The University of St Gallen has retained the No. 1 position in the Financial Times’ 2026 Masters in Management (MiM) rankings, marking the third consecutive year the Swiss institution has topped the list and the 15th time overall.
IIM Ahmedabad emerged as the highest-ranked Indian business school, securing a joint 27th position globally. Its graduates reported an average weighted salary of $199,706 three years after graduation, making it the highest figure among the seven Indian programmes that reported top salaries after purchasing power parity adjustments.
Portugal’s Nova School of Business and Economics ranked second, followed by Shanghai Jiao Tong University’s Antai College of Economics and Management in third place. The top eight also featured Insead, HEC Paris, ESCP Business School, Vlerick Business School and Iese Business School.
The FT evaluated 100 English-language MiM programmes worldwide, assessing factors including graduate salaries, value for money, career progression and alumni feedback. Participation in the ranking was voluntary, with eligible institutions required to hold accreditation from either AACSB or EFMD.
Masters in Management programmes, which are typically pursued soon after completion of a first degree, are becoming increasingly popular as graduates navigate a more challenging employment market shaped by economic uncertainty and the rapid adoption of artificial intelligence.
Business schools are responding by expanding AI-focused coursework, providing greater opportunities for work experience and placing increased emphasis on interpersonal and soft skills. According to a Graduate Management Admission Council survey, applications to MiM programmes increased by 7% globally during 2025-26.
Demand for such programmes has also grown across Asia, with some students opting to study closer to home as immigration restrictions and post-study work policies become tighter in Europe, the US and Australia.
St Gallen graduates recorded the second-highest weighted salary among ranked programmes at $150,490, behind IIM Ahmedabad. Across the full ranking, MiM graduates reported an average salary of nearly $98,000, although this remained below the average salary reported by graduates of ranked Masters in Finance programmes.
Financial services, insurance, banking and consulting remained the biggest employers of MiM graduates, accounting for half of those who reported their employment status three years after graduation. Nearly 10% moved into technology, while others found employment in sectors including sales and manufacturing.
The Paris School of Business recorded the highest proportion of alumni who said the programme helped them achieve their study objectives, at 94%. Nova and Rabat Business School followed.
Vlerick Business School ranked first for the quality of its alumni network, followed by St Gallen and Germany’s WHU — Otto Beisheim School of Management.
St Gallen dean Björn Ambos highlighted the changing role of professors, saying they increasingly act as “moderator[s], orchestrator[s] and choreographer[s]” who create content, lead discussions and encourage students to think critically and make decisions amid uncertainty and incomplete information.
ESCP Business School recorded the highest proportion of international students, at 98% across its six European campuses. By contrast, the 14 Indian schools included in the ranking reported the lowest shares of international students, ranging from 0% to 2%.
The ranking also highlighted changes in gender representation. Nine schools reported gender parity among faculty, while 10 had more women than men. Among students, 16 schools reported gender parity and 30 reported a higher proportion of women.
