In the first time in several years McCombs landed in the top third of 100 ranked schools in Beyond Grey Pinstripes’ global, full-time MBA ranking, coming in at no. 28. Among U.S. programs McCombs ranked 22nd, ninth among public schools.

While most MBA rankings attempt to measure the usual fare—reputation, selectivity in admissions, student and recruiter satisfaction, job offers and salary—Beyond Grey Pinstripes marches to the beat of a different drummer.

This alternative ranking salutes business schools that are preparing students for the “business challenges of tomorrow” along three main axes: social, ethical and environmental stewardship.

Managed by the Aspen Institute’s Center for Business Education, the biennial survey examines the extent to which the social, ethical, economic and environmental realities of business are addressed in a school’s course offerings (20%) and in its faculty’s research (25%). It also measures the extent to which students are actually exposed to the relevant coursework (25%) and the degree to which courses focus on the role that for-profit business can play as a force for positive social change (30%).

“We are very pleased to be among the top MBA programs that emphasize social and ethical responsibility,” said Eric Hirst, associate dean of graduate programs. “Two of the four key pillars of our MBA program are responsibility and integrity, and a worldview of business and society. We emphasize—in our coursework, in our faculty research and in our culture—that good business decisions must take into account long-term societal benefits.”

Evidence for McCombs strong social stewardship appears in the 48 courses and 21 faculty publications that made the cut for this ranking, and which can be accessed directly on the ranking website.

But Hirst points out that exciting and prominent changes are visible throughout the school. For the first time in many decades, a new department—Business, Government and Society—was created at McCombs to address the growing demand for business leaders to understand the regulatory, social, political, cultural and ethical environment in which they must navigate. In the past year, the department has introduced two new concentrations into the MBA curriculum: “Public and Governmental Affairs,” and “Ethics and Corporate Social Responsibility.”

A new MBA student organization, BIGS (Business, Industry and Government Society), shines light on public policy’s impact on business. Another recently-launched student association, CleanTech Group, promotes an economically viable, sustainable and “intelligent-energy” future through technology innovations. Net Impact, with 240 chapters around the country, is one of the venerable social stewardship student groups: it seeks to use the power of business to create a more socially and environmentally sustainable world.