In this analysis of the Top Global MBA Programs for 2026, we have created two Top 20 rankings – one based on post-MBA salary and cost, and a second based on post-MBA salary and increase in salary with honorable mentions of 20 to 30 ranked MBA programs in the US, UK and Europe.

We cover:

1. Top 30 MBA - Tuition Fee, Total Cost and Total Salary (based on PPP conversion)
2. Top 30 MBA - Based on Salary Increase/Decrease
3. Costs other than Tuition Fees
4. Costliest (Top US MBA) (Tuition Fees)
5. Affordable (Top US MBA) (Tuition Fees)
6. Costliest Top US MBA (Total Cost)
7. Costliest (Top European MBA) (Total Cost)
8. Affordable (Top European MBA) (Tuition Fees)
9. Affordable (Top European MBA) (Total Cost)
10. Costliest (Top UK MBA) (Tuition Fees)
11. Costliest (Top UK MBA) (Total Cost)
12. Affordable (Top UK MBA) (Tuition Fees)
13. Affordable (Top UK MBA) (Total Cost)
14. Location's Influence on the Cost of a Top MBA
15. Tuition Fees vs Funding Options
16. Tuition vs. Cost vs. ROI of an MBA
17. Top 30 MBA: Percentage Increase in Total Cost
18. Strategy to Negotiate High Tuition Fees

1. Top 30 MBA - Tuition Fee, Total Cost and Total Salary (based on PPP conversion)

This year’s Top 20 MBA programs, ranked by post-MBA salary and adjusted for PPP, are once again dominated by U.S. schools, with Stanford reclaiming the top spot with a total salary of $215,000, surpassing last year’s leader, Booth, which dropped slightly to $206,000.

Stanford MBA: High-Cost High-Return Investment

Stanford also has the distinction of earning the top spot with the highest total cost at $271,542. Although the tuition fee at Stanford jumped from $76,950 to $85,755 in 2025 contributed to the total cost, the simultaneous salary increase has made GSB a high-cost, high-return investment.

Columbia maintains its strong position at third, while Harvard, Wharton, and NYU Stern remain clustered in the fourth and fifth spots, with salaries holding steady at $205,000, with Booth marginally ahead at $206,000 despite the fall from its #1 spot.

Harvard's Cost Advantage and Admission Chances

The interesting trend that separates Harvard from Columbia, Wharton, and NYU Stern is its relatively lower tuition fees of $157,400, compared to Columbia's $182,344, Wharton's $175,940, and NYU Stern's $173,832. The cost sensitivity of international students was evident in the international student percentage that showed Harvard (traditionally 39-40%) as a preferred MBA program for all international students and NYU Stern as a preferred school for IB candidates.

Ross and McCombs - High ROI

Notably, Ross and McCombs emerge as high-ROI outliers.

Ross delivers a $200,000 salary at a relatively low total cost of $214,616, while McCombs offers $182,181 in salary against one of the lowest costs in the top 20, just $169,210. But when you dig deep into the change in salary for McCombs, the high ROI tag is not certain. A drop in salary of $22,819 (-11.13%) is a considerable pushback to a rising MBA program.

The persistence of M7 MBA as a strong brand ‘placeholder’ is reaffirmed this year in a highly uncertain market, driven by AI and one of the largest layoff cycles in Technology and Consulting.

Foster beats UCLA Anderson

Foster also enters the top 20 this year, replacing UCLA Anderson, with a competitive salary of $177,000 and a relative modest cost of $196,132.

European and UK Schools – Lower Salaries than US Schools but Catching Up

European and UK-based MBAs generally show lower salaries and costs.

When adjusted for PPP in USD, Cambridge stands out in the Top 20 with a salary of $174,000 and a relatively modest total cost of $134,248.

LBS MBA - Comparable post-MBA Salary to M7 Schools

London Business School offers a $187,883 post-MBA salary – impressive in absolute terms, but when mapped on the total cost of $226,810, the ROI is much lower compared to Cambridge, INSEAD, and IMD. The pivot from a Finance school to a consulting school could be a strategic misstep for LBS as Consulting is undergoing rapid disruption with fewer consultants required to do a similiar engagement a year or two years ago. LBS’s disadvantage in cost is primarily driven by the high cost of living in London, while its strong base salary in Consulting matches the salary offered at M7 MBA programs.

