European business schools are gaining ground on their US peers. Shorter MBA programs, cheaper fees because of currency swings, and very international student bodies, have contributed to a surge in application volumes at European schools over the past year, according to the Graduate Management Admission Council.
There are plenty of top schools in Europe which will provide enormous benefit to your career. At University of Cambridge’s Judge Business School, for example, students see a 107% increase on their pre-MBA pay to $164,714, with 89% of the students achieving their aims, according to data from the Financial Times. But which are the best?
This week, Bloomberg Businessweek’s annual ranking of non-US MBA programs was published. The ranking is based on surveys with employers, students, and graduates, plus their success at getting hired and earning decent a wage. INSEAD of France and Singapore came top, followed by London Business School (LBS) in second, and IESE Business School of Spain in third. But for those seeking well-paid work quickly, it is Germany-based Mannheim Business School which is the best, according to Bloomberg.
The publication ranked Mannheim the highest for getting hired quickly, with IESE also rated highly for the percentage of graduates who secured full-time employment within three months of graduation, along with LBS.
More than 90% of graduates of Mannheim’s 12-month full-time MBA programme land jobs three months after completing the course, with more than 75% working in Germany. The industries hiring the largest number of MBAs from Mannheim are manufacturing, consulting, consumer products, and professional services. The graduates are hired by companies such as Amazon, SAP, Adam Opel, Roche, and Bombardier, according to the latest available data.
At IESE, a similar share of MBA graduates is employed at the three-month mark, and they earn, on average, $105,306 in salary, according to the latest accessible career report. Those working in the Middle East and Africa earn the highest average salaries ($140,271), while the industry paying the graduates the most globally is financial services ($117,704).
Bloomberg’s data suggest that, if want to secure employment quickly, the less prestigious schools are your best bet, even though they are ranked lower overall. Mannheim was ranked 14 in Bloomberg’s list. Melbourne Business School, which is ranked second for job placement, was ranked 12 overall.