The Financial Times has published its 2022 Global Masters in Management (MiM) ranking, showing that European schools continue to dominate although competition from abroad is intensifying.  

The ranking included 100 schools for the second year in a row, up from 90 schools two years ago.

St Gallen retains top spot

University of St Gallen (Switzerland) has topped the ranking for the 12th year running, followed by HEC Paris (France) and Rotterdam School of Management, Erasmus University (the Netherlands). The top five also includes Stockholm School of Economics (Sweden) and ESCP Business School (France). France was the most heavily represented country at the top with four schools – HEC Paris, ESCP, ESSEC, and EMLyon – in the first tier.

Tsinghua University (China) was the highest-ranked non-European school in 11th place. Although the MiM was pioneered by European schools, international competitors are catching up. In addition to US and Canada, quality programmes are being offered by schools in Australia, India, Morocco, Russia, Singapore and Taiwan. It needs to be noted that the near absence of US Master in Management programmes is due to the fact that many US schools do not participate in the ranking.

Buoyant demand

MiM programmes continue to enjoy strong demand. Almost half of the MiM programmes reported an increase in applications in 2021, according to GMAC's 2021 Application Trends Survey. This is still far below the numbers for 2020, when 80% of programmes saw a rise in applications.  

Students are particularly interested in MiM courses focused on digital skills and analytics, as well as sustainability, according to a 2022 survey by CarringtonCrisp, cited by the Financial Times.

Salaries slightly down

Salaries reported by alumni three years after completion of the programme fell slightly to USD 79,092 in 2022 compared with USD 80,821 in 2021.

Adjusted for international purchasing power parity, the Indian Institute of Management in Bangalor topped the salary table at USD 144,178, followed by St Gallen at USD 138,091, and HHL Leipzig Graduate School of Management (Germany) at USD 126,767.

Female and international participation

Almost half of the ranked business schools’ programmes had at least 50% female students in their cohorts. The highest participation of females (77% of the cohort) was reported by Tongji University School of Economics and Management (China). University of British Columbia: Sauder (Canada) reported a 71% share of women and University of Ljubljana, School of Economics and Business (Slovenia), came in third at 67%.

International students account for at least half of the intake at 44 schools. Singapore Management University: Lee Kong Chian tops this list with a 98% share of international students, followed by Hult International Business School (US) at 97%. The number three spot is shared by three schools at 96% – London Business School (UK) ESADE Business School (France) and Imperial College Business School (UK).  

How the ranking is compiled

A record 135 MiM programmes took part in the ranking process in 2022, up from 124 in 2021. To qualify, schools must meet certain criteria. Their programmes must be full-time, cohort-based and schools must have an AACSB or EQUIS accreditation. In addition, programmes must target students with little or no work experience. The ranking covers general management programmes, not specialised ones.

The ranking is based on results collected through two separate surveys. The first is completed by the business schools and the second by alumni who finished their MiM in 2019.

Alumni responses cover seven criteria that together account for 59% of the ranking’s total weight. Responses from schools account for 41% of the weight. Learn more about how the ranking is calculated here

Business school aspirants are advised to gain an in-depth understanding of the methodology behind each ranking. In that way they can best decide whether the parameters set out in the ranking should actually impact their programme selection.