Indian School of Business lost seven places to finish at 20 and IIM-Ahmedabad retained the 11th rank in the Financial Times, London, Global MBA Rankings for 2012.

Stanford Graduate School of Business topped the rankings for the first time, dethroning London Business School. ISB is in august company, though, sharing its rank with Yale School of Management and University of Oxford.

"The drop of seven does not bother me. Rankings are based on parameters not in our control," says ISB Dean Ajit Rangnekar. "These are all world-class B-schools. You have to be in the top set."

IIM-A graduates, three years after passing out, earned the fourth highest salary and enjoyed the best career progress among all B-schools even though it ranked 11th in the overall rankings.

The FT rankings are based on data across 20 parameters.