Welcome to the 12th edition of the FT Masters in Finance ranking, a comprehensive list of pre-experience programs designed for students with limited or no professional experience. Unfortunately, this year we will not be publishing a table for post-experience programs due to insufficient graduate survey responses from participants with finance work experience.
To be considered for the ranking, programs must meet strict criteria. They must be full-time, cohort-based, and have at least 30 graduates who completed the course three years ago. The schools offering these programs must also be accredited by either AACSB or Equis.
A total of 82 schools participated in the pre-experience ranking. The assessment is based on two separate surveys, one of business schools and the other of alumni who completed their degrees in 2020.
If a school wants to be eligible for the ranking, at least 20% of its alumni must respond to the FT survey, with a minimum of 20 completed surveys. We received a total of 2,294 alumni responses, resulting in an overall response rate of 36%.
The pre-experience ranking consists of 18 categories. Alumni responses contribute to eight categories, which make up 58% of the total weight. The other 10 categories are calculated using school data and make up the remaining 42%.
The most heavily weighted factor in the ranking is the current average salary of alumni, accounting for 16%. Local salaries are converted to US dollars using purchasing power parity rates provided by the IMF. Salaries are normalized by removing the highest and lowest reported figures.
Another important factor is the average salary increase between the first post-masters job after completion and the present, which carries a weight of 10%. This figure is calculated based on both the absolute increase and the relative percentage increase.
We also consider the diversity of teaching staff, board members, and students when ranking programs. This includes gender and citizenship diversity, as well as the international reach of the program. Schools with a 50:50 male to female composition receive the highest score for gender diversity. For international diversity, we consider the percentage of international students and faculty, as well as the proportion of international individuals based on their citizenship.
All alumni criteria are based on information collected in 2023, and if available, in 2022 and 2021. Responses from 2023 carry 50% of the total weight, while 2022 and 2021 responses each account for 25%. If only two years of data are available, the weighting is split accordingly. Salary data is given equal weight for each year.
Schools are ranked against each other by calculating a Z-score for each criterion. The Z-score indicates the position of a score in relation to the mean. These scores are then weighted and added together to determine the final rankings.
After removing schools that did not meet the minimum survey response rate, a first version of the rankings is calculated. The school at the bottom is then removed, and a second version is calculated. This process is repeated until the final ranked schools are determined.
We would like to acknowledge Judith Pizer of Pizer-MacMillan, who served as the FT’s database consultant for this ranking.
If you’re interested in finding out where business schools stand in this year’s ranking or reading more about our coverage, please explore the Masters in Finance Ranking 2023.
Thank you for joining us on this journey to recognize excellence in finance education.
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