ASU’s Thunderbird Holds Top Spot In QS’s 2027 International Trade Rankings

Tariff fights, rerouted supply chains and the arrival of AI have made cross-border commerce harder to navigate than at any point in a generation. But when it comes to where future trade professionals should go to learn the craft, the answer at the top hasn’t changed. Arizona State University’s Thunderbird School of Global Management again claims the No. 1 program in the world for international trade careers.

The 2027 QS International Trade Rankings, produced by QS Quacquarelli Symonds with the Asia-based Hinrich Foundation, were released today (Oct. 14). The field is much bigger this year: QS evaluates 109 business master’s and MBA programs across 39 countries and territories, up from 87 programs a year ago. It also ranks 38 Executive MBA programs from 20 locations. (See the full master’s and MBA ranking at the bottom of this story.)

Thunderbird’s Master of Global Management repeats at No. 1, though its “lens” scores – QS’s six weighted categories, from Program Content and Graduate Outcomes to Reputation and Research – are mixed. The program ranks third worldwide for Trade Program Content, down one spot, and climbs five places to sixth in Industry Engagement. It slides eight places to 18th in Graduate Outcomes.

EUROPEAN PROGRAMS SURGE INTO THE TOP 10

Below Thunderbird, the top 10 changed a lot. Durham University’s MSc International Business moves up a spot to second. The University of Sydney jumps from seventh to third, and UPF Barcelona School of Management climbs from 10th to fourth. Three other programs make even bigger leaps. WHU Otto Beisheim School of Management rises 10 places to fifth. The University of Leeds goes from 18th to seventh, and the University of Exeter from 20th to eighth.

Two Asian and European heavyweights lose ground. The National University of Singapore’s MBA falls from second to a tie for ninth. INSEAD’s MBA drops two places to sixth. The University of Amsterdam’s Master Management of International Business and Trade enters the ranking for the first time, sharing ninth place with NUS.

QS Senior Vice President Ben Sowter says in a news release that the field faces constant disruption from climate change, geopolitics and complex regulation. “Business Master’s and Executive MBA programs helping professionals to manage global exports and imports will not only protect consumer choice but will lower costs and drive sustainable economic growth,” Sowter says.

Alex Boome, who directs the Hinrich Foundation’s Trade Education Program, describes the current environment as one of “extreme volatility.” He says companies that move goods and services across borders need employees with the right training and mindset, and he hopes the ranking helps students find programs that fit careers anywhere along global trade value chains.

MIAMI & MICHIGAN CLIMB, COLUMBIA & TUFTS SLIDE

The UK dominates the ranking with 20 programs, while the U.S. is second with 14. Four of the U.S. programs move up and two are new, and eight land in the global top 50. The University of Miami’s Master of International Business makes the biggest U.S. jump, rising 11 places to 13th. Michigan Ross’s Global MBA climbs eight spots to 21st. UNC Kenan-Flagler’s full-time MBA moves from 45th to 37th, and George Mason’s MA in Global Commerce and Policy rises from 87th to a tie for 75th.

Other well-known programs fall sharply. Columbia’s MBA drops from 11th to 25th. Tufts’ Master of International Business falls from 12th to 41st, the steepest decline among U.S. entries. Northeastern goes from 53rd to 80th and South Carolina from 75th to 91st. The two U.S. newcomers debut strongly. George Washington University enters at 36th and the University of Colorado Denver at 53rd, and both place in the global top 10 for Trade Program Content.

U.S. PROGRAMS IN THE 2027 MASTER’S & MBA RANKING

Institution	Business School	Program	2027 Rank	2026 Rank
Arizona State University	Thunderbird School of Global Management	Master of Global Management (MGM)	1	1
University of Miami	University of Miami	Master of International Business	13	24
University of Michigan-Ann Arbor	University of Michigan	Global MBA	21	29
Florida International University	Florida International University	International MBA	22	21
Columbia University	Columbia University	MBA	25	11
George Washington University	George Washington University	Master of International Business	36	New
University of North Carolina, Chapel Hill	University of North Carolina, Chapel Hill	Full-time MBA	37	45
Tufts University	Tufts University	Master of International Business	41	12
University of Colorado Denver	University of Colorado Denver	MSc International Business	53	New
Boston College	Boston College	MBA	75=	69
George Mason University	George Mason University	MA in Global Commerce and Policy	75=	87
Northeastern University	Northeastern University	MSc International Management	80	53
University of South Carolina	University of South Carolina at Columbia	Master of International Business	91	75
Iowa State University	Iowa State University	MBA	95	85

