Rank '08	Business school name	Country	Weighted sal. ($)	Salary inc. (%)	Employment	Research
1	University of Pennsylvania: Wharton	U.S.A.	165,859	132	93 (98)	2
2	London Business School	U.K.	144,918	126	96 (99)	3
3	Columbia Business School	U.S.A.	165,123	144	93 (93)	11
4	Stanford University GSB	U.S.A.	167,225	119	94 (99)	4
5	Harvard Business School	U.S.A.	162,316	112	94 (100)	1
6	Insead	France / Singapore	146,878	104	92 (96)	11
7	MIT: Sloan	U.S.A.	155,160	133	95 (96)	14
8	IE Business School	Spain	124,600	158	93 (88)	88
9	University of Chicago GSB	U.S.A.	148,978	128	95 (99)	7
10	University of Cambridge: Judge	U.K.	127,064	130	92 (97)	26
11	Ceibs	China	154,144	157	92 (87)	66
11	Iese Business School	Spain	117,062	144	98 (97)	54
13	New York University: Stern	U.S.A.	137,548	128	94 (97)	7
14	IMD	Switzerland	150,775	94	91 (100)	71
15	Dartmouth College: Tuck	U.S.A.	151,673	124	96 (100)	14
16	Yale School of Management	U.S.A.	136,318	140	88 (99)	26
17	Hong Kong UST Business School	China	97,235	126	98 (88)	20
18	HEC Paris	France	119,739	126	72 (97)	81
19	University of Oxford: Saïd	U.K.	139,684	99	92 (84)	49
20	Indian School of Business	India	169,355	129	100 (91)	88
21	Esade Business School	Spain	108,166	126	96 (100)	92
22	Lancaster University Management School	U.K.	104,609	127	93 (76)	81
22	Manchester Business School	U.K.	111,774	114	95 (93)	76
24	Northwestern University: Kellogg	U.S.A.	135,646	98	97 (96)	9
25	UCLA: Anderson	U.S.A.	140,058	116	93 (98)	33
26	Emory University: Goizueta	U.S.A.	123,511	130	89 (98)	26
27	University of Michigan: Ross	U.S.A.	126,802	100	90 (92)	6
28	Duke University: Fuqua	U.S.A.	121,613	105	85 (98)	5
29	Warwick Business School	U.K.	109,067	110	96 (88)	76
30	Cranfield School of Management	U.K.	134,125	104	93 (98)	81
30	University of Strathclyde Business School	U.K.	113,071	143	93 (65)	88
32	UC Berkeley: Haas	U.S.A.	131,830	87	93 (100)	9
33	University of Virginia: Darden	U.S.A.	131,135	119	97 (100)	58
34	Rotterdam School of Management, Erasmus University	Netherlands	103,439	104	83 (82)	49
35	Imperial College Business School	U.K.	120,575	101	88 (64)	66
36	Cornell University: Johnson	U.S.A.	126,669	103	95 (98)	26
37	University of Maryland: Smith	U.S.A.	106,636	100	91 (99)	11
38	Georgetown University: McDonough	U.S.A.	118,545	122	98 (88)	71
39	Australian Graduate School of Management	Australia	122,349	96	77 (74)	58
40	University of Toronto: Rotman	Canada	97,143	99	93 (96)	18
41	City University: Cass	U.K.	111,615	94	93 (100)	81
41	Shanghai Jiao Tong University, ACEM	China	91,346	177	100 (100)	91
41	University of North Carolina: Kenan-Flagler	U.S.A.	116,698	106	90 (96)	39
44	University of Edinburgh Business School	U.K.	107,956	97	93 (91)	92
44	University of Washington Business School	U.S.A.	105,554	106	91 (95)	33
46	Nanyang Business School	Singapore	89,836	111	91 (100)	76
47	University of Rochester: Simon	U.S.A.	115,014	123	92 (89)	71
48	Carnegie Mellon: Tepper	U.S.A.	112,923	99	95 (92)	26
48	Leeds University Business School	U.K.	104,165	110	94 (90)	81
48	Michigan State University: Broad	U.S.A.	102,202	107	94 (100)	26
48	SDA Bocconi	Italy	95,494	99	81 (86)	71
