People & Money

Ranking: The World’s Best MBA Programmes

For the 25th year running, Financial Times has released its annual Global MBA Ranking, with Columbia Business School being rated Number 1 in the world for 2023. 

In the 2023 rankings, 13 out of the top 18 tier schools were from the United States including Harvard, Stanford, and Berkeley, demonstrating the dominance of US business schools in the rating. Two of the top-tier schools were domiciled in France, Insead and HEC Paris. One of these top tier schools was from Spain, Iese, one from Italy, SDA Bocconi, and one from the UK, London Business School. 

One reason for the US dominance is due to the assessment criteria, which places a strong emphasis on outcomes such as salaries and salary growth three years after finishing an MBA program. The Financial Times report indicates that US business schools dominate with 12 out of the 14 highest-paying MBA programs. The highest-paying program, with an average weighted alumni salary of $248,669, is Stanford University.

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FT’s Top 10 MBA business schools over the past 25 years

In this year’s ranking, the ranking methodology has been revised. As a result, the weight given to salaries has been reduced from two-fifths to less than one-third, while more emphasis is placed on diversity and sustainability. 

The University of Massachusetts Amherst’s Isenberg School of Management is ranked first for providing the best value for money. In part, the ranking serves as an indicator of social mobility, considering factors such as financial aid, as evidenced by the average increase of 188% in salaries three years after completion compared to pre-study earnings. 

The University of Virginia’s Darden School of Business was ranked the highest for its efforts to reduce its carbon footprint. The ranking was determined through a new evaluation, based on the objective to reach net zero carbon emissions and the availability of a publicly accessible carbon emissions audit report that was produced within the past three years. In this category, SDA Bocconi School of Management and IE Business School tied for second place.

IE and Iese, both in Spain, were ranked the highest for the extent to which core courses include environmental, social, and governance issues, including the study of climate solutions that can aid organizations in reaching net zero.  In the new diversity ranking, AGSM at the UNSW Business School in Australia placed first for the diversity of industries in which alumni worked before pursuing an MBA, followed by Essec Business School in France.

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Out of the 100 schools ranked, only 10 had a higher number of female students compared to male students. Only ESCP Business School, which has campuses in France, Italy, Spain, the UK, and Germany, achieved gender parity among students, and IE in Spain reached 49% women.

The International Institute for Management Development (IMD) in Switzerland had the largest proportion of faculty members from countries outside its home nation, with 98%. This was followed closely by the Imperial College Business School in the UK, where 96% of its faculty came from international locations. 

Cornell University’s Samuel Curtis Johnson Graduate School of Management took the top spot in the ranking for the value of its alumni network, a newly added category. The University of Florida’s Warrington College of Business comes in second place. The Stanford Graduate School of Business tied for first place with Michigan State University’s Eli Broad College of Business in the assessments by alumni of their achievements of goals. 

Harvard led the ranking in research, which was partially determined by the highest number of academic papers published by its faculty in the FT50 list of top journals. Columbia Business School in New York came in second place. 

David Olujinmi

David Olujinmi studies Engineering but his true passion is research and analysis. He writes about finance, particularly the capital market, investment banking, and asset management. More »

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