INSEAD's Singapore Appeal

INSEAD offers a lower salary - $163,926 for its 10-month program at a much lower cost of $186,287. On a per-month ROI basis, INSEAD offers a high return on investment while expanding access to two networks in France and Singapore.

Singapore has continued to be the gateway to the Asia Pacific, especially for deals originating in Southeast Asia and for proxies in China. Applicants who want to gain a first-hand experience on future growth levers might find the high cost of INSEAD a temporary cost, as the alternative career opportunities in the US could be confined to a few growing niches in AI, Defense, and Nuclear.

The bubble could burst.

Applicants who invest their careers in the US based on the three growth industries could face serious career challenges in the next three years, just as those who went 'All in' on crypto careers faced six years ago.

Consulting, despite the disruption, remains a safe bet for applicants targeting the world's top 20 MBA programs.

SDA Bocconi – A viable alternative to a US 20-30 ranked MBA

SDA Bocconi MBA is the Italian alternative to a US 20-30 ranked MBA with an impressive $168,762 total salary at a total cost of $176,230, matching IESE’s compensation at a lower cost while ranking ahead of US-based 20-30 ranked schools.

IMD - Low-Cost Alternative for Industry-Focused Candidates

IMD stands out for delivering the most affordable MBA program at a total cost of $125,171 among all schools listed. The salary, when adjusted to PPP in USD, is $163,926, comparable to the salary offered at INSEAD and lower than what Cambridge is offering. This year’s research confirms a widening salary-cost gap between U.S. and European programs, with U.S. MBAs holding their dominance in earning potential even after adjusting for PPP, though European & UK schools like INSEAD, Cambridge, IMD, and LBS remain viable global competitors.

Related

Honorable Mentions: 21 to 30 Rank

In the Honorable Mentions (ranks 21 to 30), US schools like McCombs and Foster maintain salaries between $177,000 and $182,000, with total costs mostly under $200,000.

Tier-3 among the honorable mentions include schools Alliance Manchester, Bayes, Warwick, and ESADE, which report salaries in the range of $130,000 to $140,000 when adjusted for PPP in USD, while Oxford Said is in a no-man’s land of $145,932 total salary with a competitive $163,114 cost.

Applicants should note that Oxford Said has a historically high entrepreneurial cohort, making Finance and Consulting – two high-paying industries, less than optimum post-MBA targets – a reason why Oxford’s average salary is below its peers.

