A recent report from Time Magazine lists the University of Chicago among the world's top universities, ranking above Ivy League schools like Harvard, Princeton and the University of Pennsylvania, with five other Illinois schools also appearing on the global list.

The University of Chicago came in at No. 5, followed by Northwestern University at No. 85, University of Illinois Chicago at No. 151, University of Illinois Urbana-Champaign at No. 235, Illinois Institute of Technology at No. 266, and Southern Illinois University at No. 338.

The ranking, released earlier this year, places emphasis on "where students are likely to achieve the greatest success and contribute most to society." According to the report, schools had to be older than three years, offer bachelor's degrees and enroll more than 2,000 students in order to be considered. In addition to academic capacity, innovation and global economic impact, the report also took into account schools with "highly cited researchers,'' and ones the editors considered "among the most renowned and frequently mentioned institutions."

A full list of the Time Magazine rankings can be found here.