London Business School Tops 2025 Financial Times Open-Enrollment Exec Ed Ranking, IMD Claims Custom Program Crown

The Financial Times released its 2025 Executive Education Rankings today (June 1), and London Business School is making headlines with a rare double distinction. The school earned the top spot in the Open Enrollment category, rising from second place in 2024, and the No. 2 position globally in Custom programs, up from seventh — the only institution to rank in the top three this year of both prestigious lists.

“It is a privilege and honor to be recognized for the impact of our Executive Education open and custom programs,” says Helen Kerkentzes, associate dean of executive education at LBS. “We are deeply grateful to the global organizations and participants who placed their trust in London Business School for their individual, team and organizational development, transformation and growth.”

The 2025 results mark the fourth consecutive year LBS has improved its standing in both FT Executive Education rankings.

A DOUBLE TRIUMPH FOR LBS

FT publishes two annual rankings for executive education: one for Open programs and another for Custom programs. Open programs are short, non-degree courses offered by business schools that individuals from any organization can attend — typically aimed at managers or executives seeking to upskill or expand their leadership capabilities.

In contrast, custom programs are tailor-made training solutions designed specifically for corporate clients, addressing unique strategic goals, industries, or organizational challenges. Together, these rankings assess schools on a wide range of criteria — including course design, faculty quality, value for money, and the extent to which programs meet participants’ or corporate clients’ goals — offering a comprehensive snapshot of leadership development offerings worldwide.

LBS claimed first place in the FT’s 2025 Open Executive Education ranking this year, with top marks for “quality of participants” — a measure that assesses academic and managerial standards, international diversity, and peer learning quality. The school also led globally for “new skills and learning,” reflecting the relevance and impact of its curriculum.

In the custom ranking, which assesses bespoke programs designed for corporate clients, LBS jumped to second place overall. The school’s custom offerings ranked first for “new skills and learning” and second for both “teaching methods and materials” and “aims achieved.”

