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Tag: QS Insights Magazine

Faith & Finance

Posted on by Editorial Team

The global Islamic finance industry is growing rapidly. By 2026, total Sharia-compliant assets are expected to grow from US$3.9 trillion to US$5.95 trillion, according to a recent State of Global Islamic Economy report.

Different from conventional banking, Islamic finance is a way of banking, lending and investing that follows Sharia, or Islamic law. Investors are prohibited from investing in companies that engage in ‘forbidden’ activities – such as those connected with alcohol, pork-related products, tobacco, gambling, or sale of arms, for example. It also bans interest on loans, viewing lending as a relationship that unfairly favours the lender.

Widely viewed as an alternative and ethical approach to banking, Islamic finance represents just one percent of global financial assets worldwide. Despite this, it’s currently expanding much quicker than conventional finance with a compound annual growth rate of nine percent.

In the Western world, Islamic Finance is also experiencing a surge of interest among students. “Islamic finance has seen growing popularity and interest, particularly at the higher education levels, such as Advanced Master’s programmes, Honours, and PhD research,” says Dr Anas Iqtait, a Senior Lecturer in economics and political economy at the Australian National University’s (ANU) Centre for Arab and Islamic Studies.

“The sector is expanding rapidly, particularly in the Asia-Pacific region and the Gulf, creating demand for professionals with specialised knowledge,” he adds. This expansion, he says, is driven by both market expansion and regulatory developments.

Expanding Islamic finance career options

At ANU, students are offered several modules in Islamic finance, including Islamic Economies in Practice and Islamic Banking. Interestingly, most enrolments on these courses come from non-Muslim students, Dr Iqtait tells QS Insights Magazine.

“There is a growing number of students from diverse academic and professional backgrounds, not just those with prior exposure to Islamic studies or finance,” he reveals. “Many are drawn by the expanding career opportunities in the field, particularly as Islamic finance gains mainstream recognition in Australia and global financial markets.”

Islamic finance is also broadening its client base in Australia – not only to a growing Muslim population but also catering to non-Muslim clients interested in ethical finance and alternative financial models. This, Dr Iqait believes, is making the study of Islamic finance even more attractive to students seeking to enhance their understanding and take advantage of the expanding career opportunities in the field.

As ethical investment and Sharia-compliant finance are becoming more mainstream, interest has surged among these students looking to broaden their expertise in ethical and alternative financial systems, as well as those considering careers in banking, asset management, fintech and regulatory sectors.

The growth of Islamic finance is evident even within conventional banking. “Conventional banks, investment firms, and fintech companies are now seeking professionals with knowledge of Islamic financial principles to tap into new markets and diversify their service offerings,” explains Dr Iqait.

In Germany, the Frankfurt School of Finance and Management attracts a diverse range of students to its Certified Expert in Islamic Microfinance course. “We have had students from around 20 countries,” says Dr Mohammed R. Kroessin, a lecturer on the course and Head of Islamic Relief’s Global Islamic Microfinance Unit.

Islamic microfinance is still a relatively young sector but is gaining significant traction, including support from UN agencies. Its appeal extends beyond the Muslim world, Dr Kroessin reveals, as profit-and-loss sharing offers stability during economic uncertainty and interest rate changes.

Financial exclusion remains high in the Muslim world, with many individuals avoiding interest-bearing loans for faith-based reasons. Frankfurt’s Islamic microfinance graduates play a key role in addressing this challenge, with many of them working in the development sector. Many come from government agencies such as central banks and finance ministries, as well as NGOs, UN agencies, and financial service providers, helping to expand ethical financial services.

Read the full article on QS Insights Magazine.

Sustainability is Powering the Future of Rankings

Posted on by Editorial Team

How exactly do you rank universities, anyway? There has never been an easy answer to this question, and you probably shouldn’t expect one anytime soon. One of the problems, of course, is that each student has a different way of evaluating universities. Some prioritise a job afterwards. Others prefer to focus on student experience. And many see it as a way to meet new people and expand their horizons. Each perspective is equally valid.

But new ways of evaluating universities are always emerging. Nowadays, students aren’t just looking for a university that’ll provide them with a solid career and well-paid job. Now, they also want an institution that shares their values and will give them greater meaning in life. One way of judging that is through a school’s commitment to sustainability.

The QS Sustainability Ranking is part of a new wave of rankings that aims to measure that commitment. Now in its third year, it ranks universities based on their environmental impact, social impact and governance. It flips the script on traditional measures, reflecting what students are looking for in 2025 and beyond.

“Our sustainability ranking was born out of the research we’ve been doing with students over a number of years,” explains Leigh Kamolins, Director of Analytics and Evaluation at QS. “We found that students are starting to look into what universities and business schools are doing, to make sure they’re going somewhere that is making some sort of positive impact on the world. This was the background to why we created a sustainability ranking.”

This year’s ranking is the biggest yet, with 1,400 universities taking part – up from 700 in the first edition. Kamolins says that it is the ‘most complex’ that QS does. The environmental component of the ranking is made up of three main lenses: education, research and sustainability. Some of the most important indicators include the school’s volume of green-focused research, their reputation for sustainable education and the impact of alumni in the environmental sector.