Related

Rank	Top MBA	Post-MBA Salary (2025)	Tuition Fees (2025)	Cost of Living (2025)	Total Cost (2025)
1	Stanford	$215,000	$171,510	$100,032	$271,542
2	Booth	$206,000	$174,708	$79,398	$254,106
3	Columbia	$205,000	$182,344	$86,325	$268,669
4	Harvard	$205,000	$157,400	$95,672	$253,072
5	NYU Stern	$205,000	$173,832	$87,844	$261,676
6	Wharton	$205,000	$175,940	$88,868	$264,808
7	Johnson Graduate School of Business	$205,000	$173,192	$66,796	$239,988
8	Fuqua School of Business	$205,000	$162,000	$67,904	$229,904
9	Darden School of Business	$205,000	$169,676	$72,540	$242,216
10	Dartmouth Tuck	$205,000	$168,500	$102,158	$270,658
11	MIT Sloan School of Management	$200,000	$166,810	$99,422	$266,232
12	Kellogg	$200,000	$172,740	$84,964	$257,704
13	Ross School of Business	$200,000	$156,060	$58,556	$214,616
14	Haas School of Business	$194,740	$170,812	$84,912	$255,724
15	Yale School of Management	$190,000	$175,600	$72,272	$247,872
16	Tepper School of Business	$189,275	$162,680	$70,176	$232,856
16	LBS (without sign-on bonus)	$187,883	£119,950 ($172,810)	$54,000	$226,810
17	Jones Graduate School of Business	$183,000	$152,146	$43,643	$195,789
18	Cambridge (one year)	$174,000	£74,000 ($106,610)	£19,020 ($27,401)	$134,248
18	SDA Bocconi	$168,762	€ 82,000 ($130,423)	€ 28,800 ($45,807)	$176,230
19	IESE (2-year program)	€ 99,500 ($168,596)	€110,000 ($186,388)	€ 33,000 ($55,916)	$242,304
20	INSEAD (one year)	$165,636	€ 103,500 ($144,425)	€ 30,000 ($41,862)	$186,287
20	IMD (one year)	$163,926	CHF 80,000 ($80,971)	CHF (30,000) $36,500	$125,171
	Honorable Mentions
21	McCombs School of Business	$182,181	$119,368	$49,842	$169,210
22	McDonough School of Business	$181,854	$140,216	$82,758	$222,974
23	Foster School of Business (Base Salary)	$177,000	$115,662	$80,470	$196,132
24	USC Marshall School of Business	$176,966	$153,523	$50,877	$204,400
25	Oxford Said Business School (without sign-on bonus) (one year)	$145,932	£88,800 ($127,933)	£24,420 ($35,181)	$163,114
26	Alliance Manchester Business School	$140,238	£49,000 ($70,593)	£24,000 ($34,576)	$105,169
27	City, University of London: Bayes (formerly Cass)	$137,128	£50,400 ($72,610)	£19,800 ($28,525)	$101,135
28	HEC Paris (one year)	$135,148	€ 99,000 ($138,146)	€ 25,300 ($35,304)	$173,450
29	Warwick Business School	$132,522	£57,500 ($82,839)	£12,000 ($17,288)	$100,127
30	ESADE Business School	$131,000	€ 78,500 ($133,013)	€ 20,400 ($34,566)	$167,579

2. Top 30 MBA - Based on Salary Increase/Decrease

Schools are ranked on many complex ranking factors from peer’s opinion to the opinion of professors & deans. This tradition of peer-based review can skew the immediate value of a top MBA program.

We at F1GMAT have used a 90-10 rule to evaluate the brand value of Top MBA programs by putting 90% weightage to the immediate post-MBA salary (all adjusted for PPP in USD) and 10% to the increase/decrease in salary.

F1GMAT’s Ranking Formula

Total score = 0.90*Total Salary + 0.10*increase/decrease in salary

Results – Top MBA Ranking (By Salary and Salary Increase)

Stanford MBA is #1

Stanford leads with the highest post-MBA salary of $215,000 and a positive salary change of $2,500, resulting in the highest score of 193,750.

Booth MBA at 2nd Despite $7,000 Fall

Booth ranks second despite a salary drop of $7,000, showing that absolute salary levels still dominate the rankings even when changes are factored in.

3rd - Columbia MBA

Columbia, with a minor drop of $1,000, scores slightly lower at 184,400, taking on the 3rd position.

4th - Tie Between Harvard, NYU Stern, Wharton, Cornell Johnson, Duke Fuqua, Darden and Tuck

Several US schools, including Columbia, Harvard, NYU Stern, Wharton, Johnson, Fuqua, Darden, and Dartmouth Tuck, all report salaries of $205,000. However, many of them have seen no change from prior levels, which keeps their scores clustered closely around 184,500.

5th Kellogg 6th MIT Sloan

Kellogg and MIT Sloan both report $200,000 salaries, but MIT Sloan’s $5,000 drop slightly lowers its score when compared to Kellogg’s stable figures.

Berkeley Haas - Big Fall Despite $190,000 Salary

Haas stands out with the largest salary decrease among the US top schools (-$8,260), pulling its score below 175,000 despite a salary above $190,000.

European schools saw smaller absolute salaries but larger percentage gains.

LBS MBA - The Big Winner in the UK

London Business School, ranked eighth, reports a salary of $187,883 and the largest positive salary change in the table ($35,358), which significantly boosts its total score to 172,630.

IESE and SDA Bocconi - Matching & Even Better than 20 to 30 ranked US Schools

IESE and SDA Bocconi also show strong positive salary changes of over $30,000 and $60,000, respectively, allowing them to rank ahead of some US schools despite lower salary figures.

INSEAD and IMD - Lower Salaries

INSEAD and IMD post lower salaries around $165,000 but benefit from positive changes, helping their scores remain competitive.

