40 Best Business Schools in the World for 2024

Published on April 22, 2024 at 11:25 am by Faiq Zafar in Business, Industries, Lists, News

In this article, we shall discuss the 40 best business schools in the world for 2024. To skip our detailed analysis of the global edtech sector in 2024, go directly and see 10 Best Business Schools in the World for 2024.

The Global EdTech Industry: Major Trends

For most higher-education students from the best business schools in the world, the onset of the COVID-19 pandemic forced a global shift to online modes of learning instantaneously beginning from Spring 2020. In order to supplement video lectures and engage with students in a virtual setting, educators adopted technologies that facilitated greater interactivity and hybrid models of online and in-person activities. An unexpected outcome of this shift has been witnessed in a post-pandemic environment, where these tools have altered learning, teaching, and assessment in the top 10 MBA colleges in the world in ways which have outlasted the pandemic and investors are more than aware of this. In a bid to capitalize on these tailwinds, they have ramped up investments in major edtech players, which have raised record amounts of venture capital in 2021 and 2022 and with market valuations for larger players like Chegg Inc. (NYSE:CHGG), Strategic Education Inc. (NASDAQ:STRA) and Boxlight Corporation (NASDAQ:BOXL) on the rise. To read more on players dominating the edtech industry, check out our coverage of the 20 Biggest EdTech Companies in the World.

In 2023, the global edtech market was valued at $222.4 billion and is projected to amount to $661.2 billion by 2032 at a staggering CAGR of 12.48%. According to the WEF, the industry is slated to see investments upward of $10 trillion over the next decade. The space is incredibly well-positioned to see 800 million K-12 graduates and 350 million post-secondary school graduates globally by 2030. Furthermore, the industry now comprises dozens of edtech ‘unicorn’ startups with valuations upward of more than $1 billion.

One of the primary trends affecting the edtech industry in 2024 is that capital inflows are at a record high. Owing to rapid technological innovation and enterprise digitization in the top 10 MBA colleges in the world, many major edtech players are continuously looking to upskill their workforce. Furthermore, broadband access has become much more affordable, and distance-education technologies have become advanced, especially in some of the best business schools in the world for 2024. These developments have facilitated the tailwinds which have upheld the edtech sector, causing venture capitalists to invest $20.8 billion in the edtech sector globally in 2022, more than forty times the amount they invested in 2010. And although public valuations have dipped, private players are still managing to attract investment at double-digit revenue multiples.

Secondly, in an attempt to offset the high costs of marketing and sales which tend to range from 20% to 60% of revenue in recent years, edtech companies are resorting to M&A transactions in a bid to acquire economies of scale. However, after companies enter into agreements, they tend to face significant challenges in integrating their operational capabilities to realize their promised potential. Furthermore, innovation in generative AI is ushering in a new era of education, with many edtech platforms now offering personalized and efficient learning experiences to some of the best business schools in the world for 2024. According to the WEF, AI in the education sector is well positioned to skyrocket, with projections predicting a global increase of $21 billion by 2028.

Lastly, edtech companies are increasingly prioritizing impact and outcomes, which are incredibly essential for building business endurance and driving effective learning in the best business schools in the world for 2024. Companies are becoming increasingly wary about acquiring outcomes data in order to assess what works for end-users. In K-12 education specifically, there is currently a lack of valuable data on product implementation and outcomes leading to districts attempting to integrate an average of 2591 edtech tools annually. Similarly, in workforce training, the United States spent more than $101.8 billion in 2023, without truly understanding the impact of investments.

Machine-Learning in Higher Education: An Overview

One major trend influencing the larger edtech industry is the fact that some of the best business schools in the world for 2024 are gravitating towards using data and analytics as a critical part of their processes, with edtech players like Chegg Inc. (NYSE:CHGG), Strategic Education Inc. (NASDAQ:STRA) and Boxlight Corporation (NASDAQ:BOXL) having to adapt to the changing educational landscape. Universities are now seeking data-backed solutions in a bid to identify better pain points in the student journey, inculcate efficient resource dispatchment and allocation, and are improving considerably upon student and faculty experience. Therefore, in order to meet these requirements, edtech companies are diverting greater investments to harness analytics to enhance program personalization and flexibility while improving overall retention rates by identifying students at risk of failure and offering tailored interventions to the top 10 MBA colleges in the world.

