The Olin Business School’s undergraduate program is the fourth-best in the country, narrowly besting the University of Pennsylvania’s celebrated Wharton School, according to Bloomberg Businessweek’s latest rankings.

Olin rose four places from last year’s ranking—the first year it made the top 10—in the 2013 rankings released Wednesday.

Senior Michael Rudolph, president of the Olin Business Council, said the school’s rise in the ranking is a result of better communication about priorities between students and administrators.

Student survey responses account for 30 percent of a school’s rank in the study. Based on student surveys alone, Olin ranked sixth.

“About three years ago was the first time we really talked about satisfaction,” Rudolph said. “The administration’s been more proactive, getting in front of students… figuring out what the students want [and] making sure they provide that.”

According to the Weston Career Center’s website, 98 percent of 2012 Olin graduates seeking employment reported that they secured a job within three months of graduation.

Mark Brostoff, director of the Weston Career Center, could not be reached for comment Wednesday, but Rudolph said the cultural changes within the program and Washington University as a whole are more substantial than improved recruiter networks.

Among the changes he cited are new administrators, more difficult introductory courses and less back-file availability.

“I don’t think people have the connotation ‘B-school pre-school’ anymore,” Rudolph said.

To mark the improved ranking, Olin will be celebrating Thursday, and the Olin Business Council will be holding a barbecue later in the semester.

“It’s a tremendous measure of pride for all of us,” Dean Mahendra Gupta said. “It’s a testament to the quality of our program.”

Gupta said that the ranking may make Olin more enticing to prospective students but that improving its ranking is not the school’s mission.

“Rankings do not drive what we do; rankings are a reflection of what we do,” he said.

Other administrators agreed that the rankings demonstrate the quality of Olin’s students and faculty.

“At the end of the day, our goal always is to have the best experience for our students here,” Associate Dean Steven Malter said. “It’s nice to occasionally be recognized.”

Sophomore Jonathan Finch, vice president of government initiatives for the Olin Business Council, said the school’s consistent rise in ranking is exciting, even though one year’s improvement likely spurs a similar change the following year.

“It’s a self-perpetuating occurrence because it helps generate additional pride in the school, and that ultimately leads to greater satisfaction, which allows us to achieve this continued progress in the rankings,” Finch said. “It is an extremely exciting time to be a student at Olin.”

With additional reporting by Alex Leichenger.