This year, the University of Chicago Law School ranked third in the 2023 U.S. News & World Report Best Law Schools list, while the Booth School of Business tied for first with The Wharton School at the University of Pennsylvania in the 2023 U.S. News & World Report Best Business Schools list.

The U.S. News business and law school rankings are determined by three ranking indicators: a quality assessment, employment placement success, and student selectivity. These indicators take into account peer and professional assessments, employment rates at and shortly after graduation, mean starting salary and bonus, mean admission test scores, mean undergraduate grade point average, and acceptance rate, among other factors.

The Law School’s No. 3 ranking and Booth’s No. 1 ranking both reflect an upward trajectory from their No. 4 and No. 3 respective rankings in 2022. Booth’s rise in ranking can be accredited to an increased average Graduate Management Admission Test score of admitted students and a higher average starting salary from last year. The last time Booth topped the Best Business Schools list was in 2018, when it was tied for first with Harvard Business School. The Law School has consistently remained in the No. 4 spot since 2020 but overtook Harvard Law School this year. It still remains behind Yale and Stanford Law School, which make up the first and second spot on the 2023 list, respectively.