The latest Bloomberg Businessweek ranking of the world's top executive MBA programs features a shakeup at the very top. The University of Chicago's Booth School of Business has captured the No. 1 spot for the first time since the ranking began 20 years ago, ousting Chicago-area rival Northwestern's Kellogg School of Management, which until now was the only No. 1 school in the ranking's history.

While both schools continue to garner the respect of EMBA directors, the overall satisfaction of Kellogg EMBA graduates appears to have declined–the program ranked 11th in our grad poll this year, down from eighth in 2009, the last time we ranked EMBA programs. One possible reason: support staff and services. In 2009, Kellogg grads awarded the program an A+ in this category. This year they gave it a B.

The new ranking is a setback for Kellogg, which won the No. 1 spot in six consecutive rankings: 1991, 2001, 2003, 2005, 2007 and 2009. In 1993, 1997, and 1999, Bloomberg Businessweek published alphabetical lists of top programs; in 1995 it did not publish an EMBA ranking.

In the slides that follow, we list the 40 top EMBA programs, an expanded ranking that now includes many schools that appeared in an unranked second tier in 2009. To see the complete list, including the new second tier, use our interactive graphic. To learn more about individual programs, check out their online profiles, use our comparator tool, or take a virtual school tour. And for a detailed explanation of our methodology, read our FAQ.

Note: Tuition represents the total cost of the EMBA program; out-of-state tuition was used for University of Michigan and University of Georgia. NR=not ranked.

Join the discussion on the Bloomberg Businessweek Business School Forums, visit us on Facebook, and follow @BWbschools on Twitter.

The latest Bloomberg Businessweek ranking of the world's top executive MBA programs features a shakeup at the very top. The University of Chicago's Booth School of Business has captured the No. 1 spot for the first time since the ranking began 20 years ago, ousting Chicago-area rival Northwestern's Kellogg School of Management, which until now was the only No. 1 school in the ranking's history.

While both schools continue to garner the respect of EMBA directors, the overall satisfaction of Kellogg EMBA graduates appears to have declined–the program ranked 11th in our grad poll this year, down from eighth in 2009, the last time we ranked EMBA programs. One possible reason: support staff and services. In 2009, Kellogg grads awarded the program an A+ in this category. This year they gave it a B.

The new ranking is a setback for Kellogg, which won the No. 1 spot in six consecutive rankings: 1991, 2001, 2003, 2005, 2007 and 2009. In 1993, 1997, and 1999, Bloomberg Businessweek published alphabetical lists of top programs; in 1995 it did not publish an EMBA ranking.

In the slides that follow, we list the 40 top EMBA programs, an expanded ranking that now includes many schools that appeared in an unranked second tier in 2009. To see the complete list, including the new second tier, use our interactive graphic. To learn more about individual programs, check out their online profiles, use our comparator tool, or take a virtual school tour. And for a detailed explanation of our methodology, read our FAQ.

Note: Tuition represents the total cost of the EMBA program; out-of-state tuition was used for University of Michigan and University of Georgia. NR=not ranked.

Join the discussion on the Bloomberg Businessweek Business School Forums, visit us on Facebook, and follow @BWbschools on Twitter.

Top Executive MBA Programs of 2011

A Changing of the Guard
A Changing of the Guard

The latest Bloomberg Businessweek ranking of the world's top executive MBA programs features a shakeup at the very top. The University of Chicago's Booth School of Business has captured the No. 1 spot for the first time since the ranking began 20 years ago, ousting Chicago-area rival Northwestern's Kellogg School of Management, which until now was the only No. 1 school in the ranking's history.

While both schools continue to garner the respect of EMBA directors, the overall satisfaction of Kellogg EMBA graduates appears to have declined–the program ranked 11th in our grad poll this year, down from eighth in 2009, the last time we ranked EMBA programs. One possible reason: support staff and services. In 2009, Kellogg grads awarded the program an A+ in this category. This year they gave it a B.

