| Rank 2020 |
Rank 2019 |
3 Yr Avg. |
School Name | Country |
| 1 | 1 | 1 | HEC Paris | France |
| 2 | 2 | 2 | London Business School | UK / UAE |
| 3 | 5 | 4 | Insead | France / Singapore / UAE |
| 4 | 6 | 5 | IESE Business School | Spain / US |
| 5 | 3 | 5 | SDA Bocconi/Università Bocconi | Italy |
| 6 | 7 | 7 | Essec Business School | France |
| 7 | 4 | 5 | University of St Gallen | Switzerland |
| 8 | 14 | 11 | ESCP Business School | FR/UK/GE/SP/IT/PL |
| 9 | 9 | 14 | ESMT Berlin | Germany |
| 10 | 10 | 10 | University of Oxford: Saïd | UK |
| 10 | 11 | 9 | IMD Business School | Switzerland |
| 12 | 8 | 13 | IE Business School | Spain |
| 12 | 13 | 13 | Esade Business School | Spain |
| 14 | 15 | 14 | Edhec Business School | France / UK / Singapore |
| 15 | 12 | 12 | Rotterdam School of Management, Erasmus Unive | Netherlands |
| 15 | 17 | 15 | Warwick Business School | UK |
| 17 | 16 | 15 | University of Cambridge: Judge | UK |
| 18 | 18 | 18 | Imperial College Business School | UK |
| 19 | 23 | 23 | WHU – Otto Beisheim School of Management | Germany |
| 20 | 20 | 20 | EMLyon Business School | France / Morocco / China |
| 21 | 24 | 21 | Mannheim Business School | Germany |
| 21 | 26 | 24 | Stockholm School of Economics | Sweden / Russia / Latvia |
| 23 | 21 | 22 | University College Dublin: Smurfit | Ireland |
| 24 | 22 | 23 | Vlerick Business School | Belgium |
| 25 | 19 | 20 | City, University of London, The Business School (fo | UK / UAE |
| 26 | 30 | 29 | Nova School of Business and Economics | Portugal |
| 26 | 32 | 31 | Frankfurt School of Finance and Management | Germany |
| 28 | 25 | 26 | Grenoble Ecole de Management | France |
| 29 | 28 | 29 | Eada Business School Barcelona | Spain |
| 30 | 27 | 30 | Copenhagen Business School | Denmark |
| 31 | 32 | 30 | Católica Lisbon School of Business and Economics | Portugal |
| 32 | 38 | 34 | Tias Business School, Tilburg University | Netherlands |
| 32 | 44 | 31 | Cranfield School of Management | UK |
| 34 | 31 | 33 | Kedge Business School | France / China |
| 34 | 41 | 39 | WU (Vienna University of Economics and Business) | Austria |
| 36 | 35 | 36 | Alliance Manchester Business School | UK |
| 37 | 34 | 35 | Aalto University | Finland |
| 38 | 29 | 33 | Henley Business School | UK / FI / DK / GE / ZA |
| 39 | 50 | 45 | Neoma Business School | France |
| 40 | 47 | 44 | HEC Lausanne, University of Lausanne | Switzerland |
| 41 | 36 | 43 | Nyenrode Business Universiteit | Netherlands |
| 41 | 45 | 43 | Politecnico di Milano School of Management | Italy |
| 41 | 46 | 45 | Antwerp Management School | Belgium |
| 44 | 53 | 50 | Hult Ashridge Executive Education | UK |
| 45 | 40 | 44 | Audencia Business School | France |
| 45 | 48 | 45 | Kozminski University | Poland |
| 45 | 57 | 52 | HHL Leipzig Graduate School of Management | Germany |
| 48 | 43 | 46 | Durham University Business School | UK |
| 49 | 36 | 41 | BI Norwegian Business School | Norway |
| 50 | 55 | 55 | Prague University of Economics and Business | Czech Republic |
| 51 | 51 | 47 | University of Strathclyde Business School | UK |
| 51 | 51 | 51 | University of Edinburgh Business School | UK |
| 51 | 59 | 54 | St Petersburg University, Graduate School of Man | Russia |
| 54 | 42 | 48 | Lancaster University Management School | UK |
| 55 | 64 | 61 | IESEG School of Management | France |
| 56 | 60 | Trinity College Dublin, Trinity Business School | Ireland | |
| 57 | 54 | 57 | University of Bath School of Management | UK |
| 58 | IBS-Moscow Ranepa | Russia | ||
| 58 | 57 | 57 | TBS (Toulouse Business School) | France / Spain / Morocco |
| 58 | 64 | 63 | IAE Aix-Marseille Graduate School of Management | France |
| 58 | 78 | 67 | Koç University Graduate School of Business | Turkey |