HEC Paris - The biggest Casualty among Top MBA

HEC Paris, though reporting the lowest salary among the Top 20 ($135,148), still records a modest salary gain of $5,148.

Oxford and Cambridge MBA - Significant Salary Declines

On the lower end, schools like Oxford Saïd and Cambridge report significant salary declines (over $21,000 and $23,000 respectively), which brings down their total scores despite strong brand recognition in the traditional sense and in absolute salary for the Cambridge MBA.

Overall, the data shows that while US schools continue to dominate the highest salary brackets, European programs can improve their standings when salary growth is strong, though absolute salaries remain lower.

The majority of US programs saw stable or slightly declining salaries, whereas several European schools recorded noticeable salary increases, helping them rise in our rankings.

Rank	Top MBA	Post-MBA Salary (2025)	Change in Salary	Total Score
1	Stanford	215000	2500	193750
2	Booth	206000	-7000	184700
3	Harvard	205000	0	184500
3	NYU Stern	205000	0	184500
3	Wharton	205000	0	184500
3	Johnson Graduate School of Business	205000	0	184500
3	Fuqua School of Business	205000	0	184500
3	Darden School of Business	205000	0	184500
3	Dartmouth Tuck	205000	0	184500
4	Columbia	205000	-1000	184400
5	Kellogg	200000	0	180000
6	MIT Sloan School of Management	200000	-5000	179500
6	Ross School of Business	200000	-5000	179500
7	Haas School of Business	194740	-8260	174440
8	LBS (without sign-on bonus)	187883	35358	172630.5
9	Tepper School of Business	189275	-2900	170057.5
10	Yale School of Management	190000	-15000	169500
11	McDonough School of Business	181854	-10727	162595.9
12	McCombs School of Business	182181	-22819	161681
13	Foster School of Business (Base Salary)	177000	-4000	158900
14	Cambridge (one year)	174000	16645	158264.5
15	USC Marshall School of Business	176966	-10566	158212.8
16	IESE (2-year program)	168596	61805	157916.9
17	SDA Bocconi	168762	30402	154926
18	INSEAD (one year)	165636	17489	150821.3
19	IMD (one year) (without sign-on bonus)	163926	23926	149926
20	Oxford Said Business School (without sign-on bonus) (one year)	145932	17857	133124.5
21	Alliance Manchester Business School	140238	0	126214.2
22	City, University of London: Bayes (formerly Cass)	137128	-4903	122924.9
23	HEC Paris (one year)	135148	5148	122148
24	ESADE Business School	131000	20913	119991.3
25	Warwick Business School	132522	7183	119988.1

See the Salary Trends

3. Costs other than Tuition Fees

The tuition fee is just one factor. The cost of an MBA also includes Health Insurance, Administrative Services, Books, Rent and Utilities, Food, Personal, Transportation, Computer Allowance, MBA Association Fees, and other membership fees.

Global travel trips would cost an additional $5000 to your expense. Other regulatory costs of testing, vaccine verification, and restricted travel to global destinations would increase the cost. Budget an additional $3000 to $5000 every year.

International Travel (Calculation): Where possible, we have included the costs of international travel and treks available. International students will need to budget further for visas and international travel should they need to travel home. On average, other expenses will add an extra $35,000 to $45,000 to the Tuition Fee every year. Most top programs invited qualified applicants for scholarships and fellowships.

External funding through competitive loans and conditional fellowships are other routes to fund your MBA program.

Related Downloads (Essay Guides with Curriculum Analysis and Essay Examples)

4. Costliest (Top US MBA) (Tuition Fees)

Columbia replaces Yale as the costliest MBA program, with its tuition fee of $182,344, the only school to exceed the $180,000 mark.

See the latest costs

Stanford MBA Cost

5. Affordable (Top US MBA) (Tuition Fees)

Some of the most affordable MBAs for this year are Foster School of Business ($115,662) and McCombs School of Business ($119,368) among the US schools and Cambridge ($106,610) and IMD ($80,971) among the European schools.

Both Cambridge and IMD offer one-year MBA Programs.

