The world's best business schools might be in France - or India
The Financial Times has released its annual ranking of the world’s top 100 Masters in Management (MiM) courses, and the results are… Mostly to be expected. But not entirely.
MiM courses are postgraduate courses that act as “baby” MBAs. The crucial difference is that they’re available to recent graduates, while “normal” MBAs are only open to people with a few years' work experience. If you're a student, you can jump into one as soon as you finish your degree.
On the FT’s list, it’s French schools that dominate the MiM rankings, with 21 schools present. The vast majority will be familiar names, because they make up the bulk of our famous rankings of Grandes Écoles – HEC, EDHEC, ESSEC… Pretty much every acronym imaginable containing an “E” or “C”.
HEC, the top ranking school both on our list of Grandes Écoles and the FT’s list of MiMs, notes in its advertising literature that around a quarter of HEC MiM graduates went into finance, which is actually lower than consulting, where 35% of its graduates ended up. The FT’s figures state that the average HEC MiM graduate earned $130k, although that number would probably be higher if more went into finance than consulting.
India’s presence on the list is the most curious aspect, however. There are 11 Indian business schools on the list, and just under half are Indian Institutes of Management (vague relations, from India’s more centrally planned days, of the better known Indian Institutes of Technology).
The Indian business schools on the list congregate pretty low on the list – it has one school in the top forty (the SPJIMR - which came fortieth), whilst 7 came in the bottom quartile. Still, it’s a solid improvement, given that in 2018, the country had only 3 schools on the list. Granted, they came 19th, 23rd, and 26th, but progress is progress.
What really makes the graduates of India’s business schools stand out is how much money they make. The average (weighted) salary, in USD, of the eleven business school graduates is $111k for Indian graduates, $60k for the ten British schools’ graduates, and $80k for the French schools. That’s a huge difference. And, additionally, the top four highest paid graduates are from Indian schools, earning between $131k and $138k.
It’s worth pointing out that MiMs aren’t really as popular in the USA as they are in the rest of the world (and especially in Europe). Even so, US MiMs are starting to pick up steam. Chicago Booth, for instance, announced earlier this year that it’ll be launching one, with students due to start in fall of 2024.
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