The six lens scores show where U.S. schools are gaining and losing. Industry Engagement measures employer partnerships and faculty industry experience, and 10 U.S. entries improve there. Michigan climbs five places to No. 2 in the world on that measure. Research is the weak spot: every U.S. entry but one declines. Reputation is also soft, with Michigan the only U.S. school to improve. Michigan rises in five of the six lenses overall, and George Mason improves in four.

U.S. MASTER’S & MBA PROGRAMS IN THE TOP 20 OF EACH LENS

Lens	Institution	2027 Rank	Change Since 2026
Trade Program Content	Thunderbird School of Global Management	3	-1
	University of Colorado Denver	6	New
	George Washington University	9	New
Industry Engagement	University of Michigan	2	5
	Columbia University	3	0
	Thunderbird School of Global Management	6	5
	University of North Carolina, Chapel Hill	16=	3
Graduate Outcomes	Thunderbird School of Global Management	18	-8
	Tufts University	20	-2
Reputation	Columbia University	4=	-3
	University of Michigan	7	1
Innovative Teaching	Florida International University	12	-3
	Thunderbird School of Global Management	15=	2
Research	University of South Carolina at Columbia	8	-3
	Northeastern University	11=	-2
	Boston College	14	-4

CAMBRIDGE & LBS HOLD THE EMBA TOP SPOTS

In the Executive MBA ranking, the University of Cambridge’s Global Executive MBA and London Business School’s Executive MBA again finish first and second. INSEAD’s Global Executive MBA moves up to third. The U.S. has more EMBA entries than any other country with eight, followed by the UK and France with four each. Four U.S. programs make the top 10. Columbia stays the top-ranked U.S. EMBA even though it slips from third to fourth globally. Duke (15th), Georgetown (24th), Michigan State (28th), and Hult International Business School (34th) round out the U.S. list.

Miami is again the biggest U.S. gainer. Its Global Executive MBA climbs six places to eighth, helped by an eight-place jump to eighth in Trade Program Content. Cornell’s Metro NY Executive MBA rises one spot to fifth and ties for first worldwide in Industry Engagement. The other six U.S. EMBAs all fall. As on the master’s side, every U.S. EMBA drops in Reputation, and all but one decline in Innovative Teaching.

QS INTERNATIONAL TRADE RANKINGS 2027: GLOBAL TOP 10 EXECUTIVE MBA PROGRAMS

Business School	Country / Territory	Program	2027 Rank	2026 Rank
University of Cambridge	UK	Global Executive MBA	1	1
London Business School	UK	Executive MBA	2	2
INSEAD (France)	France	Global Executive MBA	3	4
Columbia University	US	Executive MBA	4	3
Cornell University	US	Executive MBA (Metro NY Program)	5	6
Georgia Institute of Technology	US	Executive MBA	6	5
National University of Singapore (NUS)	Singapore	EMBA	7	7
University of Miami	US	Global Executive MBA	8	14
SKEMA Business School	France	Global Executive MBA	9	10
The University of Manchester	UK	Global Executive MBA	10	9

U.S. EXECUTIVE MBA PROGRAMS IN THE TOP 10 OF EACH LENS

Lens	Institution	2027 Rank	Change Since 2026
Trade Program Content	University of Miami	8	8
Industry Engagement	Cornell University	1=	2
	Columbia University	3	-1
	Georgia Institute of Technology	4	2
	Duke University	6	-2
Graduate Outcomes	University of Miami	7	0
Reputation	Columbia University	3	-1
	Cornell University	7	-1
	Duke University	8	-3
Innovative Teaching	Cornell University	5	-1
	Georgetown University	8	-3
	Duke University	9	-1
Research	University of Miami	7	-2
	Columbia University	9	-5

HOW QS BUILDS THE RANKING

QS scores programs on six lenses. Trade Program Content has the most weight at 30% in both rankings. Reputation, which draws on surveys of academics and employers, counts for 20% in the master’s and MBA ranking and 25% for EMBAs. Graduate Outcomes and Industry Engagement each count for 15% in both rankings, and Research counts for 10% in both. Innovative Teaching makes up the rest, at 10% for master’s and MBA programs and 5% for EMBAs, which balances the extra weight EMBAs give to Reputation.