But it’s not just QS who are placing a greater focus on measures like these. In 2019, Times Higher Education (THE) launched their University Impact Ranking, which measures schools against the United Nations’ 17 Sustainable Development Goals (SDGs). Meanwhile, the Financial Times have incorporated a range of sustainability indicators into their business schools rankings in recent years. Schools are now judged on whether they’ve set a net zero target, whether they’ve had a recent carbon audit, how much ESG content is taught within curriculums, and how closely aligned faculty research is with the UN SDGs.

The Financial Times’ Global Business Education Editor Andrew Jack agrees that sustainability is a growing concern for students – and that is now being reflected in the rankings. “Certainly, an awful lot of students are increasingly focused on societal impact and values in what they want to study and where they want to work afterwards,” he explains. “And on the business school side of things they’re probably the biggest demander of change.”

It’s a sentiment backed up by statistics. According to the 2024 GMAC Prospective Students Survey, 68 percent of prospective business school students say the sustainability of an institution is important to them, whilst 36 percent of those students say they wouldn’t consider a school that doesn’t prioritise sustainability.

Away from the major providers, a number of standalone sustainability rankings have also started to emerge. Like the QS Sustainability Ranking, they eschew traditional indicators and rank schools based on modern student concerns.

The Corporate Knights Better World MBA ranking is one of the oldest, having first been published in 2004. Their methodology is fairly straightforward: it measures the proportion of sustainability courses embedded within an MBA programme. In 2024 an extra indicator measuring alumni impact in the environmental sector was added, though this doesn’t affect the final ranking.

The latest to appear is the Positive Impact Rating, which was launched in 2020. Intriguingly, it doesn’t rank business schools in numerical order. Instead, schools are grouped into different tiers of societal impact. This lessens the impact that small changes make to a ranking and could represent an interesting route forward for traditional university rankings.

On the face of it, this all sounds very straightforward. Students want to assess schools based on their environmental credentials, and these rankings are giving them a chance to do it. The problem? Assessing a school’s green credentials is much easier said than done.

“It requires a balance between what is and what isn’t possible to measure,” says Kamolins, adding that it’s often necessary to cross-check a school’s claims using multiple sources. “Is what they’re reporting to us consistent with what we’re finding in other databases? If what they’re claiming is inconsistent, we always seek some sort of evidence to support their claims.”

Read the full article on QS Insights Magazine.

MBA demand rebounds

Posted on by Editorial Team

According to recent data from the Graduate Management Admission Council (GMAC), applications to all business masters programmes including MBAs rose by 12 percent in 2024 compared to 2023, marking a clear reversal from the post-pandemic decline.

This recovery is being driven by full-time MBA programmes typically offered at top US schools like Wharton, Harvard and Stanford, with 80 percent of two-year MBA programmes and 64 percent of one-year MBA courses reporting application growth.

The resurgence spans internationally, too, with institutions like Spain’s IESE Business School reaching record enrolment numbers this year.

One major factor fuelling this demand is the adaptability of business schools to meet the evolving needs of students and employers.

New technological tools, flexible formats and innovative delivery methods have made MBA programmes more accessible and, some say, relevant.

GMAC chief executive Joy Jones notes that schools’ “efforts to continue innovating with new technologies, new delivery tactics and new ways of operating… satisfy the latest interests and needs of students and their future employers”.

Increased flexibility and digital learning options are drawing more applicants, particularly for MBA programmes that balance in-person and online learning.

Some students prefer the in-person experience but appreciate the option to complete parts of the programme remotely or on flexible schedules. Others, often when balancing family or work commitments, find that hybrid and online formats provide the best of both worlds, allowing them to earn a degree without uprooting their lives.

This aligns with what Lindsay Loyd, Executive Director for MBA admissions at New York University’s Stern School of Business, has observed at her institution. “Applications for NYU Stern’s full-time MBA class of 2026 were up 48 percent, the highest in 15 years,” she explains.

Stern’s New York City location offers a “living laboratory” for students, with hands-on learning projects and access to industry leaders across sectors. Loyd also attributes Stern’s popularity to its tailored options, which allow students to choose pathways in areas like technology, entrepreneurship, luxury and retail.

While full-time MBAs are making a strong comeback, specialised masters programmes are also on the rise, now accounting for half of all enrolments, according to figures from the Association to Advance Collegiate Schools of Business (AACSB).

Specialised degrees in areas like accounting, finance and management have attracted students looking to hone specific skills, particularly as job markets grow more competitive.

According to the latest report from AACSB, overall applications to AACSB-accredited programmes grew nearly 13 percent over the past six years.

AACSB president Lily Bi says: “Enrolment in graduate business programmes has not been immune to the complex changes in market forces in recent years. While our latest report reveals some of those fluctuations, the overall picture of master’s programmes… is one of strength and adaptability.”

Demand for specialised programs continues to increase. And, by offering these alternatives, schools are attracting applicants who may not have considered a traditional MBA but see the value in focused business education.

Some students are looking for specialised programmes in fields like data science, artificial intelligence and digital transformation, which have become integral to modern business strategies.

These niche programmes are often designed in collaboration with industry leaders and tailored to the needs of high-growth sectors, making them attractive options for students who want to deepen their expertise without committing to a traditional MBA structure.

Read the full article on QS Insights Magazine.