Emolument analysed 1,020 salary data points of MBA holders who graduated in 2011, 2012 and 2013 to calculate the return on investment and highest earnings three to five years after graduation.

The US is the place to do an MBA programme in terms of pay for graduates, according to data from Emolument.com.

In the ranking of schools by earnings of their MBA graduates, eight of the top 10 are American. Chicago Booth School of Business tops the list with a median annual pay of £167,000 ($221,000), with the highest median bonus of £53,000, followed by Columbia Business School, with graduates taking home a total of £160,000.

Meanwhile, the University of Cambridge’s Judge Business School is in third place with £156,000, France’s INSEAD is in ninth place and Oxford University’s Said Business School is in 15th place. A larger proportion of Cambridge MBA graduates work abroad - especially in New York, Hong Kong and Singapore - while Oxford MBA graduates are more likely to remain in the UK, earning less than their American peers.

In terms of actual return on investment, Chicago Booth is again number one, thanks to relatively low tuition fees of £51,000. Lower fees – in the £30,000s – also push Warwick Business School, NUS and Baruch College up this list. Graduates from these institutions earn a total of £87,000, £75,000 and £68,000 per year, respectively.

Meanwhile, the hefty cost of doing an MBA at Columbia and Harvard – £104,000 and £97,000 respectively – impacts their performance on the return on investment ranking. They are in 13th and 14th place respectively, with MBA graduates earning a respective £160,000 and £142,000. NYU and Cornell offer two-year courses, which hurts their ROI considerably, Emolument said.

“MBAs provide a strong financial boost, but most alumni are more likely to emphasise the friendships and opportunities as the ultimate return on their investment,” said Alice Leguay, co-founder and chief operating officer at Emolument.