Top European Business Schools: A Comprehensive Analysis of Financial Times Rankings and Trends

In a period where applications for postgraduate economics courses are slowing down, European business schools continue to attract students from around the world. The appeal lies not only in the quality of life offered by the cities hosting these institutions but also in relatively low costs (for some). The Financial Times has ranked 90 business schools, analyzing factors such as career prospects, salaries, and gender diversity among both students and faculty. The final evaluation is derived from individual rankings by the British economic and financial newspaper on MBA, Executive MBA, Master in Management, Executive Open Programme, and Executive Custom Programme.

Business Schools: Top in Italy

Ranked first in the list is the French Hec Paris, followed by the London Business School and Iese at the University of Navarra, with campuses in Spain, Germany, and the United States. Also making it to the top 10 are Escp Business School (France), SDA Bocconi School of Management (Italy), University of St. Gallen (Switzerland), Edhec Business School (France), IE Business School (Spain), Essec Business School (France), and EMLyon Business School (France). Italy secures a total of four spots in the ranking: apart from Bocconi, Politecnico di Milano is at the 36th position, Luiss at 61st, and Bologna Business School at 66th. In general, France leads with the highest number of institutions in the ranking (23), followed by the United Kingdom with 15, Germany with eight, and Spain and Portugal with five each. Examining their characteristics, European schools distinguish themselves by their focus on sustainability, with nearly 60% committing to achieving emission-free campuses by 2030, as opposed to 30% globally. Students increasingly seek preparation for socially impactful careers, advice on startup creation, or working in the technology sector rather than traditional fields like banking, investments, or consultancy. “Multidisciplinarity is becoming a distinctive feature of European business schools in addressing the complex issues of our time,” says Ron Tuniga, Vice President for Europe, the Middle East, and Africa at AACSB, the accreditation association for universities and business schools founded in 1916.

Business Schools Embrace Online Education

The COVID-19 pandemic has driven business schools to increase the number of hybrid and online courses, although there is a widespread desire to return to in-person classes. Regarding salary levels, Hec Paris alumni report the highest average remuneration in Europe for the Master in Management but slide to the fourth position for Executive MBAs. Overall, the salaries declared by European school alumni are less substantial than those declared by North American or Asia-Pacific school alumni. Concerning gender equality, only four of the classified business schools have eliminated differences between male and female faculty members: IE Business School (Spain), Koç (Turkey), Institut Mines-Télécom (France), and Esc Clermont (France). On average, across all 90 institutions studied, 38% of faculty members are women, a percentage that drops to 19% for the Frankfurt School of Finance and Management.

Methodology

Regarding the methodology used, it is noteworthy that participation in the Financial Times ranking is voluntary, and data is provided by the business schools themselves. The newspaper then measures factors such as career progression, salary increases, diversity among faculty and students, as well as the integration of climate change into teaching and school activities. As evidence of efforts to attract students and expertise globally, the ranking includes joint programs and schools with multiple campuses, such as Escp operating in France, Germany, Italy, Poland, Spain, and the United Kingdom. Some schools also operate outside of Europe, like the London Business School (with a branch in the United Arab Emirates), Iese (United States), and Essec (Singapore and Morocco).