- Original article by Leo Cremonezi in the Financial Times, June 14, 2020
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Outstanding career progress and salary uplift give the French school the edge

When the FT’s masters in finance ranking began, in 2011, Donald Trump was still presenting The Apprentice and coronaviruses were a niche interest among microbiologists. Much has changed since then — but the number-one spot in the ranking has not. This year, as in 2011, HEC Paris tops the table.

More precisely, the French business school ranks first among providers of pre-experience masters in finance (MiF) courses — that is, for students with little or no relevant professional experience. The tables set out information on the best programmes worldwide in this area, as well as on the top three courses for people who have already worked in the finance sector. It is based on surveys of schools and of alumni who completed their masters in 2017.

HEC Paris has come top every year apart from 2017, when Edhec edged it aside, and 2019, when the ranking did not run. Its success is explained by the financial uplift that its alumni enjoy: the highest weighted average salary, at $149,750 this year, and the highest salary percentage increase three years after graduation. The school is also the best for career progress.

HEC’s salary performance is not typical of European schools. Analysis of the pre-experience programmes shows that alumni of Asian schools have higher salaries and raises three years after graduation, when adjusted for purchasing power parity between countries.

Alumni from US and European schools, however, report greater success in achieving their overall aims in studying an MiF. Survey respondents say their main reasons for taking an MiF are better career opportunities and personal development, followed by improving earnings and acquiring specialised skills.

While mainland Europe is a popular place to study, with alumni from its schools representing more than 50 per cent of the cohort surveyed, UK business schools have the highest proportion of overseas graduates: nine in 10. Whether such an international intake persists after the coronavirus pandemic is a matter for future editions of the ranking.

The proportion of female students enrolled at ranked schools has grown over time but a gender pay gap remains. Male alumni from pre-experience programmes earn an average of $103,403, some 30 per cent more than their female contemporaries, whose average salary is $79,094. The gap rises to 34 per cent for post-experience courses. The average salary uplift is greater too: 60 per cent for men on pre-experience courses, compared with 48 per cent for women.

This year we asked graduates to rate their overall satisfaction with the MiF course — the first time we have put this question, which does not feed into the ranking calculation. All the schools scored above eight out of 10 on average.

The MiF ranking was suspended in 2019, owing to technical upgrades. This year’s calculations include data from 2018 where applicable.
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This post is for educational purposes only ; it is not an investment advice.
- Olivier BOSSARD

Email: bossard@hec.fr
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