The top-25 best business schools in the world based on the average earnings of graduates

Stanford University’s Graduate School of Business was ranked first in the world when it came to the “average earnings of graduates,” according to the FT 2016 ranking of global MBA programs. Although Stanford placed 5th on the overall list, its graduates earned an average of $185,174 just three years after graduation.

University of Pennsylvania’s Wharton School’s MBA holders are next with $177,287, and Indian Institute of Management, Ahmedabad comes in third with $175,146.

Indian Institute of Management, Ahmedabad was ranked first in the world when it came to “career progress,” calculated based on changes in the level of seniority and the size of companies alumni work in now compared with before their MBA.

Still, the analysis yielded several surprises, MBAs from Insead, the business school with campuses in France, Singapore and Abu Dhabi, for example, earned enough money–$166,168–to put them at No. 7 on the list, even though Insead’s full-time MBA program is ranked number one overall.

Even more surprising, perhaps, MBAs from London Business School are estimated to rack up $154,830, a sum that puts LBS graduates at No. 15 on the list, though the school’s MBA program is ranked at 3.

The top-25 best business schools in the world based on the average earnings of graduates:

1. Stanford Graduate School of Business
Location: US ($185,174)

2. University of Pennsylvania: Wharton
Location: US ($177,287)

3. Indian Institute of Management, Ahmedabad
Location: India ($175,146)

4. Harvard Business School
Location: US ($172,275)

5. Columbia Business School
Location: US ($169,679)

6. University of California at Berkeley: Haas
Location: US ($167,227)

7. Insead
Location: France / Singapore ($166,168)

8. Northwestern University: Kellogg
Location: US ($161,855)

9. University of Chicago: Booth
Location: US ($161,182)

10. IE Business School
Location: Spain ($160,659)

11. MIT: Sloan
Location: US ($158,736)

12. Dartmouth College: Tuck
Location: US ($157,545)

13. IMD
Location: Switzerland ($157,436)

14. University of Cambridge: Judge
Location: UK ($156,917)

15. London Business School
Location: UK ($154,830)

16. Yale School of Management
Location: US ($154,264)

17. New York University: Stern
Location: US ($149,318)

18. University of Michigan: Ross
Location: US ($148,056)

19. University of Virginia: Darden
Location: US ($146,417)

20. Ceibs
Location: China ($144,884)

21. Cornell University: Johnson
Location: US ($144,214)

22. Duke University: Fuqua
Location: US ($143,849)

23. HKUST Business School
Location: China ($143,146)

24. Iese Business School
Location: Spain ($139,714)

25. UCLA: Anderson
Location: US ($139,474)