48	York University: Schulich	Canada	85,075	101	92 (93)	42
53	Bradford School of Management/TiasNimbas, Tilburg University	U.K. / Netherlands / Germany	99,202	105	85 (63)	81
53	University of Western Ontario: Ivey	Canada	105,276	104	92 (99)	39
55	University of Iowa: Tippie	U.S.A.	88,972	130	90 (100)	47
55	University of South Carolina: Moore	U.S.A.	95,417	117	87 (70)	58
57	University of Arizona: Eller	U.S.A.	95,225	120	80 (100)	46
58	Pennsylvania State University: Smeal	U.S.A.	103,764	103	90 (100)	19
58	University of California: Davis	U.S.A.	109,189	93	89 (98)	20
60	University of Southern California: Marshall	U.S.A.	113,667	96	96 (89)	20
61	Indiana University: Kelley	U.S.A.	105,332	101	96 (98)	42
61	Texas A & M University: Mays	U.S.A.	91,656	115	100 (100)	37
61	Thunderbird School of Global Management	U.S.A.	99,165	101	62 (86)	66
64	Purdue University: Krannert	U.S.A.	98,554	100	90 (87)	49
64	Rice University: Jones	U.S.A.	105,229	108	95 (96)	33
64	University of Florida	U.S.A.	93,077	113	96 (90)	23
64	University of Illinois at Urbana-Champaign	U.S.A.	87,318	110	97 (95)	26
68	University of California at Irvine: Merage	U.S.A.	100,030	98	92 (96)	33
69	University of Bath School of Management	U.K.	113,727	85	92 (59)	58
69	Washington University: Olin	U.S.A.	100,808	92	95 (96)	16
71	Boston College: Carroll	U.S.A.	105,659	104	98 (97)	54
71	College of William and Mary: Mason	U.S.A.	96,717	124	87 (83)	63
71	George Washington University	U.S.A.	102,852	100	87 (100)	98
71	University of Cape Town Graduate School of Business	South Africa	148,975	73	98 (92)	95
75	Melbourne Business School	Australia	100,891	76	96 (94)	49
76	Nottingham University Business School	U.K.	100,277	93	94 (92)	66
76	University of Texas at Austin: McCombs	U.S.A.	108,732	90	94 (92)	23
76	Vanderbilt University: Owen	U.S.A.	107,432	108	84 (99)	47
79	University of Notre Dame: Mendoza	U.S.A.	105,783	112	98 (96)	63
80	Tulane University: Freeman	U.S.A.	95,384	117	93 (95)	76
80	University of Georgia: Terry	U.S.A.	94,930	102	82 (99)	63
82	Brigham Young University: Marriott	U.S.A.	96,702	120	97 (96)	58
82	Nyenrode Business Universiteit	Netherlands	89,223	96	100 (73)	95
84	Babson College: Olin	U.S.A.	107,786	95	92 (89)	71
84	Boston University School of Management	U.S.A.	105,586	94	95 (92)	54
84	University of Minnesota: Carlson	U.S.A.	94,246	90	93 (99)	16
87	Ohio State University: Fisher	U.S.A.	92,788	102	98 (92)	39
88	Arizona State University: Carey	U.S.A.	98,060	94	97 (85)	42
88	Temple University: Fox	U.S.A.	75,458	106	89 (98)	66
88	University of Alberta	Canada	74,250	95	94 (89)	37
88	University of Wisconsin-Madison	U.S.A.	96,587	98	96 (98)	42
92	University of British Columbia: Sauder	Canada	81,997	76	94 (86)	23
93	Ipade	Mexico	88,395	145	92 (100)	98
93	University of Pittsburgh: Katz	U.S.A.	94,641	98	95 (78)	49
95	Eada	Spain	85,811	113	87 (100)	98
96	McGill University: Desautels	Canada	85,168	87	80 (76)	54
97	Vlerick Leuven Gent Management School	Belgium	95,754	50	100 (96)	81
98	University College Dublin: Smurfit	Ireland	101,730	70	97 (97)	92
99	EM Lyon	France	90,532	69	80 (76)	95
100	Case Western Reserve University: Weatherhead	U.S.A.	95,283	97	73 (85)	76

