Which are the best business schools in the world? Financial Times Global MBA Ranking revealed

The Wharton School is the best business school in the world in 2025—that’s according to the latest Financial Times Global MBA Ranking. 

Wharton claimed the coveted title for a second year running (and a record 13th time), just two years after controversially dropping out of the ranking having failed to gather enough alumni survey responses. The Philadelphia-based school outperformed competitor US schools including Columbia Business School, which placed second, and a string of European business schools which soared up the rankings, led by Barcelona-based IESE Business School in third place. 

Marking a significant break from the norm, European schools dominated the top 10, occupying six positions. Just four of the prestigious M7 business schools placed among the 10 leading spots, with MIT Sloan School of Management and Northwestern University's Kellogg School of Management joining Wharton and Columbia, placing sixth and 10th, respectively. 

The remaining M7 schools did not make it into the top 10 this year, with a surprise as one-time ranking leader Harvard Business School continued a downward trend, falling from 11th to 13th place. Stanford Graduate School of Business, another former top-ranked school, dropped out of the ranking altogether, in a similar situation that led to the absence of Wharton in 2023. 

Which schools performed well in the FT MBA rankings 2025? 

The FT ranks schools based on a range of criteria with particular weight given to alumni salaries three years after graduation. Other key metrics include employment rates, the diversity of students and faculty, and the quantity of research published in recognized journals. 

After large scale changes in 2023 and further tweaks to the ranking methodology last year, the Financial Times maintained the same ranking criteria for 2025. 

Another particularly contentious year of rankings saw a number of losers, with Stanford and Harvard at the top of that list. Other disappointments included the University of Chicago Booth School of Business, which dropped seven places to rank 17th; Cornell University's Johnson School of Business, which tied with Harvard in 13th after placing ninth previously; and Yale School of Management, which ranked 24th—continuing a downward spiral after placing among the top 10 just two years ago. 

Among the European business schools rising up the ranking this year were HEC Paris, jumping three places to ninth; and ESADE Business School which leapt a significant nine spots to rank eighth. ESADE was also one of the largest climbers in the top 20 schools last year, rising 13 places to take the 18th spot. 

London Business School, a former number one-ranked school, continued to regain ranking positions after falling to 16th in 2023, rising one position to place seventh this year. 

Italy's SDA Bocconi, which has steadily risen up the ranking over the last five years, fell slightly to occupy jointly occupy the fourth spot; it shared this position with INSEAD, which also dropped one position after placing runner-up in 2024. Spain's IESE, which placed fifth in 2024, was ranked the third-best business school in the world by the FT. 

Overall European schools increased their representation within the FT's top 10 ranking positions to six, continuing a positive year-on-year trend after claiming four spots in 2024 and three in 2023. 

Business schools in India also continued to perform well, with eight appearing in this year's list—an increase of three on the previous year. They were: the Indian School of Business; the Indian Institutes of Management (IIMs) Ahmedabad, Bangalore, Calcutta, Indore, Lucknow, and Kozhikode; and Xavier School of Management.

FT MBA Ranking: Top 20 Business Schools

*Weighted salary refers to the average salaries graduates earn three years after graduation. Brackets in the 'Employed at three months' column indicate the percentage of graduates who were seeking jobs

Best business schools for...

Based on the FT’s various ranking metrics, the best business school in the world for its integration of ESG (Environmental, Social, Governance) factors—a major addition to the ranking in 2023—continues to be IE Business School in Spain.

You can get the largest salary increase at the Xavier School of Management in India, which boasts a 249% salary increase (honorable mention goes to the Indian School of Business with a 247% increase). 

IMD, a leading Swiss school, dominates for international mobility; the best MBA for international course experience is France's ESCP Business School; and the best MBA for value for money for another year is University of George Terry College of Business.

The leading school when it comes to careers services is University of Florida's Warrington College of Business. SDA Bocconi is the school that tops the carbon footprint ranking, another category that was introduced in 2023. 

Two business schools achieve gender parity: US-based Northwestern Kellogg School of Management and Audencia Business School.  

A number of schools boast majority female MBA classrooms, with South Korea's Sungkyunkwan University Graduate School of Business leading the best MBA programs for women by that metric with 66%. 

Harvard MBA graduates earn the highest MBA salaries available, with an average weighted salary (referring to the average salary graduates earn three years after graduation) of $256k, more than $10k higher than second-placed Columbia. 

Dartmouth College's Tuck School of Business is the top business school when it comes to the percentage of graduates who feel they achieve their aims by completing an MBA. 

In terms of career progression, the MBA has a particularly transformative impact for students in Asia—mainly China and India—and the US. Many of the best business schools in Asia rank highly for career progress, which measures changes in seniority and the size of organizations alumni work for from pre-MBA to today.

As many as four of India's top MBA colleges rank among the top 10 for career progress, led by IIM Ahmedabad at the top. China's Shanghai University of Finance and Economics College of Business and Fudan University School of Management rank among the top five for career progress, while Harvard and Columbia rank among the top 10. The UK's Cranfield School of Management is the only European institution to rank among the world's best for career progress.