The Chicago area is home to two of the nation's most highly regarded business schools, but the University of Chicago slipped to third place in U.S. News & World Report's most recent annual ranking of the best full-time master's degree programs in business administration.
Harvard tied for the top spot with the University of Pennsylvania, which moved up from No. 4. That, in turn, bumped U. of C.'s Booth School of Business down one spot. Northwestern University's Kellogg School of Management moved up one spot to No. 4 and is now in a three-way tie with Stanford and MIT.
The University of Illinois at Urbana-Champaign is in a tie for 40th.
U. of C.'s part-time MBA program is No. 2 in the ranking of part-time programs.
Besides business schools, the publication also ranks law, medical, engineering, nursing and education schools.
U. of C.'s law school is ranked fourth. Northwestern cracked the top 10 this year, tying at No. 10.
The six disciplines that U.S. News ranks annually are evaluated on factors such as employment rates and starting salaries for graduates and test scores of new students.
In November, Bloomberg Businessweek's annual ranking of the nation's best business schools had U. of C. dropping to No. 4 from No. 2. Northwestern fell to No. 9 from No. 3.