Time Magazine recently released its “World’s Top Universities” list, ranking the 500 best colleges from around the globe.

Holding the fifth spot on that list is the University of Chicago, following the University of Oxford, Yale University, Stanford University and the Massachusetts Institute of Technology. Five other Illinois schools also made the list: Northwestern University (No. 99), University of Illinois Chicago (No. 151), University of Illinois Urbana-Champaign (No. 235), Illinois Institute of Technology (No. 266) and Southern Illinois University (No. 338).

According to Time Magazine, its list is based on the likelihood of students being successful and contributing to society. The list only considered schools that have been around for at least three years, contain bachelor degree programs and teach over 2,000 students. There were also higher rankings for schools that are renowned or frequently mentioned, employ one of Clarivate’s highly cited researchers and applied to Time Magazine’s call to action.

The categories that Time Magazine based its rankings on were academic capacity and performance, innovation and economic impact, and global engagement. Because the list is global, Time Magazine compared each school’s scores with countrywide data for the school’s location.

The University of Chicago, which has a main campus in Chicago and seven international sites, was founded in 1890 and is ranked among the United States’ top research universities. The school has 193,885 alumni around the world and is affiliated with 101 Nobel laureates.