European business schools once again hold the three top spots, and have a strong showing in this year’s best EMBA list—15 of the world’s top 50 schools are located on the continent—with the EMBA at France’s HEC Paris ranked at number two, and the program at Spain’s IESE in third place.
Four North American schools secured spots in the top 10—MIT (Sloan) in fourth, Yale School of Management in sixth, Penn (Wharton) in seventh, and Northwestern (Kellogg) in eighth.
Thirty-two schools in 11 Asia-Pacific countries also feature, with the National University of Singapore (NUS) securing the highest ranking at 14th, followed by Nanyang Business School, also in Singapore, at number 24. The highest ranked Australian school, Melbourne Business School, comes in at 25.
Five schools feature in the top 100 for the first time, with University of Sydney Business School being the highest new entry at 33. Mexico’s EGADE Business School enters at 57, RSM Erasmus (Rotterdam) at 73, Monash Business School (Melbourne) at 74, and Colorado (Leeds) at 96.
How schools are ranked
This year’s QS ranking evaluated leading EMBA programs across six key indicators, with an emphasis on global institutional reputation. For a school to be eligible it must: have at least one graduating class; have either AACSB, AMBA, EQUIS or EPAS accreditation; and an average class size of at least 20. Data is collected from two long-standing QS surveys: the QS Global Employer Survey and the QS Academic Survey. The responses from these surveys span a total of five years, with responses from more recent years having greater weighting.
Schools moving up or retaining positions
France’s Audiencia Business School saw the biggest improvement in its ranking, rising from 78th to 49th, followed by Warsaw University of Technology Business, which climbed to rank 80th from last year’s 101st position.
In the top 10, Yale went up two places, while schools retaining their 2024 position included Sloan (4), London Business School (5), and INSEAD (9). Schools in the top 20 retaining their positions were ESADE Business School (11), NUS (14), and Stern (20).
Why rankings matter
According to the 2025 GMAC Prospective Student Survey, the perceived overall quality and reputation of a business school—as showcased in rankings such as these—still remains the number-one factor when candidates decide whether to apply to a program.
For the schools themselves, rankings are clearly important. Speaking of Oxford Saïd’s success this year, Soumitra Dutta, Peter Moores, dean at Oxford Saïd, commented:
“It is an incredible achievement to rank first in the world for our Executive MBA, but to do it in consecutive years should be truly celebrated. At Oxford Saïd, we foster our students in all aspects of their academic journeys and encourage them to approach our learning environment as the intellectual playground that the opportunity symbolises. Ensuring the greatest possible impact on the wider world is our fundamental aim, and our track record of success is testament to the dedication of our students, staff and faculty.”
Joint partnership rankings
QS also ranks the top EMBA programs offered through joint partnerships between leading international business schools. Number one in this year's Join Program Ranking, the Trium Global EMBA is delivered by an alliance among New York University Stern School of Business (NYU Stern); the London School of Economics and Political Science (LSE); and HEC School of Management, Paris (HEC Paris). UCLA/NUS (Singapore, Los Angeles) takes second position.
A new entry in this ranking, at 18, is Pacifico/ESADE—a new venture which sees ESADE offering an international edition of its program in Lima, Peru.
