Students join Dean Dan Smith, left, and Program Chair M.A. Venkataramanan, right, in a celebration

BLOOMINGTON, Ind. -- Indiana University's Kelley School of Business now has two programs ranked among the best by Business Week, after the magazine ranked Kelley's undergraduate programs as 10th best in the nation overall and No. 4 among public schools in its first-ever survey of such programs.

Business Week released its first-ever ranking of the top 50 undergraduate business programs through a Web-cast late Thursday (April 27). Coverage appears on the magazine's Web site and in the May 8 issue hitting newsstands today (April 28).

Kelley's MBA program has been in Business Week's top 20 seven of the eight times that the magazine has ranked such programs since 1988 and currently is ranked 18th. Last year, U.S. News & World Report ranked the undergraduate program 11th and sixth among public universities in a similar survey.

In an explanation for its new undergraduate rankings, the magazine announced, "this first-ever exclusive ranking comes at a time when undergrad business programs are getting MBA-like respect, and competition to get into them is hotter than ever."

Business Week's rankings are based in part on surveys of more than 100,000 business students and 2,000 corporate recruiters. The magazine also looked at starting salaries, how many undergraduates find their way to the top MBA programs, and several measures of academic quality, including faculty-student ratios and average SAT scores.

"It's an honor to be ranked among the nation's top 10 business schools," said M.A. Venkataramanan, chair of undergraduate programs in the Kelley School and Lawrence D. Glaubinger Professor of business administration. "Our Business Week ranking reflects the impressions of two important constituencies -- students and the companies that hire them."

Daniel C. Smith, dean of the Kelley School, added, "This ranking is consistent with our internal performance metrics related to the experiences of our students and corporate recruiters. Our 98 percent graduation rate, an 85 percent job acceptance rate by graduation, and a high level of community volunteer service reflect a long-standing commitment to excellence by our students, faculty, career advisers and staff."

Smith added that being ranked 10th places the school in the top 2 percent of nationally accredited business programs.

In its comments about the school, Business Week said Kelley's "real-world curriculum and helpful career-services office catapults (the) school into (the) top 10." It received A's for teaching quality, facilities and services, and job placement.

This year, more than 400 companies conducted more than 14,000 interviews with undergraduates at the Kelley School. Starting compensation will exceed the national average for business graduates by more than 10 percent.

The school's degree programs also are a good value. With an annual in-state cost of $7,112, it had the second-best cost of any program ranked in the top 10. Kelley's undergraduate programs were fourth among public universities and second in the Big Ten.

The Kelley School was highlighted in an article about efforts being made by top schools to develop graduates with strong communications and critical thinking skills.

"Some program directors at colleges and universities stress that writing shouldn't be taught in isolation," the article said. "At Indiana University's Kelley School of Business, all communication classes incorporate writing, speaking, listening and teamwork, showing business majors that all facets are connected and necessary for successful interactions."

Business Week noted Kelley's requirement that all students -- including those majoring in information systems -- enroll in the course "Business Presentations and Business Communication," which culminates in a formal report and presentation of a company-based case study.

The magazine suggested that facilities housing the school's undergraduate programs are in need of an upgrade, but also quoted Smith as saying these needs will be met through future extensive renovation.

"We will not rest on our laurels," Smith said today. "We have a culture at the Kelley School that embraces innovation. While this is certainly a good day in the life of the school, our best days are yet to come."

The Kelley program was one of three business programs in Indiana to be recognized by Business Week in its top 50. The University of Notre Dame's Mendoza College of Business was ranked third in the survey and Purdue University's Krannert School of Business was ranked 45th.