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The University of Pennsylvania retained its No. 3 ranking in the 2018 edition of the Financial Times Global MBA ranking. Wharton has held the No. 3 ranking for two years in a row, after rising to the spot in 2017 from No. 4. 

The Stanford Graduate School of Business regained the top spot on the list, which previously was held by INSEAD. INSEAD has subsequently fallen to the No. 2 ranking for the first time in two years.

The ranking compares the top 100 full-time MBA programs and is calculated based on 20 different criteria compiled over three years.

The data, which was compiled using alumni surveys, includes information about income and salary increases post-MBA. This data also includes career progress among alumni and the extent to which alumni feel they've achieved their goals. School demographic data is comprised of information about the diversity of staff, faculty, and students. 

To be eligible for consideration on the list, a minimum of 20 percent of the alumni from each program must respond to a survey conducted by the Financial Times. The survey influences ratings for eight sets of criteria, while school demographics and data account for 11 sets. The school's research rank accounts for the remaining criterion. 

In 2017, Wharton's MBA program rose from No. 4 to No. 1 on the on the U.S. News & World Report ranking, putting in the top spot for the second time in 28 years. Wharton was also ranked No. 1 on the Forbes Business School rankings.

Penn’s claim of the highest average salary for alumni five years after graduation and job offer rates at 97.1 percent played large roles in the rise in rankings, according to Forbes. 

Wharton's undergraduate program also tops the U.S. News & World Report ranking of undergraduate business programs and holds the No. 16 ranking on Bloomberg Businessweek's Best Undergraduate Business Schools 2016 list.