FINANCIAL TIMES’S 2025 CUSTOM EXECUTIVE MBA PROGRAM RANKING

Rank 2025	Business School	Location(s)	Value for Money Rank	Rank 2024
1	IMD – International Institute for Management Development	Switzerland/Singapore	3	3
2	London Business School	UK/UAE	5	7
3	SDA Bocconi School of Management	Italy	1	6
4	ESMT Berlin	Germany	4	8
5	Insead	France/Singapore	2	1
6	HEC Paris	France/Qatar	2	4
7	IESE Business School	Spain/US/Germany/Brazil	8	2
8	Fundação Dom Cabral	Brazil	6	10
9	Essec Business School	France/Singapore	7	9
10	ESCP Business School	France/UK/Germany/Spain/Italy/Poland	9	11
11	Esade Business School	Spain	10	12
12	Neoma Business School	France	11	19
13	Stockholm School of Economics	Sweden	12	18
14	Ipade Business School	Mexico	13	16
15	Nova School of Business and Economics	Portugal	14	13
16	University of St Gallen	Switzerland	15	20
17	Hult Ashridge Executive Education	UK	16	25
18	University of Oxford: Saïd	UK	17	14
19	Skema Business School	France	18	22
20	Edhec Business School	France	19	14
21	University of Michigan: Ross	USA	20	22
22	Henley Business School	UK	21	23
23	Indian School of Business	India	22	24
24	IAE Business School	Argentina	23	25
25	Thunderbird School of Global Management at ASU	USA	24	26
26	Miami Herbert Business School	USA	25	27
27	Cranfield School of Management	UK	26	28
28	Aalto University	Finland/Singapore	27	29
29	Kedge Business School	France	28	30
30	Xiamen University School of Management	China	29	31
31	Ceibs	China	30	32
31	Iéseg School of Management	France	31	33
33	MBS (Montpellier Business School)	France	32	34
34	Grenoble Ecole de Management	France	33	35
35	University of Cambridge: Judge	UK	34	36
36	Vlerick Business School	Belgium	35	37
37	Western University: Ivey	Canada	36	38
38	Koç University Graduate School of Business	Turkey	37	39
39	Mannheim Business School	Germany	38	40
39	Eada Business School Barcelona	Spain	39	41
41	Sabanci Business School	Turkey	40	42
42	University of Porto – FEP	PBS	Portugal	41
43	Excelia Business School	France	42	44
44	Iscte Business School	Portugal	43	45
45	Trinity College Dublin, Trinity Business School	Ireland	44	46
46	Indian Institute of Management Bangalore	India	45	47
47	Lagos Business School	Nigeria	46	48
48	ISEG – Lisbon School of Economics and Management	Portugal	47	49
49	Bologna Business School	Italy	48	50
50	Católica Lisbon School of Business and Economics	Portugal	49	51
51	Rutgers Business School	USA	50	52
51	Warwick Business School	UK	51	53
53	University of Tennessee: Haslam College of Business	USA	52	54
53	Essca School of Management	France	53	55
55	WHU – Otto Beisheim School of Management	Germany	54	56
56	University College Dublin: Smurfit	Ireland	55	57
57	EMLyon Business School	France	56	58
58	Insper Instituto de Ensino e Pesquisa	Brazil	57	59
58	York University: Schulich	Canada	58	60
60	Deusto Business School	Spain	59	61
61	Management Development Institute Gurgaon	India	60	62
62	Alliance Manchester Business School	UK	61	63
63	Luiss University/Luiss Business School	Italy	62	64
64	Gordon Institute of Business Science at UP	South Africa	63	65
65	Universidad de los Andes School of Management	Colombia	64	66
66	BI Norwegian Business School	Norway	65	67
67	Polimi School of Management	Italy	66	68
68	Rotterdam School of Management, Erasmus University	Netherlands	67	69
69	AGSM at UNSW Business School	Australia	68	70
70	University of British Columbia: Sauder	Canada	69	71
70	Frankfurt School of Finance and Management	Germany	70	72
72	Indian Institute of Management Ahmedabad	India	71	73
73	Asian Institute of Management	Philippines	72	74
73	Incae Business School	Costa Rica/Nicaragua	73	75
75	Georgetown University: McDonough	USA	74	76
76	UPF Barcelona School of Management	Spain	75	77
77	UCT Graduate School of Business	South Africa	76	78
78	Indian Institute of Management Calcutta	India	77	79
79	Fundação Getulio Vargas — FGV EAESP	Brazil	78	80
80	Tias Business School, Tilburg University	Netherlands	79	81
83	Indian Institute of Management Indore	India	80	82
84	Kozminski University	Poland	81	83
85	HEC Montreal	Canada	82	84
86	Esan Graduate School of Business	Peru	83	85
87	Indian Institute of Management Kozhikode	India	84	86
88	University College Cork: IMI/CUBS	Ireland	85	87
89	Audencia	France	86	88
90	NHH Norwegian School of Economics	Norway	87	89
91	Antwerp Management School	Belgium	88	90
92	Bayes Business School	UK	89	91
93	Solvay Brussels School of Economics and Management (ULB)	Belgium	90	92
94	ZHAW School of Management and Law	Switzerland	91	93
95	Rennes School of Business	France	92	94

IMD LEADS IN CUSTOM

“These results reflect the global reach of the LBS network, which includes our vibrant campuses in London and Dubai and soon-to-open executive office in Riyadh,” Kerkentzes says. “Achieving such recognition is only possible because of the commitment and excellence of our distinguished faculty, staff and learning partners, and their dedication to curating diverse, high-impact programs, where peer learning fosters tangible, lasting change.”

While LBS led the open category, IMD in Switzerland topped the Custom Executive Education ranking thanks to its strong corporate partnerships and personalized learning experiences. Other top performers across both rankings included IESE Business School, HEC Paris, Fundação Dom Cabral, and Esade.

