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U.S. News & World Report ranked the MBA program at University of California Irvine’s Paul Merage School of Business No. 45 on its list of best business schools in the nation, a four-spot hike from last year’s ranking.

“The rise in GPA of our incoming students and the ability to be more selective in our acceptance rate are indicators of our momentum and the rigors of our programs,” Rajeev Tyagi, interim dean of the Merage School, said in a news release. “We are also receiving positive reinforcement from recruiter assessments which, along with rises in salary and bonus rates for our graduating students, is driving a continued positive impact on our rankings.”

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The business school, which shares the No. 45 spot with Boston University and Boston College, named Eric Spangenberg of Washington State University as its new dean last week.

The Business School at Harvard University, Stanford University’s Graduate School of Business and the Wharton School at the University of Pennsylvania shared the coveted No. 1 spot on U.S. News & World Report’s list.

UCLA’s Anderson School of Management ranked No. 16, while the University of Southern California’s Marshall School of Business placed No. 27. The Rady School of Management at UC San Diego was ranked No. 60, while the College of Business Administration at San Diego State University shared No. 87 with the Peter F. Drucker Graduate School of Management at Claremont Graduate University in Claremont.

U.S. News & World Report also posted its rankings for best online graduate business programs in the nation.

Spangenberg’s Washington State University retained No. 7 spot from last year. California State University Fullerton’s Mihaylo College of Business and Economics ranked No. 23, followed by Pepperdine University in Malibu which placed No. 73. University of La Verne in Inland Empire ranked No. 95, while Brandman University in Irvine shared No. 106 with California State University Dominguez Hills in Carson.