Two US business schools — Wharton and Columbia — top the 2025 FT Global MBA Ranking, while five of the next six leading institutions are in Europe.
Iese in Spain is ranked third, followed in joint fourth place by Insead of France and Singapore and Bocconi in Italy, ahead of MIT’s Sloan School of Management in the US, London Business School in the UK and Esade of Spain, which jumped sharply up the ranking this year.
China Europe International Business School (Ceibs) in Shanghai is top in Asia, in 12th place, while nearby Shanghai University of Finance and Economics: College of Business is joint 15th.
The FT’s 2025 Global MBA Ranking is based on criteria including salary and salary increase three years after graduates complete their courses, as well as employment rates, career progress, value for money and the quality of careers advice and alumni networks. Academic research quality and gender parity are also assessed, as are the shares of international students and faculty, and climate action in teaching and operations.
Financial Times Global MBA Ranking 2025
Read the report and full ranking of 100 programmes
The annual list includes data from the 100 ranked business schools, and requires a statistically significant number of responses from alumni, whose answers inform eight criteria, contributing 56 per cent of the overall weight. Participation in the ranking is voluntary for schools, which must be accredited by either the AACSB or Equis agencies.
The Graduate Management Admission Council, which runs the GMAT entry test, reported a 13 per cent growth in MBA applications globally last year, at a time of uncertain job prospects, reversing drops in 2022 and 2023.
But, while the leading business schools continue to experience strong demand, others have expressed concerns over the future of the MBA. Some deans have pointed to the anti-immigration rhetoric of US President Donald Trump, which they fear could result in a reduction in visas allowing foreign students to remain and work long-term after graduation in the US. Immigration restrictions have also been imposed in other countries, potentially squeezing demand.
At the same time, there has been growing interest in alternatives to the traditional generalist MBA, with more schools offering masters in management, masters in finance and specialist qualifications such as masters in data analytics.
A recent survey by education consultancy Carrington Crisp suggests some applicants prefer to study in their own regions and are concerned about costs and job prospects. A quarter of ranked schools reported that less than four-fifths of their most recent cohort had found employment three months after graduation. The most popular sectors were consulting and technology, at nearly one-fifth each, closely followed by financial services. A smaller proportion went into healthcare, manufacturing and retail.
Graduates rated their MBAs highest for general management, finance and strategy courses, and gave the lowest scores to teaching of environmental, social and governance topics, ecommerce and law. Most said they decided to study for an MBA to improve career opportunities and for personal development, with just over one-fifth saying that starting their own company was a high priority.
Graduates from US business schools in the FT MBA rankings were paid the most three years after completing their courses, topped by those who studied at Harvard Business School, at an average weighted salary of nearly $257,000, followed by $243,000 for Columbia students and $242,000 for those at Wharton.
The largest salary increases — comparing earnings before study with three years after completion and adjusted for international purchasing power parity — were at Indian schools, led by Xavier School of Management and the Indian School of Business.
The University of Pennsylvania’s Wharton School — followed by Columbia Business School in New York and University of Chicago: Booth — ranked top for academic research, tracked by the number of papers faculty published in 50 leading academic journals.
Audencia Business School and Northwestern University: Kellogg reported gender parity among students, while 80 per cent of schools had more men than women.
SDA Bocconi School of Management in Milan and AGSM at UNSW Business School in Sydney ranked equal top on climate-related campus operations — a mix of net zero targets and a public carbon audit. IE Business School, followed by Iese, also in Spain, came top for the extent of teaching on environmental, social and governance topics.
The University of Georgia: Terry, followed by the University of Florida: Warrington and ESCP, based in six campuses across Europe, ranked highest for value for money, which takes into account earnings after deducting the costs of study.
