Exhibit (23)


                         CONSENT OF INDEPENDENT AUDITORS
                         -------------------------------

We consent to the incorporation by reference in this Annual Report on Form 10-K
of The McGraw-Hill Companies, Inc. ("Company") of our report dated January 29,
2002, included in the 2001 Annual Report to Shareholders of The McGraw-Hill
Companies, Inc.

Our audits also included the consolidated financial statement schedule of The
McGraw-Hill Companies, Inc. listed in Item 14 (a). This schedule is the
responsibility of the Company's management. Our responsibility is to express an
opinion based on our audits. In our opinion, the consolidated financial
statement schedule referred to above, when considered in relation to the basic
financial statements taken as a whole, presents fairly in all material respects
the information set forth therein.

We also consent to the incorporation by reference in the Registration Statement
on Form S-3 (No. 33-33667) pertaining to the Debt Securities of The McGraw-Hill
Companies, Inc. and in the Registration Statements on Form S-8 pertaining to the
1983 Stock Option Plan for Officers and Key Employees (No. 2-84058), the 1987
Key Employee Stock Incentive Plan (No. 33-22344), the 1993 Employee Stock
Incentive Plan (No. 33-49743, No. 33-30043 and No. 33-40502), the Director
Deferred Stock Ownership Plan (No. 33-06871) and The Savings Incentive Plan of
McGraw-Hill, Inc. and its Subsidiaries, The Employee Retirement Account Plan of
McGraw-Hill, Inc. and its Subsidiaries, The Standard & Poor's Savings Incentive
Plan for Represented Employees, The Standard & Poor's Employee Retirement
Account Plan for Represented Employees, The Employees' Investment Plan of
McGraw-Hill Broadcasting Company, Inc. and its Subsidiaries (No. 33-50856) and
in the related prospectuses of our report dated January 29, 2002 with respect to
the consolidated financial statements incorporated therein by reference, and our
report included in the preceding paragraph above with respect to the
consolidated financial statement schedule included in this Annual Report (Form
10-K) of The McGraw-Hill Companies, Inc.


/s/ Ernst & Young LLP

ERNST & YOUNG LLP


New York, New York
March 12, 2002


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