The table has a few quirks. QS says it ranks 110 master’s and MBA programs, but its published table lists 109 and skips No. 83 entirely. A spokesperson tells Poets&Quants that a correction is behind the gap, adding that QS sometimes corrects a listing just before or after publication and when it does, it leaves the other programs where they are to avoid confusion. Such corrections can stem from a data problem, an eligibility problem, or a change in how a program is offered, the spokesperson says, adding that QS has to be strict about which programs qualify because the ranking covers such a specific slice of graduate management education.

QS does not say which program was affected or which of those reasons applied.

The ranking also has 11 ties, each between two programs, so 22 of the 100 numbered spots are shared. They fall at Nos. 9, 15, 34, 42, 44, 48, 65, 68, 72, 75 and 97. The 10 programs below No. 100 are grouped in a 101+ band rather than ranked individually.

QS INTERNATIONAL TRADE RANKINGS 2027: MASTER’S & MBA PROGRAMS

2027 Rank	School	Program	Country / Territory
1	Thunderbird School of Global Management (Arizona State)	Master of Global Management (MGM)	US
2	Durham University	MSc International Business	UK
3	The University of Sydney	Master of International Business	Australia
4	UPF Barcelona School of Management	Master of Science in International Business	Spain
5	WHU Otto Beisheim School of Management – Koblenz	MSc International Business	Germany
6	INSEAD	INSEAD MBA	France
7	University of Leeds	MSc International Business	UK
8	University of Exeter	MSc International Business	UK
9	National University of Singapore (NUS)	MBA	Singapore
9	University of Amsterdam	Master Management of International Business and Trade	Netherlands
11	Cranfield University	Transformation MBA	UK
12	University of Cambridge	The Cambridge MBA	UK
13	University of Miami	Master of International Business	US
14	IMD	MBA	Switzerland
15	Politecnico di Milano	Master in International Business and Digital Transformation	Italy
15	The University of Nottingham	MSc International Business	UK
17	The University of Warwick	MSc International Trade, Strategy and Operations	UK
18	University of Oxford	Oxford MBA	UK
19	London Business School	Global Masters in Management	UK
20	HEC Montréal	M.Sc. International Business	Canada
21	University of Michigan	Global MBA	US
22	Florida International University	International MBA	US
23	The University of Melbourne	Master of International Business	Australia
24	Tsinghua University	Global MBA	China
25	Columbia University	MBA	US
26	ESIC Business & Marketing School	Master in International Trade Business	Spain
27	City University of Hong Kong	MBA	Hong Kong SAR
28	Universität Mannheim	MBA	Germany
29	ESADE Business School	MSc International Management	Spain
30	University of Reading (Henley)	MSc International Business	UK
31	Athens University of Economics and Business	MBA International	Greece
32	EAE Business School	Master in International Business STEM	Spain
33	University of Birmingham	MSc International Business	UK
34	ENAE Business School	Master in International Trade	Spain
34	London School of Economics (LSE)	Global Masters in Management	UK
36	George Washington University	Master of International Business	US
37	University of North Carolina, Chapel Hill	Full-time MBA	US
38	Rome Business School	MBA	Italy
39	Swiss International University	MSc in International Trade	Switzerland
40	City University London	International Business MSc	UK
41	Tufts University	Master of International Business	US
42	Lund University	MSc Management	Sweden
42	University of Auckland Business School	Master of International Business	New Zealand
44	Indian Institute of Management Ahmedabad	MBA	India
44	HKU Business School	MBA	Hong Kong SAR
46	China Europe International Business School (CEIBS)	Full-Time MBA	China
47	University of Ljubljana	Master in International Business	Slovenia
48	ESSEC Business School	Master in Strategy & Management of International Business	France
48	University of British Columbia	International MBA	Canada
