The Full-Time MBA Program at Michigan State University’s Broad College of Business is a leader among U.S. programs, according to the Forbes biennial ranking released October 9. The 2013 ranking places Broad’s program 9th among public schools and 22nd overall.

Since 2007, Forbes has consistently ranked Broad among the top 10 public institutions and the top 25 programs overall.

Forbes MBA rankings are based on return on investment (ROI), measuring compensation five years after graduation minus tuition and salary forgone during school.

Broad graduates needed just 3.3 years to make up the costs of their MBA degrees in additional compensation, Forbes calculated – the shortest period in the Big Ten and the third shortest in the entire ranking. Only Brigham Young University and the University at Buffalo had a shorter payback period at 3.2 years each.

“This ranking demonstrates the recognition our graduates receive for their impact on their respective firms,” said Sanjay Gupta, associate dean for MBA and professional master’s programs. “It reflects what we see as well — Broad MBAs are ready upon completion of their degrees to improve the bottom line and make business happen.”

The magazine surveyed the Class of 2008 and requested their pre-MBA salaries and compensation figures for three of the first five years after receiving their degrees. Forbes then compared their post-MBA compensation with their opportunity cost: both tuition and the estimated salary they would have made had they stayed in their old jobs. Salary figures were adjusted to account for cost-of-living expenses, and the earnings gains were discounted using a rate tied to the discount rate large companies’ pension funds use.