ASU's full-time masters of business administration program fell three spots to 34th in the nation this year, according to U.S. News & World Report's list of the top 50 graduate schools.
Four of ASU's MBA specialty programs were ranked among the top 25 in the magazine's survey.
The survey included 399 business schools accredited by the Association to Advance Collegiate Schools of Business.
"It's important for national and international visibility," said Robert Mittelstaedt, Dean of the W.P. Carey School.
The survey was based on peer rankings, Graduate Management Admission Test scores, undergraduate GPAs and starting salaries, among other things, Mittelstaedt said.
ASU's MBA program recently lowered its GMAT score, which is what lowered the business school's ranking, Mittelstaedt said.
Admission is now based more on the interview process and undergraduate GPA, he said.
"We took a lot of kids whose GMAT [scores] weren't too high," he said. "We chose people who are well-rounded and who are likely to be successful."
In addition to overall rankings, schools' specialized programs were also ranked.
The supply chain management program was ranked third, up from fifth place last year, Mittelstaedt said.
"That's one of our very strongest areas," he said.
Other specialty programs to land in the top 25 include information systems, production/operations and accounting.
ASU's part-time evening MBA program landed 18th on the list.
Half of the MBA students at ASU are enrolled in the part-time program, Mittelstaedt said. There are 1,000 graduate students in the school this year.
ASU's MBA program was also ranked 16th nationally for the number of students who are employed by the time they graduate, Mittlestaedt said.
"That's ultimately what students care about the most," he said.
ASU's MBA program is the only Arizona business program to land a spot on the magazine's list.
Harvard heads the list of top business schools followed by Stanford and the University of Pennsylvania for the overall graduate business programs.
MBA student Justin Dunning said he was not surprised to see ASU's program ranked among the top 50.
"The last couple years they put a good focus on getting into the rankings," he said. "It's good to see that it paid off."
Dunning, who specializes in sports business and strategic planning, said he feels ASU's MBA program has given him the skills he needs to enter the job market.
"I really feel like I've gotten a lot out of the classes," he said. "The faculty have all been great. They're very knowledgeable and very approachable."
Dunning said he thinks the national ranking will help him land a job once he graduates this May.
"I'm hoping to move back to California, so the national ranking will help," he said. "ASU is obviously a lot more visible than other schools in Arizona."
Reach the reporter at kelsey.perry@asu.edu.