The top 20 business schools where graduates earn the most money, ranked from lowest to highest salary

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The University of Pennsylvania took the top spot.

• The business school where graduates earn the highest salary is The University of Pennsylvania, according to data from online lender SoFi.
• SoFi looked at reported salary on over 60,000 student-loan refinancing applications to rank the top business schools by the average salary of its graduates.
• The average salary on the list of the top 20 business schools was $109,992.

Business school is a serious investment of time and money.

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It makes sense to choose a business school based on what will help lead you to the highest salary once you graduate with an MBA.

With that in mind, online lender SoFi looked at the average salary graduates of American business schools earn and ranked the top 20.

SoFi's approach is unique. It reviewed the self-reported income on over 60,000 student-loan refinancing forms from January 2014 to December 2017.

The average salary for graduates of all business schools SoFi reviewed was $109,992. The University of Pennsylvania took the top spot, beating out Harvard, Columbia, and Stanford business schools. Wharton graduates earn an average salary of $224,034, according to SoFi's data.

Below are the top 20 business schools where graduates earn the most money, ranked from lowest to highest salary.