This year, the FT ranked 15 schools, while last year, it ranked only 10 schools.
The schools ranked second and third this year are the same as in 2024. Imperial College Business School’s Global Online MBA is ranked second for a second consecutive year, an impressive achievement having joined the ranking in 2021, while Warwick Business School is third again, after spending five years from 2018 to 2022 at the top of the list.
Last year, Europe—particularly the UK—dominated the FT’s list of best Online MBA programs. However, in 2025, schools in the US and Australia have risen in the ranks. In fact, amongst the top 15 there is almost an equal split (eight to seven) between Europe and these regions.
In Europe, the top three programs are joined by University of Porto School of Economics and Management in eighth, Durham University Business School in ninth, Polimi Graduate School of Management in 11th, University of Bradford School of Management in 12th, and Birmingham Business School in 14th.
Half of the top 10 business schools in the FT ranking are located in Europe.
The number of US schools in the ranking's top 10 have risen this year from two to four—and six feature in the top 15. USC: Marshall comes fourth, Carnegie Mellon: Tepper is fifth, UNC: Kenan-Flagler is sixth, University of Florida: Warrington is seventh, the University of Nebraska-Lincoln is 13th, and Washington State University: Carson is 15th.
The only school outside of Europe and the US is AGSM at UNSW Business School in Australia, in 10th position.
The number of Online MBA programs continues to grow, having become popular since the outbreak of the COVID-19 pandemic. Since the days of purely online study, schools often combine the advantages of in-person study with the convenience of online through the creation of hybrid programs.
IE Business School tops the table again
The methodology of the Online MBA ranking from the Financial Times is based on a range of criteria, with a key focus on average alumni salaries and salary increases received by Online MBA students after graduation.
Schools ranked by the FT must be accredited by AACSB or EQUIS. Online MBA programs must have run for four consecutive years and at least 70% of the program must be delivered online.
The diversity of the program will be a major factor in IE retaining the top position. IE boasts a high proportion of international students (90%), a class that has achieved gender parity, and faculty that is very close to achieving it (48%).
The Spanish school also ranks first for international mobility of alumni; environment, social, and governance (ESG) teaching; school carbon-footprint rank; and sector diversity rank. Graduates praised IE’s diversity of students, which contributed to their practical business skills, personal growth, and management capabilities.
Graduates earn an average of $209,202 per year three years after the program, with salaries increasing on average by 45% post-MBA—the highest salary increase among all ranked programs.
IE is ranked fifth for salary, however, with USC: Marshall, Imperial, Warwick, and UNC Kenan-Flagler having higher average salaries.
Graduates from both Imperial and USC: Marshall earn an average salary of around $228,500, while Warwick’s average salary has jumped by $8,000 this year to $216,898. UNC: Kenan-Flagler graduates earn $211,372 three years after completing the program.
Financial Times Online MBA program ranking 2025
What else stands out in this year's FT Online MBA ranking?
The biggest change is the inclusion of five additional schools compared with last year, which slightly skews the comparison. While schools have been added to the list, none have dropped out completely.
That being said, some schools that featured in the top 10 last year dropped down into the top 15. This was especially noticeable in European schools, such as Polimi, Birmingham, and Bradford.
After 2024 where there was a dip in US schools featured, this year saw those schools added back, and some which haven’t been featured in a few years. Nebraska-Lincoln hasn’t been ranked since 2022, while Washington State University: Carson is back after six years off the ranking.
UNC: Kenan-Flagler and Florida Warrington also returned to the table after a year’s absence.
Despite dropping out of the top 10, Bradford continues to hold the number one spot for best value for money—its Online MBA costs £19,846 ($25,745).
However, this year, it was beaten for the title of cheapest Online MBA by newcomer the University of Porto, whose program costs just €14,672 ($16,000).
Birmingham Business School, which costs £25,267 ($32,777) comes third for cost but sixth for value for money.
US schools Nebraska-Lincoln and Washington State University: Carson are relatively low-cost institutions compared to other US programs, such as USC: Marshall and Carnegie Mellon: Tepper which cost $129, 716 and $149,028 respectively.
Carnegie Mellon ranks first for career progress and third for career service while Birmingham comes first for careers service.
In terms of diversity, IE comes top for female student population, female faculty, and international students. However, the University of Porto and AGSM at UNSW ties with IE for their female student population, both achieving gender parity.
In terms of international faculty, Imperial topped the table with 97% a marked lead on Durham in second place with 81%.
IE’s student satisfaction slightly climbed this year from 9.2 in 2024 to 9.29, making it sixth. However, other schools on the list put up stiff competition: Carnegie Mellon: Tepper which came first in this category had a 9.68 rating, while USC: Marshall had 9.63, and Florida: Warrington had a 9.59 satisfaction rating.
These three US schools also came top for 'aims achieved'. With USC: Marshall ranking at 85%, Florida: Warrington at 84%, and Carnegie: Mellon at 83%.
IE did rank very closely, however, coming in at number five with 82.73%. IE’s consistently high performance across metrics illustrates why it has once again found itself at the top of this competitive list.
The value of an Online MBA
Online MBA programs come in many different shapes and sizes. Online MBA programs ranked in the top 10 by the FT take between 18 and 39 months to complete.
While there are a number of affordable options in these top 10 to consider, the fees are still not insignificant.
Tepper offers the most expensive program in the FT Online MBA ranking, at almost $149,028.
However, Online MBAs offer a more flexible and affordable option for those looking to earn an advanced business degree without putting their lives and careers on hold.
Online MBAs are becoming more interactive and hybrid, helping students develop stronger networking and communication skills.
If you’re asking yourself the question ‘Is An Online MBA Worth It?’, you’ll need to consider your own individual career goals. Online MBA students tend to be more advanced in their careers compared with full-time, in-person MBA students.
FT best online MBA programs: 2024| 2023| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016
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