Financial Times: Alumni Give Business Schools High Marks – With A Warning

Business school graduates around the world continue to see clear value in their degrees, but many say programs must adapt more quickly to changing workplace demands, according to a new global alumni survey reported by the Financial Times.

The study, conducted with the ZHAW School of Management and Law and supported by AACSB International, surveyed 1,152 alumni from more than 300 universities worldwide. It found that 83% of respondents rated their business bachelor’s or master’s degree “highly” or “very highly,” with the strongest approval coming from MBA and executive MBA graduates.

But beneath those headline numbers alumni also voiced concerns about curriculum relevance, practical skill development, and whether programs are keeping pace with the realities of modern careers.

HIGH SATISFACTION, BUT EXPECTATIONS ARE RISING

Overall sentiment toward business education remains positive. More than four in five respondents said their degree was relevant to their career development, and many credited business school with improving leadership ability, strategic thinking, and professional confidence.

MBA and EMBA alumni were the most enthusiastic, with 84% saying their degree had been highly relevant to their careers. Alumni also cited knowledge and skills as the most valuable outcome of their education, ahead of school brand and alumni networks. Communication and influence emerged as the single most important competency graduates believe business schools should develop, followed by leadership, strategy, and data analysis.

Yet alumni also signaled that the bar has moved. Many said they would like to see greater emphasis on applied learning, real-world problem solving, and exposure to current business challenges. Reto Steiner, dean of the ZHAW School of Management and Law, told The Financial Times that although critics frequently question whether business schools are “on the right track,” the survey suggests satisfaction levels remain “quite high” – even as expectations continue to evolve.

EARNINGS AND ROI REMAIN UNEVEN

While most alumni expressed confidence in the long-term value of their degrees, compensation outcomes varied widely, complicating the return-on-investment debate that has increasingly surrounded graduate business education.

Across all programs surveyed, 28% of graduates reported earning less than $50,000 annually, while only 18% reported incomes above $150,000. Those figures come despite the often significant tuition costs and opportunity costs associated with business school, particularly at the graduate level.

Graduates working in education reported some of the highest levels of career satisfaction but also lower pay and higher stress levels than peers in other industries. Nearly a quarter of respondents worked in finance or insurance, and roughly two-thirds were employed full time at the time of the survey. About 41% of participants had completed an MBA or EMBA.

A CALL FOR MORE PRACTICAL, FUTURE-FOCUSED LEARNING

Alumni feedback pointed consistently toward the need for curricular renewal. Respondents called for stronger integration of practical projects, deeper engagement with companies, and more attention to emerging areas such as artificial intelligence and digital transformation.

Many also emphasized the importance of interpersonal and adaptive skills – including cultural intelligence, negotiation, self-reflection, and the ability to lead through uncertainty – arguing that these capabilities are increasingly decisive in complex, global organizations. Several alumni suggested that business schools should spend less time reinforcing traditional theory and more time helping students apply concepts in ambiguous, real-world settings.

The survey primarily polled members of Beta Gamma Sigma, the international honor society for high-achieving students at accredited business schools, and included graduates spanning more than five decades, from the class of 1970 through 2025. Satisfaction levels also varied by region, with alumni in Latin America, the Caribbean, and North America reporting the highest career contentment, and respondents in Oceania, eastern Europe, and central Asia reporting lower levels.

The Financial Times Global MBA Ranking 2026 is scheduled to be published February 16, according to the FT’s special-reports calendar. 

DON’T MISS THE FINANCIAL TIMES MBA RANKING NOW ENCOURAGES U.S. SCHOOLS TO BREAK THE LAW and FINANCIAL TIMES LAUNCHES REVIEW OF RESEARCH MEASURE IN MBA & EMBA RANKINGS

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