How We Rank Online MBA Programs

Updated October 20, 2022 · 4 Min Read

Want to learn more about our MBA ranking system? This methodology page explains how we assess academic quality, affordability, availability, and reputation. is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.

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Our ranking methodology for MBA programs evaluates four main criteria: academics, affordability, reputation, and program availability. Our methodology is unique to this site and specially configured to empower readers’ to choose the right school for them based on third-party data.

The four main criteria combine to create an assessment of a program’s value as measured by potential returns on students’ educational investments. Schools cannot pay for favorable evaluations, higher rankings, or inclusion in the final ranked list. Our site maintains partnerships with advertisers, but as with schools, advertisers cannot influence our rankings.

In generating the rankings, we review current data published by the National Center for Education Statistics (NCES). The NCES is a subdivision of the Institute of Education Sciences (IES), which is part of the Federal Department of Education (ED). Its mandate covers the collection, study, and publication of statistics related to education and educational institutions.

This page also discusses how we weigh the various factors and subfactors contributing to a school's score. We provide this detailed breakdown of our methodology for full transparency, so you can be sure the program ranking information you read is accurate and objective.

Explore This Page: About the Data | Our Rankings Methodology | Ranking Factors

About the Data We Use

The NCES operates under the IES. According to its website, the IES is a nonpartisan and independent but ED-affiliated agency that provides data on research on education. 

The Integrated Postsecondary Education Data System (IPEDS) is the NCES’ main database. IPEDS maintains a database of statistical information generated by triannual institutional surveys. All postsecondary schools, including colleges, universities, technical schools, and vocational schools, must participate in IPEDS surveys to qualify for funding under Title IV of the Higher Education Act.

Using NCES/IPEDS data ensures the neutrality and integrity of the statistics in our ranking methodology for MBA programs. Before including a school in a ranking, our team audits all institutional scores and performance indicators. If a school does not have enough available data, the school does not appear on our final list.

In general, we update rankings once each year. Some lists receive less frequent or more frequent updates, depending on the availability of new data and statistics. We are currently in the process of updating some of our rankings. At the time of your visit, older rankings may still exist on the site, but we never simply rebrand old rankings for use in a new year.

As of Jan. 18, 2022, IPEDS has released only provisional data for the 2019-2020 school year. Our rankings on this site use the most current data available, instead of the most finalized, at the time of publication. Both types of data sets undergo all NCES quality control procedures.

A Breakdown of Our Rankings Methodology

Rankings only hold as much value as the methodology that generated them, which is why we chose a balanced set of weighted factors that measure qualitative and quantitative factors. 

Depending on the specific focus of a given ranked list, the weight for each factor varies. For example, our coverage of affordable MBA programs gives more consideration to tuition and the cost of attendance than our general MBA rankings.

The following pie charts offer a visual representation of our weighting system:

Online MBAs

Affordable MBAs

About Our Ranking Factors

Our ranking methodology for MBA programs goes deeper than the four general factor categories explained in the charts above. We also analyze multiple subfactors, each of which contributes to the accuracy and completeness of each general category. These subfactors are also weighted within their general categories to ensure fair and proportional representation in the final list.

Subfactors for Academics

  • Retention Rate: This metric describes the year-over-year percentage of students who return to the institution or program or complete their studies. For example, the retention rate for a two-year MBA program would count the proportion of students enrolled in the first year who returned for the second year, and the percentage of second-year students who graduated. Our rankings use full-time retention rates from 2018, the most recent year for which IPEDS data is available.
  • Graduation Rate: Forming a critical part of the Student Right-to-Know Act, an institutional or programmatic graduation rate counts the percentage of students who complete the program and earn the degree (in this case, an MBA). To be counted, a student must complete the program within 150% of the standard timeframe. Our rankings use 2018 graduation rate data published by IPEDS.
  • Faculty: This metric accounts for two subfactors: the proportion of institutional or departmental faculty who hold full-time positions and the school or program’s overall student-to-faculty ratio. The full-time faculty metric excludes adjunct and part-time instructors, while the student-to-faculty ratio counts the average number of learners enrolled in a school or program for each faculty member. In both cases, our rankings draw on IPEDS data from 2018.

Subfactors for Affordability

  • Cost for Students With Grants or Scholarships: Our cost analysis for students receiving financial aid covers the average net price for attendees awarded grants or scholarships in the 2017-18 academic year. This metric compares the cost of attendance for students receiving those forms of aid against the standard tuition rates paid by students receiving other forms of aid or no aid at all.
  • Students Getting Financial Aid: Here, our analysis focuses on the percentage of students receiving financial aid along with the typical value of that aid. Specifically, it covers the institutional percentage of full-time, first-time undergraduates awarded any form of aid in the 2017-18 academic year. We also consider the average amount of grant and scholarship aid awarded per student during the same timeframe. Both factors strongly and directly impact a school or program’s actual cost of attendance.
  • Students Getting Federal Aid: Federal student loan programs include direct subsidized and unsubsidized loans, PLUS loans, and Direct PLUS loans. We consider the institution-wide percentage of undergraduate students who received funding from a federal loan program for 2017-18. We also factor in the average financial value of that funding, with higher average loan amounts scoring more points.
  • Post-Graduation Student Debt: Students who graduate with less debt tend to receive higher long-term returns on their educational investments. As such, we look at both the average amount of debt students carry when they graduate from a given institution and the student loan default rates associated with the school. We analyze IPEDS average loan default rates from 2016, along with data from 2018 on median debt levels for students who completed their programs within six years of enrolling.

Subfactors for Reputation

  • Percent of Applicants Admitted: Selective schools tend to be considered more prestigious than less selective schools. Demanding admission standards may imply that a program admits only the most qualified and capable applicants. Our analysts use IPEDS admission rate data from 2018, conveying the percentage of program applicants who received an offer of admission. Lower percentages suggest greater selectivity.
  • Admissions Yield: The admissions yield compares the number of students enrolled in a given school or program against the number of applicants offered admission. For instance, if an MBA program sent out 50 offers of admission and 47 students enrolled, the program would have a 94% admissions yield. Our analysts look at the yield-based enrollment rate indicated in IPEDS data from 2018.
  • Return on Investment: Determining the return on investment involves calculating the ratio of the initial investment cost to returns over time. In this case, we compare tuition costs to graduate employment earnings. Our number-crunchers examine the average annual earnings of employed students six years after program entry for MBA programs. The most recent available IPEDS data for this metric dates to 2018.

Subfactors for Program Availability and Online Flexibility

  • Percent of Online Students Enrolled: Fully online and hybrid programs improve the availability and accessibility of education to learners with work or family commitments. Our team considers this subfactor only in rankings specific to online programs. We evaluate the institutional percentage of master’s students in online courses and the overall institutional percentage of students enrolled in online courses.
  • Percent of Relevant Degree Level Offered: This metric analyzes the percentage of programs offered institution-wide at the degree level covered by the ranking. For MBA programs, analysts compare the number of master’s programs at the school against the total number of degree programs the school offers at all levels. The total includes associate, bachelor’s, master’s, and doctoral programs.

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