According to a report by McKinsey, advanced analytics solutions may aid many of the best business schools in the world for 2024 in uncovering deeper insights into their student populations and better navigate nuanced risks than they could achieve via diagnostic analytics, which depend on linear, rule-based approaches. In contrast, advanced analytics relies on algorithmic deductions such as gradient boosting and random forest to facilitate companies in addressing unrealized biases in existing strategies. For instance, machine-learning models could examine ten years of data to outline determinants which could further assist institutions in gauging a student’s risk of attrition more accurately. Once these students have been identified, proactive solutions can be deployed to intervene.

However, edtech companies like Chegg Inc. (NYSE:CHGG), Strategic Education Inc. (NASDAQ:STRA) and Boxlight Corporation (NASDAQ:BOXL) are also navigating certain risks whilst integrating advanced analytics and machine learning into their operations. Although risks tend to vary depending on institutions and the data included in the model, there is a general risk of inadvertently introducing biases informed by race, age, or gender. Furthermore, new models may also just build on inherent accidental biases in current methodologies at some of the top MBA colleges in the world. Although there is still a long way to go in order to realize the complete potential of machine-learning technologies in optimizing the operational efficacy, companies are ramping up investments to integrate such technologies into their services to provide the best business schools in the world for 2024 with optimal educational solutions.

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Our Methodology

To compile our list of the 40 best business schools in the world for 2024, we decided to rank business schools across the world according to three primary metrics, assigning an equal weightage to each metric: academic reputation (25 points), employability (25 points), alumni network and global reach (25 points), and student selectivity (25 points). First, we undertook a consensus-based approach across multiple credible sources (1, 2, 3, 4, 5) to shortlist the top business schools in the world.

To determine academic reputation of each school, we decided to look at the total number of citations obtained by each business school’s 2023 research publications. To determine employability, we decided to consult data from LinkedIn profiles of the 25 Most Admired Companies in 2023 to determine the top colleges they hired the most from. To determine the alumni network and global reach of each school, we scoured each school’s official website to consider the geographic spread of alumni, collaborations with international institutions, and alumni success stories. Finally, to gauge student selectivity, we looked at acceptance rates and the average applicant GPA at each school’s MBA program, using data by Menlo Coaching.

We created primary rankings for each metric by listing the top 50 schools in each of the four areas, namely academic reputation, employability, alumni network and global reach, and student selectivity. As expected, there was significant overlap amongst all four primary lists. Then, we assigned points to each school based on their relative position in each primary list. For instance, if a school ranked number 1 on a list, it received 25 points. If it ranked second, it received 24.5 points, and so on. We then tabulated the total number of points scored by each school out of 100 to arrive at a cumulative score for each entry. We then ranked each entry based on these cumulative scores, from lowest to highest.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional looking for the best stocks to buy you can benefit from the wisdom of hedge funds and corporate insiders.

You can also check out our coverage of the 40 Best Fashion Schools in the World for 2024.

Best Business Schools in the World for 2024

40. Indiana University

Insider Monkey’s Score: 54.5

Kelley School of Business at Indiana University is widely known for its top-class faculty, distinct MBA program, and inclusive culture. The business school was founded in 1920.

39. IESE Business School

Insider Monkey’s Score: 56

Located in Barcelona, IESE Business School offers one of the best MBA programs in the world. It aims to expose its students to the global perspective of working in organization and learning innovative methods, making it one of the best business schools in the world for 2024.

38. University of North Carolina

Insider Monkey’s Score: 57

University of North Carolina has four core values, including integrity, innovation, inclusion, and impact. These core values are reflected into their learning environment.

37. University of Warwick

Insider Monkey’s Score: 59

Warwick Business School, located in the University of Warwick, is known precisely for its research quality. It offers one of the best business programs in the world.

36. Purdue University

Insider Monkey’s Score: 63

Purdue University has been a target institution for many employers, including consulting firms, for a long period of time. Its prestige and reputation allows students to become exposed to world-class education.

35. Georgetown University

Insider Monkey’s Score: 65

Georgetown University’s McDonough School of Business was founded in 1957. Since then, it has excelled in providing its students with remarkable programs and a strong entrepreneurial community, making it one of the best business schools in the world for 2024.

34. University of Virginia

Insider Monkey’s Score: 65.5

Darden School of Business, the business school at University of Virginia, is one of the top public business schools in the world. It is known for the commitment shown by the faculty towards the courses and students.

33. HEC Paris

Insider Monkey’s Score: 66

HEC Paris is one of the best business schools in the world as it offers exclusive and customizable programs with a wide range of courses and electives to its students, making it one of the top MBA colleges in the world.