The new ranking is a setback for Kellogg, which won the No. 1 spot in six consecutive rankings: 1991, 2001, 2003, 2005, 2007 and 2009. In 1993, 1997, and 1999, Bloomberg Businessweek published alphabetical lists of top programs; in 1995 it did not publish an EMBA ranking.

In the slides that follow, we list the 40 top EMBA programs, an expanded ranking that now includes many schools that appeared in an unranked second tier in 2009. To see the complete list, including the new second tier, use our interactive graphic. To learn more about individual programs, check out their online profiles, use our comparator tool, or take a virtual school tour. And for a detailed explanation of our methodology, read our FAQ.

Note: Tuition represents the total cost of the EMBA program; out-of-state tuition was used for University of Michigan and University of Georgia. NR=not ranked.

Join the discussion on the Bloomberg Businessweek Business School Forums, visit us on Facebook, and follow @BWbschools on Twitter.

1. University of Chicago (Booth)
1. University of Chicago (Booth)

Chicago

2009 Rank: 2
Total Tuition: $148,000
Enrollment: 555
Top Teaching Method: Lectures (40 percent)
Avg. Class Size (core): 90
Avg. Class Size (elective): 45

Teaching Quality Grades
• Entrepreneurship: A+
• Finance: A+
• Int'l Business: A
• Marketing: A+
• Strategy: B
• Sustainability: A

2. Columbia University
2. Columbia University

New York

2009 Rank: 4
Total Tuition: $154,320
Enrollment: 888
Top Teaching Method: Case studies (40 percent)
Avg. Class Size (core): 54
Avg. Class Size (elective): 31

Teaching Quality Grades
• Entrepreneurship: A+
• Finance: A+
• Int'l Business: A+
• Marketing: A
• Strategy: A
• Sustainability: A+

3. Northwestern University (Kellogg)
3. Northwestern University (Kellogg)

Evanston, Ill.

2009 Rank: 1
Total Tuition: $159,900
Enrollment: 389
Top Teaching Method: Case studies, lectures (30 percent each)
Avg. Class Size (core): 58
Avg. Class Size (elective): 29

Teaching Quality Grades
• Entrepreneurship: B
• Finance: A
• Int'l Business: B
• Marketing: A
• Strategy: B
• Sustainability: B

4. IE Business School
4. IE Business School

Madrid

2009 Rank: 6
Total Tuition: $73,760
Enrollment: 336
Top Teaching Method: Case studies (60 percent)
Avg. Class Size (core): 30
Avg. Class Size (elective): NA

Teaching Quality Grades
• Entrepreneurship: A
• Finance: A
• Int'l Business: A+
• Marketing: A+
• Strategy: B
• Sustainability: A+

5. UCLA (Anderson)
5. UCLA (Anderson)

Los Angeles

2009 Rank: 8
Total Tuition: $113,661
Enrollment: 246
Top Teaching Method: Lectures (35 percent)
Avg. Class Size (core): 69
Avg. Class Size (elective): 32

Teaching Quality Grades
• Entrepreneurship: A+
• Finance: A+
• Int'l Business: A
• Marketing: A
• Strategy: C
• Sustainability: A+

6. University of Michigan (Ross)
6. University of Michigan (Ross)

Ann Arbor, Mich.

2009 Rank: 7
Total Tuition: $136,000
Enrollment: 129
Top Teaching Method: Case studies, team projects, distance learning, experiential learning (20 percent each)
Avg. Class Size (core): 43
Avg. Class Size (elective): 43

Teaching Quality Grades
• Entrepreneurship: B
• Finance: A+
• Int'l Business: A
• Marketing: A+
• Strategy: A+
• Sustainability: B

7. Southern Methodist University (Cox)
7. Southern Methodist University (Cox)

Dallas

2009 Rank: 9
Total Tuition: $104,125
Enrollment: 168
Top Teaching Method: Case studies (30 percent)
Avg. Class Size (core): 41
Avg. Class Size (elective): 41