| 62 | 39 | 47 | NHH Norwegian School of Economics | Norway |
| 63 | 61 | 63 | Maastricht University School of Business and Econ | Netherlands |
| 63 | 69 | Tilburg University, School of Economics and Mana | Netherlands | |
| 63 | 69 | 66 | Sabanci Business School | Turkey |
| 63 | 79 | 78 | Excelia Business School | France |
| 67 | Universidad Carlos III de Madrid | Spain | ||
| 68 | 56 | 60 | Rennes School of Business | France |
| 69 | 81 | University of Zurich | Switzerland | |
| 70 | 61 | 64 | Solvay Brussels School of Economics and Manage | Belgium |
| 70 | 76 | 73 | Essca School of Management | France / Hungary / China |
| 72 | 69 | 70 | MBS (Montpellier Business School) | France |
| 73 | ZHAW School of Management and Law | Switzerland | ||
| 73 | 75 | 74 | Institut Mines-Télécom Business School | France |
| 75 | Lund University School of Economics and Manage | Sweden | ||
| 75 | 63 | 65 | Leeds University Business School | UK |
| 75 | 74 | 74 | University of Cologne | Germany |
| 75 | 79 | 77 | Hanken School of Economics | Finland |
| 79 | 67 | 69 | Porto Business School, University of Porto | Portugal |
| 80 | 81 | 81 | Burgundy School of Business | France |
| 81 | 85 | 82 | EM Strasbourg Business School | France |
| 82 | 89 | 85 | University of Ljubljana, School of Economics and B | Slovenia |
| 83 | 81 | 78 | Louvain School of Management | Belgium |
| 83 | 81 | 81 | EM Normandie Business School | France |
| 85 | DCU Business School | Ireland | ||
| 85 | University of Glasgow: Adam Smith | UK | ||
| 85 | 92 | 88 | Luiss University | Italy |
| 88 | Paris School of Business | France | ||
| 88 | 92 | Birmingham Business School | UK | |
| 90 | Aston Business School | UK |
Table notes
# Figure in brackets refers to data from separate joint programme for schools with more than one degree ranked.
† Salary increase from graduation for Masters in Management. For MBA and EMBA, the average difference in alumni salary is between before the degree and now, three years after completion.
‡ Faculty data are provided for information — taken from surveys for the 2020 tables. Schools that only feature in Executive Education have provided faculty data, as of September 2020, especially for this ranking.
* School was ranked outside the final table in 2020.
** School participated in this ranking on the basis of a joint programme only. Underlying score based on proportion of total score.
Some 156 points separate the top programme, at the HEC Paris, from the school ranked 90. The schools are divided into four tiers. Business schools in tiers l and ll score above the average for the cohort, and tiers lll and lV are below it. The difference in scores between schools ranked consecutively is greater within tiers l and lV than in tiers ll and lll. Tier l includes 7 schools from HEC Paris to University of St Gallen. Tier ll includes schools from ESCP Business School, ranked 8th, to Aalto University in 37th position. Tier lll, headed by Henley Business School spans schools ranked 38 to 58. Tier lV includes schools from NHH Norwegian School of Economics in 62nd place to Aston Business School at 90.
Some 222 points separate the top school from the schools ranked number 55. The schools are divided into three groups, indicated by bold lines. The difference in score between schools ranked consecutively is greater within groups one and two than in group three. The top 7 schools, from HEC Paris to Università Bocconi form the elite group of providers of masters in finance programmes. The second group spans 23 places from MIT: Sloan to CUHK Business School. The third group of 26 schools is headed by ISEG - Lisbon School of Economics and Management.
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