Three local business schools made Forbes’ 2015 ranking of M.B.A. programs, now in its ninth year.

UCLA’s Anderson School of Management was the only Los Angeles school to make the top 20, coming in at No. 17. USC’s Marshall School of Business trailed not-too-far behind at No. 38.

Pepperdine University’s Graziadio School of Business and Management in Malibu placed at No. 63 in the rankings, jumping six slots from its placement last year.

An M.B.A. is quite an investment, costing upwards of $300,000 in tuition at elite schools such as Stanford or Harvard, which ranked first and second, respectively, on Forbes’ list. The magazine ranked programs based on their return on investment, using alumni surveys to compare graduates’ earnings in their first five years out of business school to their opportunity cost – i.e. two years of tuition and fees, and two years of lost compensation.

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