Here we go again! Financial Times kicked off a new year of MBA rankings over the weekend. The FT ranking stacks up 100 MBA programs from around the world (not only U.S. schools) and is often considered the most credible and reliable of the global rankings publishers. (This is not an endorsement of the FT rankings over any other methodology but is purely a reflection of our own experience and feedback we’ve received from our clients over the years.) That’s not to say there weren’t a few surprises. Here are the highlights:

Source:Financial Times Global MBA Ranking 2017

INSEAD remains #1 for the second year in a row. According to FT, INSEAD is “distinguished not only by its one-year program but also a strongly international culture, based on its two campuses, and one of the most extensive and diverse alumni networks.”Stanford GSB climbed 3 spots from last year to reclaim its #2 rank (the last time it was ranked #2 was in 2014), while Wharton gained 1 spot to come in at #3.Surprisingly, HBS follows at #4, down 2 spots from last year.Haas and MIT Sloan, who were part of the top 10 last year (#7 and #9, respectively), dropped into the double digits this year for a tie: Haas down 6 spots and MIT Sloan down 4 spots to tie at #13.Newcomers to the top 10 are two Spanish programs: IE Business School came in at #8 (from #12 last year) and IESE came in at #10 (from #16 last year).Special mention goes to Cambridge Judge which hopped up 5 spots to claim #5 this year.As a whole, US programs are the biggest gainers in the ranking, with 51 programs collectively rising 55 spots (net) in the rankings vs. last year. The 28 European programs in the ranking declined as a whole (net -35 spots) but still comprise half of the top 10.

A full analysis of the rankings is available here.

Note: These rankings are based on surveys of the business schools and their 2013 graduates. The methodology considers 20 different factors including graduates’ salary increase, international composition of the schools’ faculty, board, study body, etc., among others. If you’d like to nerd out with the nitty gritty of the ranking criteria, a full explanation is available here.

We say this a lot but it bears repeating: the rankings should not be the end-all-be-all of your school selection process. They should be one data point of many as you decide what programs are the best fit for you and your goals. While there is likely a meaningful difference between the #1 program and #78, small shifts from year-to-year do not indicate that the caliber of your dream school just went out the window – or went through the roof! Said another way, HBS is still HBS, even though it was ranked #4 this year by FT.

Wondering if the rankings even matter? One of our admissions experts weighs in on that very question here.

Questions about the rankings or how to approach the school research process? We’re happy to help! Register for ourfree consultationtoday and we’ll help point you in the right direction.