DePaul University’s Master’s of Business Administration (MBA) degree program was rated among the top three in Chicago’s highly competitive business school market, according to the first-ever ranking of local MBA programs issued by Crain’s Chicago Business Oct. 16.

The rankings, based on interviews with recruiters and alumni from area schools, rated MBA programs from Northwestern University’s Kellogg School of Management No.1, University of Chicago’s Graduate School of Business No. 2 and DePaul’s Kellstadt Graduate School of Business No. 3.

“Recruiters rated DePaul first in accounting, and third in management, marketing and economics,” the weekly business magazine reported. “From alumni, it received consistently high marks in entrepreneurship, marketing and organizational behavior.”

Recruiters and alumni interviewed by Crain’s praised DePaul’s practical program and distinguished faculty. “Their program seems to be more applied as opposed to academic theory. That’s good because they can get right to work,” Ron Roman, human resources director for the Council for Jewish Elderly, told Crain’s. Kevin Vought, a 2005 DePaul MBA graduate, said: “The professors are the best part about the DePaul experience. They have a vested interest in you and are very passionate about what they’re teaching.”

Ray Whittington, dean of DePaul’s business school, said the real-world orientation of the program is appreciated by Chicago area businesses seeking to hire talented professionals. “We teach theory and how to apply that. People feel our students can hit the ground running,” he told Crain’s.

Rounding out the rankings behind the top three were: No. 4 University of Illinois at Chicago’s Liautaud Graduate School of Business; No. 5 Loyola University’s Graduate School of Business; No. 6 Northern Illinois University’s College of Business; and No. 7 Illinois Institute of Technology Stuart School of Business.

In national rankings, DePaul’s part-time MBA program is ranked No. 11 by U.S. News & World Report and the business school’s graduate entrepreneur program is ranked No. 2 in the country by Entrepreneur magazine.