The Best Undergrad B-Schools

BusinessWeek's fourth annual ranking reflects a treacherous job market that is putting America's colleges to an unfamiliar test

By Geoff Gloeckler

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Mike Anello has been preparing for his job search since he stepped onto the University of Notre Dame campus four years ago. A December graduate of the Mendoza College of Business, he had been pursuing a career in financial services, and last month his hard work seemed about to pay off—three companies were showing interest. But after seeing many of his classmates' job offers rescinded, Anello started to wonder if he was making the right choice. Luckily, he had an alternative: football. A starter for the Fighting Irish with a year of eligibility left, Anello suspended his job search and asked the coach if coming back to play was an option. It was. Today, Anello is taking finance classes and working in Mendoza's investment office. "The way the job market is right now," he says, "it's not going to hurt to wait it out a little longer."

As graduation approaches for the Class of 2009, and the job market looks more dismal by the day, students who began their college careers with high hopes are now being forced to rewrite the script. For some, that means continuing education; for others, part-time college jobs have become full-time; many are coming to grips with the idea of moving back home. "Expectations are quickly changing," says Jackie Chaffin, director of Seton Hall University's Career Center.

The results of BusinessWeek's fourth annual ranking of undergraduate business programs reflect the job market's uncertainty. With 54% of responding seniors lacking an offer as of January (compared with 44% in 2008), the schools that excelled in our survey have put an intense focus on guiding students through the career search. Leading the way is No. 1-ranked McIntire School of Commerce at the University of Virginia, where nearly three of four seniors have job offers, thanks largely to the school's innovative efforts to build student-recruiter relationships. The same applies to second-ranked Notre Dame, where administrators tap the school's well-connected alumni network to scout jobs and offer advice to students. Both overtook the University of Pennsylvania's Wharton School, which fell to third place after three years at the top.

To rank these programs, BusinessWeek uses nine measures, including surveys of 85,000 senior business majors and nearly 600 corporate recruiters, median starting salaries for graduates, and the number of graduates each program sends to top MBA programs. We also calculate an academic quality rating for each program by combining SAT scores, student-faculty ratios, class size, the percentage of students with internships, and the number of hours students devote to class work.

In general, student satisfaction was down, with more than half of the 101 ranked schools taking a hit. Institutions that succeeded in helping students navigate the difficult job market improved their standings the most. Ohio State University's Fisher College of Business rose 17 spots, to No. 42, in large part because of a recruiting focus centered on regional banks and such large local companies as Procter & Gamble (PG) and Limited Brands (LTD). Others, including No. 29 University of San Diego School of Business Administration, saw their fortunes rise due to a strong focus on accounting, where jobs are still plentiful. New York University's Stern School of Business didn't fare as well, falling to No. 15 from No. 8 after some students returned from summer internships on Wall Street without the job offers they had expected. Some who did receive offers are seeing start dates delayed and are now wondering if the jobs will be there when they graduate—and if the $38,686 a year they spent was worth it. "Stern's steep price tag makes it difficult to realize the value in an education that doesn't lead to any job prospects," one finance student complained.

For many students, getting "the" job is no longer a priority. Any position will do.