Matthew Imbler, BYU
Opening session of the 17th annual International Law and Religion Symposium held at BYU's J. Reuben Clark Law School. (Photo by, Matthew Imbler, BYU)

Brigham Young University's full-time MBA program ranked 32 in the nation, dropped five spots in this year's Bloomberg Businessweek study.

In 2010 the program ranked 27, after falling from 22 in 2008. The University of Chicago's Booth School of Business ranked first followed by Harvard Business School and University of Pennsylvania's Wharton School. No other Utah schools were rated in the top 63 MBA programs in the U.S., according to the report.

BYU's program costs $21,900, according to the report. That compares with $111,587 for Chicago's program.

The MBA degree can mean a much higher salary. The average graduate of BYU's MBA starts at $95,769. By comparison Chicago MBAs start at $115,079.

The ranking is created by a combination of student surveys, employers ranking their favorite 20 schools to recruit from and calculating intellect by numbering articles published from faculty in 20 different publications.

Businessweek received 10,439 ranking responses of 2012 MBA graduates. Those were combined with responses from 2010 and 2008 in order to overrule short-term issues.