Forbes Ranking of Top 60 MBA Programs

The ranking of the top 60 American business schools, as reported by Forbes in 2005, reflects an assessment based on the return on financial investment for full-time MBA programs. This evaluation takes into account the salary gain upon graduation in comparison to the cost of the program. The schools featured in this list are some of the most prestigious institutions offering MBA programs in the United States, and they have long been recognized for their academic excellence, faculty quality, strong industry connections, and the career success of their graduates.

The number one spot in this ranking goes to the Tuck School of Business at Dartmouth College, which is widely regarded for its close-knit community, rigorous academics, and emphasis on leadership development. Tuck's alumni network is particularly strong, and its students are known to command high salaries upon graduation, making it a solid investment for future business leaders. The Tuck School's emphasis on general management and its strong connections to top employers in consulting, finance, and other industries contribute to its top ranking for return on financial investment.

Following Tuck is the Wharton School at the University of Pennsylvania, ranked second for its impressive return on investment. Wharton’s MBA program has a global reputation for its strengths in finance, entrepreneurship, and management, and its graduates are often highly sought after by leading employers in various sectors. The school's access to Wall Street and its extensive alumni network offer significant earning potential for its graduates. Wharton’s reputation for academic excellence and its leadership in various business disciplines ensure that its students benefit from a robust financial return on their MBA investment.

The University of Chicago's Booth School of Business, ranked third, is renowned for its data-driven approach to business education and its strength in economics and finance. Booth’s MBA program is known for its flexibility, allowing students to tailor their education to their specific career goals. Graduates of Booth benefit from high salaries and numerous opportunities in consulting, finance, and technology, making it one of the most financially rewarding business schools. Its faculty members are leading experts in their fields, contributing to Booth’s reputation for academic rigor and a strong return on investment.

Columbia Business School, ranked fourth, is another elite institution that consistently produces graduates who earn significant salaries post-graduation. Located in the heart of New York City, Columbia offers students unparalleled access to the financial industry, as well as a robust network of alumni who play a major role in shaping the business world. The school’s focus on finance, entrepreneurship, and leadership prepares its students for top-tier positions in finance, consulting, and other high-paying industries.

Yale School of Management, which ranks fifth, is distinguished by its commitment to integrating social responsibility with business education. While it may not have the same traditional focus on finance as some of the other top schools, Yale’s emphasis on ethical leadership and global impact makes it an attractive option for students interested in making a positive difference in the world. Graduates of Yale’s MBA program can expect high earnings, particularly in nonprofit sectors, international business, and leadership roles that involve significant social impact.

Stanford Graduate School of Business, ranked sixth, is globally recognized for its emphasis on entrepreneurship, innovation, and leadership. Located in Silicon Valley, Stanford offers its students unrivaled opportunities to engage with the tech industry, and its graduates are often at the forefront of launching successful startups or securing high-paying positions in leading tech companies. Stanford’s strong reputation in venture capital and entrepreneurship ensures that its students experience significant salary growth upon graduation, making it a sound investment for aspiring business leaders.

Harvard Business School, ranked seventh, is one of the most prestigious and globally recognized business schools in the world. Known for its case method approach and its strength in developing well-rounded business leaders, Harvard’s MBA program attracts top talent from around the globe. Harvard graduates command some of the highest salaries in the business world, particularly in consulting, finance, and executive leadership positions, making it an excellent investment for students seeking substantial financial returns.

The University of Virginia’s Darden School of Business, ranked eighth, is known for its focus on general management and its commitment to producing ethical and impactful business leaders. Darden’s case-based curriculum is highly regarded for its emphasis on practical problem-solving, and its graduates often secure positions at top consulting firms, financial institutions, and multinational corporations. The return on investment for Darden’s MBA program is strong due to its graduates' high salaries and significant earning potential.

Cornell University’s Johnson School of Management, ranked ninth, offers a comprehensive MBA program with strong concentrations in finance, marketing, and strategy. The Johnson School is particularly known for its close-knit community and its focus on providing students with individualized attention. Graduates of the Johnson School can expect solid financial returns, particularly in the finance and consulting sectors, where they often command high salaries upon graduation.

