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Financial Times Masters In Management Ranking | Top 10 Revealed

Find out which schools offer the world’s best Master in Management programs with the Financial Times Masters in Management ranking for 2023

By  Laura Wise

Mon Sep 11 2023

HEC Paris is the top business school in the world to study a Master in Management, according to the Financial Times Global Master in Management ranking 2023. HEC rises from second place, a position it has held since 2014, beating out Switzerland’s University of St Gallen which held top spot for 12 years prior. 

Europe dominates the 2023 ranking, with nine of the top 10 programs being offered by European business schools. Tsinghua University School of Economics and Management's inclusion at number six makes a change from last year where all top 10 programs were offered by European schools 

Alongside HEC Paris, French schools including prestigious Grandes Ecoles like ESSEC Business School rank highly, with four of the top 10 Masters in Management (MiM) programs located in France.

A record 142 MiM programs took part in the ranking process in 2023, up from 135 in 2022. Schools receive scores across a number of categories, with the highest weighting given to current average alumni salaries (16%) and average salary increases between a graduate’s first MiM level job and their salary three years after graduation (10%). 

Best Masters in Management Ranking

Masters in Management Ranking | A European-dominated top 10

HEC Paris's Master in Management has landed the top-ranked spot due to its high average alumni salaries of around $130,000—the  highest among the top 20 programs, and fifth highest among the top 100 after four Indian b-schools—as well as a stellar employment record of 100%. 

HEC is also boosted by a strong diversity assessment with 94% of its board and 57% of its students being international. It has also achieved near gender parity in its student base with a 48% female cohort. HEC also boasts expert faculty with 98% holding doctorates. 

The 12 year forerunner, University of St Gallen's MA in Strategy and Management, takes second place in the ranking. The prestigious Swiss school's average alumni salaries come just below HEC Paris at $129,264 but with a salary percentage increase of 52%, significantly lower than HEC's 76%. As with last year, its career service ranks first and St Gallen also performs well for aims achieved at 93%.

London Business School moved up the ranking to third place in 2023, ousting Rotterdam School of Management (RSM) from the top three. LBS sees 94% of grads employed three months after graduation with average salaries of $114,438. 

The top five is completed by two more French-based business schools: ESCP Business School—which has a campus in France as well as five other European locations—sits at fourth and ESSEC Business School is fifth. EMLyon is the final French business school in the top ten, at number seven, moving up from ninth spot in 2022. 

 ESADE Business School, SDA Bocconi, and Rotterdam School of Management round out the top 10. 

Download our Master in Management Guide 2024


Masters in Management Ranking | Beyond Europe 

This year saw China’s Tsinghua take sixth place in the ranking, breaking into the typically European-dominated top 10. Tsinghua came 11th in 2022 which was another impressive jump from 20th the year before.  

This year, Tsinghua boasts impressive employment statistics—100% of students are employed three months after graduation earning average salaries of $128k, equating to a whopping 94% increase. 

The Indian Institute of Management Ahmedabad reports the highest average salaries among graduates from the top 100 programs, with grads earning $140k on average within three years of leaving the program. The business school has landed the 43rd spot this year after not featuring in the 2022 ranking. 

This year’s ranking sees a large presence from Chinese programs in the top 50. Alongside Tsinghua are Shanghai Jiao Tong University’s Antai College of Economics and Management (12) and Tongji University School of Economics and Management (22). 

India had a stellar year with 11 of its business schools being featured in the top 100. This includes SP Jain Institute of Management and Research (40), Indian Institute of Management Calcutta (60), and Indian Institute of Management Lucknow (72).

Hult International Business School and the University of South Carolina’s Moore School of Business are the only US-based schools with management programs ranked among the top 100—a pattern that continues from last year. The MBA remains the dominant degree in the US, however there are increasing numbers of US schools choosing to launch MiM degrees, including Emory University’s Goizueta Business School and the highly prestigious Chicago Booth School of Business.

The Financial Times Masters in Management ranking is based on surveys of both alumni and schools. Alumni responses comprise 56% of the total ranking, while school data is worth 44%. 

To be eligible, a school must offer a full-time, cohort based, Master in Management program aimed at students with little or no prior work experience. The school must also be accredited by the AACSN or Equis.

FT Masters in Management Ranking: 2022 |2021 | 2020 | 2019 | 20182017

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HEC Paris Tops Financial Times MiM Ranking After 12 Years As Runner Up