For second-year business student David O. Mann, the rankings were a "key starting point for myself and most of the people I speak to."
But Mann said he believed a drop from number one to number two is not overly important, as most people already have their own opinions of which schools are the best.
The magazine changed its ranking methods this year, according to Kathleen A. Crocker, communications manager for U.S. News and World Report.
Among other changes, the magazine adjusted the measure of instructional expenditures in the law school category to account for cost of living.
It also amended its definition of total pay to include signing bonuses given to business school graduates, and eliminated the practice of measuring the number of recruiters to visit the school.
Crocker said the recruiting figure has lost relevance as an increasing number of business school graduates go on to form their own start-up companies.
Like his fellow administrators, Michael J. Chmura, news director of HLS, said he feels the rankings fail to reflect all pertinent features of a school.
According to Chmura, HLS has a "depth and breadth" of offerings not made evident by the rankings.
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