2025 Financial Times MBA Ranking: Wharton leads, Harvard plunges to its lowest rank ever, XLRI reports highest salary growth of 250%

The 2025 Financial Times Global MBA Rankings, released on February 16, 2025, have revealed some startling results, with significant shifts in the pecking order of the world’s top business schools. The University of Pennsylvania’s Wharton School claimed the top spot for the second consecutive year, continuing its dominance in the global MBA landscape. However, this year’s rankings also saw major upsets, including the surprising drop of Harvard Business School to its lowest-ever position and the remarkable rise of some lesser-known institutions.
The annual ranking, compiled by the Financial Times, assesses MBA programs based on various metrics such as alumni salary, career progression, value for money, and the quality of academic research. This year’s results bring a mixture of triumphs and challenges for top schools, with a few notable institutions making unexpected gains or suffering significant losses.
Wharton stays at the top, while Harvard suffers a steep decline
Wharton’s stellar performance has been bolstered by its impressive alumni salary average of $241,522, placing it at the number one spot yet again. The school saw a salary increase of 113% for its graduates, maintaining its dominance despite stiff competition from European schools. In fact, five out of the next six spots are held by European institutions, a strong indication of the growing prominence of MBA programs in Europe.

Harvard Business School, on the other hand, experienced a significant drop, plunging to 13th place—its lowest ranking ever. Harvard had previously been in the top spot in 2015 and, until last year, had consistently remained in the top 5. The school’s decrease can be attributed to factors such as its high proportion of graduates without jobs three months after graduation, which negatively impacted its ranking.
Indian institutes show strong growth in salary percentage increase
XLRI Jamshedpur emerged as one of the most remarkable performers among Indian business schools in the 2025 Financial Times MBA Rankings. The school saw an impressive 249% increase in alumni salaries, ranking 83rd globally. This growth places XLRI among the highest in terms of salary surge, a testament to the school’s effective approach in equipping its graduates for lucrative opportunities in a volatile job market.
Alongside XLRI, other Indian institutes also showcased strong growth. The Indian School of Business (ISB) experienced a 247% salary increase, ranking 27th globally with an average salary of $185,885. The Indian Institute of Management Kozhikode (IIM Kozhikode) followed closely, reporting a 242% salary increase, ranking 86th globally, and offering a weighted salary of $161,103. Similarly, IIM Ahmedabad, with a 164% salary increase, secured the 31st rank globally, while IIM Lucknow and IIM Calcutta saw impressive jumps in their rankings due to salary hikes of 187% and 191%, respectively.

Highlights of the 2025 FT MBA rankings
In the 2025 Financial Times rankings, the most prominent schools continued to perform strongly, though many saw slight changes in their positions. Wharton maintained its first-place standing, while Columbia Business School improved to second, followed closely by IESE Business School of Spain. Notable shifts in rankings included the impressive rise of Esade Business School in Spain, which saw a remarkable jump of 9 spots to 8th place.
Another major change came from MIT Sloan, which held onto its 6th place position but showed a significant improvement in alumni salary and career progression compared to previous years. Meanwhile, institutions like the University of Chicago’s Booth School of Business and Dartmouth College’s Tuck School experienced notable declines, with Booth dropping out of the top 10 for the first time in years.
In terms of geographical trends, US business schools still dominated the rankings with a large representation in the top 20. However, European schools, particularly those based in Spain, France, and Italy, showed strong performances. Several Asian institutions also gained ground, with China’s CEIBS (China Europe International Business School) and Shanghai University of Finance and Economics making significant strides.
Salary increases and value for money
A key metric in the rankings is the alumni salary increase three years after graduation, adjusted for purchasing power parity. This year, the highest percentage increase was reported by the Indian School of Business and Xavier School of Management, marking the growing appeal of business schools in Asia, particularly in emerging markets.
For value for money—measured by comparing earnings after study with the costs of the program—schools like the University of Georgia’s Terry College of Business and the University of Florida’s Warrington College of Business were ranked at the top. These institutions offer excellent ROI for students, making them an attractive choice for those concerned about the cost of MBA programs.
Here is a summary of the top 20 schools in the 2025 Financial Times Global MBA Rankings