As Asia continues to grow as an international hub of business, so too have its business schools.  Sixteen Asian business schools made the Financial Times MBA ranking published last month, the largest ever since the rankings began.

There are seven in Hong Kong and China, four each in India and Singapore, and one in South Korea.

Despite Insead's drop from the number one spot in the ranking to number 2, eight schools climbed in the ranking. Most notable? China Europe International Business School in Shanghai, or CEIBS. It's the second time that the school made the top ten, rising from 11th place last year to 8th place in 2018.

In an article on Asia Nikkei, CEIBS associate dean and MBA director professor Juan Fernandez said, "The CEIBS MBA is offered from our Shanghai campus, and the city itself, Chinas' economic capital, is an amazing classroom where students have a ringside seat from which to observe and experience how business is done in China."

In other world ranking news, the Hong Kong University of Science and Technology, or HKUST placed 14th and the National University of Singapore (NUS) placed 18th.

Within Asia, Insead, CEIBS, HKUST, and NUS took the first four spots respectively. 

Other business schools earning high marks within Asia include: Nanyang Business School, Indian School of Business, Indian Institute of Management Ahmedabad, University of Hong Kong, Shanghai Jiao Tong University: Antai, Indian Institute of Management Bangalore, Renmin University of China School of Business, Fudan University School of Management, CUHK Business School, Singapore Management University: Lee Kong Chian, and Sungkyunkwan University GSB.

A deciding factor in the rankings? Salaries of graduates.