Graduates of top Executive MBA programs saw strong salary growth this year, even as earnings for traditional and online MBA holders stagnated, according to the Financial Times’ latest global EMBA rankings. The joint Washington University-Fudan University Executive MBA claimed the top spot for the first time, underscoring the rising influence of Chinese partnerships in global business education.
Data from the FT ranking showed that graduates from the top 100 business schools earned an average base salary of nearly $230,000 in 2025, marking a 4.4 percent increase from the previous year. In contrast, alumni of online MBA programs reported flat earnings of around $180,000, while those with full-time MBAs saw a 3.2 percent decline to about $150,000.
The Washington University-Fudan program, taught primarily in Shanghai and jointly run with Washington University’s Olin Business School in St. Louis, overtook the China Europe International Business School (Ceibs) to secure first place. The program’s graduates reported average annual salaries of $718,662, the highest among all ranked EMBAs, along with a 134 percent salary increase compared with their pre-degree earnings.
European schools also performed strongly, with ESCP, which operates campuses across France, Germany, the UK, Italy, Spain, and Poland, ranking third overall and first for career progression. Other top performers included the Kellogg/HKUST Business School joint degree in Hong Kong and France’s Skema Business School.
The FT evaluated 129 Executive MBA programs worldwide, ranking 100 based on factors such as alumni earnings, career advancement, faculty research, and program diversity. Participation is voluntary, and only schools accredited by global agencies such as AACSB or Equis qualify for consideration.
Chinese institutions dominated the rankings for adjusted salary levels, with the six highest-paying programs located wholly or partly in China or Hong Kong. Michael Desiderio, executive director of the Executive MBA Council, said that demand for the qualification remains steady. “Average class sizes have stayed consistent at just over 58 students in 2025, compared with 57 over the past five years,” he said, noting that average completed applications also held steady at around 118 per program.
Despite the steady demand, the share of students receiving full employer funding continues to decline. Only 19 percent of participants now have their tuition fully covered by their companies, compared with much higher levels a decade ago. The number of students who receive no financial support has climbed to 54 percent.
Graduates rated networking opportunities as one of the top reasons for pursuing an EMBA, ranking it just behind management development and ahead of higher pay or promotion prospects. The Kellogg-HKUST program was rated highest for alumni networking, followed by Turkey’s Sabanci and France’s Edhec Business School.
In faculty research output, the University of Pennsylvania’s Wharton School and the University of Chicago Booth School of Business led globally, followed by Insead in France and the UK’s London Business School.
On gender representation, nine programs reported having more female than male students, led by the University of Hong Kong’s Business School with 64 percent women. Four programs achieved faculty gender parity, including Skema, Neoma, Audencia, and the University of Porto-FEP|PBS.
Environmental and social responsibility also featured prominently in this year’s assessment. ESCP led for integrating environmental, social, and governance principles into its curriculum, while Italy’s SDA Bocconi and Incae in Costa Rica topped the list for setting net-zero campus emission targets.
Skema Business School ranked highest in overall alumni satisfaction, followed by Ceibs and Edhec, reflecting growing student expectations for quality and relevance in executive education.
The latest ranking underscores the continued appeal of Executive MBA programs as a route to career advancement and higher earnings, even as corporate sponsorship wanes and global business education becomes increasingly competitive.
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