Harvard Business School didn’t crack Bloomberg Businessweek’s ranking of top five graduate business schools this year — for the first time since the magazine began publishing its “Best Business Schools” list in 1988. Harvard fell from No. 2 to No. 8 instead, and MIT’s Sloan School of Management fell from No. 9 to No. 14. No other Boston-area graduate-level business schools even cracked the list’s top 50.

Harvard Business School was ranked second on the “Best Business Schools” list for three consecutive editions: 2012, 2010 and 2008 (the ranking is only published every two years). Before that, the institution jumped around the top five, but had never received a spot lower than fifth place — until now.

MIT Sloan also suffered a downturn in the rankings. Although this isn’t the lowest Sloan has ever been — that would be No. 15 in 1998 — coming in at No. 14 is a considerable drop after years of making the top 10; once even cracking the top five in fourth place.

On the undergraduate level, Boston College’s Carroll School of Management was ranked fourth in the country and Northeastern University’s D’Amore-McKim School of Business was ranked 19th. Both schools improved from the last ranking in 2013, when Boston College was rated No. 6 and Northeastern, No. 25.

The best graduate schools are determined by three factors: a student survey, an employer survey and an assessment of the faculty’s “intellectual capital.” Or rather, a count of articles published by the school’s faculty in the top 20 business journals from 2009 to 2013. Each factor was given its own weight.

Although Harvard Business School ranked No. 8 overall, student surveys put it at No. 25. Yet, a high employer survey rank of seven, and an intellectual capital ranking of eight, somehow ultimately led to the school’s top-10 rating.

MIT’s student survey put the Sloan School of Management at No. 13 in the country, although employers rated it at No. 12. The Institute’s “intellectual capital” beat Harvard, however, at No. 7.

In terms of undergraduate programs, scoring was a little different. Student assessments counted for 30 percent of the score, while another 30 percent was based on academic quality — average SAT scores, faculty-to-student ratios, students with internships and hours students spent working. Employer opinion accounted for 20 percent, median salary after graduation for 10 percent and the amount of students going on to MBA programs counted for 10 percent.

Which other local schools besides Boston College made the cut? Check out the Top 10 Undergraduate Business Schools:

1. University of Notre Dame (Mendoza College of Business)
2. University of Virginia (McIntire School of Commerce)
3. Cornell University (Dyson School of Economics & Management)
4. Boston College (Carroll School of Management)
5. Washington University in St. Louis (Olin Business School)
6. University of Texas, Austin (McCombs School of Business)
7. University of Pennsylvania (The Wharton School)
8. Indiana University (Kelley School of Business)
9. Emory University (Goizueta Business School)
10. University of North Carolina, Chapel Hill (Kenan-Flagler Business School)

And if Harvard and MIT were pushed out of some of the top spots, who replaced them? Here are Businessweek’s Top 10 Graduate Schools:

1. Duke University (Fuqua School of Business)
2. University of Pennsylvania (The Wharton School)
3. University of Chicago (Booth School of Business)
4. Stanford University
5. Columbia University
6. Yale University
7. Northwestern University (Kellogg School of Management)
8. Harvard University
9. University of Michigan (Ross School of Business)
10. Carnegie Mellon University (Tepper School of Business)

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