Being able to put the letters MBA after your name is an incredible achievement. Being able to say that you obtained your Master of Business Administration (MBA) from one of the world's most prestigious academic institutions is an even greater privilege. Using the renowned Financial Times Global MBA Ranking 2017 we countdown the world's 25 best schools for MBA programmes, and reveal how much it will cost to study there and how much you can expect to earn later on.

Moving up from 29 to joint 24th is Nanyang Business School, part of Nanyang Technological University in Singapore. The Nanyang MBA course runs over 12 months. Its intensive global programme has a focus on Asia and includes a comprehensive leadership course: Leading People Globally. The course tuition fees costs from S$62,000 ($46,700/£34,400). The average alumnus salary three years after graduation is $126,218 (£93,016).

Falling three places to joint 24th, the Fuqua School of Business at Duke University in Durham, North Carolina offers a range of MBA programmes, some of which are designed to be completed around a full-time career. Running from 17 to 22 months, tuition fees in the first year start from $65,665 (£48,391), with second-year fees estimated to cost a further 4% on top of this. The average alumnus salary three years after graduation is $150,212 (£110,699).

Down three places to 23 is the Ross Business School at the University of Michigan. It offers a two-year full time MBA course that promises "an active, rigorous approach to becoming a leader who makes a positive difference in the world." It also provides the opportunity for hands-on business experience both within and outside of the US. Annual tuition fees cost from $67,300 (£49,596) for an out-of-state resident. The average alumnus salary three years after graduation is $149,728 (£110,342).

Up three places to 22, the SDA Bocconi School of Management, part of the Università Bocconi in Milan, offers a selection of full and part-time MBA programmes, each with a different combination of language, duration, structure and format. Total tuition fees cost from €26,000 ($31,270/£23,050). The average alumnus salary three years after graduation is $129,064 (£95,114).

The IMD Business School in Lausanne, Switzerland has fallen from 13 to 21 in this year's ranking. It bills its MBA programme as "a leadership journey for those with the ambitions to make a real difference in a complex and rapidly changing world." It also offers an executive MBA course to be combined with a career. Tuition fees for the full-time course cost from CHF85,200 ($87,300/£64,335). The average alumnus salary three years after graduation is $154,511 (£113,867).

Slipping from 15 to 20 is HEC Paris. Its MBA is designed for managers between the ages of 25 to 35 with at least six years of work experience behind them. It addresses functional and cross-functional skills and covers all areas of management in depth. Tuition fees are €62,000 ($74,590/£54,970). The average alumnus salary three years after graduation is $132,073 (£97,331).

There has been no change for the Stern School of Business at New York University, which remains in 19th spot. Flexibility is at the core of Stern's two-year MBA programme. Students can select specialisms, take some courses within the university graduate schools or international partner institutions and choose from over 200 electives. First-year tuition fees are $69,086 (£50,900). The average alumnus salary three years after graduation is $150,859 (£111,175).

Rising four places to 18 is Tuck School of Business at Dartmouth College in New Hampshire. Its two-year MBA course covers statistics and decision science, corporate finance and capital markets, managerial and global economics, marketing, organisational behaviour and personal leadership, strategy, communications and operations. First-year tuition fees are $68,910 (£50,780). The average alumnus salary three years after graduation is $165,414 (£121,902).

Esade Business School in Barcelona has risen five places from last year to 17th. It offers a variety of MBA programmes and a flexible learning schedule with full-time, part time and part-time modular options. These run over between 12 and 18 months. The full-time MBA course fees are €64,900 ($78,080/£57,540). The average alumnus salary three years after graduation is $146,127 (£107,688).

The Yale School of Management in New Haven, Connecticut rises three places to joint 15th. Its MBA programme promises to develop the skills and vision needed to excel in competitive global markets. Its curriculum is designed to "teach you the skills you will need to lead in complex, fast-moving scenarios." Tuition fees are $66,650 (£49,120). The average alumnus salary three years after graduation is $158,206 (£116,590).

Dropping one place to joint 15th, the Hong Kong University of Science and Technology Business School offers a full-time MBA and a part-time option aimed at working professionals. It strives to create a stimulating learning environment by recruiting diverse talents from varied professional and cultural backgrounds. Tuition fees for the full-time programme are HK$585,000 ($74,815/£55,135). The average alumnus salary three years after graduation is $149,538 (£110,202).

The University of California at Berkeley's Haas Business School has seen a significant fall from last year from 7th to joint 13th. It offers a variety of MBA programmes, both full-time and flexible. The full-time offering focuses on leadership, fresh thinking, positive impact and creating a talented, diverse, collaborative community. Tuition fees start from $59,739 ($44,024) for out-of-state residents. The average alumnus salary three years after graduation is $168,163 (£123,928).

