"Which MBA program is the best?"

However, according to US News & World report, these are the top ranked:

1. Harvard University (MA)
2. Stanford University (CA)
3. University of Pennsylvania (Wharton)
4. Massachusetts Institute of Technology (Sloan)
4. Northwestern University (Kellogg) (IL)
6. University of Chicago
7. Columbia University (NY)
7. University of California–Berkeley (Haas)
9. Dartmouth College (Tuck) (NH)
10. University of California–Los Angeles (Anderson)
11. Duke University (Fuqua) (NC)
11. University of Michigan–Ann Arbor (Ross)
13. New York University (Stern)
13. University of Virginia (Darden)
15. Yale University (CT)
16. Carnegie Mellon University (Tepper) (PA)
16. Cornell University (Johnson) (NY)
18. Emory University (Goizueta) (GA)
18. University of Texas–Austin (McCombs)
20. University of North Carolina–Chapel Hill (Kenan-Flagler)
21. Purdue University–West Lafayette (Krannert) (IN)
22. Ohio State University (Fisher)
23. Indiana University–Bloomington (Kelley)
23. Michigan State University (Broad)
23. University of Minnesota–Twin Cities (Carlson)
26. University of Rochester (Simon) (NY)
26. Washington University in St. Louis (Olin)
28. University of Illinois–Urbana-Champaign
29. University of Southern California (Marshall)
29. University of Washington
31. Texas A&M University–College Station (Mays)
31. University of Notre Dame (Mendoza) (IN)
31. University of Wisconsin–Madison
34. Arizona State University–Main Campus (Carey)
34. Brigham Young University (Marriott) (UT)
34. Georgetown University (McDonough) (DC)
34. Georgia Institute of Technology
38. Pennsylvania State University–University Park (Smeal)
38. University of California–Irvine (Merage)
38. University of Maryland–College Park (Smith)
41. Boston College (Carroll)
41. Southern Methodist University (Cox) (TX)
41. University of Florida (Warrington)
44. Boston University
44. Rice University (Jones) (TX)
46. University of California–Davis
46. University of Georgia (Terry)
48. University of Pittsburgh (Katz)
49. Babson College (Olin) (MA)
49. Tulane University (Freeman) (LA)
49. Vanderbilt University (Owen) (TN)

Business school is about reputation.  All the top business schools teach you more or less the same thing.  So from a skill standpoint, one isn't really better than another; albeit some do have certain specialties (e.g. Chicago and Wharton in Finance).  That said, the major benefit of getting an MBA is the reputation that comes with it.  If you graduate from a top school, you are basically "in the club" and the more prestigious the "club", the better.  It's all about networking and from that criteria, I would say HBS easily has be best reputation, the largest alumni network, and the most prestigious alums.