U.S. News & World Report named UChicago’s Booth School of Business the third-best M.B.A. program in the nation and UChicago Law School the fourth-best law school, per the 2022 Best Graduate Schools rankings released on Tuesday, March 30.

Booth’s No. 3 ranking is unchanged from last year. The institution no longer shares the honor, however: The Kellogg School of Management at Northwestern University, Booth’s crosstown rival, fell to fourth place this year. UChicago Booth was ranked behind the Stanford Graduate School of Business and the Wharton School of the University of Pennsylvania (Penn) but ahead of perennial heavyweights like Harvard Business School and the Massachusetts Institute of Technology Sloan School of Management.

Across the Midway, the Law School’s No. 4 ranking also remained unchanged from the 2021 rankings, and its spot remained shared with Columbia Law School. The Law School was ranked higher than the New York University School of Law and Penn’s Carey Law School but lower than the law schools at Yale, Stanford, and Harvard.

UChicago’s Pritzker School of Medicine, meanwhile, was ranked the 17th-best medical school for research in the nation.

The U.S. News & World Report rankings of higher education are widely regarded as the most influential of their kind. Research out of the National Bureau of Economic Research, which analyzed data from 16 selective, private undergraduate institutions, found that a less favorable ranking is associated with increased acceptance rates, lower rates of matriculation among applicants, and increased financial aid offerings for that institution.