Hi,
"Ivy League" refers to a sports league of 8 relatively old colleges in the United States. The members:
Harvard
Yale
Princeton
Columbia
Cornell
University of Pennsylvania
Dartmouth
Brown
Of course, Brown and Princeton do not have MBA programs.
At one time these eight colleges were considered the most prestigious colleges in the United States. While these schools are still highly respected, they are no longer the undisputed leaders even at the undergraduate level (let alone the graduate level). For instance, schools such as Stanford, Johns Hopkins, Duke, MIT, and Cal Tech are more selective than many of the these Ivy League schools.
"Ivy League" is also used as a generic term for a selective, demanding school. Thus, some people refer to Stanford or Georgetown as "Ivies" even though they are not in the sports league. Some private schools such as Virginia, UCLA, Michigan, and Berkeley are sometimes called "Public Ivies."
Do you know the context where the M7 term was used?
Hjort