Teaching Quality Grades
• Entrepreneurship: A+
• Finance: A+
• Int'l Business: A+
• Marketing: A+
• Strategy: A
• Sustainability: A+

8. University of Southern California (Marshall)
8. University of Southern California (Marshall)

Los Angeles

2009 Rank: 5
Total Tuition: $114,000
Enrollment: 330
Top Teaching Method: Case studies, lectures (25 percent each)
Avg. Class Size (core): 64
Avg. Class Size (elective): NA

Teaching Quality Grades
• Entrepreneurship: B
• Finance: B
• Int'l Business: A
• Marketing: A
• Strategy: A+
• Sustainability: A

9. University of Pennsylvania (Wharton)
9. University of Pennsylvania (Wharton)

Philadelphia and San Francisco

2009 Rank: 3
Total Tuition: $170,550
Enrollment: 407
Top Teaching Method: NA
Avg. Class Size (core): 52
Avg. Class Size (elective): 22

Teaching Quality Grades
• Entrepreneurship: B
• Finance: A+
• Int'l Business: B
• Marketing: C
• Strategy: C
• Sustainability: C

10. Duke University (Fuqua)
10. Duke University (Fuqua)

Durham, N.C.

2009 Rank: 10
Total Tuition: $146,600
Enrollment: 594
Top Teaching Method: Lectures (35 percent)
Avg. Class Size (core): 55
Avg. Class Size (elective): NA

Teaching Quality Grades
• Entrepreneurship: C
• Finance: B
• Int'l Business: B
• Marketing: C
• Strategy: B
• Sustainability: B

11. University of North Carolina (Kenan-Flagler)
11. University of North Carolina (Kenan-Flagler)

Chapel Hill, N.C.

2009 Rank: 11
Total Tuition: $89,000
Enrollment: 213
Top Teaching Method: Case studies  (50 percent)
Avg. Class Size (core): 47
Avg. Class Size (elective): 23

Teaching Quality Grades
• Entrepreneurship: A+
• Finance: A
• Int'l Business: B
• Marketing: A
• Strategy: A
• Sustainability: A

12. IESE
12. IESE

Barcelona, Spain

2009 Rank: 13
Total Tuition: $126,500
Enrollment: NA
Top Teaching Method: Case studies (40 percent)
Avg. Class Size (core): 35
Avg. Class Size (elective): 35

Teaching Quality Grades
• Entrepreneurship: A+
• Finance: A
• Int'l Business: B
• Marketing: B
• Strategy: A
• Sustainability: A+

13. New York University (Stern)
13. New York University (Stern)

New York

2009 Rank: 14
Total Tuition: $149,000
Enrollment: 190
Top Teaching Method: Case studies (35 percent)
Avg. Class Size (core): 42
Avg. Class Size (elective): 23

Teaching Quality Grades
• Entrepreneurship: A+
• Finance: A
• Int'l Business: A
• Marketing: B
• Strategy: A
• Sustainability: A+

14. Ohio State University (Fisher)
14. Ohio State University (Fisher)

Columbus, Ohio

2009 Rank: 15
Total Tuition: $78,500
Enrollment: 47
Top Teaching Method: Team projects (25 percent)
Avg. Class Size (core): 47
Avg. Class Size (elective): 47

Teaching Quality Grades
• Entrepreneurship: B
• Finance: A
• Int'l Business: C
• Marketing: A+
• Strategy: A+
• Sustainability: A+

15. Emory University (Goizueta)
15. Emory University (Goizueta)

Atlanta

2009 Rank: 12
Total Tuition: $95,600
Enrollment: 142
Top Teaching Method: Case studies (40 percent)
Avg. Class Size (core): 38
Avg. Class Size (elective): 30

Teaching Quality Grades
• Entrepreneurship: B
• Finance: B
• Int'l Business: B
• Marketing: B
• Strategy: A+
• Sustainability: B

16. Thunderbird School of Global Management
16. Thunderbird School of Global Management

Glendale, Ariz.

