Footnotes: * KPMG reported on the results of obtaining evidence and applying specified audit procedures relating to selected survey data provided for the Financial Times 2020 MBA ranking for selected business schools. Enquiries about the assurance process can be made by contacting Lori Huber of KPMG at lahuber@kpmg.ca. The specified audit procedures were carried out between November and December 2019. The audit date published denotes the survey for which the specified audit precedures were conducted. **These schools run additional courses for MBA students for which additional language skills are required. Although the headline ranking figures show changes in the data year to year, the pattern of clustering among the schools is equally significant. Some 170 points separate the top programme, Harvard, from the school ranked number 100. The schools are divided into four groups, indicated by bold lines: those in groups one and two score above the average for the cohort, and groups three and four are below it. The difference in score between schools ranked consecutively is greater within groups one and four than in groups two and three. The top 10 participants, down to University of Chicago: Booth, form the top group of MBA providers. The second group, headed by Northwestern University: Kellogg, spans schools ranked 11 to 35. The 49 schools within the third group are headed by University of Southern California: Marshall, at 36th. The remaining 16 schools headed by Purdue University: Krannert, at 85th, make up the fourth group.

1. 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.

2. The average alumni salary three years after graduation, US$ PPP equivalent. (The 2020 ranking surveyed the MBA class that completed in 2016). Includes data for the current year and the one or two preceding years where available. This figure is not used in the ranking.

3. The average alumnus salary three years after graduation, US$ PPP equivalent, with adjustment for variations between sectors. Includes data for the current year and the one or two preceding years where available.

4. The average difference in alumnus salary before the MBA to now. Half of this figure is calculated according to the absolute salary increase, and half according to the percentage increase relative to pre-MBA salary – the “salary percentage increase” figure published in the table.

5. 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.

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

7. 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.

8. This is calculated according to selection by alumni of three schools from which they would recruit MBA graduates. Includes data for the current year and one or two preceding years where available.

9. Percentage of female faculty. For gender-related criteria, schools with a 50:50 (male/female) composition receive the highest score.

10. Percentage of female students on the full-time MBA. For gender-related criteria, schools with a 50:50 (male/female) composition receive the highest score.

11. This is calculated according to the diversity of faculty by citizenship and the percentage whose citizenship differs from their country of employment – the figure published in the table.

12. This is calculated according to the diversity of current MBA students by citizenship and the percentage whose citizenship differs from the country in which they study – the figure published in the table.

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

14. This is calculated according to whether alumni worked in different countries pre-MBA, on graduation and three years after graduation.

15. This is calculated according to whether the most recent graduating MBA class completed exchanges, research projects, study tours and company internships in countries other than where the school is based.

16. Number of extra languages required on completion of the MBA. Where a proportion of students requires a further language due to an additional diploma, that figure is included in the calculations but not presented in the final table.

17. Percentage of full-time faculty with a doctoral degree.

18. This is calculated according to the number of articles published by a school’s current full-time faculty members in 50 selected academic and practitioner journals between January 2014 and October 2016. The rank combines the absolute number of publications with the number weighted relative to the faculty’s size.