HEC Paris Tops Financial Times' Ranking Of European B-Schools For A Fifth Straight Year

MBA students on HEC Paris’s 340-acre wooded campus outside of Paris. The B-school was named the best in Europe in 2023 by The Financial Times. HEC Paris photo

Just two years ago, INSEAD was the No. 3 business school in Europe according to The Financial Times. But last year, the school dropped to 15th in the FT‘s annual ranking — and it dropped even further, to 18th, in the magazine’s 2023 list, released Sunday (December 3).

INSEAD’s slide is one of several noteworthy developments in the new FT ranking of the top European business schools, a list of 90 schools judged on the strengths of their MBA, executive MBA, and master in management programs, among other measures. The top school in the ranking, for the fifth year in a row since taking over the No. 1 spot from London Business School in 2019, is HEC Paris, followed by LBS in second place, Spain’s IESE Business School in third, the multinational ESCP Business School in fourth, and Italy’s SDA Bocconi School of Management in fifth.

After HEC Paris and ESCP, France has 21 ranked schools on the list, most of any country. The UK is second with 15 schools, and Germany has eight, the highest-ranked being No. 16 WHU Otto Beisheim School of Management in Vallendar and Duesseldorf. Spain and Portugal have five schools each in the ranking.

ESCP GAINS WHERE INSEAD LOSES

INSEAD’s 15-place slide over two years isn’t because of MBA outcomes — the school’s average MBA salary is the best of all 90 schools at $198,363. Rather, it’s chiefly due to INSEAD’s fledgling master in management program not yet being ranked by FT. MBA, EMBA, and MiM rankings account for 25% of each school’s ranking; the remaining quarter comes from custom and open executive education programs. Once INSEAD’s MiM secures a ranking, its overall placement should rebound.

Another French B-school, ESCP, has benefited where INSEAD has faltered. ESCP’s fourth-place finish is the school’s second-best ever — after its third-place ranking in 2022. The French school with campuses in Paris and five other European countries was ranked 14th in 2021 before leaping to third last year.

“We are immensely proud to be recognized once again as a top-tier business school in the Financial Times European Business Schools ranking,” says Professor Léon Laulusa, executive president and dean of ESCP, in a statement. “This accomplishment reflects our unwavering dedication to providing exceptional business education that prepares our students to be responsible leaders in an ever-evolving global landscape.”

ESCP has the lowest MBA salary average of the top five schools in the ranking: $130,888. It also has one of the lowest average MiM salaries: $102,362. But it has the No. 1 EMBA program in 2023, according to FT, and the No. 4 MiM.

“Our commitment to academic excellence, coupled with a focus on cultivating a global mindset, ensures that our students receive a transformative education that equips them for leadership roles in the dynamic world of business,” says Professor Francesco Rattalino, executive vice-president and dean for academic affairs and student experience. “This recognition reaffirms the dedication of our faculty and staff to providing a world-class learning experience at ESCP, where innovation, diversity, and a commitment to European values converge to shape the business leaders of tomorrow.”

ESG & SOCIAL JUSTICE HELP PUT EDHEC ON THE MAP — AND KEEP IT THERE

Another French B-school on the upswing, EDHEC, landed seventh for the second straight year, and has risen from 10th in 2021, 14th in 2020, and 15th in 2019. EDHEC penetrated into the European top 10 (and France’s top three) thanks to a 26-spot jump in the FT’s 2023 Global MBA ranking and a 19-place rise in the magazine’s 2023 EMBA ranking, landing it in the Global Top 50 and Global Top 30, respectively.

EDHEC — which puts sustainability and social justice at the heart of its teaching mission — has gained and endured in the ranking with strong scores in ESG criteria and overall satisfaction.

“Ranking seventh among the best European business schools for the second consecutive year, EDHEC solidifies its position as a leading academic institution on national and international levels,” EDHEC Dean Emmanuel Métais says in a statement. “This result encourages us to continue transforming our programs and research and to educate committed individuals, driven by the ambition to influence the world to make it more sustainable.”

SMALL PORTUGUESE SCHOOL MARKS 12 STRAIGHT YEARS ON FT LIST

Further down the ranking, Porto Business School marked its 12th straight year in the 20-year-old FT ranking of European B-schools. This year the Portuguese school climbed six places to finish 53rd.

The business school of the University of Porto ranks 30th and 29th in Custom and Open Executive Education, respectively; 56th in Executive MBA; and 43rd in Global MBA. Among Porto’s most noteworthy distinctions is that it has the lowest percentage of non-domestic faculty of any ranked school — just 2%. IMD, in Switzerland, has the most at 98%.

“It is a source of pride for Porto Business School to once again be featured in the Financial Times ranking,” says José Esteves, dean of Porto Business School. “We continue to demonstrate positive progress, reflecting our capacity for improvement and adaptation to the ever-changing demands of the world, particularly in terms of digital development and a focus on sustainability.

“This distinction attests to the success of our efforts in becoming a national and international benchmark institution, committed to fostering innovation and education, with a focus on fundamental areas of management such as leadership, digital transformation, artificial intelligence, and cybersecurity.”