Northwestern University’s Kellogg School of Management, ranked tenth, is another highly regarded institution with a reputation for producing successful business leaders. Kellogg is known for its focus on teamwork, collaboration, and leadership, and its graduates often pursue careers in consulting, marketing, and general management. The school’s strong network and alumni base ensure that its graduates have ample opportunities to secure high-paying positions after completing the MBA program.

Beyond the top 10 schools, the rankings continue to feature many well-respected business schools, such as the University of Texas at Austin's McCombs School of Business (ranked 11th), the University of Iowa's Tippie School of Management (ranked 12th), and New York University's Stern School of Business (ranked 13th). These schools have also demonstrated solid returns on investment, offering students strong career prospects and opportunities for high earnings post-graduation.

Other noteworthy schools in the top 25 include the University of North Carolina’s Kenan-Flagler Business School (ranked 14th), the University of California, Berkeley’s Haas School of Business (ranked 15th), and Carnegie Mellon University’s Tepper School of Business (ranked 16th). These schools have established themselves as leaders in various areas of business education, including sustainability, technology, and entrepreneurship. Their graduates can expect competitive salaries and solid career progression, making them worthwhile investments for aspiring business professionals.

In the 17th position, Brigham Young University’s Marriott School of Business stands out for its strong emphasis on ethical leadership and its value-focused MBA program. The school’s commitment to developing leaders who are socially responsible and ethically grounded makes it an attractive option for students seeking a well-rounded business education that prioritizes values.

Further down the list, schools such as MIT’s Sloan School of Management (ranked 18th), the University of California, Los Angeles’ Anderson School of Management (ranked 19th), and Duke University’s Fuqua School of Business (ranked 20th) continue to offer excellent returns on investment with strong post-graduation salary gains in competitive industries.

The rankings also include several other solid business schools with a reputation for producing successful graduates, including Emory University’s Goizueta Business School (ranked 21st), Indiana University’s Kelley School of Business (ranked 22nd), and Penn State’s Smeal College of Business (ranked 23rd).

In conclusion, the 2005 Forbes ranking of the top 60 American business schools based on return on financial investment provides valuable insights into the schools that offer the best combination of high salaries and manageable program costs for MBA graduates. These institutions are known for their academic excellence, strong networks, and successful alumni, ensuring that their graduates are well-positioned for lucrative careers in a variety of industries.

Top 60 American Business Schools:
(Based on return on financial investment in full time MBA programs - ie salary gain on graduation compared to cost of program)

1- Dartmouth,Tuck;
2- Penn,Wharton;
3- Chicago;
4- Columbia;
5- Yale;
6- Stanford;
7- Harvard;
8- Virginia, Darden;
9- Cornell,Johnson;
10- Northwestern, Kellogg;
11- Texas Austin, McCombs;
12- Iowa, Tippie;
13- N York,Stern;
14- North Carolina, Kenan-Flagler;
15- U C Berkeley,Haas;
16- Carnegie Melon,Tepper;
17- Brigham Young,Marriott;
18- MIT,Sloan,
19- UCLA,Anderson;
20- Duke,Fuqua;
21- Emory,Goizueta;
22- Indiana,Kelley;
23- Penn State,Smeal;
24- Texas A and M,Mays;
25- Vanderbilt,Owen;
26- Michigan,Ross;
27- Washinton U, Olin;
28- Southern Calif,Marshall;
29- Maryland,Smith;
30- Purdue,Krannertt;
31- SMU,Cox;
32- Michigan State,Broad;
33- Arizona,Eller;
34- Ohil State,Fisher;
35- Minnesota,Carlson;
36- Rochester,Simon,
37- Georgetown,McDonough;
38- U Calif Irvine,Merage;
39- William and Mary;
40- Wake Forest,Babcock;
41- Rice,Jones;
42- Wisconsin Madison;
43- Notre Dame,Mendoza;
44- Georgia,Terry;
45- Georgia Tech;
46- Boston U;
47- Rollins,Crummer;
48- SUNY Buffalo;
49- Southern Carolina,Moore;
50- Florida,Warrington;
51- Tulane,Freeman;
52- Arizona State,
53- Auburn;
54- U of Washington;
55- Oregon,Lundquist;
56- Pepperdine,Graziado;
57- Boston Coll,Carroll;
58- U Calif,Davis;
59- Denver,Daniels;
60- Miami

Source: Forbes (USA) 2005