IESE, INSEAD, Bocconi, LBS, ESADE, and HEC Paris were ranked in the top 10 in the 2025 Financial Times Global MBA Rankings.
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Updated, Feb. 20, 2025: This post has been adjusted to correct the counts and years of European schools that placed in FT’s Top 10 rankings. The figures are four in 2024, three in 2023, three in 2022 and four in 2021. A previous version mistakenly included 2025 in the sentence.
European MBA programs scored six of the top 10 places in the recently released Financial Times MBA Rankings 2025. Key reasons for this include the Europeans’ high scores in categories measured by the FT: carbon footprint, international students and weighted salary.
This year’s strong showing compares favorably to the number of top-10 places European schools took in the previous four years: four in 2024, three in 2023, three in 2022 and four in 2021.
Reasons for the rise of European MBA programs are found in the criteria FT uses to rank schools. European schools did particularly well in the categories of sustainability and international diversity. Perhaps more surprisingly, the European programs produced substantial, even remarkable, financial rewards for their alumni.
Sustainability
ESADE’s Mary Granger, Regional Director, Asia, points out to me in an email:
“The inclusion of the Carbon Footprint metric in the FT’s evaluation has particularly highlighted the strengths of European programs. Among the tier 1 schools, European institutions stand out for their commitment to sustainability:
SDA Bocconi School of Management (Italy): 1st
Esade Business School (Spain): 4th
IESE Business School (Spain): 8th
INSEAD (France/Singapore): 17th
This contrasts with leading U.S. schools, such as the University of Pennsylvania’s Wharton School and Columbia Business School, which are ranked 65th and 67th, respectively.”
International Diversity
The top European programs offer students and alumni an exceptionally internationally diverse network. Among the European schools in the top 10, the percentage of international students in the student body is extremely high.
This contrasts sharply with the percentage of international students in the four U.S. programs in this year’s top 10.
Financial Outcomes
Many applicants are keen to know what kind of salaries MBAs from a given school are making. It is important to note that salaries may vary widely among industries. Also, percentage increase over salary upon entering the program depends very much on how much a person is being paid when they begin their MBA studies. Country of origin may be another significant factor. Nevertheless, 2021 graduates of the top European programs saw increases comparable to and even surpassing results of the top U.S. programs.
Financial outcomes for graduates of the European programs boosted the rankings of European programs. Judged by the two FT categories of salary three years after graduation and weighted salary in U.S. dollars, alumni of European programs in The FT top 10 are seeing considerable return on their investment in a European MBA.
In the category of salary percentage increase, ESADE weighed in with an impressive 173% increase over the average salary of an entering student. This is considerably more than even number-one-ranked Wharton’s 113% increase. A comparison of the European vs. U.S. programs shows that graduates of each of the top-ten programs more than doubled their incoming salary, but none comes close to ESADE’s unusually high performance this year.
European Schools In The FT Top 10
- 173% ESADE
- 139% IESE
- 136% HEC Paris
- 124% Bocconi
- 117% INSEAD
- 111% London Business School
U.S. Schools In The FT Top 10
- 132% MIT Sloan
- 131% Columbia Business School
- 118% Northwestern Kellogg
- 113% Wharton
The Long Shadow Of Covid-19
The FT surveys graduates three years after completion of the MBA. Granger had important observations about the unusual cohort whose experiences were shaped by the pandemic. She emphasized that these are her personal views and not necessarily those of ESADE.
“The Class of 2021, which is represented in this year’s ranking, faced unprecedented challenges due to the pandemic,” says Granger in an email. “Many students pivoted to new industries or launched their post-MBA careers virtually, demonstrating remarkable resilience and adaptability. Their ability to thrive amid uncertainty underscores the practical value of ESADE’s MBA program, which prepares graduates not only for career success but also for leadership in rapidly changing environments.”
Granger also praised “ESADE’s Careers team, which quickly adapted to pandemic restrictions by finding innovative ways to engage with employers and continuing to deliver personalized coaching despite the disruptions.”
7 Known Winners And A New Addition
While five of the European schools have often appeared in the top 10 of the FT MBA Rankings before, they have not previously made a joint appearance. They are joined this year by one newcomer to the top 10, namely ESADE. Collectively, these European MBA programs are signaling a powerful alternative to a U.S. MBA.