While the cost of pursuing an MBA from the US has been on a steep upward trend (see F1GMAT Premium's Research on cost trends), European Business schools have strategically cut their costs or pursued industry recruiters who have offers that are substantially higher relative to the offers in the local economy.
With the best European programs offering a total salary in the range of $160,000 to $170,000 in 2025 adjusted for PPP, in this Top 20 European MBA analysis, we cover:
- European MBA Ranking by Post-MBA Salary (2025)
- Top 20 European MBA (Post-MBA Salary vs. Cost) (Based on PPP)
- Top 20 European MBA – Cost Breakdown
- Tier-1, Tier-2 and Tier-3 European MBA
European MBA Ranking by Post-MBA Salary (2025)
SDA Bocconi leads the Top 20 European MBAs in 2025, with a post-MBA salary of $168,762, marking a remarkable 22% increase from last year.
In close 2nd is IESE, which recorded $168,596 in total salary, up nearly 58%, overtaking INSEAD, which stands at $165,636, a 12% rise.
London Business School follows in fourth place with $163,883, reflecting a 7% increase, just ahead of Alliance Manchester at $140,238 – a remuneration that remained unchanged from 2024.
Bayes Business School takes the sixth spot at $137,128, slightly down from last year, while HEC Paris climbs to seventh at $135,148, up nearly 4%.
Cambridge Judge, once the leader, dropped to eighth at $134,106, showing a significant decline of 15% from 2024.
Warwick comes in ninth with $132,522, ahead of ESADE at $131,000, which sees a robust 19% growth.
Notably, Bocconi, IESE, INSEAD, and LBS are the only European MBAs where graduates now surpass the $160,000 benchmark, putting them in closer competition with top US programs ranked 15–20.
Top 20 European MBA (Post-MBA Salary VS Cost)(Based on PPP)
The 2025 European MBA ranking reveals significant changes in both salaries and tuition fees, reshaping the value proposition for prospective students.
SDA Bocconi claims the top spot, with graduates earning an average salary of $168,762, while tuition fees have increased modestly to $130,423, maintaining a strong value proposition.
IESE, despite its two-year format and higher tuition fees of $186,388, also delivers excellent returns, with graduates earning $168,596—a remarkable leap from last year.
INSEAD and London Business School remain competitive, offering salaries of $165,636 and $163,883, respectively, although both face slightly reduced tuition fees compared to 2024.
INSEAD’s tuition is now $144,425, while LBS charges $172,810, making them premium but strong-return options.
In the mid-tier, Alliance Manchester Business School maintains stability with a salary of $140,238 and relatively affordable tuition of $70,593, while Bayes Business School reports a slight dip in salary to $137,128 while keeping tuition at $72,610.
HEC Paris and Cambridge Judge fall into a similar bracket, delivering salaries around $135,000 and tuition fees between $106,000 and $138,000.
Notably, Cambridge Judge saw a substantial drop in average salary from last year’s $157,355 to $134,106.
On the affordable end, schools like Mannheim Business School ($110,264 salary; $61,375 tuition), WHU – Otto Beisheim ($102,743 salary; $66,148 tuition), and the University of St. Gallen ($119,345 salary; $75,911 tuition) offer strong value for cost-conscious candidates.
Meanwhile, ESMT Berlin experienced a sharp decline in salary outcomes, dropping from $154,791 to $105,701, despite low tuition fees of $68,194, highlighting how outcomes in European MBA are closely tied to the host country. Read – German recession in 2025.
Overall, the 2025 ranking underscores that while Europe’s elite MBA programs still demand high tuition fees, significant differences in salaries create a 3-tier school system where careful school selection is crucial for maximizing return on investment.
