Harvard graduate schools once again ranked high in U.S. News and World Report's annual "America's Best Graduate Schools" issue, with the Medical School ranking first for the third straight year.

For the second year in a row, Harvard's law school placed second behind that of Yale. Other University graduate programs made the top ten. Harvard ranked third for its English department, fourth for economics, sixth for sociology, sixth for history and seventh for psychology.

But Harvard Business School slipped from first to second place this year, falling behind Stanford University's program.

U.S. News and World Report said the ranking were generated by deans and program directors at 60 universities who judged the schools on the basis of student selectivity, research activity, faculty resources, reputation, placement success and graduation rates.

Medical students interviewed said they were pleased with their school's success in the annual list. But most said they believe there is actually little difference in quality between the top schools.

"It's great to be told your school is number one," said Jeffrey D. Alexis '88, who is in his fourth year of medical school. "But I don't think there is much difference between number one and number five or even number one and number ten."

Officials and students interviewed at Harvard Business School also did not put much stock in the rankings.

"There are a number of leading graduate schools of business which because of their research and teaching programs deserve to be in the top category," said Jeffrey D. Lazar, public relations coordinator for the Graduate School of Business Administration.

Students at the Business School said the rankings were of little significance to most prospective applications.

"I don't think they influence students at all in their choice of a graduate school," said Peter D. Wilson, a first-year student at the Business School. "Therankings are fairly subjective."

Timothy J. O'Connor, a first year MBA studentsaid he thought the rankings merely determined"the flavor for the month."

Students at Harvard Law School also questionedthe importance of the rankings.

"There's a comparable class of schools whichyou really can't distinguish between," saidfirst-year Law School student Gloria S. Wang. "Theranking will provide very little guidance."

"I'm not personally worried with Harvardranking second behind Yale," said Michael R. Paul,a third-year law student. "If Harvard Law wasranked 20th or 30th, I might be concerned."

Officials from Harvard Medical School andHarvard Law School could not be reached forcomment yesterday