of becoming a physician. Did you get into one school of 30? Congratulations, almost-doc! 

This doesn't mean that you shouldn’t push hard on your application to your favorite school. Every year, our clients go to top-ranked programs and ones known for their desired area of interest. We're just advising you not to get into your head that there's only one to five schools for you. Many clients are laser-focused on school rankings; that can take some reprogramming to correct. Because of overall low acceptance rates, there is no such thing as a "safety" allopathic medical school. Yes, attending an upper-tier school could land you incredible research, residency, and career opportunities. But schools that aren't your first choice can also lead to first-choice experiences. (And frankly, residency is kind of what matters most.)

Related: Choosing Allopathic (MD) Programs: Our Top Tips

Department of Education Increases Transparency in Graduate School Outcomes

Prospective graduate students are about to gain access to a lot more financial outcomes data, which they can use to compare programs. Last week the U.S. Department of Education (DoE) announced that it finalized the Financial Value Transparency framework to consolidate financial outcomes data.  

All qualifying graduate programs will be required to submit data to the DoE on program cost, debt, sources of financial aid, and graduates’ earnings starting next July. As applicable, the data compilation will also include licensing outcomes for graduates. For example, law schools will provide data on graduates’ admission to the bar. The data will be consolidated, published, maintained, and made available to the public on a DoE website. As of 2026, the regulations will also stipulate that programs that do not meet an established debt-to-earnings ratio will be subject to a disclosure requirement. For these programs, all prospective students must acknowledge that they have reviewed the data and understand the financial risk, prior to matriculating in the program. 

For medical schools, the DoE’s final regulations acknowledge the lengthy nature of medical training in the U.S. where medical school graduates continue in lower-paying residency training programs post-graduation. To accommodate this practice, the DoE extended the horizon for collecting earnings data for medical schools to six years post-graduation. 

For business, law, and other graduate programs, the data provided to the DoE will use graduates’ earnings three years post-graduation.