32. IMD

Insider Monkey’s Score: 66.5

One of the top-ranked business schools, IMD is known for its high reputation, world-class faculty, and exceptional programs. The university has its campuses in Lausanne, Switzerland, and Singapore.

31. INSEAD

Insider Monkey’s Score: 68

INSEAD is one of the best business schools in the world in 2024. Its degree, Research Productivity in General Management, is the most renowned.

30. University of Hong Kong

Insider Monkey’s Score: 70

Established in 1911, the University of Hong Kong is one of the oldest institutions in Asia. The employability rate of the university is extremely high as students start working in the commerce sector.

29. Nanyang Technological University, Singapore

Insider Monkey’s Score: 71.5

One of the main reasons why Nanyang Technological University is the most desired business school for students is its diverse and inclusive community. They provide a dynamic learning environment to their students, making them one of the top MBA colleges in the world

28. University of Mannheim

Insider Monkey’s Score: 72

Located in Germany, University of Mannheim is one of the most competitive and challenging business schools in the country. Only approximately 17% of the applicants are accepted into their MBA program.

27. University of Minnesota

Insider Monkey’s Score: 73

The University of Minnesota, a public university, is an extremely reputable university. Many of its renowned faculty have received prestigious awards for their notable research, making it one of the best business schools in the world for 2024.

26. University of Manchester

Insider Monkey’s Score: 74.5

The University of Manchester offers one of the best business programs in the world. Some of its main degrees include undergraduate, MBA, and executive education.

25. Copenhagen Business School

Insider Monkey’s Score: 75

One of the most reputable business schools in Denmark, Copenhagen Business School focuses on experiential learning to a great extent, allowing students to interact with various organizations.

24. Tsinghua University

Insider Monkey’s Score: 75.5

Tsinghua University is one of the best universities in China and one of the best MBA programs in the world. The university is among the top 3 in terms of graduate employability.

23. University of Southern California

Insider Monkey’s Score: 77

USC Marshall has one of the best business programs in the world. Its four core values include Transformational Courage, Collaborative Ambition, Impactful Service, and Unwavering Integrity.

22. London Business School

Insider Monkey’s Score: 79

Founded in 1964, London Business School has its campuses in London and Dubai. It is known to be highly competitive and offers various programs like MBA and Master’s in Management.

21. Erasmus University Rotterdam

Insider Monkey’s Score: 81

Erasmus University Rotterdam is one of the top-ranked business schools in Europe, primarily because it uses practical examples to teach and train their students

20. Michigan State University

Insider Monkey’s Score: 81.5

Michigan State University’s business school, Eli Broad College of Business, is one of the most competitive and challenging business schools in the United States, making it one of the best business schools in the world for 2024.

19. Dartmouth College

Insider Monkey’s Score: 82.5

Tuck School of Business, located at Dartmouth College, is one of the best business schools in the world primarily because of its strong alumni network that helps counsel and teach current students.

18. University of Melbourne

Insider Monkey’s Score: 84

University of Melbourne is one of the leading universities in Australia and has been operating for over 165 years. It’s business school offers various degrees including MBA and business analytics.

17. University of Michigan

Insider Monkey’s Score: 85

Ross School of Business, the business school at University of Michigan, has extremely high rates of employability. Approximately 99.1% students receive job offers after their degree, making it one of the top MBA colleges in the world.

16. National University of Singapore

Insider Monkey’s Score: 86

Founded in 1965, National University of Singapore is widely perceived to have quality research and renowned faculty. The school exposes its students with a holistic learning experience.

15. University of Oxford

Insider Monkey’s Score: 88

University of Oxford’s business school is one of the top universities in the world. The school aims to train its students in terms of leadership, purpose, and impact.

14. University of Cambridge

Insider Monkey’s Score: 88.5

University of Cambridge is one of the most prestigious schools in the world. Its business school primarily focuses on transformative education and critical thinking.

13. University of California, Berkeley

Insider Monkey’s Score: 89

Being the second oldest business school in the United States, UC Berkeley Haas School of Business is known to produce new ideas in the field of business, making it one of the best business schools in the world for 2024.

12. Carnegie Mellon University

Insider Monkey’s Score: 89.5

The Tepper School of Business is the business school at Carnegie Mellon University. It is the pioneer of introducing emotional intelligence and data-informed approach to businesses.

11. Cornell University

Insider Monkey’s Score: 90

Cornell Johnson, the business school of Cornell University, is precisely known for its renowned faculty. Its courses are around the areas of entrepreneurship, technology, consulting, and banking.

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