The Wharton School of the University of Pennsylvania is no longer a co-holder of "Best Business School" in the nation.

It's now third.

In its 2016 ranking, U.S. News & World Report pushed Wharton down the chart and awarded the top two spots to Stanford University and Harvard University, respectively. In last year's ranking, the three distinguished universities shared the top spot.

The ranking of the top full-time MBA programs, which factor in employment rates, selectivity and reputation, also included two other area business schools: Penn State University's Smeal and Temple University's Fox business schools.

Penn State tied with Michigan State University, University of Florida and University of Rochester at No. 37. Last year, Penn State ranked 41st.

Temple tied with the University of Maryland at No. 41. Last year, Temple ranked 48th.