The Financial Times 2025 Global MiM Ranking: Top Three Schools Remain Unchanged

The Financial Times (FT) has released its rankings of the 100 best Global MiM programs for 2025. 

Rankings 1 to 3 remain unchanged from last year, echoing the years-long battle for top spot between the University of St. Gallen and HEC Paris and naming the former as best MiM program for the 14th time. 

INSEAD’s continued position in third place mirrors last year’s ranking and reflects the program’s remarkable success – its first MiM class graduated in 2021 and they entered the FT rankings just last year. 

After securing fourth-place in 2024, Edhec Business School slides all the way down to 14th this year. It is replaced by the tied Nova School of Business and Economics and Tsinghua University School of Economics and Management – the first rising from eighth place, the second appearing on the rankings for the first time. 

As with previous years, the rankings remain densely populated with European schools; France is particularly well represented, with 25 French schools in the top 100. The U.K. fared less well – with schools like Warwick, Edinburgh, Manchester, and Cranfield slipping several spots.

And yet, the command of European programs is less absolute than before. Clear Admit Co-Founder, Eliot Ingram, notes that “[w]hile the chart is dominated by European programs, there has also been growth in programs located in Asia… This provides more options for recent college graduates to consider, especially those considering a career in Asia.” 

Ingram also comments on the lack – continued from last year – of U.S. MiM schools in the rankings. “Only two U.S. MiM programs are ranked in the FT Top 100 MiM programs for 2023, 2024 and 2025. This is curious given the growing number of high quality U.S.-based Masters in Management.” As with last year, Ingram attributes this to the fact “that most U.S. schools aren’t yet participating in the FT ranking process.”

Ingram adds that the location of a school offers more than rankings may show, encouraging potential MiM applicants to keep these rankings in perspective. “[I]f you have a strong preference to have a career in Europe, it likely makes sense to consider European based MiM schools to gain access to their European based business network.”

The Top 20 Schools

The top 20 schools in this year’s ranking (with last year’s rankings included for reference) are as follows:

This top 20 list neatly demonstrates the respective rise and fall of French and UK business schools. Eight French business schools make the list (compared to six in 2024), while the UK’s London Business School drops from 6th to 10th. 

The steady growth in highly-ranked, Asia-located programs upon which Ingram remarked can be seen here, too: three of 2025’s top 20 MiM programs are based in China, compared to two in 2024.

Ranking Methodology of the Financial Times 2025 MiM Ranking

In order to be eligible to participate in the ranking process, business school’s MiM programs must be full-time, cohort-based, directed at students with little or no work experience and accredited by either AACSB or Equis. In 2025, 137 MiM programs took part in the ranking. 

The FT ranks programs using 19 differently-weighted criteria – the highest of which being “weighted salary (US$),” making up 15% of the ranking. Alumni-related criteria contribute together 56 per cent of the ranking. Two surveys were used to collect the information necessary for ranking – one which the business schools completed, and one which alumni (who graduated in 2022) completed. Response rate requirements for alumni surveys are usually 20% and at least 20 surveys must have been completed.

You can read more about the ranking methodology here.