Footnotes # Figure in brackets refers to data from separate joint programme for schools with more than one degree ranked. † Salary increase from graduation 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 2020 tables. Schools that only feature in Executive Education have provided faculty data, as of September 2020, especially for this ranking. * School was ranked outside the final table in 2020. ** School participated in this ranking on the basis of a joint programme only. Underlying score based on proportion of total score. Some 156 points separate the top programme, at the HEC Paris, from the school ranked 90. 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 7 schools from HEC Paris to University of St Gallen. Tier ll includes schools from ESCP Business School, ranked 8th, to Aalto University in 37th position. Tier lll, headed by Henley Business School spans schools ranked 38 to 58. Tier lV includes schools from NHH Norwegian School of Economics in 62nd place to Aston Business School at 90.