2009 Rank: 2nd Tier
Total Tuition: $88,700
Enrollment: 112
Top Teaching Method: Case studies (45 percent)
Avg. Class Size (core): 46
Avg. Class Size (elective): 5

Teaching Quality Grades
• Entrepreneurship: C
• Finance: B
• Int'l Business: A+
• Marketing: A
• Strategy: B
• Sustainability: A

17. University of Maryland (Smith)
17. University of Maryland (Smith)

College Park, Md.

2009 Rank: NR
Total Tuition: $98,500
Enrollment: 40
Top Teaching Method: Lectures (35 percent)
Avg. Class Size (core): 40
Avg. Class Size (elective): 40

Teaching Quality Grades
• Entrepreneurship: A
• Finance: A
• Int'l Business: C
• Marketing: A+
• Strategy: A+
• Sustainability: A

18. INSEAD
18. INSEAD

France/Singapore

2009 Rank: 19
Total Tuition: $130,022
Enrollment: 105
Top Teaching Method: Case studies, lectures (32 percent each)
Avg. Class Size (core): 40
Avg. Class Size (elective): 35

Teaching Quality Grades
• Entrepreneurship: A
• Finance: B
• Int'l Business: B
• Marketing: B
• Strategy: A
• Sustainability: C

19. ESADE
19. ESADE

Barcelona, Spain

2009 Rank: 17
Total Tuition: $135,000
Enrollment: 171
Top Teaching Method: Simulations, team projects, distance learning, experiential learning (20 percent each)
Avg. Class Size (core): 42
Avg. Class Size (elective): NA

Teaching Quality Grades
• Entrepreneurship: B
• Finance: B
• Int'l Business: B
• Marketing: B
• Strategy: B
• Sustainability: A

20. Washington University (Olin)
20. Washington University (Olin)

St. Louis

2009 Rank: 2nd Tier
Total Tuition: $99,000
Enrollment: 235
Top Teaching Method: Case studies (35 percent)
Avg. Class Size (core): 40
Avg. Class Size (elective): NA

Teaching Quality Grades
• Entrepreneurship: B
• Finance: B
• Int'l Business: A
• Marketing: A
• Strategy: A
• Sustainability: B

21. Cornell University (Johnson)
21. Cornell University (Johnson)

Ithaca, N.Y.

2009 Rank: 2nd Tier
Total Tuition: $145,380
Enrollment: 373
Top Teaching Method: Lectures (40 percent)
Avg. Class Size (core): 59
Avg. Class Size (elective): 35

Teaching Quality Grades
• Entrepreneurship: A
• Finance: B
• Int'l Business: B
• Marketing: A
• Strategy: B
• Sustainability: B

22. University of Georgia (Terry)
22. University of Georgia (Terry)

Atlanta

2009 Rank: NR
Total Tuition: $77,000
Enrollment: 299
Top Teaching Method: Distance learning (40 percent)
Avg. Class Size (core): 35
Avg. Class Size (elective): 35

Teaching Quality Grades
• Entrepreneurship: A
• Finance: C
• Int'l Business: A
• Marketing: B
• Strategy: B
• Sustainability: A

23. University of Texas (McCombs)
23. University of Texas (McCombs)

Austin, Tex.

2009 Rank: 2nd Tier
Total Tuition: $85,000
Enrollment: 126
Top Teaching Method: Case studies (55 percent)
Avg. Class Size (core): 64
Avg. Class Size (elective): 30

Teaching Quality Grades
• Entrepreneurship: A
• Finance: A
• Int'l Business: A+
• Marketing: A
• Strategy: A+
• Sustainability: A

24. Georgetown University (McDonough)
24. Georgetown University (McDonough)

Washington, D.C.