2023 FINANCIAL TIMES RANKING OF EUROPEAN BUSINESS SCHOOLS

2023 FT Rank	School	Location	2022 Rank	2021 Rank	MBA 2023 – Salary Today
1	HEC Paris	France	1	1	172,393
2	London Business School	UK/UAE	2	2	182,254
3	IESE Business School	Spain/US/Germany	6	4	181,270
4	ESCP Business School	France/Germany/Italy/Poland/Spain/UK	3	14	130,888
5	SDA Bocconi School of Management	Italy	4	5	192,815
6	University of St Gallen	Switzerland	5	6	142,148
7	Edhec Business School	France	7	10	130,039
8	IE Business School	Spain	10	12	165,391
9	Essec Business School	France/Singapore/Morocco	9	8	110,087
10	EMLyon Business School	France	12	19	117,111
11	Warwick Business School	UK	16	18	136,033
12	Esade Business School	Spain	17	13	157,209
13	IMD — International Institute for Management Development	Switzerland	11	10	171,116
14	University of Oxford: Saïd	UK	25	9	164,874
15	Rotterdam School of Management, Erasmus University	Netherlands	14	17	123,260
16	WHU – Otto Beisheim School of Management	Germany	13	20	123,410
17	Mannheim Business School	Germany	21	21	135,560
18	INSEAD	France/Singapore/UAE	15	3	198,363
19	ESMT Berlin	Germany	8	7	–
20	University of Cambridge: Judge	UK	18	15	173,775
21	Nova School of Business and Economics	Portugal	24	27	109,899
22	Católica Lisbon School of Business and Economics	Portugal	27	29	109,899
23	Stockholm School of Economics	Sweden	20	22	–
24	University College Dublin: Smurfit	Ireland	22	28	115,468
25	Audencia	France	38	31	79,457
26	Frankfurt School of Finance and Management	Germany	26	24	102,092
27	Bayes Business School	UK	29	23	142,031
28	Imperial College Business School	UK	19	16	151,143
29	Kedge Business School	France	39	40	–
30	Eada Business School Barcelona	Spain	27	25	105,971
31	Vlerick Business School	Belgium	23	39	103,168
32	Trinity College Dublin, Trinity Business School	Ireland	37	32	113,910
33	Grenoble Ecole de Management	France	40	36	95,443
34	Neoma Business School	France	41	44	–
35	Henley Business School	UK	35	34	–
36	Politecnico di Milano School of Management	Italy	31	37	93,126
37	Cranfield School of Management	UK	56	34	111,573
38	Tias Business School, Tilburg University	Netherlands	33	30	94,786
39	BI Norwegian Business School	Norway	48	50	–
40	Kozminski University	Poland	52	54	–
41	WU (Vienna University of Economics and Business)	Austria	43	41	–
42	Nyenrode Business Universiteit	Netherlands	45	41	88,952
43	Koç University Graduate School of Business	Turkey	42	61	–
44	Iscte Business School	Portugal	67	77	–
45	NHH Norwegian School of Economics	Norway	45	55	–
46	TBS Education	France	55	58	–
47	Copenhagen Business School	Denmark	36	26	104,673
47	Antwerp Management School	Belgium	49	46	–
49	Alliance Manchester Business School	UK	51	33	139,428
50	Aalto University	Finland	34	38	–
51	HEC Lausanne, University of Lausanne	Switzerland	45	51	–
52	Prague University of Economics and Business	Czech Republic	62	55	–
53	University of Porto – FEP \| PBS	Portugal	59	66	83,743
54	Excelia Business School	France	61	64	–
55	Iéseg School of Management	France	63	62	–
56	Solvay Brussels School of Economics and Management	Belgium	70	78	–
57	Durham University Business School	UK	66	45	117,289
58	Sabanci Business School	Turkey	68	67	–
59	ISEG – Lisbon School of Economics and Management	Portugal	65	–	–
60	Rennes School of Business	France	57	88	–
61	Luis University	Italy	72	90	–
62	University of Strathclyde Business School	UK	72	53	110,002
63	Lancaster University Management School	UK	54	43	–
64	University of Ljubljana, School of Economics and Business	Slovenia	69	84	–
65	HHL Leipzig Graduate School of Management	Germany	50	60	–
66	Bologna Business School	Italy	90	–	84,170
67	University of Edinburgh Business School	UK	63	52	112,554
68	ICN Business School	France	77	80	–
68	University Carlos III de Madrid	Spain	–	73	–
70	Lund University School of Economics and Management (Lusem)	Sweden	78	89	–
71	University of Cologne	Germany	72	–	–
71	Hanken School of Economics	Finland	80	75	–
71	Skema Business School	France	58	48	–
74	ZHAW School of Management and Law	Switzerland	82	83	–
75	MBS (Montpellier Business School)	France	76	75	–
76	Institut Mines-Télécom Business School	France	84	84	–
77	University of Glasgow: Adam Smith	UK	95	68	98,090
78	University of Amsterdam Business School	Netherlands	–	91	–
79	Birmingham Business School	UK	91	65	101,555
80	Essca School of Management	France	79	–	–
81	EBS Business School	Germany	–	–	–
82	Jönköping International Business School	Sweden	88	95	–
82	Tum School of Management	Germany	71	70	–
84	EM Normandie Business School	France	85	86	–
85	IAE Aix-Marseille Graduate School of Management	France	82	79	–
86	ESC Clermont Business School	France	–	–	–
87	Esdes Business School	France	86	–	–
88	University of Antwerp Faculty of Business and Economics	Belgium	92	93	–
89	Corvinus University of Budapest	Hungary	–	94	–
90	DCU Business School	Ireland	94	–	–