which school(s) most under-rated?

I would say Yale is the most under-rated school among top 20, and has the highest potential to crank into the same level of M7 in ~10 years.  I know Yale is popular among chinese applicants mainly because of the name of Yale.  After going through its website, and taking with people who know yale, I start to believe its potential to be an elite program in near future.  The new dean and the strong support from Yale alumni out side of the SOM are certainly moving the program on a fast tract.

I think another good candidate is Michigan.

There are tons of info on Yale's website, and a pretty good forum (very nice, efficient, and REASONABLE adcom).

I share the same with you before. But after reviewing the job placement in 2005, I really doubt whether Yale will catch up in 10 years. No offence to Yale fans. But the placement is not as good as the M7, expecially for IB/MC fans.

05 TOP Hire

IBM 10

PwC 10                                                                                                                                                                             

Booz Allen 5                                                                                                                                                            

Citigroup 5                                                                                                                                                                           

GE 5                                                                                                                                                                             

McK 5

American Express 4

Barclays Capital 4

BCG 4                                                                                                                                                           

Deloitte 4                                                                                                                                                

JP Morgan 4                                                                                                                                                

Lemon Brother 4                                                                                                                                             

Bank of America 3                                                                                                                                        

UBS 3