MIT graduates earned approximately $246,000, the third-highest figure behind Harvard and the Wharton School at the University of Pennsylvania.

The ranking, published Feb. 16, saw MIT Sloan jump five places to dethrone Wharton, which had held the top position for two consecutive years and slipped to third. France's INSEAD took second place.

Stanford Graduate School of Business, widely considered among the world's most prestigious MBA programs, chose not to participate. A Stanford spokesperson told Poets & Quants that the time and effort required to provide data to the Financial Times was no longer worth it.

Columbia Business School and Italy's SDA Bocconi were also excluded after failing to meet the minimum alumni survey response rate.

The absences reshaped the leaderboard. Columbia had ranked second last year, and Bocconi fourth.

MIT's rise, the Financial Times noted, came as students increasingly prioritize technology and artificial intelligence skills in preparation for a rapidly shifting job market.

Europe and Asia gain ground

For the first time, the majority of schools in the top 10 were outside the U.S., including five European and one Asian program. The U.S. still had the largest presence in the top 30 with 12 schools. Three Asian countries placed in the top 30: China, Singapore and India. France, the U.K. and Spain represented Europe.

IESE Business School of Spain and London Business School tied for fourth. HEC Paris ranked sixth, followed by ESADE Business School. China's CEIBS broke into the top 10 at eighth, while UC Berkeley's Haas School of Business rose six places to ninth.

Among the biggest movers, the Indian School of Business jumped 15 places to 12th and posted the highest salary increase in the entire ranking at 248% above pre-MBA earnings. The Wharton School earned the top research ranking, while Dartmouth College's Tuck School of Business was rated the strongest for alumni networking.

19 of the top 30 schools produced graduates earning above $200,000 annually. The ranking was compiled from alumni surveys accounting for 56% of the overall score, school-reported data at 34%, and faculty research output at 10%.

The ranking arrives amid a growing debate over whether an MBA is still worth the investment. According to the Financial Times' latest data, alumni salaries have broadly declined after adjusting for inflation. A number of graduates from top business schools have also struggled to find employment over the past year, even as headline salary figures remain eye-catching.