The Sloan Management School at MIT in Cambridge, Massachusetts has fallen four places from last year to joint 13th. Its MBA programme aims to bring "leaders together to solve the most complex problems and bring solutions out into the world to improve today and advance tomorrow." The tuition fees are from $74,200 (£54,681). The average alumnus salary three years after graduation is $165,716 (£122,124).

The Kellogg School of Management at Northwestern University, Illinois dropped down one spot to 12. It offers a range of full-time and flexible MBA programmes. Its one year full-time programme is "designed to build upon your business fundamentals and get you back in the workforce with new skills and knowledge that will propel your career forward." Tuition fees for the one-year course start from $95,156 (£70,125). The average alumnus salary three years after graduation is $164,326 (£121,100).

China Europe International Business School, known as CEIBS, has jumped from 17th position last year to 11th. Its 18-month full-time, English language, MBA programme based in Shanghai aims to "enhance students' ability to identify and utilise business opportunities, solve complex business problems, motivate people and develop organisations." Tuition fees start from RMB 408,000 ($62,890/£46,330). The average alumnus salary three years after graduation is $159,870 (£117,816).

The IESE Business School in Barcelona, Spain has moved up six places from last year. Its 19-month MBA programme aims to be a cross-cultural learning experience that focuses on general management and 81% of students on the course are international. Tuition fees are €88,150 ($106,050/£78,150). The average alumnus salary three years after graduation is $147,596 (£108,771).

Slipping one place to nine is University of Chicago Booth School of Business. It offers a selection of full-time, part-time and flexible MBA courses and claims to provide the world's most flexible full-time MBA programme. Its multidisciplinary approach to problem solving aims to empower students with frameworks for free thinking and sound decision making. Tuition fees start from $69,200 (£50,990). The average alumnus salary three years after graduation is $168,200 (£123,941).

The IE Business School in Madrid has shot up four places from last year to 8th. It offers a range of part-time and full-time MBAs in multiple languages in a diverse and multicultural environment. Some of its learning programme can also be carried out interactively online. Tuition fees start from €72,200 ($86,860/£64,000). The average alumnus salary three years after graduation is $168,923 (£140,412).

Slipping one place to 7th is Columbia Business School, New York City. It offers a range of MBA programmes with a strong emphasis on putting theory into practice. Students here should "work to develop innovative solutions to real-world business problems." Tuition fees start from $71,544 (£52,720). The average alumnus salary three years after graduation is $172,624 (£127,201).

The London Business School dropped three places to 6th. Its MBA is flexible and customisable. It claims that its graduates will "leave this transformational programme as well-rounded global leaders ready to thrive and succeed in today’s business environment." Tuition fees start from £78,500 ($106,530). The average alumnus salary three years after graduation is $154,567 (£113,895).

The University of Cambridge's Judge Business School will be celebrating rising five places to 5. Its one-year MBA programme is focused on in-depth and experiential learning, with two live client projects. It "is designed to follow a 'micro to macro' pathway, to transform you professionally and personally." Tuition fees start from $71,925 (£53,000). The average alumnus salary three years after graduation is $164,462 (£121,187).

The Harvard Business School in Boston, Massachusetts has fallen two places to 4th. Its two-year course promises to provide "an intense period of personal and professional transformation that prepares you for challenges in any functional area—anywhere in the world." Tuition fees start from $72,000 (£53,050). The average alumnus salary three years after graduation is $178,113 (£131,246).

The Wharton School at the University of Pennsylvania moved up one place to 3rd. Its MBA is taught using the Learning Team model, which Wharton pioneered. This allows students to learn in teams made up of people from a juxtaposition of diverse careers, interests and international backgrounds. Tuition fees start from $76,580 (£56,430). The average alumnus salary three years after graduation is $181,634 (£133,840).

Stanford Graduate School of Business in Stanford, California rises three places to 2nd. Its two-year, full-time residential MBA course lets you build your general management knowledge and gain global experience in year one and go on to personalise your experience in year two. First-year tuition fees start from $68,868 (£50,750). The average alumnus salary three years after graduation is $195,322 (£143,927).

Holding on to the top spot is INSEAD Business School's campuses in France and Singapore. INSEAD's one-year MBA programme aims to "develop successful, thoughtful leaders and entrepreneurs who create value for their organisations and their communities." Tuition fees start from €82,000 ($98,650/£72,690). The average alumnus salary three years after graduation is $167,657 (£123,541).