The 2025 Financial Times Masters in Management Ranking highlights the world’s top MiM programs, with St. Gallen leading for the 14th year. France and China strengthen their positions, while UK schools slip. ESG integration, gender equity, and student satisfaction shape this year’s key trends.
According to the Financial Times’ Masters in Management Ranking for 2025, these are the top 10 Masters in Management (MiM) programs worldwide. For the 14th time, the University of St.Gallen holds the top spot – a mark of the enduring quality of this pioneering program. The most notable shift seen this year was a downward trend across UK schools as Asia continues to rise. Scroll down for a breakdown of the changes in this year’s ranking and review of the methodology and implications for prospective master’s students.
2. HEC Paris
3. INSEAD
4. Nova School of Business and Economics
4. Tsinghua University School of Economics and Management
6. Shanghai Jiao Tong University: Antai
8. Tongji University School of Economics and Management
9. Stockholm School of Economics
We will review the standout results of this year’s ranking after we explore what these seminal rankings actually mean and examine the methodology used to compare these top-performing master’s programs worldwide.
The Financial Times MiM Ranking is one of the most comprehensive and influential benchmarks for evaluating MiM degree programs worldwide. Launched in 2004, it has grown into an authoritative annual league table that highlights top-tier, full-time, cohort-based programs designed primarily for students with little or no work experience, often serving as an attractive alternative to the MBA.
Prospective students, employers, and academic institutions widely consult the ranking to assess program quality, career outcomes, and institutional strengths. To be eligible, a program must hold either AACSB or EQUIS accreditation.
For the 2025 edition, the 21st since inception, 137 MiM programs participated, with 100 schools making the final published list, reflecting both the continued global expansion of MiM education and the increasing competition among institutions for international recognition.
The 2025 MiM ranking uses a dual-survey methodology, combining both alumni and school-provided data:
There are 19 criteria in total. The most heavily weighted include:
Scores are standardized using Z-scores, then aggregated by assigned weights. The ranking process iteratively removes and re-ranks schools until it produces the final list. Schools provide contextual data, such as program length and student satisfaction, but the ranking does not include it in calculations.
Some argue that the current distribution misrepresents the important factors for a MiM graduate. While the employment rate is given a mere 5%, weighted salary holds the largest influence with 15% of the weighting. As priorities shift for students amidst a global mobility shakeup in higher education, these criteria may warrant revising in the coming years.
Most MiM programs assessed in the rankings are in Europe, led by 25 French business schools, nine in the U.K., eight in Germany, and five in Portugal. However, this year also includes 11 Indian business schools.
France continues to dominate the upper ranks, with HEC Paris and INSEAD both in the top three, and strong overall representation.
China is making increasing inroads, with Tsinghua ranked in the top five and Chinese schools performing well on value-for-money and salary metrics.
India displayed outstanding performance on salary metrics this year. The three top schools for weighted salaries are: Indian Institute of Management Ahmedabad, IIM Bangalore, and IIM Calcutta.
Several UK institutions saw declines across the table. London Business School dropped from 6th to joint 10th. Warwick, Edinburgh, Cranfield, and Manchester also slipped in ranking.
These declines are partly attributed to funding pressures, stringent fee regulations, and immigration challenges, which disproportionately affect UK schools heavily dependent on international enrollments. Almost 90% of MiM students at ranked UK business schools are internationals, with 78% coming from the Asia-Pacific region.
Of the most alarming trends this year, there’s a widening gender pay gap: male MiM graduates earn around 15% more than their female counterparts. This expanded from a record low of 13% last year.
On a positive note, standout performers in this year’s ranking are schools leading the way on sustainability and student experience.
SDA Bocconi/Università Bocconi in Italy, BI Norwegian Business School, and Spain’s IE Business School earned the top spots for their rigorous carbon audits and clear net-zero commitments. Meanwhile, Skema Business School in France leads when it comes to weaving environmental, social and governance (ESG) themes into the heart of its curriculum, closely followed by IESE Business School in Spain and Sweden’s Lund University School of Economics and Management.
On the student satisfaction front, alumni of Shanghai Jiao Tong University: Antai reported the highest overall happiness with their program. Closely followed by graduates from Vlerick Business School in Belgium and the Stockholm School of Economics, underscores the diversity of schools delivering strong student outcomes across Europe and Asia.
For students considering a MiM, the 2025 FT ranking has several meaningful takeaways:
Top-ranked programs, like St Gallen, HEC Paris, INSEAD, Nova, and Tsinghua, correlate with higher salaries, strong employment rates, and career progress, particularly vital for early-career students.
European business schools (especially in France and Switzerland) remain a hub of excellence. Asia continues to rise, particularly business schools in China, signaling growing global relevance and emerging opportunities.
UK schools, once MiM powerhouses, are now less stable due to regulatory and policy constraints. That said, they still offer high-quality programs, albeit potentially with higher risk.
Programs that integrate ESG into their teaching, foster gender and international diversity, and deliver strong value-for-money are increasingly attractive in today’s job market.
As FT itself advises, use rankings as one piece of the decision puzzle, balancing them with factors like program culture, international exposure, curriculum design, and alumni community.
Be aware of systemic gender pay disparities when evaluating programs and seek schools that offer strong career support, mentorship, and equity initiatives.
Rankings can be useful, but only if you focus on what matters most to you, whether that’s salary growth, global exposure, or diversity. The “right” program may not be number one overall, but it should be number one for your goals. Treat rankings as a compass, not the whole map: use them to narrow choices, then dig deeper through research to find the master’s program that truly fits.
Looking for the latest master’s program rankings? Visit our master’s rankings page to explore more.
