FT Global Masters Ranking 2023: Europeans Lead; SPJIMR Ranked No 1 Indian B-school, ahead of IIMA, IIMC; 11 Indian B-schools feature in Top 100, Up from 7 Last Year

On September 10, Financial Times (FT) released its Global Masters in Management (MIM) Rankings 2023. FT MIM Rankings 2023 offered many insights and trends about this program and how Indian B-schools are faring on the global scene. 142 top B-schools from across the globe took part in the ranking process 2023, up from 135 in 2022. The ranking is based on 19 criteria. To start with, the number of B-Schools ranked from India among Top 100 in FT MIM Ranking 2023 has gone up at eleven, as against seven last year. This is a significant jump. Globally, HEC Paris has replaced University of St Gallen, Switzerland and is ranked # 1 among all the top Global B-schools. London Business School’s MIM program is ranked at #3. Refer table 1 below.

The biggest news emerging from the FT MIM Rankings 2023 is that SPJIMR Mumbai is ranked the top ranked B-school from India, offering the MIM program. SPJIMR is ranked # 40 among top global B-schools. SPJIMR is followed by IIM Ahmedabad, IIM Calcutta, IIM Lucknow. Refer table 2 below. This year IIM Bangalore which was ranked #31 globally and #1 in India, last year has not participated in the FT MIM Rankings 2023.

Another big news for India is that by “weighted salary parameter”, all the Top 4 B-schools are from India namely, IIM Ahmedabad, IIM Calcutta, SPJIMR Mumbai and IIM Lucknow who are ahead of HEC Paris and other top Global B-schools. Refer table 3 below.

It important to note that FT MIM Rankings rank only those management programs where prior work experience is not mandatory, and hence ranks the flagship 2-year MBA or PGDM programs of IIMs and other top B-schools in India. ISB’s 1 year PGP, an MBA equivalent program, with mandatory work experience, is not ranked in this survey. FT publishes a separate “Global MBA Rankings” where ISB’s PGP and IIMA’s post experience program PGPX are ranked.

Overall, European business schools have dominated the FT MIM 2023 rankings, with French institutions alone offering three of five top-tier courses. St Gallen in Switzerland which had retained its status as the top-ranked MIM program during 12th consecutive years, has come down to second place losing to HEC Paris.

Global Top 5 in FT MIM Rankings 2023
Quite clearly, European B-schools dominate the FT MIM Rankings 2023. HEC Paris is ranked at No 1 capturing the position from University of St Gallen, Switzerland. US Business Schools who used to dominate the FT Global MBA Rankings, do not figure prominently in the MIM Ranking 2023

Table 1: FT Masters in Management (MIM) Ranking 2023 – Global Top 5

B-school	Location	Rank in 2023	Rank in 2022	Rank in 2021
HEC Paris	France	1	2	2
University of St Gallen	Switzerland	2	1	1
London Business School	UK	3	7	4
ESCP Business School	France	4	5	7
Essec Business School	France	5	6	6

Source: Financial Times Global MIM Rankings 2023

FT MIM Ranking 2023 – 11 Indian B-schools ranked in Top 100
SPJIMR Mumbai, ranked No 1 in India, is ranked at #40 globally in 2024, ahead of IIM Ahmedabad which is ranked #43 and IIM Calcutta which is ranked #60.

In a significant improvement, IMI New Delhi has jumped by 13 places in FT MIM Rankings 2023 at 84^th Rank. Last year, it was ranked at #97. MDI Gurgaon has made debut and is ranked #93 globally in FT Masters in Management Ranking 2023.

IIM Bangalore has not participated in FT MIM Rankings 2023. Last year IIM Bangalore was ranked # 31 globally and was ranked # 1 in India in the FT MIM Rankings 2022.   

Lauding the substantial increase in top ranked Indian B-schools, FT MIM Ranking Survey stated, “In a sign of the growing internationalisation of the historically European-based qualification targeted at students with little or no professional work experience, there were also 11 ranked Indian schools, three from mainland China and two from Hong Kong, among many other countries represented.”

Table 2: Top B-Schools from India in FT MIM Ranking 2023

B-school	Global Rank 2023	India Rank 2023	Global Rank 2022
SP Jain Institute of Management & Research (SPJIMR)	40	1	44
Indian Institute of Management Ahmedabad	43	2	-
Indian Institute of Management Calcutta	60	3	-
Indian Institute of Management Lucknow	72	4	64
Indian Institute of Management Kozhikode	77	5	-
NMIMS Mumbai, School of Business Management	83	6	96
International Management Institute New Delhi	84	7	97
XLRI — Xavier School of Management	85	8	-
Indian Institute of Management Udaipur	88	9	81
Institute of Management Technology, Ghaziabad	92	10	-
Management Development Institute Gurgaon	93	11	-

FT MIM Ranking 2023 – Indian B-schools Ranked Top 4 Ahead of HEC by Weighted Salary
Four Indian B-schools – IIM Ahmedabad, IIM Calcutta, SPJIMR Mumbai and IIM Lucknow are ranked as top 4 global B-schools ahead of HEC Paris and other European B-schools on the weighted salary ranking parameter. While the weighted salary of IIM Ahmedabad is USD 137,919; the weighted salary of HEC Paris is USD129,806 which is lower than the weighted salary of even IIM Lucknow at USD 130,782.

Commenting on the achievement, FT MIM Ranking Survey said, Indian schools occupy the top four positions for salary outcomes three years after completion, adjusted for international purchasing power parity, led by the Indian Institute of Management Ahmedabad at $137,919. In Europe, HEC Paris leads at $129,806.”

Table 3: Top 4 B-Schools are from India by Weighted Salary in FT MIM Rankings 2023

B-school	Weighted salary (US$)	Rank in 2023	Rank in 2022
Indian Institute of Management Ahmedabad	1,37,919	43	-
Indian Institute of Management Calcutta	1,37,185	60	-
SP Jain Institute of Management & Research (SPJIMR)	1,31,024	40	44
Indian Institute of Management Lucknow	1,30,782	72	64

FT MIM: A fast growing program globally
MIM offers foundational courses in management and business for students with work experience upto 2 years. MIM programs are positioned for students keen on getting entry level management jobs and are not willing to wait for 4-5 years that are needed for an MBA. MIM programs are witnessing higher student interest off late.

FT MIM Ranking 2023 Methodology
According to Financial Times, a record 142 MIM programmes took part in the ranking process in 2023, up from 135 in 2022. Only AACSB or EQUIS accredited B-schools can participate. The ranking is based on 19 criteria. Alumni responses inform eight criteria that together contribute 56 per cent of the ranking’s total weight. The remaining 11 criteria are calculated from school data and account for 44 per cent of the weight.

Presence of Eleven Indian B-schools in MIM Rankings shows that Indian B-schools have the potential to be amongst the best in the world. However, as more B-schools attain the AACSB and EQUIS accreditations, they must strategize and achieve at least 15-20 rankings within Top 100 MIM programs in the world. This will facilitate global recognition, alliances and international enrolments.

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