Financial Times Masters in Management Ranking 2022 | Results and analysis

We’ve analyzed the Financial Times Masters in Management Ranking 2022, identifying the latest global trends and explaining how you can use the ranking to find your dream program.

In short

The Financial Times Masters in Management Ranking 2022

According to the Financial Times Masters in Management Ranking 2022, these are the top 10 Master in Management (MiM) programs in the world.

  1. University of St.Gallen
  2. HEC Paris
  3. Rotterdam School of Management, Erasmus University
  4. Stockholm School of Economics
  5. ESCP Business School
  6. ESSEC Business School
  7. London Business School
  8. UCD Smurfit Graduate Business School
  9. EMLyon Business School
  10. ESMT Berlin


In this article, we’re first going to look at the significance of the FT ranking and the methodology they use to arrive at the final list. If you would prefer to read our analysis of the 2022 ranking, feel free to scroll down to the bottom of the article.

What is the Financial Times Masters in Management Ranking?

The FT Masters in Management Ranking is an annual list of the top Master in Management (MiM) programs in the world. A MiM is an alternative to an MBA that requires applicants’ little or no work experience. 

When it comes to MiM programs, the FT list is generally considered to be one of the most comprehensive and reliable rankings out there.

The ranking was launched in 2004, making the 2022 list the 18th edition. To be eligible for the ranking the program must be full-time and accredited by either AACSB or EQUIS. A total of 135 MiM programs took part in 2022 – up from 124 in 2021.

What is the ranking methodology?

The FT sent out two separate surveys to collect the data for the ranking. The first is a survey sent out to alumni, which makes up 59% of the ranking’s weight. The second is a survey sent out to business schools, which makes up the remaining 41%.

The ranking comprises 16 criteria loosely grouped into the following areas:

Financial (35%)

Financial and salary-based criteria make up a big proportion of the FT’s ranking methodology.

The single biggest factor in the ranking is the weighted salary of students three years after graduation (20%). The FT also considers the post-MiM salary increase (10%), and the value for money of the course (5%).

Diversity (22%)

The diversity of a school is measured by looking at the percentage of female faculty (5%), female students (5%), women on the board (1%), international faculty (5%), international students (5%), and international board members (1%).

Career (21%)

This covers two quantitative measures – career progress (6%), which is calculated by looking at the change in a graduate’s seniority and size of company since graduating, and graduate employment rate after three months (5%). Alumni are also asked to rate their school’s career service (5%) and the extent to which they achieved their aims after graduating (5%).

International exposure (16%)

The FT rates programs based on their international mobility (8%), which looks at how many alumni secure employment in a different country. International course experience (8%) measures the international travel opportunities during the program.

Other (6%)

The final measure is the percentage of faculty members that hold a doctorate (6%).

Our analysis of the 2022 list

European dominance at the top

In the 2022 ranking, nothing changed, yet everything changed.

The Master in Strategy and International Management at the University of St.Gallen (HSG) finished number one for the 12th consecutive year. We’ve previously written about the secrets to St.Gallen’s success, and there’s little sign that HSG’s standards are slipping.

There were some big movers in and around the top 10, which remains entirely European. The Rotterdam School of Management broke into the top three for the first time in 2022. The Stockholm School of Economics also fared well in this year’s list, rising from eighth to fourth. ESMT Berlin’s program broke into the top 10.

The rise of Asian business schools

The ranking revealed some interesting trends, most notably the continued rise of Asian business schools. In 2021, there was just one Asian school in the top 20 and three in the top 50. That has all changed. 

China alone now has three programs in and around the top 20. Tsinghua University School of Economics and Management rose nine places to number 11 on the list, representing Asia’s best-ever placing for a MiM program. Shanghai Jiao Tong University: Antai finished in 18th, while Tongji University School of Economics and Management rose 14 places to 21st. 

Elsewhere in Asia, the Indian Institute of Management Bangalore climbed to 31st in this year’s ranking, up from 47th in 2021. Singapore Management University: Lee Kong Chian rose from 83rd place in 2021 to 69th in 2022. Meanwhile, Taiwan’s National Sun Yat-sen University rose ten places to 73rd. Europe may still dominate the top of the ranking, but further down the list, Asia’s picture was one of consistent success.

Why are there so few US schools in the ranking?

The ranking is notable for its lack of US business schools. The reasons for this are varied, and we examined some of them in our analysis of the 2021 list

Firstly, it may be because some US programs do not meet the FT’s eligibility criteria. For instance, the Stanford Graduate School of Business offers a one-year Master of Science in Management. However, applicants must have a minimum of eight years work experience, while the FT’s ranking criteria states that MiM students should have little or no work experience.

Yet there are several leading US business schools with programs that appear to meet the criteria, including Michigan Ross, Northwestern Kellogg, and Duke’s Fuqua School of Business. However, these schools were outside the FT ranking. It appears that many North American schools choose not to take part in the ranking.

Given the absence of North American schools, it is difficult to say the Financial Times Master in Management Ranking is a genuinely global list. Nonetheless, it is a valuable indicator of the quality of European and Asian MiM programs.

How you can use the FT ranking to find the right program

Business school rankings contain a lot of data, which can initially be a bit overwhelming. 

To use the ranking, try to think about what you want to get out of the program. Are you looking for a salary boost? Do you want international exposure? Or is school diversity important to you? Whatever you value, sort the ranking according to that factor.

In essence, you should find a program that will best help you achieve your personal and career ambitions. That program could be number 135 in the ranking or number one. The most important thing is that it’s number one for you.

The final thing to remember is that rankings are not the only factor you should consider when searching for a master’s program. You should use them to narrow down your search and then do your own research to arrive at your final decision. 

Good luck, and happy searching!

Once you find a school you like, contact one of their ambassadors for first-hand details on their experience.

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