While publications that rate MBA programs do so according to different criteria, four schools –Stanford, Harvard, Chicago and Penn – each consistently appear on lists of top MBA programs. These schools boast innovative curricula, top professors and a range of degree options that make them stand out from other MBA programs in the nation.

Stanford University

While sitting second behind Penn for the number one ranking on U.S. News and World Report’s list of Best MBA programs, Stanford stands alone atop the Bloomberg list. Forbes takes a similar view of Stanford’s MBA program, placing it second on their list behind Chicago.

Stanford not only advertises small class sizes for MBA students, but the program also offers a full range of joint MBA degrees offered in conjunction with other Stanford schools. Students can pursue joint MBA degrees together with master’s or doctoral programs offered by the schools of Law, Medicine, Education, Engineering and Humanities and Sciences.

Harvard University

Although in fourth spot on Forbes’ list, Harvard is ranked equal third on U.S. News and World Report’s list of Best MBA programs and outright third on Bloomberg’s list.

Harvard MBA professors teach according to the case method, in which they use case studies to introduce real-world business problems into the classroom. Harvard business faculty are also active researchers, producing over three-hundred articles and thirty-five single or co-authored books annually.

University of Chicago

The University of Chicago takes the number one spot on Forbes’ list of Best MBA programs. Bloomberg and U.S. News, however, take a quite different view from Forbes where Chicago is concerned. US News ranks the University of Chicago equal third. U.S. Bloomberg ranks the University of Chicago as the fifth best MBA program in the country.

Students in Chicago’s MBA program must take only one required course (Leadership Effectiveness and Development) so that they may develop a course of study relevant to individual and employer needs. Students also participate in competitions and take lab courses that allow them to gain first-hand experience in solving real-world business problems.

University of Pennsylvania

The University of Pennsylvania ranks first on US News’ list. Penn takes second spot on the Bloomberg list. Forbes rates the business school only fifth in the United States.

Penn’s Wharton School advertises a range of interdisciplinary MBA programs with such fields as Design, Engineering, Nursing and Social Work. Wharton also designed the first joint MBA/MA in International Management in conjunction with the School of Arts and Sciences.

Rankings for Online MBA Programs

Online MBA programs are increasingly popular as working professionals look to maintain full-time employment while they study. Different ranking criteria apply to MBA courses that are delivered 100% online. According to Online Study Australia, value for money is what really distinguishes the best online MBA programs.

Distance learners appreciate flexibility in when they study, including the ability to study year-round (also known as accelerated study). Tuition fees are also an important consideration, especially as most MBA degrees aren’t in the prestige category of the business schools already discussed.

Commentary on the Rankings

While each school boasts different qualities that make them among the best of the best MBA programs, Stanford, Harvard, Chicago and Penn consistently rank at or near the top of most publications’ ranking lists. Students interested in pursuing MBA study at one of these schools should contact each institution’s school of business to determine admissions requirements.

For additional information on these schools and their national rankings, interested students should take a look at Bloomberg’s list of the Best B-Schools (noting that they rank schools only every two years), Forbes magazine’s list of The Best Business Schools or U.S. News and World Report’s rankings of the nation’s Best Business Schools.

While knowing which are the high-prestige business schools is interesting, it is worth considering other factors. Students who wish to study online or who are looking at more affordable options may be interested in rankings that place a premium on value for money.