The UK's business schools have only just scraped into the global top 20 in a ranking of the world's best MBA programmes, while courses at US universities dominated the list.
Warwick Business School was named the top UK MBA in The Economist's Which MBA? ranking of full-time MBAs. But it came 18th overall, with Northwestern University taking the top spot.
That was followed by the programmes at the University of Chicago, Harvard Business School and Wharton, while Stanford's Graduate School of Business took the fifth spot.
In the UK, London Business School took the second spot, although it was ranked 31st globally. That was followed by the University of Cambridge, which came third in the UK and 55th globally, and Durham University, which came fourth in the UK and 57th overall. Henley Business School was ranked fifth in the UK, and 61st globally.
The research found there was evidence of the MBA's decline: of those who sit the business school entrance exam, known as the GMAT, 35 per cent now end up doing non-MBAs, compared with 30 per cent five years ago. However, global applications to MBA programmes in 2016/17 rose six per cent, according to the Graduate Management Admission Council (GMAC), with applications in Europe rising three per cent.
Read more: These are the UK's 13 best MBAs
The UK's 10 best full-time MBAs
|UK ranking||Global ranking||Business School|
|1||18||Warwick Business School|
|2||31||London Business School|
|3||55||University of Cambridge|
|5||61||Henley Business School|
|6||62||Cranfield School of Management|
|8||67||University of Bath|
|9||72||University of Strathclyde|
The world's top 10 MBAs
|2||University of Chicago||US|
|3||Harvard Business School||US|
|4||Wharton School, University of Pennsylvania||US|
|5||Graduate School of Business, Stanford University||US|
|6||UCLA Anderson School of Management||US|
|7||Haas School of Business, University of California at Berkeley||US|
|8||Tuck School of Business, Dartmouth College||US|
|9||Columbia Business School||US|
|10||Darden School of Business, University of Virginia||US|