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Well, obviously, you have there the University of Chicago, Northwestern, and UIUC. These are the only IL universities with nationwide recognition. And then there are the rest of schools all or most with limited recognition outside of state boundaries.
Northwestern and the University of Chicago run some of the finest MBA programs in the world. Nothing else come close in Illinois. The next best IL school would be UIUC-Urbana Champaign, which is tier below those two, but nonetheless a well respected program and university with nation-wide recognition.
Loyola, DePaul, and UIC have MBA programs and might be a good universities to attend if you can't get into the top schools but want to work on an MBA degree without leaving Chicago.
If you're willing to travel just outside of the boundaries of Illinois, then that would open some other great possibilities, like University of Wisconsin-Madison, University of Notre Dame, University of Michigan, Purdue, Indiana University. Some of these are no farther from Chicago than Illinois's own flagship University of Illinois campus at Urbana Champaign.
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