Who has the best business school?

If you guessed Harvard School of Business, you’d be wrong – it isn’t even in the top five.

According to Bloomberg Businessweek‘s 14th biennial ranking of full-time MBA programs, there is a new top dog in American business education: Duke University’s Fuqua School of Business.

It’s the first time atop the list for the Durham, N.C.-based school and  part of a shakeup that dethroned University of Chicago’s Booth School and also knocked elite rival Harvard out of the top five for the first time in the history of the ranking. Harvard came in at No. 8.

According to Bloomberg, schools are ranked on three criteria: how company recruiters rate MBA hires, how graduating MBAs judge their program and a tally of faculty research published in esteemed journals.

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