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Global MBA Ranking 2024: methodology
This Financial Times Global MBA ranking features 100 of the world’s top full-time MBA programmes. A total of 132 schools took part in the ranking process for the 2024 edition. All participating schools meet the FT’s entry criteria and are accredited by Equis or the AACSB.
The FT surveys alumni three years after completing their MBA. For schools to enter the ranking calculation process, the FT requires that a minimum of 20 per cent of alumni reply to the survey, with at least 20 fully completed surveys.
We surveyed MBA alumni who completed their MBA in 2020. Due to the disruption from Covid in that year, the FT considered schools with a lower response rate. A total of 6,330 alumni from the class of 2020 completed our survey — an overall response rate of 32 per cent.
The ranking is derived from 21 criteria.
Alumni responses inform eight criteria that together contribute 56 per cent of its weight. Twelve criteria are calculated from school data, accounting for 34 per cent of the ranking (KPMG also audits several schools every year). The remaining criterion, the research rank, counts for 10 per cent.
Alumni-informed criteria are based on the data collected over three years. Responses from the 2024 ranking survey carry 50 per cent of the total weight and those from 2023 and 2022, 25 per cent each. If only two years of data are available, the weighting is split 60:40 if data is from 2024 and 2023, or 70:30 if it is from 2024 and 2022. For salary figures, the weighting is 50:50 for two years’ data.
The first two alumni criteria are average income three years after completion and salary increase from before the MBA to now, each weighted at 16 per cent. For the latter, half of the weight applies to the absolute increase and half to the percentage rise (the published figure). Current salaries are converted to US dollars using IMF international purchasing power parity rates.
The highest and lowest salaries are removed from each school, to calculate a normalised average. Finally, salaries are weighted to reflect differences between different sectors.
“Value for money” for each school is calculated by dividing its average alumni salary three years after completion by the MBA’s total cost, including tuition, lost salary, opportunity cost and other expenses. Any scholarship assistance given to alumni is subtracted from the total.
The FT also collects information from schools on their current faculty, newly enrolled students and the latest completing class. School criteria include the diversity of staff, board members and students by gender and citizenship. For gender criteria, schools with a 50:50 composition score highest.
Another diversity measure is the student sector category, which looks at the range of industries in which candidates have worked before starting their MBA.
We also measure the effectiveness of alumni networks based on ratings given by graduates for helping with various tasks such as finding careers advice, internships, job opportunities and recruiting staff.
The research rank is based on the number of articles by full-time faculty in 50 internationally recognised academic and practitioner journals. The rank combines the number of publications from January 2021 to July 2023, weighted relative to faculty size.
There are some changes to the methodology this year.
The environmental, social and governance (ESG) rank is based on the proportion of teaching hours from core courses dedicated to ESG topics and time spent on instructing how organisations can reach net zero. Now, it additionally includes the alumni evaluation of their school’s ESG teaching.
Finally, the school’s carbon footprint rank now awards credit to schools with a carbon emissions audit report that includes Scope 3 emissions (those not controlled by the school but which occur externally in its value chain as a result of its activities).
The MBA ranking is a relative listing. Schools are ranked against each other by calculating a Z-score for each criterion. The Z-score is a statistic that shows where a score lies in relation to the mean. These scores are then weighted as outlined in the ranking key and added together for a final score.
After removing schools that did not meet the response rate threshold from the alumni survey, a first version is calculated. The school at the bottom is removed and a second version is calculated and so on until we reach the top 100. The top 100 schools are ranked accordingly to produce the final list.
Key (weights for ranking criteria are shown in brackets as a percentage)
Salary today**: average alumni salary three years after completion, US$ PPP equivalent (international purchasing power parity, see methodology above). This figure is not used in the ranking. #
Weighted salary (16): average alumni salary three years after completion, US$ PPP equivalent, with adjustment for variations between sectors. #
Salary increase (16): average difference in alumni salary from before the MBA to now. Half of this figure is calculated according to the absolute salary increase and half according to the percentage increase relative to pre-MBA salary. #
Value for money rank (5): calculated using salary today, course length, tuition and other costs, including income forgone during the MBA. #
Career progress rank (3): calculated according to changes in the level of seniority and the size of the organisation alumni work in now, compared with before their MBA. #
Aims achieved (4): the extent to which alumni fulfilled their stated goals or reasons for studying for an MBA. #
Alumni network rank (4): effectiveness of the alumni network for career opportunities, starting companies, gaining new ideas, recruiting staff and providing event information (eg career-related talks), as rated by alumni. #
Careers service rank (3): effectiveness of the school careers service for career counselling, personal development, networking events, internship search and recruitment, as rated by alumni. #
Employed at three months (2): percentage of the most recent completing class that found employment or accepted a job offer within three months of completing their studies. The figure in brackets is the percentage of the class for which the business school was able to provide employment data and is used to calculate its final score. §
Sector diversity rank (3): calculated according to the diversity of sectors in which the students worked at the time of admission, before the MBA.
Female faculty (3): percentage of female faculty.
Female students (3): percentage of female students on the MBA.
Women on board (1): percentage of female members on the school’s advisory board.
International faculty (3): calculated according to the diversity of faculty by citizenship and the percentage whose citizenship differs from their location of employment — the figure published in the table.
International students (3): calculated according to the diversity of current MBA students by citizenship and the percentage whose citizenship differs from the location in which they study — the figure in the table.
International board (1): percentage of the board whose citizenship differs from the location in which the school is based.
International mobility rank (5): based on alumni citizenship and the locations where they worked before their MBA, on completion and three years after. #
International course experience rank (3): calculated according to whether the most recent completing class carried out exchanges and internships, lasting at least a month, in countries other than where the school is based. In-person, virtual and hybrid experiences are included. §
Faculty with doctorates (5): percentage of full-time faculty with a doctoral degree.
FT research rank (10): calculated according to the number of articles published by current full-time faculty members in 50 selected academic and practitioner journals from January 2021 to July 2023. The rank combines the absolute number of publications with the number weighted relative to the faculty’s size.
Carbon footprint rank (4): calculated using the net zero target year for carbon emissions set by the university and/or school, and the existence of a publicly available carbon emissions audit report since 2019. Extra credit is given to schools with an audit report that includes Scope 3 emissions (those not controlled directly by the school but which occur externally in its value chain as a result of its activities).
ESG and net zero teaching rank (3): proportion of teaching hours from core courses dedicated to environmental, social and governance issues and climate solutions for how organisations can reach net zero. Alumni evaluation of their school’s ESG teaching is also included.
Overall satisfaction**: average evaluation by alumni of the course, scored out of 10. After alumni answered various questions about their MBA experience, they were asked to rate their overall satisfaction, on a 10-point scale. This figure is not used in the ranking. (** Category not used in the ranking.)
Footnotes
Schools with a 50:50 (male/female) composition receive the highest possible score in the three gender-related criteria.
§ Alumni who completed their MBA between July 2022 and June 2023.
# Includes data for the class of 2020 and one or two preceding classes where available.
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