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| Rank | School Name | Total Salary (2025) | Total Salary (2024) | Tuition Fees (in US $) PPP (2025) | Tuition Fees (in US $) PPP (2024) | % Change in Tuition Fee |
| 1 | SDA Bocconi School of Management (Italy) | $168,762 | $138,360 | € 82,000 ($130,423) | $125,911 | 3.5% |
| 2 | IESE (2-year program) | € 99,500 ($168,596) | $106,791 | €110,000 ($186,388) | $181,406 | 2.7% |
| 3 | INSEAD | $165,636 | $148,147 | € 103,500 ($144,425) | $146,111 | -1.1% |
| 4 | London Business School (2 years) (without sign-on bonus) | $163,883 | $152,525 | £119,950 ($172,810) | $176,581 | -2.1% |
| 5 | Alliance Manchester Business School | $140,238 | $140,238 | £49,000 ($70,593) | $73,703 | -4.2% |
| 6 | City, University of London: Bayes (formerly Cass) | $137,128 | $142,031 | £50,400 ($72,610) | $77,388 | -6.1% |
| 7 | HEC Paris (Paris) | $135,148 | $130,000 | € 99,000 ($138,146) | $145,369 | -4.9% |
| 8 | Cambridge Judge School of Business | $134,106 | $157,355 | £74,000 ($106,610) | $105,949 | .6% |
| 9 | Warwick Business School | $132,522 | $125,339 | £57,500 ($82,839) | $82,532 | 0.3% |
| 10 | ESADE Business School | $131,000 | $110,087 | € 78,500 ($133,013) | $133,895 | -.6% |
| 11 | IMD | $127,000 | $140,000 | CHF 80,000 ($80,971) | $81,526 | -0.6% |
| 12 | IE Business School | € 95,000 ($121,982) | $113,770 | €82,300 ($105,674) | $142,188 | 25% |
| 13 | University of St. Gallen (Switzerland) | $119,345 | $129,932 | 75,000 CHF ($75,911) | $76,430 | -0.6% |
| 14 | ESSEC Business School | $111 623 | $107,146 | € 50,000 ($69,771) | $74,168 | -5.9% |
| 15 | Mannheim Business School | $110,264 | $105,195 | € 45,000 ($61,375) | $61,196 | .29% |
| 16 | Oxford Said Business School (without sign-on bonus) | $106,816 | $128,075 | £88,800 ($127,933) | $120,551 | 6.12% |
| 17 | ESMT Berlin | € 77,500 ($105,701) | $154,791 | € 50,000 ($68,194) | $71,275 | -0.043 |
| 18 | EDHEC Business School | $104,373 | $124,405 | € 525,00 ($75,636) | $75,651 | -0.0001 |
| 19 | WHU – Otto Beisheim School of Management | € 75,331 ($102,743) | $145,828 | € 48,500 ($66,148) | $68,396 | -0.032 |
| 20 | Imperial College Business School | £63,364 ($91,287) | $105,090 | £73,000 ($105,170) | $103,645 | 0.0147 |
PPP Conversion Rates:
1 €= 1.4 USD (France)
1 €= 1.36 USD (Germany)
1 €= 1.4 USD (France)
2 €= 1.59 USD (Italy)
1 Pounds = 1.44 USD
1 CHF= 1.01 USD
Top 20 European MBA – Cost Breakdown
The 2025 cost breakdown of Europe’s top MBA programs underscores significant diversity in tuition fees and living expenses, with total program costs ranging widely across schools and countries.
IESE – Higher Tuition Fees & Higher living expenses
At the upper end of the cost spectrum are multi-year programs like IESE Business School, whose two-year format results in the highest total estimated cost of $242,304, driven by tuition fees of $186,388 and living expenses of around $55,916.
LBS – Higher Tuition Fees & Higher living expenses
London Business School follows closely, with a two-year program costing $226,810, including a substantial living cost of $54,000.
INSEAD – Higher Tuition Fees but relatively lower Living Costs
Among one-year programs, several remain expensive, with INSEAD totaling $186,287, combining tuition fees of $144,425 and living expenses of $41,862.
HEC, SDA Bocconi and Oxford MBA – Higher Overall Costs
HEC Paris, SDA Bocconi, and Oxford Saïd also stand out for higher overall costs, each exceeding $160,000 in total expenses. Conversely, several schools maintain much lower total costs while still offering reputable MBA programs.
German Schools – Affordable Programs in a Down Economy
Mannheim Business School emerges as the most affordable among the Top 20, with a total cost of $77,741, combining tuition fees of $61,375 and relatively low living expenses of $16,366. WHU – Otto Beisheim School of Management and ESMT Berlin also keep total costs under $90,000, with tuition fees between $66,148 and $68,194.
St. Gallen – Relative Cost Advantage
The university of St. Gallen offers a competitive cost profile as well, with total expenses of $89,068, driven by Switzerland’s moderate tuition fees of $75,911 and St. Gallen’s lower living costs compared to other Swiss cities.
Mid-Tier European MBA Programs – Affordable Tuition Fee for Value-Conscious Candidates
Mid-tier programs like Alliance Manchester Business School ($105,169), Bayes Business School ($101,135), and Warwick Business School ($100,127) balance affordable tuition fees with manageable living costs, remaining attractive choices for cost-sensitive applicants.
Cambridge and Imperial – Rare Affordable Program with Strong Brand
Interestingly, some prestigious schools—including Cambridge Judge and Imperial College Business School, sit in the middle of the cost spectrum, with total costs around $134,000 and $146,928, respectively, reflecting moderate tuition fees and manageable living costs for UK-based programs.
London, Paris, and Barcelona – Influence on MBA Costs
Overall, the 2025 data highlights how European MBA costs vary sharply not just by tuition fees but also by living expenses, which can add substantially to the total investment, especially in cities like London, Paris, and Barcelona.