2009 Rank: 18
Total Tuition: $114,000
Enrollment: 141
Top Teaching Method: Case studies, lectures, team projects, simulations, experiential learning (20 percent each)
Avg. Class Size (core): 46
Avg. Class Size (elective): 23

Teaching Quality Grades
• Entrepreneurship: B
• Finance: B
• Int'l Business: A+
• Marketing: B
• Strategy: A
• Sustainability: B

25. London Business School
25. London Business School

London

2009 Rank: 24
Total Tuition: $90,707
Enrollment: 728
Top Teaching Method: Case studies, lectures (35 percent each)
Avg. Class Size (core): 75
Avg. Class Size (elective): 60

Teaching Quality Grades
• Entrepreneurship: A
• Finance: A
• Int'l Business: B
• Marketing: A
• Strategy: B
• Sustainability: B

26. University of Oxford (Saïd)
26. University of Oxford (Saïd)

Oxford, England

2009 Rank: 2nd Tier
Total Tuition: $85,000
Enrollment: 52
Top Teaching Method: Lectures (52 percent)
Avg. Class Size (core): 52
Avg. Class Size (elective): 38

Teaching Quality Grades
• Entrepreneurship: A+
• Finance: C
• Int'l Business: A
• Marketing: C
• Strategy: C
• Sustainability: A

27. University of Notre Dame (Mendoza)
27. University of Notre Dame (Mendoza)

Notre Dame, Ind.

2009 Rank: 20
Total Tuition: $88,500
Enrollment: 179
Top Teaching Method: Case studies (33 percent)
Avg. Class Size (core): 51
Avg. Class Size (elective): 51

Teaching Quality Grades
• Entrepreneurship: B
• Finance: A+
• Int'l Business: C
• Marketing: B
• Strategy: C
• Sustainability: A+

28. IMD
28. IMD

Lausanne, Switzerland

2009 Rank: 16
Total Tuition: $117,000
Enrollment: 50
Top Teaching Method: Case studies, distance learning, experiential learning (20 percent each)
Avg. Class Size (core): 48
Avg. Class Size (elective): NA

Teaching Quality Grades
• Entrepreneurship: A
• Finance: C
• Int'l Business: A
• Marketing: C
• Strategy: B
• Sustainability: C

29. Queen's University
29. Queen's University

Kingston, Ont.

2009 Rank: 25
Total Tuition: $87,439
Enrollment: 498
Top Teaching Method: NA
Avg. Class Size (core): NA
Avg. Class Size (elective): NA

Teaching Quality Grades
• Entrepreneurship: B
• Finance: B
• Int'l Business: B
• Marketing: B
• Strategy: C
• Sustainability: C

30. University of Minnesota (Carlson)
30. University of Minnesota (Carlson)

Minneapolis

2009 Rank: 2nd Tier
Total Tuition: $95,000
Enrollment: 90
Top Teaching Method: Case studies (35 percent)
Avg. Class Size (core): 55
Avg. Class Size (elective): NA

Teaching Quality Grades
• Entrepreneurship: C
• Finance: B
• Int'l Business: A
• Marketing: B
• Strategy: A+
• Sustainability: A

31. Pepperdine University (Graziadio)
31. Pepperdine University (Graziadio)

Los Angeles

2009 Rank: 2nd Tier
Total Tuition: $108,040
Enrollment: 220
Top Teaching Method: Case studies, team projects (25 percent each)
Avg. Class Size (core): 20
Avg. Class Size (elective): NA

Teaching Quality Grades
ï Entrepreneurship: C
ï Finance: C
ï Intíl Business: B
ï Marketing: B
ï Strategy: B
ï Sustainability: C

32. Vanderbilt University (Owen)
32. Vanderbilt University (Owen)

Nashville

2009 Rank: NR
Total Tuition: $98,602
Enrollment: 103
Top Teaching Method: Team projects (35 percent)
Avg. Class Size (core): 55
Avg. Class Size (elective): NA

