Cornell's Charles H. Dyson School of Applied Economics and Management has been ranked No. 3 in Bloomberg Businessweek's seventh annual ranking of "The Best Undergraduate Business Schools."

The Dyson School, whose ranking is up from No. 5 last year, "earned top marks from students in teaching, facilities and job placement," according to Businessweek's press release.

The business schools at the University of Notre Dame and the University of Virginia were ranked No. 1 and No. 2, respectively; trailing Dyson were the business schools at the University of Pennsylvania (No. 4) and Emory University (No. 5).

Businessweek's rankings of undergraduate business programs use nine measures of student satisfaction, post-graduation outcomes and academic quality. The results are based on data from surveys of business majors and corporate recruiters, median starting salaries, average SAT scores, student-faculty ratios, class size, the percentage of students with internships and the number of hours students devote to class work.

In all, 142 undergraduate business programs participated in this year's ranking.