I just came across this interesting article that was published by Us News on May 2012.  I suggest comparing this table with the MBA ranking and trying to spot some arbitrage opportunities. 

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Below is a table highlighting the 13 schools that awarded at least 10 degrees to Fortune 500 CEOs. The ranks of their undergraduate program and graduate business school are also included. The table is sorted by total number of degrees awarded per institution:

Institution Total degrees Undergraduate degrees M.B.A.’s Other graduate degrees U.S. News undergraduate rank U.S. News business school rank
Harvard University 65 11 40 14 1 1
Stanford University 27 11 10 6 5 1
University of Pennsylvania 24 7 13 4 5 3
Columbia University 18 3 4 11 4 8
University of Michigan—Ann Arbor 14 6 5 3 28 13
University of Notre Dame 14 10 1 3 19 25
University of Virginia 14 4 4 6 25 13
Cornell University 13 8 3 2 15 16
Dartmouth College 12 9 3 0 11 9
Indiana University—Bloomington 11 5 6 0 75 23
Northwestern University 11 2 6 3 12 4
Rutgers, the State University of New Jersey—New Brunswick 11 5 3 3 68 63
Massachusetts Institute of Technology 10 3 0 7 5 4