US business schools, led for the first time by Columbia in New York, dominate the top of the FT Global MBA Ranking in its 25th year.

Of the leading tier of 18 of the 100 business schools ranked in 2023, 13 are in the US, including Harvard, Stanford and Berkeley. Two top-tier schools are in France: Insead, placed second, and HEC Paris. One school — third-placed Iese — is in Spain; one, SDA Bocconi, is in Italy; and another, London Business School, is in the UK.

The US dominates in part because the assessment focuses on outcomes, giving significant weight to salary levels and rises three years after completion of the MBA. Twelve of the 14 highest paying MBAs are from US business schools, led by Stanford, with an average weighted alumni salary of $248,669.