Graduates of the world’s leading Executive MBA (EMBA) programmes saw average salaries rise this year, even as pay for other business degree holders stagnated or fell, according to the Financial Times 2025 ranking.

The joint EMBA offered by Washington University’s Olin Business School and Fudan University in Shanghai ranked first globally for the first time, overtaking last year’s top performer, China Europe International Business School (CEIBS). It also reported the highest average alumni salary of $718,662, up 134 per cent from pre-enrolment earnings.

Across the FT’s top 100 business schools, average EMBA graduate pay reached $230,000, marking a 4.4 per cent increase over the previous year. By comparison, salaries for MBA graduates fell 3.2 per cent to $150,000, while those with online MBAs remained flat at $180,000.

Other high-ranking programmes included ESCP Business School’s multi-campus EMBA in Europe, the Kellogg-HKUST partnership in Hong Kong, and France’s Skema Business School.

While EMBA demand remains steady, only 19 per cent of students now receive full employer sponsorship, continuing a decade-long trend toward self-funded study. The average class size held steady at around 58 participants.

Chinese institutions performed particularly strongly, with six of the top programmes for adjusted earnings based in China or Hong Kong. ESCP ranked highest for career progress, while Michigan Ross led in “goals achieved” by students.

The FT’s analysis also highlighted growing diversity in EMBA cohorts. Nine programmes now have more women than men, led by HKU Business School with 64 per cent female participation.

The FT assessed 129 programmes globally, with 100 making the final list. Rankings were based on earnings, career progression, academic research, and sustainability metrics.