In the custom ranking, 334 points separate the top program at IMD from the school ranked 95, Rennes School of Business in France. The schools are divided into four tiers: Tier l includes eight schools from IMD to Fundação Dom Cabral. Tier ll includes schools from Essec, ranked 9, to Iscte Business School at 44. Tier lll, headed by Trinity College Dublin, Trinity Business School, spans schools ranked 45 to 88. Tier lV includes schools from Audencia at 89 to Rennes School of Business at 95. (See the custom ranking above and the open ranking below.)

In the open ranking, 351 points separate the top program, LBS, from the school ranked 85, Xavier School of Management in India. Open-program schools are also divided into four tiers: Tier l includes five schools from LBS to Esade. Tier ll includes schools from University of Oxford: Saïd, ranked 6, to University of Utah: David Eccles at joint 41st. Tier lll, headed by University of Porto – FEP | PBS, spans schools ranked 43 to 71. Tier lV includes schools from Bologna Business School at 72 to XLRI – Xavier School of Management at 85.

JUST 3 U.S. B-SCHOOLS IN THE OPEN PROGRAM RANKING

The 2025 rankings assessed 119 accredited schools using data from client surveys and institutional metrics. Evaluation criteria included course design, teaching quality, skills gained, networking opportunities, and return on investment.

Notably, several elite U.S. business schools, including Harvard, Wharton, Kellogg, MIT Sloan, Columbia, and Stanford, are absent from the 2025 rankings. These institutions chose not to participate, declining to submit the necessary data for evaluation. Their absence has led to a predominantly European representation in the rankings and has sparked discussions about the comprehensiveness and global balance of such evaluations.

The highest-ranked open-enrollment program from the U.S. this year was Michigan Ross School of Business, at No. 15, down from No. 12 last year. It is one of just three U.S. programs in the ranking, along with Utah Eccles School of Business at No. 41 and Florida Atlantic University at No. 46.

Michigan Ross was also the highest-ranked U.S. program in the custom-enrollment ranking, at No. 21. It is one of just five ranked U.S. programs.

RELEVANCE IN A SHIFTING GLOBAL CONTEXT

Aside from the glaring absence of elite U.S. programs, the rankings reflect a sector on the rise: Executive education is seeing robust post-pandemic growth, with surging demand in regions like the Middle East and Southeast Asia. A renewed interest in face-to-face learning is also reshaping the space. According to a 2024 survey by Unicon, in-person attendance for custom and open programs climbed to over 60% in 2023-24, up from less than 15% during the pandemic years.

B-schools are also responding to a world shaped by digital transformation, geopolitical uncertainty, and growing calls for sustainability. Many executive programs now integrate content on artificial intelligence, ESG principles, and inclusive leadership.

“While we are proud of this recognition, we carry a strong sense of responsibility in upholding the trust placed in us,” Kerkentzes says. “We remain focused on listening to feedback and continuously improving, evolving and innovating the learning experiences we design and deliver, to enable profound impact and personal and organizational growth.”

