HEC Paris Tops Financial Times’ Ranking Of European B-Schools For A Fifth Straight Year

MBA students on HEC Paris’s 340-acre wooded campus outside of Paris. The B-school was named the best in Europe in 2023 by The Financial Times. HEC Paris photo

Just two years ago, INSEAD was the No. 3 business school in Europe according to The Financial Times. But last year, the school dropped to 15th in the FT‘s annual ranking — and it dropped even further, to 18th, in the magazine’s 2023 list, released Sunday (December 3).

INSEAD’s slide is one of several noteworthy developments in the new FT ranking of the top European business schools, a list of 90 schools judged on the strengths of their MBA, executive MBA, and master in management programs, among other measures. The top school in the ranking, for the fifth year in a row since taking over the No. 1 spot from London Business School in 2019, is HEC Paris, followed by LBS in second place, Spain’s IESE Business School in third, the multinational ESCP Business School in fourth, and Italy’s SDA Bocconi School of Management in fifth.

After HEC Paris and ESCP, France has 21 ranked schools on the list, most of any country. The UK is second with 15 schools, and Germany has eight, the highest-ranked being No. 16 WHU Otto Beisheim School of Management in Vallendar and Duesseldorf. Spain and Portugal have five schools each in the ranking.

ESCP GAINS WHERE INSEAD LOSES

INSEAD’s 15-place slide over two years isn’t because of MBA outcomes — the school’s average MBA salary is the best of all 90 schools at $198,363. Rather, it’s chiefly due to INSEAD’s fledgling master in management program not yet being ranked by FT. MBA, EMBA, and MiM rankings account for 25% of each school’s ranking; the remaining quarter comes from custom and open executive education programs. Once INSEAD’s MiM secures a ranking, its overall placement should rebound.

Another French B-school, ESCP, has benefited where INSEAD has faltered. ESCP’s fourth-place finish is the school’s second-best ever — after its third-place ranking in 2022. The French school with campuses in Paris and five other European countries was ranked 14th in 2021 before leaping to third last year.

“We are immensely proud to be recognized once again as a top-tier business school in the Financial Times European Business Schools ranking,” says Professor Léon Laulusa, executive president and dean of ESCP, in a statement. “This accomplishment reflects our unwavering dedication to providing exceptional business education that prepares our students to be responsible leaders in an ever-evolving global landscape.”

ESCP has the lowest MBA salary average of the top five schools in the ranking: $130,888. It also has one of the lowest average MiM salaries: $102,362. But it has the No. 1 EMBA program in 2023, according to FT, and the No. 4 MiM.

“Our commitment to academic excellence, coupled with a focus on cultivating a global mindset, ensures that our students receive a transformative education that equips them for leadership roles in the dynamic world of business,” says Professor Francesco Rattalino, executive vice-president and dean for academic affairs and student experience. “This recognition reaffirms the dedication of our faculty and staff to providing a world-class learning experience at ESCP, where innovation, diversity, and a commitment to European values converge to shape the business leaders of tomorrow.”

ESG & SOCIAL JUSTICE HELP PUT EDHEC ON THE MAP — AND KEEP IT THERE

Another French B-school on the upswing, EDHEC, landed seventh for the second straight year, and has risen from 10th in 2021, 14th in 2020, and 15th in 2019. EDHEC penetrated into the European top 10 (and France’s top three) thanks to a 26-spot jump in the FT’s 2023 Global MBA ranking and a 19-place rise in the magazine’s 2023 EMBA ranking, landing it in the Global Top 50 and Global Top 30, respectively.

EDHEC — which puts sustainability and social justice at the heart of its teaching mission — has gained and endured in the ranking with strong scores in ESG criteria and overall satisfaction.

“Ranking seventh among the best European business schools for the second consecutive year, EDHEC solidifies its position as a leading academic institution on national and international levels,” EDHEC Dean Emmanuel Métais says in a statement. “This result encourages us to continue transforming our programs and research and to educate committed individuals, driven by the ambition to influence the world to make it more sustainable.”

SMALL PORTUGUESE SCHOOL MARKS 12 STRAIGHT YEARS ON FT LIST

Further down the ranking, Porto Business School marked its 12th straight year in the 20-year-old FT ranking of European B-schools. This year the Portuguese school climbed six places to finish 53rd.

The business school of the University of Porto ranks 30th and 29th in Custom and Open Executive Education, respectively; 56th in Executive MBA; and 43rd in Global MBA. Among Porto’s most noteworthy distinctions is that it has the lowest percentage of non-domestic faculty of any ranked school — just 2%. IMD, in Switzerland, has the most at 98%.

“It is a source of pride for Porto Business School to once again be featured in the Financial Times ranking,” says José Esteves, dean of Porto Business School. “We continue to demonstrate positive progress, reflecting our capacity for improvement and adaptation to the ever-changing demands of the world, particularly in terms of digital development and a focus on sustainability.

“This distinction attests to the success of our efforts in becoming a national and international benchmark institution, committed to fostering innovation and education, with a focus on fundamental areas of management such as leadership, digital transformation, artificial intelligence, and cybersecurity.”

2023 FINANCIAL TIMES RANKING OF EUROPEAN BUSINESS SCHOOLS

DON’T MISS A NEW WINNER TOPS P&Q’S 2022-2023 INTERNATIONAL MBA RANKING and AN AMERICAN IN (HEC) PARIS: P&Q’S EXCLUSIVE INTERVIEW WITH BRAD HARRIS, DEAN OF MBA PROGRAMS