Switzerland’s St Gallen is ranked number one in the Financial Times 2024 Masters in Management (MiM), as Alumni working in the financial sector have seen the highest salary increases.
According to the Financial Times, earnings for those in banking, financial services, and insurance rose 4% from 2023 to an average of $88,518 in early 2024, three years after graduation.
This growth rate is higher than that of MiM graduates in other sectors, with consulting at $85,000 and technology at $84,000.
This increase watermarks a resurgence in finance careers relative to other fields.
What To Know
MiM ranking is an annual evaluation published by various organizations, including the Financial Times. It ranks business schools and their MiM programs based on various criteria, such as alumni salaries, career progression, quality of education, and program features.
The ranking helps prospective students assess the quality and outcomes of MiM programs globally, providing insights into factors like salary growth and career advancement.
St Gallen Reclaims Top Spot in FT Ranking
Reports reveal that the university’s ascension to the top position in the FT’s 2024 MiM ranking, marks a return to the number one spot for St Gallen, which had fallen to second place last year behind HEC Paris.
For the 2024 ranking, HEC Paris has dropped to second place, while Insead, a French institution newly featured in the ranking, secured the third position.
The top tier of the ranking includes six French schools and two Chinese institutions—Shanghai Jiao Tong: Antai and Tongji—as well as London Business School, Nova School of Business and Economics in Portugal, Bocconi University in Italy, and Prague University in the Czech Republic.
Surge in Finance Salaries
The Times’ latest data reveals a sharp increase in the average salary for MiM graduates working in finance. From 2023 to early 2024, earnings for these professionals have risen by 4 per cent, reaching an average of $88,518.
This increase surpasses the salary growth observed in other sectors, such as ‘consulting, where the average salary is $85,000, and technology, where it is $84,000.’
This trend, as stated, mirrors the broader pattern seen among graduates of specialized masters in finance programs, who earn nearly $90,000 on average in 2024, compared to $81,000 for those with MiM degrees.
Progress on the Gender Pay Gap
Further investigations reveal that the gender pay gap among MiM graduates has narrowed significantly, falling to 9% in 2024 from a high of 17 per cent in 2019.
The Times ranking assesses business schools based on various criteria, including:
- Alumni salaries three years post-graduation,
- The quality of alumni networks, and
- Commitments to environmental, social, and governance (ESG) factors.
The report notes St Gallen’s strong performance in career services and alumni network rankings.
South Asian business schools, particularly the Indian Institutes of Management in Ahmedabad, Bangalore, and Calcutta, reported the highest average salaries.
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