Teaching Quality Grades
• Entrepreneurship: A
• Finance: B
• Int'l Business: C
• Marketing: A+
• Strategy: A+
• Sustainability: B

33. University of Utah (Eccles)
33. University of Utah (Eccles)

Salt Lake City

2009 Rank: NR
Total Tuition: $67,000
Enrollment: 138
Top Teaching Method: Lectures (40 percent)
Avg. Class Size (core): 68
Avg. Class Size (elective): 68

Teaching Quality Grades
• Entrepreneurship: C
• Finance: A
• Int'l Business: C
• Marketing: C
• Strategy: A
• Sustainability: B

34. University of Western Ontario (Ivey)
34. University of Western Ontario (Ivey)

London, Ont.

2009 Rank: 2nd Tier
Total Tuition: $87,396
Enrollment: 135
Top Teaching Method: Case studies (65 percent)
Avg. Class Size (core): 55
Avg. Class Size (elective): NA

Teaching Quality Grades
• Entrepreneurship: C
• Finance: B
• Int'l Business: A+
• Marketing: B
• Strategy: B
• Sustainability: B

35. Michigan State University (Broad)
35. Michigan State University (Broad)

East Lansing, Mich.

2009 Rank: NR
Total Tuition: $58,675
Enrollment: 322
Top Teaching Method: Lectures, team projects (25 percent each)
Avg. Class Size (core): 51
Avg. Class Size (elective): 51

Teaching Quality Grades
• Entrepreneurship: A
• Finance: B
• Int'l Business: C
• Marketing: C
• Strategy: A
• Sustainability: B

36. College of William & Mary (Mason)
36. College of William & Mary (Mason)

Williamsburg, Va.

2009 Rank: NR
Total Tuition: $79,500
Enrollment: 33
Top Teaching Method: Case studies (40 percent)
Avg. Class Size (core): 28
Avg. Class Size (elective): 25

Teaching Quality Grades
• Entrepreneurship: B
• Finance: A+
• Int'l Business: A+
• Marketing: A+
• Strategy: C
• Sustainability: C

37. Baylor University (Hankamer)
37. Baylor University (Hankamer)

Dallas

2009 Rank: NR
Total Tuition: $86,500
Enrollment: 109
Top Teaching Method: Team projects (30 percent)
Avg. Class Size (core): 32
Avg. Class Size (elective): NA

Teaching Quality Grades
• Entrepreneurship: B
• Finance: C
• Int'l Business: B
• Marketing: C
• Strategy: B
• Sustainability: B

38. University of Texas (Jindal)
38. University of Texas (Jindal)

Dallas

2009 Rank: 22
Total Tuition: $82,000
Enrollment: 85
Top Teaching Method: Case studies (40 percent)
Avg. Class Size (core): 40
Avg. Class Size (elective): 40

Teaching Quality Grades
• Entrepreneurship: B
• Finance: C
• Int'l Business: C
• Marketing: C
• Strategy: C
• Sustainability: C

39. Fordham University
39. Fordham University

New York

2009 Rank: 2nd Tier
Total Tuition: $87,550
Enrollment: 90
Top Teaching Method: Lectures (30 percent)
Avg. Class Size (core): 35
Avg. Class Size (elective): 18

Teaching Quality Grades
• Entrepreneurship: C
• Finance: C
• Int'l Business: B
• Marketing: B
• Strategy: C
• Sustainability: B

40. University of California (Merage)
40. University of California (Merage)

Irvine, Calif.

2009 Rank: 2nd Tier
Total Tuition: $99,624
Enrollment: 138
Top Teaching Method: Case studies (33 percent)
Avg. Class Size (core): 38
Avg. Class Size (elective): 34

Teaching Quality Grades
• Entrepreneurship: C
• Finance: C
• Int'l Business: C
• Marketing: B
• Strategy: B
• Sustainability: C