FINANCIAL TIMES’S 2025 OPEN-ENROLLMENT EXECUTIVE MBA PROGRAM RANKING

Rank	School	Location	Aims Achieved Rank	Rank in 2024
1	London Business School	UK/UAE	2	2
2	HEC Paris	France/Qatar	3	1
3	IESE Business School	Spain/US/Germany/Brazil	7	2
4	Fundação Dom Cabral	Brazil	1	5
5	ESADE Business School	Spain	4	2
6	Oxford Saïd	UK	6	7
7	INSEAD	France/Singapore	5	8
8	Edhec Business School	France/UK/Singapore	9	5
9	IMD	Switzerland/Singapore	8	9
10	IE Business School	Spain	11	10
11	Essec Business School	France/Singapore/Morocco	16	13
12	SDA Bocconi School of Management	Italy	15	10
13	ESMT Berlin	Germany	14	17
14	St Gallen	Switzerland	10	15
15	Michigan Ross	US	18	12
16	Stockholm School of Economics	Sweden	13	17
17	Incae Business School	Costa Rica	34	19
17	Insper Instituto de Ensino e Pesquisa	Brazil	12	31
19	Eada Business School Barcelona	Spain	26	16
19	Kaist College of Business	South Korea	19	20
19	Warwick Business School	UK	20	30
22	EMLyon Business School	France/China/India	23	22
23	Universidad de los Andes School of Management	Colombia	17	24
24	ESCP Business School	France/Spain/Italy/Germany/UK/Poland	31	14
25	Henley Business School	UK/South Africa/Finland	29	23
25	Vlerick Business School	Belgium	25	27
27	Cambridge Judge	UK	40	25
27	Fundação Getulio Vargas — FGV EAESP	Brazil	24	–
29	Centrum PUCP Graduate Business School	Peru	36	44
30	HEC Montreal	Canada	39	29
30	Nova School of Business and Economics	Portugal	42	41
32	Western University: Ivey	Canada/Hong Kong	30	21
32	Pacifico Business School	Peru	44	49
34	York University: Schulich	Canada/Costa Rica	37	27
35	CEIBS	China/Switzerland/Ghana	58	35
35	Indian Institute of Management Ahmedabad	India/UAE	28	43
37	Gordon Institute of Business Science at UP	South Africa	33	26
37	Católica Lisbon School of Business and Economics	Portugal	38	42
39	Ipade Business School	Mexico	22	34
40	Case Western Reserve University: Weatherhead School of Management	US	21	–
41	WHU – Otto Beisheim School of Management	Germany	43	33
41	Utah Eccles	US	35	38
43	University of Porto – FEP \| PBS	Portugal	45	44
44	Neoma Business School	France	52	37
45	Kedge Business School	France	47	38
46	Florida Atlantic University College of Business	US	50	31
47	University College Dublin: Smurfit	Ireland	41	46
48	AGSM at UNSW Business School	Australia	54	51
49	Lagos Business School	Nigeria	56	40
49	Cranfield School of Management	UK	46	53
51	Indian Institute of Management Bangalore	India	64	59
52	Mannheim Business School	Germany	48	–
53	Skema Business School	France/Brazil/US/South Africa/China/UAE	71	65
54	Audencia	France	63	50
55	NHH Norwegian School of Economics	Norway	32	47
56	Rutgers Business School	US/Singapore	53	56
57	Polimi School of Management	Italy	59	69
57	Alliance Manchester Business School	UK	60	–
59	Kozminski University	Poland	65	52
59	EBS Business School	Germany	51	48
61	Frankfurt School of Finance and Management	Germany	62	–
62	BI Norwegian Business School	Norway	27	58
62	Aalto University	Finland/Singapore	55	60
64	University College Cork: IMI/CUBS	Ireland	49	67
65	IAE Business School	Argentina	67	53
65	Indian Institute of Management Indore	India	69	61
67	Iscte Business School	Portugal	68	64
68	ISEG – Lisbon School of Economics and Management	Portugal	61	57
69	Nyenrode Business Universiteit	Netherlands	57	62
70	Rotterdam School of Management, Erasmus University	Netherlands	72	63
71	UCT Graduate School of Business	South Africa	70	66
72	Bologna Business School	Italy	66	77
73	Indian School of Business	India	74	–
74	The American University in Cairo (AUC): Onsi Sawiris	Egypt	76	73
75	Esan Graduate School of Business	Peru	79	68
76	Indian Institute of Management Kozhikode	India	80	70
77	University of Saskatchewan: Edwards	Canada	73	76
78	University of British Columbia: Sauder	Canada	75	–
79	Solvay Brussels School of Economics and Management (ULB)	Belgium	78	–
80	Tias Business School, Tilburg University	Netherlands	77	75
81	Aston Business School	UK	83	–
82	ZHAW School of Management and Law	Switzerland	81	78
83	Indian Institute of Management Calcutta	India	85	74
84	Maastricht University School of Business and Economics	Netherlands/Belgium	82	80
85	XLRI — Xavier School of Management	India	84	–