6. Costliest (Top US MBA) (Total Cost)

Stanford continues to be the costliest MBA program, with a total cost of $271,542, with the tuition fee increasing from $164,910 to $171,510. However, this year, the international experiential learning costs ($4,000 to $6,000) are not included in the tuition fee. But Stanford also offers a wide-range of funding opportunities.

7. Costliest (Top European MBA) (Total Cost)

IESE again ranks at the top on total cost, too, with an estimated cost of $242,304. For a 1-year European MBA in our ranking, INSEAD again is the costliest at $186,287

8. Affordable (Top European MBA) (Tuition Fees)

By calculating the post-MBA salary and comparing it with the tuition fees, IMD is clearly in the lead with a post-MBA salary that is double the tuition fee.

9. Affordable (Top European MBA) (Total Cost)

IMD is again in the lead when we compare the post-MBA salary with the total cost.

10. Costliest (Top UK MBA) (Tuition Fees)

London Business School MBA with a tuition fee of $172,810 charged the highest – higher than many M7 and Top 10 US schools.

11. Costliest (Top UK MBA) (Total Cost)

The tuition fee was tough to offset in London, and LBS again ranks in our costliest UK-based MBA program with a total cost of $226,810.

12. Affordable (Top UK MBA) (Tuition Fees)

Affordability in our ranking is a comparison between salary and tuition fees. With the evaluation factor, Alliance Manchester Business School, with a ($70,593) tuition fee, had a 2x difference between tuition fees and post-MBA salary.

13. Affordable (Top UK MBA) (Total Cost)

Going by the same evaluation criterion – the difference between total cost and total salary, Alliance Manchester Business School and City, University of London: Bayes had a similar difference, with both costing $101,000 to $105,000 per year.

14. Location’s Influence on the Cost of a Top MBA

The location of the school also influences the cost, as evident from Stanford, where the living cost added $100,032 to the tally, while NYU Stern (New York) and Harvard were also in the $88,000 to $95,000 range.

Related Read

15. Tuition Fees vs Funding Options

The good news is that most top schools have a generous funding option with at least $25,000-$30,000 allocated to the top 25 percentile (academic criteria) and bottom 25% (need-based). If you are in the middle (academically or need requirements), it is wise to explore funding options in your home country (international students) or explore peer schools to reduce the burden on your short-term financial goals.

16. Tuition vs. Cost vs. ROI of an MBA

If you are eligible for scholarships and other external funding, a better way of looking at the cost of an MBA is by evaluating the potential return based on the post-MBA industry, function, brand, and depth (hands-on learning, relevance, and opportunities to network) of the program. Also, use Net Present Value to Calculate the Return on Investment for an MBA.

17. Top 30 MBA: Percentage Increase in Total Cost

Foster Cost Hike to Match its Value Proposition

Among US MBAs, Foster School of Business recorded the most dramatic jump at 22.5%, followed by Johnson (+11.9%), Haas (+14.3%), Ross (+9.3%), and Tepper (+8.7%). This marks a notable shift from last year, where double-digit increases were rare.

M7 Schools - Cost Hike Above Inflation

Even among the M7, cost hikes remain above inflation, with Kellogg up 7.8%, Harvard 6.4%, MIT Sloan 6%, and Wharton 4.2%. In contrast, USC Marshall was the only US program to hold its cost flat year-over-year.

Stanford is the only M7 school that has kept the increase in tuition fee below 4% - indicating a convergence reaching on the total tuition fee to $175,000 for Top 20 MBA programs.

European MBA - Cost Reduction to Remain Competitive

European MBAs, however, present a contrasting picture. While US schools grapple with rising tuition and living costs, top European MBAs either maintained their costs or saw reductions. HEC Paris posted a 5% decline, while Cambridge held costs flat. LBS also slightly reduced its overall cost (-1%) despite a 20% spike last year. INSEAD and IMD posted modest increases of just 2% and 6%, respectively, well below the average US hike.

ROI-Driven Applicants Target Europe Over the US

This trend underscores a growing affordability gap: European programs, which already offer shorter durations (typically 1 year), continue to offer better cost control without compromising on brand or salary potential. With most top European MBAs staying under the $200,000 total cost threshold even in 2025, they are increasingly attractive to international candidates seeking ROI-driven programs amidst rising costs in the US.

