Recently, the Financial Times released its latest 2022 Global MBA ranking.
In 2021, due to pandemic-related data collection interruptions, many U.S. schools—including Harvard, Stanford, and the University of Pennsylvania—suspended participation.
A year later, American institutions have returned in force, reclaiming dominance in the top 10. Seven of the top 10 schools are from the United States!
The new MBA ranking also underscores the enduring popularity of the MBA degree in the post-pandemic era.
2022 MBA Rankings: A Major Reshuffle
Let’s first look at this year’s top ten standout performers:
In the 2022 ranking, the University of Pennsylvania’s Wharton School claimed the top spot. The last time Wharton was number one was in 2011—over a decade ago.
Close behind is Columbia Business School. After hovering between 5th and 10th place in recent years, Columbia surged to second this year—its highest-ever position in the FT MBA ranking. With the completion of its new campus buildings, Columbia Business School is on a strong upward trajectory.
Equally impressive is Northwestern University’s Kellogg School of Management. Just two years ago, Kellogg’s MBA program was outside the top ten; this year it vaulted into the top five, right behind Harvard Business School and INSEAD.
There are always winners and losers. Stanford University, which had been number one for two consecutive years, dropped to sixth place. Previous powerhouses like London Business School, Yale School of Management, and IESE Business School all fell out of the top five, ranking 8th, 9th, and 10th respectively.
Chinese MBA programs also delivered a strong showing this year. Among the top 100 globally, nine Chinese MBA programs—including those from mainland China and Hong Kong—made the list. CEIBS remained the top-ranked in China, followed by Fudan University School of Management (32nd), Hong Kong University of Science and Technology Business School (36th), and Peking University Guanghua School of Management (42nd).
Analyzing the 2022 MBA Rankings
1. Eligibility Criteria
Each August, the Financial Times invites schools that meet its eligibility requirements to participate in the ranking. Once a school agrees, the FT analyzes various indicators.
Schools invited must meet the following conditions:
1. Accredited by AACSB or Equis
2. The program must have been running for at least 3–4 years
3. The first graduating class must have completed their degrees at least three years ago
2. Ranking Indicators
For schools that meet the above criteria, the FT spends nearly half a year assessing 20 different indicators. The heaviest weighting is given to alumni feedback, which accounts for 61%. Within alumni feedback, 20% is based on the average salary three years after graduation, and another 20% on salary increase before and after the MBA.
Other heavily weighted factors include various faculty assessments, such as the percentage of faculty with doctoral degrees (5%), faculty research output (10%), and the proportion of internationally diverse faculty (4%).
Here are all 20 indicators used in the assessment:
Interpreting the 2022 MBA Rankings
1. Factors Behind the Reshuffling
Because many top U.S. schools did not participate in 2021 due to the pandemic, many non-U.S. business schools saw their rankings surge that year. With a return to normal participation this year and the collective re-entry of American institutions, a significant reshuffling was inevitable.
Moreover, the pandemic affected each country’s economy differently, and since income is one of the most critical components of the ranking, this led to fluctuations at the national/regional level.
2. MBA Trends
Across the 81 schools tracked by the Financial Times, MBA enrollment in 2021 even exceeded the pre-pandemic level of 2019, reaching 14,566 students.
Indeed, the pandemic could be a crisis or an opportunity. Many professionals, after more than a year of reflection, saw new possibilities and decided to pursue an MBA to help mitigate career risks while broadening their perspectives and sharpening their competitiveness.
In the coming years, the MBA is expected to remain highly popular.
Rising MBA Admission Requirements
With MBA applications surging, admission requirements continue to climb, making competition increasingly fierce.
Take the Wharton School as an example. An MBA application typically requires the following basic materials:
It’s worth noting that most MBA programs place a heavy emphasis on work experience, generally requiring at least 3–5 years of full-time professional experience.
As Wharton’s website clearly states, applicants must not only list their full-time work history but also explain the reasons for leaving each position in detail.
This focus on professional experience is also reflected in other application requirements, such as letters of recommendation.
While most master’s programs don’t prescribe what recommendation letters should contain, a program like Wharton’s MBA explicitly asks recommenders to address what they see as the applicant’s professional strengths.
For recent graduates interested in business but without extensive work experience, we recommend prioritizing specialized business master’s programs.
Rankings should be viewed as a reference only. They should not be the sole basis for university selection.
When choosing target schools, students should consider rankings rationally and weigh their own background, needs, and other factors to make a more reasonable and personalized choice.
