Footnotes: # Figure in brackets refers to data from separate joint programme for schools with more than one degree ranked. † Salary increase in the three years from completion to now for Masters in Management. For MBA and EMBA, the average difference in alumni salary is between before the degree and now, three years after completion. ‡ Faculty data are provided for information — taken from surveys for the 2021 tables. A school that only featured in Executive Education has provided faculty data, as of September 2021. * School was ranked outside the final table in 2021 for MBA, EMBA or Masters in Management, or for Custom and Open in 2020. ** School participated in this ranking on the basis of a joint programme only. Underlying score based on proportion of total score. Some 157 points separate the top programme, at the HEC Paris, from the school ranked 95. The schools are divided into four tiers. Business schools in tiers l and ll score above the average for the cohort, and tiers lll and lV are below it. The difference in scores between schools ranked consecutively is greater within tiers l and lV than in tiers ll and lll. Tier l includes 8 schools from HEC Paris to Essec Business School. Tier ll includes schools from University of Oxford: Saïd, ranked 9th, to Hult EF Corporate Education in joint 46th position. Tier lll, headed by Skema Business School spans schools ranked 48 to 78. Tier lV includes schools from IAE Aix-Marseille Graduate School of Management in 79th place to Jönköping International Business School at 95.