Rank	Top MBA	Total Cost 2024	Total Cost (2025)	% Increase in Cost (2025-2024)
1	Stanford	$261,492	$271,542	3.8%
2	Booth	$241,720	$254,106	5.1%
3	Columbia	$254,116	$268,669	5.7%
4	Harvard	$237,708	$253,072	6.4%
5	NYU Stern	$253,748	$261,676	3.1%
6	Wharton	$254,028	$264,808	4.2%
7	Kellogg	$238,864	$257,704	7.8%
8	Johnson Graduate School of Business	$214,422	$239,988	11.9%
9	Fuqua School of Business	$221,644	$229,904	3.7%
10	Darden School of Business	$228,026	$242,216	6.2%
11	Dartmouth Tuck	$260,000	$270,658	4.9%
12	MIT Sloan School of Management	$250,978	$266,232	6%
13	Ross School of Business	$196,300	$214,616	9.3%
14	Haas School of Business	$223,572		14.3%
15	Yale School of Management	$238,220	$247,872	4%
16	Tepper School of Business	$214,168	$232,856	8.7%
17	Jones Graduate School of Business	$203,000	$195,789	-3%
18	McCombs School of Business	$156,036	$169,210	8.4%
19	McDonough School of Business	$207,026	$222,974	7.7%
20	Foster School of Business (Base Salary)	$160,032	$196,132	22.5%
20	USC Marshall School of Business	$204,400	$204,400	0
	Honorable Mentions
21	LBS (without sign-on bonus)	$229,647	$226,810	-1%
21	INSEAD (one year)	$182,935	$186,287	2%
22	IMD (one year) (without sign-on bonus)	$118,212	$125,171	6%
23	Cambridge (one year)	$134,547	$134,248	0
24	SDA Bocconi	$146,561	$176,230	5%
25	HEC Paris (one year)	$182,193	$173,450	-5%
25	Oxford Said Business School (without sign-on bonus) (one year)	$151,260	$163,114	8%

18. Strategy to Negotiate High Tuition Fees

A big part of bargaining for better funding options is getting offers with a scholarship from peer schools. Keep it as a strategic objective while shortlisting target schools. We have selected the top 20 Business Schools from Global MBA rankings and created the total cost (2-year) or entire duration along with the Tuition Fee for each MBA program.

Tuition Fees and Total Cost – Top 30 Business Schools (2025)

Rank	Top MBA	Tuition Fees (2025)	Total Cost (2025)
1	Stanford	$171,510	$271,542
2	Booth	$174,708	$254,106
3	Columbia	$182,344	$268,669
4	Harvard	$157,400	$253,072
5	NYU Stern	$173,832	$261,676
6	Wharton	$175,940	$264,808
7	Kellogg	$172,740	$257,704
8	Johnson Graduate School of Business	$173,192	$239,988
9	Fuqua School of Business	$162,000	$229,904
10	Darden School of Business	$169,676	$242,216
11	Dartmouth Tuck	$168,500	$270,658
12	MIT Sloan School of Management	$166,810	$266,232
13	Ross School of Business	$156,060	$214,616
14	Haas School of Business	$170,812	$255,724
15	Yale School of Management	$175,600	$247,872
16	Tepper School of Business	$162,680	$232,856
17	Jones Graduate School of Business	$152,146	$195,789
18	McCombs School of Business	$119,368	$169,210
19	McDonough School of Business	$140,216	$222,974
20	Foster School of Business (Base Salary)	$115,662	$196,132
20	USC Marshall School of Business	$153,523	$204,400
	Honorable Mentions
21	LBS (without sign-on bonus)	£119,950 ($172,810)	$226,810
21	INSEAD (one year)	€ 103,500 ($144,425)	$186,287
22	IMD (one year) (without sign-on bonus)	CHF 80,000 ($80,971)	$125,171
23	Cambridge (one year)	£74,000 ($106,610)	$134,248
24	SDA Bocconi	€ 82,000 ($130,423)	$176,230
25	HEC Paris (one year)	€ 99,000 ($138,146)	$173,450
25	Oxford Said Business School (without sign-on bonus) (one year)	£88,800 ($127,933)	$163,114