Two-year MBAs are holding their own. Stanford Graduate School of Business is back at the top of the FT Global MBA ranking and two-year programmes occupy nine out of the first 10 places. Insead’s one-year MBA, top for the past two years, falls to second place.

University of Pennsylvania: Wharton remains third, while London Business School’s two-year programme, up to fourth place after a rare drop outside the top five, is the top British MBA. Meanwhile, Cambridge Judge Business School’s one-year MBA slips eight places to 13th. Harvard Business School drops to fifth, its lowest rank since 2008.

Overall, a majority of two-year programmes rise or maintain position in this year ranking (31 up and 21 down) while their one-year rivals lose places (14 up and 21 down). Jones Graduate School of Business at Rice University in Houston makes the biggest jump, up 19 places to 45.