For the fifth consecutive year, Stanford Graduate School of Business’s MBA was named the world’s number one, while the (Penn) Wharton School remains second, followed by Harvard Business School in third. 

“By providing a detailed comparative analysis, these rankings help prospective students make informed decisions about programs that align with their career goals,” said QS president Nunzio Quacquarelli. 

“Whether aiming to lead in corporations, innovate in start-ups, or impact the public sector, students can use these insights to shape their professional paths,” he added. 

The rankings analyse the world’s best 340 global MBAs and a separate series of specialised business master’s rankings including master’s in management, finance, marketing, business analytics and supply chain management.  

The US continues to dominate the MBA rankings, with 11 institutions in the top 20, and Stanford GSB retaining its top position, scoring particularly well alumni outcomes and exceptional graduate employability.  

The only other country to feature in the top five was the UK’s London Business school, boasting the world’s third highest score for employability and among the world’s top five in alumni outcomes and thought leadership.  

No Asian institution appears in the rankings’ top 20, with the National University of Singapore Business School coming in highest at 25, as well as achieving Asia’s highest score for employability.  

Whether aiming to lead in corporations, innovate in start-ups, or impact the public sector, students can use these insights to shape their professional paths

Nunzio Quacquarelli

The rankings are based on several datasets relating to employability, thought leadership, diversity, return on investment and alumni outcomes.  

The top 20 institutions come from only five destinations: the US, the UK, France, Spain and Italy.  

Driven by Europe’s highest score for thought leadership and outstanding alumni outcomes and return on investment, HEC Paris boasts Europe’s best MBA, ranking sixth globally. It is followed by IE Business School in Spain, ranking ninth overall. 

Both HEC and IE Business School featured in the top three in QS’s Executive MBA Rankings last year.  

In Canada, Toronto (Rotman) remains the highest-ranked MBA, placing 39th globally and the only Canadian business school in the world’s top 50. 

Melbourne Business School is the national leader in Australia, ranking 32^nd globally, scoring strongly for thought leadership, employability and investment.  

While the MBA remains a popular degree, more students are considering professional qualifications, master’s degrees and other career development options ahead of MBAs, according to a 2024 report. 

The 2025 rankings include the world’s best specialised business master’s, where HEC Paris tops the global rankings for master’s in management and master’s in marketing.