Under the FT's methodology, graduates are surveyed on their salaries, salary growth, career progress, work experience, whether they achieved their aims and the quality of their alumni networks.

NUS said strong alumni outcomes drove the rise, with graduates of its program reporting an average salary of $542,224, up from $372,278 a year earlier.

A separate joint executive MBA that NUS runs with the University of California, Los Angeles has ranked higher before, placing fourth in 2014, Human Resources Online reported at the time.

The Kellogg-HKUST program in Hong Kong topped this year's table of 100 programs, followed by Shanghai-based CEIBS and Spain's IESE Business School, according to the ranking released Oct. 12.

The NUS Business School building at the National University of Singapore. Photo by Chunjiang/Unsplash

NUS alumni's salary gain of nearly $170,000 was the largest year-on-year increase in the top 10, according to figures published by Poets&Quants, which noted that the FT measures pay three years after graduation and adjusts it for purchasing power parity.

Alumni also reported earning 83% more than before they enrolled, while the business school rose 22 places to sixth in the world for research, AsiaOne reported.

Teo Chung Piaw, who became dean of NUS Business School on July 1, said the program is designed to help senior leaders navigate complexity, lead across markets and make sound decisions as business conditions change quickly.

"Our focus is on developing the judgement, perspective and adaptability that leaders need to create impact across Asia and beyond," he said, calling the ranking a welcome recognition of the program's progress.

The school has been piloting an AI-enabled business simulation since January, in which MBA and executive MBA students interview AI-simulated executives, weigh competing perspectives and make decisions under uncertainty, a university spokesperson said.