50	Shanghai Jiao Tong University	International MBA	China
51	The University of Manchester	MSc in International Business and Management	UK
52	University of Glasgow	Master of Global Business	UK
53	University of Colorado Denver	MSc International Business	US
54	UNSW Sydney	Master of International Business	Australia
55	McGill University	MBA (Global Strategy and Leadership)	Canada
56	University of Geneva	Master in Commodity Trading	Switzerland
57	Somaiya Vidyavihar University	MBA	India
58	EDHEC Business School	Global MBA	France
59	KU Leuven	Master of International Business	Belgium
60	Stockholm School of Economics	MSc International Business	Sweden
61	Universidad Externado de Colombia	MBA	Colombia
62	Manav Rachna International Institute of Research and Studies	MBA in International Business	India
63	The Chinese University of Hong Kong (CUHK)	Full-Time MBA	Hong Kong SAR
64	University College Dublin	MSc International Business	Ireland
65	Azerbaijan State University of Economics	MBA (UNEC Business School)	Azerbaijan
65	Hanken School of Economics	MSc Management and Organisation	Finland
67	LUT University	Master’s in International Business and Entrepreneurship	Finland
68	Putra Business School	MBA International Business	Malaysia
68	Tasmanian School of Business and Economics	Master of Global Logistics and Supply Chain Management	Australia
70	Trinity College Dublin	MSc in International Management	Ireland
71	Aarhus University – Aarhus BSS	Master in International Business	Denmark
72	RMIT University	MBA	Australia
72	The Hong Kong Polytechnic University	MSc in Global Business and Decision Analysis	Hong Kong SAR
74	Lancaster University	MSc International Business and Strategy	UK
75	Boston College	MBA	US
75	George Mason University	MA in Global Commerce and Policy	US
77	Nova SBE / Católica Lisbon	International MBA	Portugal
78	Grenoble Ecole de Management	MSc Management in International Business	France
79	Maastricht University (UMIO)	Master in International Business – Supply Chain Management	Netherlands
80	Northeastern University	MSc International Management	US
81	Manchester Metropolitan University	MBA	UK
82	TBS Education (Toulouse)	Master in Management	France
84	Universidade Católica Portuguesa, Lisboa	International MSc in Management	Portugal
85	Glasgow Caledonian University	MSc International Operations and Supply Chain Management	UK
86	ESCA Ecole de Management	Programme Grande Ecole	Morocco
87	University of Zagreb	Master in Trade and International Business	Croatia
88	International University of Japan	MBA	Japan
89	ESMT Berlin	Master in Global Management	Germany
90	KEDGE Business School	MSc International Business	France
91	University of South Carolina	Master of International Business	US
92	Universidad Iberoamericana	MBA	Mexico
93	Thammasat University	MBA Global Business Management	Thailand
94	Tilburg University	MSc International Management	Netherlands
95	Iowa State University	MBA	US
96	EU Business School	MBA	Switzerland
97	Prince Sultan University	MBA	Saudi Arabia
97	University of International Business and Economics	Master’s in International Trade	China
99	Corvinus University of Budapest	MSc in International Economy and Business	Hungary
100	Beijing Foreign Studies University	MSc International Business	China
101	Jeonbuk National University	Department of Cyber Trade and Area Studies	South Korea
101	ESAN Graduate School of Business	Flex-MBA	Peru
101	Leeds Beckett University	MSc International Trade and Finance	UK
101	London Metropolitan University	MSc International Business Management	UK
101	S. P. Jain School of Global Management	Master of Global Business	Singapore
101	Universidad de Chile	Master in International Strategy and Trade Policy	Chile
101	Universitas Gadjah Mada	International MBA	Indonesia
101	Victoria University of Wellington	Master of International Trade	New Zealand
101	Vlerick Business School	Masters in International Management and Strategy	Belgium
101	Warsaw School of Economics (SGH)	Master in International Business	Poland

See the full results at TopUniversities.com.

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