Although Purdue University began awarding business graduate degrees in 1934, the Krannert School of Management wasn't formally established until 1968, when a donation from Herman and Ellnora Krannert created the Krannert Graduate School of Industrial Administration. Today, Krannert has a reputation as an operations school--in fact, in 2008 U.S. News & World Report ranked the school third in the specialty--but it also has strengths in information systems and supply chain management. In addition to its full-time program, Krannert operates part-time and executive MBA programs, as well as an international business-focused MBA with the German International Graduate School of Management and Administration.

Krannert's curriculum follows a traditional module schedule: the first year is devoted to requirements and the second year is mostly open for students to concentrate in a specialty. Elective courses are grouped into 13 areas, including strategy and business law. Undergraduate students can combine their BS degrees with an MBA, and the school also has a dual MS in industrial administration and doctor in pharmacy.

Traditionally, Krannert has primarily drawn operations recruiters, but recently the school has been placing more graduates in consulting as well. While in school, students' social activities center on campus, primarily in student organizations. Students tell Vault West Lafayette's small town atmosphere fosters a close-knit atmosphere among MBA candidates.