The Financial Times (FT) Global MBA Rankings for 2025 delivered unexpected results, with Stanford Graduate School of Business absent from the list entirely and Harvard Business School (HBS) ranking at a record-low No. 13. Meanwhile, European business schools secured six of the top 10 positions, signaling a potential shift in global MBA preferences.
Stanford GSB’s exclusion stemmed from insufficient alumni responses to the FT survey—a requirement the school failed to meet despite a lowered threshold. A similar fate befell Wharton two years ago, though the school has since rebounded to claim this year’s top spot.
Harvard’s slip in the rankings was partly due to lower scores in Diversity Assessment and International Opportunities, as well as a concerning employment rate—only 77% of its 2021 graduates were employed three months after graduation. While HBS graduates command impressive salaries averaging over $250,000, these factors weighed down the school’s overall score.
European schools’ strong collective presence in the top 10 is noteworthy, but most of them are no strangers to high rankings. IESE, INSEAD, and London Business School have consistently ranked among the best, while ESADE’s dramatic rise—from No. 30 in 2023 to No. 8 in 2025—stands out as a significant development.
Beyond rankings, shifting global dynamics may further influence MBA applicants’ preferences. The Trump administration’s stance on climate change and potential immigration restrictions could deter international students from choosing U.S. programs. Admissions consultant Thomas Kalandranis noted that concerns over visa policies, including the Optional Practical Training (OPT) program, may push European applicants toward regional alternatives.
IESE’s Mallory Deebs highlighted the appeal of European programs for North American students, citing factors such as a globally diverse classroom environment and a growing desire to escape U.S. political divisiveness. IESE itself expanded its MBA intake to 445 students in response to a surge in applications, including a 24% increase from U.S. and Canadian candidates.
With rising interest in European business schools and potential policy shifts in the U.S., the FT rankings could be more than a temporary reshuffle—they may reflect a broader transformation in global MBA education.
