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This study examined the effect that variances in the U.S. News & World Report rankings have on enrollment trends and practices in both top and non‐top 25 business schools. The purpose of this study was to determine whether mobility in the rankings was met with a statistically significant response to the research questions presented. While this was not the first study to look at business school rankings and their effect on enrollment trends, it was the first one to look at recent data associated with this phenomenon, as well as, the first study to utilize panel data in order to determine the answer to its research questions. The four research questions put forth dealt with enrollment numbers, student quality, acceptance rates, and peer assessment scores. The study determined that the research questions are not statistically significant across the board and that one group is more sensitive than the other to variation in the rankings. Possible practical implications for these findings and further research are discussed, as well as, the limitations of the study.