| Rank | School Name | Cost of Living (in US $) PPP (2025) | Tuition Fees (in US $) PPP (2025) | Total Cost and Tuition Fees (in US $) PPP (2025) |
| 1 | SDA Bocconi School of Management (Italy) | € 28,800 ($45,807) | € 82,000 ($130,423) | $176,230 |
| 2 | IESE (2-year program) | € 33,000 ($55,916) | €110,000 ($186,388) | $242,304 |
| 3 | INSEAD | € 30,000 ($41,862) | € 103,500 ($144,425) | $186,287 |
| 4 | London Business School (2 years) (without sign-on bonus) | $54,000 | £119,950 ($172,810) | $226,810 |
| 5 | Alliance Manchester Business School | £24,000 ($34,576) | £49,000 ($70,593) | $105,169 |
| 6 | City, University of London: Bayes (formerly Cass) | £19,800 ($28,525) | £50,400 ($72,610) | $101,135 |
| 7 | HEC Paris (Paris) | € 25,300 ($35,304) | € 99,000 ($138,146) | $173,450 |
| 8 | Cambridge Judge School of Business | £19,020 ($27,401) | £74,000 ($106,610) | $134,248 |
| 9 | Warwick Business School | £12,000 ($17,288) | £57,500 ($82,839) | $100,127 |
| 10 | ESADE Business School | € 20,400 ($34,566) | € 78,500 ($133,013) | $167,579 |
| 11 | IMD | CHF (30,000) $36,500 | CHF 80,000 ($80,971) | $125,171 |
| 12 | IE Business School | € 16,800 ($21,571) | €82,300 ($105,674) | $127,245 |
| 13 | University of St. Gallen (Switzerland) | CHF 13,000.00 ($13,157) | 75,000 CHF ($75,911) | $89,068 |
| 14 | ESSEC Business School | € 18,000 ($25,349) | € 50,000 ($69,771) | $95,120 |
| 15 | Mannheim Business School | € 12,000 ($16,366) | € 45,000 ($61,375) | $77,741 |
| 16 | Oxford Said Business School (without sign-on bonus) | £24,420 ($35,181) | £88,800 ($127,933) | $163,114 |
| 17 | ESMT Berlin | € 14,400 ($19,640) | € 50,000 ($68,194) | $87,834 |
| 18 | EDHEC Business School | € 12,000 ($17,288) | € 525,00 ($75,636) | $92,924 |
| 19 | WHU – Otto Beisheim School of Management | € 12,000 ($16,366) | € 48,500 ($66,148) | $82,514 |
| 20 | Imperial College Business School | £22,044 ($31,758) | £73,000 ($105,170) | $146,928 |
PPP Conversion Rates:
1 €= 1.36 USD (Germany)
1 €= 1.4 USD (France)
2 €= 1.59 USD (Italy)
1 Pounds = 1.44 USD
1 CHF= 1.01 USD
Tier-1, Tier-2 and Tier-3 European MBA
Tier-1 European MBA
From a relative cost-to-salary ratio with a $160,000 to $170,000 benchmark, SDA Bocconi, INSEAD, and LBS were the only schools in the tier-1 league.
While from an absolute total salary ranking, IESE also takes the tier-1 spot, but when we consider the cost, the salary advantage is negated.
Tier-2 European MBA
Tier-2 European schools are schools with a total salary range of $130,000 to $140,000, with Alliance Business School, City, HEC Paris, Cambridge, Warwick, and ESADE – all falling in the category.
Tier-3 European MBA
Tier-3 European schools, in our calculation, are schools with $120,000 to $130,000 total salary (adjusted for PPP) that includes IE and IMD.
The rest of the European MBA programs with $90,000 to $120,000 total salary are ideally suited for local candidates or international candidates with goals to migrate and settle in the host country. Without a long-term commitment, under the current economic climate, pursuing an MBA from schools outside tier-1 to tier-3 could not justify the opportunity cost.
Read: Understand the influence of opportunity cost on ROI with NPV calculation
Top 20 European MBA - Total Cost and Total Salary
| Rank | School Name | Total Salary (2025) | Total Cost (2025) |
| 1 | SDA Bocconi School of Management (Italy) | $168,762 | $176,230 |
| 2 | IESE (2-year program) | € 99,500 ($168,596) | $242,304 |
| 3 | INSEAD | $165,636 | $186,287 |
| 4 | London Business School (2 years) (without sign-on bonus) | $163,883 | $226,810 |
| 5 | Alliance Manchester Business School | $140,238 | $105,169 |
| 6 | City, University of London: Bayes (formerly Cass) | $137,128 | $101,135 |
| 7 | HEC Paris (Paris) | $135,148 | $173,450 |
| 8 | Cambridge Judge School of Business | $134,106 | $134,248 |
| 9 | Warwick Business School | $132,522 | $100,127 |
| 10 | ESADE Business School | $131,000 | $167,579 |
| 11 | IMD | $127,000 | $125,171 |
| 12 | IE Business School | € 95,000 ($121,982) | $127,245 |
| 13 | University of St. Gallen (Switzerland) | $119,345 | $89,068 |
| 14 | ESSEC Business School | $111 623 | $95,120 |
| 15 | Mannheim Business School | $110,264 | $77,741 |
| 16 | Oxford Said Business School (without sign-on bonus) | $106,816 | $163,114 |
| 17 | ESMT Berlin | € 77,500 ($105,701) | $87,834 |
| 18 | EDHEC Business School | $104,373 | $92,924 |
| 19 | WHU – Otto Beisheim School of Management | € 75,331 ($102,743) | $82,514 |
| 20 | Imperial College Business School | £63,364 ($91,287) | $146,928 |