The Three Schools or Sects of Buddhism - List

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There are three primary branches of Buddhism, the three vehicles, which often go by the name Theravada, Mahāyāna, and Vajrayana.

Three schools of Buddhism.

The three schools or sometimes called three yana are recognized as three alternative or parallel routes to enlightenment (Sanskrit: bodhi, meaning awakening), the state that marks the culmination of all the all the Buddhist religious paths.
The three schools developed in chronological order, first Theravada, then Mahāyāna, then Vajrayana.
There are two classifications of yana one expressed in early texts and one maturing after the rise of the Vajrayāna. The list expressed here is the second classification (see the three yana link below for the first).
The three schools of Buddhism are located throughout the world.
The goal of all three is achievement of nirvana.

The Three Schools or Sects of Buddhism

01. Theravada. The way of the elders.

Theravada is the only remaining school from the Early Buddhist period. The central texts are in Pali (Pãli Canon), the spoken language of the Buddha and is based on monastic devotees who strive to become enlightened for their own liberation (Mahāyāna outlined below seeks a path which rather than own liberation seeks attaining a level where everyone can be liberated).
The primary motivation in the here is renunciation. When we take refuge, for example, it is based on the understanding that samsara is miserable and in order to renounce these sufferings and completely free ourselves from them, we rely on the Three Jewels.
This Yāna of this school (a mode or method of spiritual practice in Buddhism) focuses on the teaching of the Four Noble Truths and the Eightfold path, as well as meditation instruction. It is known for its vows and cultivating discipline. This path teaches how to not harm others.
Theravada found its heartland in the south of India, and particularly in the island of Sri Lanka, and it is from these south Indian strongholds that Buddhism then spread for example to Thailand and Myanmar.
The Theravada school is sometimes referred to as Hinayana which means little vehicle, but it should be noted that this is considered an insult by Theravada Buddhists in that it suggests their school is not as important as Mahayana, all schools and paths are equal.

02. Mahāyāna. The greater vehicle.

Mahayana uses Sanskrit as its main language, and monastic and lay followers work for the liberation of all sentient beings, making compassion and insight (wisdom) its central doctrines.
Mahāyāna is known for its detail on the understanding of emptiness and compassion. This path teaches how to help and not harm others.
These schools are generally based in East Asia e.g. India, China, Japan and Korea.
Within this sect, as with others, there are subset sects such as the Tiantai or The Lotus School which are subsets based on Cha an Buddhism which then led to further offshoots such as Zen and Pure Land, and Tendai established in Japan.

03. Vajrayana or Tantrayana.

Vajrayana, the Diamond School or diamond vehicle, is named as such as the practices it teaches transform the body, speech and mind to be like a diamond strong, clear and indestructible. Vajrayana was originally exclusive to Tibet and emphasizes the permanence of the Buddha’s teachings as symbolized by the vajra (a thunderbolt, a ritual implement used for ceremonies,) it employs Tantra (techniques to reach enlightenment quickly) and focuses mainly on lay practitioners.
These Upaya or skilful means are understood to be means whereby practitioners use the very misconceptions and properties of mundane existence to help themselves reach enlightenment.
This path teaches us how to be happy ourselves then to automatically help others and is based mainly in Tibet, Mongolia, and parts of contemporary India and Nepal.