The UC Davis Graduate School of Management rocketed up 22 places to No. 50 in Forbes magazine’s eighth biennial ranking of top business schools, released Wednesday.

The ranking isn’t just news for the school, but its alumni: It’s based solely on how much graduates earn within five years of graduation.

UCD’s Class of 2008 earned $38,200 over the cost of tuition, fees and foregone compensation, for an annual median income of $125,000. The class entered school with a median pre-MBA income of $49,000. The payback period for those Aggies: four years.

That, despite graduating in the midst of the Great Recession.

Dean Steven Currall said in an email message that he was “delighted” by UCD’s jump.

“This leap of 22 places, the biggest gain among the business schools in Forbes’ ranking, shows the very strong positive return on investment that our alumni are seeing on the value of their UC Davis MBA degree over the course of the past five years,” he said.

“Return on investment is an important factor that prospective MBA students should consider when weighing their decision to apply and future career track.”

UC’s ranking is a return to form: After standing 56th in 2007, UCD dropped to 68th in 2009 and 72nd in 2011.

Stanford University, whose alumni saw a $99,700 five-year return on investment, held the top spot for the third straight time. It beat out the University of Chicago and Harvard University. The University of Michigan fared best among public institutions, at 10th.

Other California schools in the 2013 ranking: UCLA, 13th; UC Berkeley, 14th; USC, 37th; UC Irvine, 61st; San Diego State, 64th; and Pepperdine University, 69th.

Online: http://www.forbes.com

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