Prestigious American business schools are still global leaders and have the best reputation; however, when it comes to return on investment, graduates from the European business schools have them beat.

Every two years, Forbes ranks the world’s business schools based on their return of investment.

In 2013, Forbes compared the earnings of the Class of 2008 in their fisrt 5 years out of business school to their opportunity cost (forgone compensation, tuition and required fees) to arrive at a “5-year MBA gain”, which they rank schools on.

European b-schools certainly have the seven highest 5-year MBA gains in the world led by IMD, where students have a median gain of $196,300. Students at IMD are making as much as $211,000 five years out of school after arriving in Lausanne, Switzerland with median paycheck of $84,000.

Below you can check out Forbes’ list of the best international MBA programs.

#1 IMD

Best International MBA Programs

Location: Lausanne, Switzerland 5-year MBA gain: $196,300 Pre-MBA salary: $84,000 2012 salary: $211,000

#1 INSEAD

Best International MBA Programs

Location: Fontainebleau, France & Singapore 5-year MBA gain: $168,700 Pre-MBA salary: $71,000 2012 salary: $175,000 

#3 SDA Bocconi

Best International MBA Programs

Location: Milan, Italy 5-year MBA gain: $155,800 Pre-MBA salary: $57,000 2012 salary: $165,000

#4 IE Business School

Best International MBA Programs

Location: Madrid, Spain 5-year MBA gain: $113,700 Pre-MBA salary: $53,000 2012 salary: $144,000

Check IE Business School Profile on PrepAdviser

#5 Oxford (Said)

Best International MBA Programs

Location: Oxford, UK 5-year MBA gain: $103,500 Pre-MBA salary: $58,000 2012 salary: $135,000

#6 Warwick

Best International MBA Programs

Location: Coventry, UK 5-year MBA gain: $102,800 Pre-MBA salary: $43,000 2012 salary: $124,000

#7 Cambridge (Judge)

Best International MBA Programs

Location: Cambridge, UK 5-year MBA gain: $99,000 Pre-MBA salary: $62,000 2012 salary: $146,000

#8 Cranfield

Best International MBA Programs

Location: Cranfield, UK 5-year MBA gain: $94,500 Pre-MBA salary: $59,000 2012 salary: $127,000

 #9 Lancaster

Best International MBA Programs

Location: Lancaster, UK 5-year MBA gain: $86,700 Pre-MBA salary: $41,000 2012 salary: $159,000

#10 City U (Cass)

Best International MBA Programs

Location: London, UK 5-year MBA gain: $76,800 Pre-MBA salary: $60,000 2012 salary: $116,000

 #11 S P Jain

Best International MBA Programs

Location: Dubai, Sydney & Singapore 5-year MBA gain: $63,900 Pre-MBA salary: $9,000 2012 salary: $47,000

Check S P Jain Business School Profile on PrepAdviser

 #12 HEC-Montreal

Best International MBA Programs

Location: Montreal, Quebec 5-year MBA gain: $31,100 Pre-MBA salary: $49,000 2012 salary: $89,000