University of California's school of business accepted its first class in 1967, but it wasn't christened the Paul Merage School of Business until 2005. These days, the school ranks reliably in the top 10 percent of programs recognized by The Association to Advance Collegiate Schools of Business. The school offers four MBA programs: the full-time MBA program, the fully employed MBA program for students who intend to keep their full-time jobs, and the executive MBA and the health care executive MBA (commonly known as the EMBA and HCEMBA, respectively). Academically, students tell Vault the program is 'fairly balanced in terms of theory versus practice.' The classes involve 'a range of case discussion, lecture and group projects involving real companies.' The payoff of the degree may be a tangible one: the school boasts a salary increase of 24 percent for students who earn their MBAs, according to school surveys from graduates of Merage.

The admissions process to Merage is a 'very personal' one that looks for students who are willing to be 'partners in the process' and who are 'invested in the spirit of making a great program even stronger.' (Fear not, however, students say it's also a 'fast,' 'efficient' and 'friendly' process overall.)