Don't get me wrong Nirvana. I love it that a high profile publication such as the WSJ ranked Michigan #1. And you are correct that the perception of employers is very important. But the USNWR and BW also have employer rankings, and Michigan does very in those as well. According to the USNWR, Michigan is ranked #8 according to recruiters according to BW, Michigan is ranked #4 according to recruiters. So clearly, recruiters love Michigan. That's because our students have great prior experience, very good attitudes and a sound education in Business matters. In many respects, Michigan is a reasonable choice at #1. But there are many other equally sound programs out there, and some of them have a slight advantage in the intangible column. I realize it is cliche, but I genuinely believe that Harvard, Kellogg and Wharton at the top 3 programs. Stanford follows them very closely. After those 4, you have Chicago, Columbia, Michigan and MIT in no particular order.
By the way, there are several rankings that maintain that Michigan is the #2 Law School in the nation. It is definitely one of the top 7 (Chicago, Columbia, Harvard, NYU, Stanford and Yale being the other 6), but some argue that it is as good as #2. When you consider that Harvard and Yale are out there, #2 is pretty impressive.
However, at the present time, Michigan is focusing most on the Medical school. We have gone from #11 to #7 in the last 5 years. And despite its focus on the Medical school, Michigan has still managed to raise $350 million for the Business school this year alone and intends to build up the name and the facilities of the program!!! You gotta love this school!!!