Table notesAlthough the headline ranking figures show the changes in the survey year to year, the pattern of clustering among the schools is also significant. Some 185 points separate the top school from the school ranked 100 in the 2008 ranking. The top 15 schools, from the Wharton School of the University of Pennsylvania to the Tuck School of Business at Dartmouth College, form the leading group of world class business schools. Some 63 points separate Wharton from Tuck. The second group is headed by Yale School of Management which scored 50 points more than the Tanaka Business School of Imperial College London, leader of the third group. The fourth group is headed by Eller College of Management of the University of Arizona and includes schools ranked from 57 to 100. Some 40 points separate these 44 schools.

Footnotes

1. These schools run additional courses for MBA students for which additional language skills are required. These figures are included in the calculations for the ranking but are not represented on the table to avoid confusion.

2. These data are for information only and are not used in the ranking

3. Indicates the most recent year that KPMG audited a business school, applying specified audit procedures relating to selected data provided for the Financial Times MBA ranking.
KPMG reported on the results of obtaining evidence and applying specified audit procedures relating to selected survey data provided for the Financial Times 2008 MBA ranking for selected business schools. Enquiries about the assurance process can be made by contacting Michelle Podhy and Patrick Gaudet of KPMG by e-mail at pgaudet@kpmg.ca. The specified audit procedures were carried out between November 2007 and January 2008. The audit date denotes the year that the most recent selected survey data was subject to specified audit procedures.

4. The average alumni salary three years after graduation. (The 2008 ranking surveyed the MBA class that graduated in 2004). This figure includes alumni salary data for the current year and the one or two preceding years, where available. The figure is NOT used in the ranking.

5. The average alumni salary today with adjustment for salary variations between industry sectors. This figure includes data for the current year and the one or two preceding years where available.

6. The percentage increase in average alumni salary from before the MBA to today as a percentage of the pre-MBA salary. This figure includes data for the current year and the one or two preceding years where available.

7. This is calculated using the salary earned by alumni today, course length, fees and other costs, including the opportunity cost of not working for the duration of the course.

8. This is calculated according to changes in the level of seniority and the size of the company alumni are working in now versus before their MBA. Data for the current year and the one or two preceding years are included where available.

9. The extent to which alumni fulfilled their goals or reasons for doing an MBA.

10. Alumni who used the careers service at their business school were asked to rank its effectiveness in their job search. This figure includes data for the current year and the one or two preceding years where available.

11. The percentage of the most recent graduating class that had found employment or accepted a job offer within three months of graduation. The figure in brackets is the percentage of the class for which the school was able to provide employment data.

12. Alumni were asked to name three business schools from which they would recruit MBA graduates. The ranking is calculated according to the number of votes for each school. Data for the current year and the one or two preceding years are included where available.

13. Percentage of female faculty.

14. Percentage of female students.

15. Percentage of female members of the advisory board.

16. Percentage of faculty whose citizenship differs from their country of employment.

17. Percentage of students whose citizenship differs from the country in which they are studying.

18. Percentage of the board whose citizenship differs from the country in which the business school is based.

19. This is calculated according to whether alumni worked in different countries before the MBA, on graduation and also where they are employed today.

20. Weighted average of four criteria that measure international exposure during the MBA programme.

21. Number of extra languages required on completion of the MBA. Where a proportion of students require a further language due to an additional diploma, that figure is included in the calculations but not presented in the final table.
These schools run additional courses for MBA students for which additional language skills are required. These figures are included in the calculations for the ranking but are not represented on the table to avoid confusion.

22. Percentage of faculty with a doctoral degree.

23. This is calculated according to the number of doctoral graduates from each business school during the past three years. Additional points are given if these doctoral graduates took up faculty positions at one of the top 50 full-time MBA schools of 2008.

24. This is calculated according to the number of faculty publications in 40 international academic and practitioner journals. Points are awarded to the business school at which the author is currently employed. The total is weighted for faculty size.