PROVO — A master's of business administration from Brigham Young University pays off immediately, a major reason the Financial Times of London ranked BYU 49th on its list of the world's best MBA programs.

The average salary of graduates three years after leaving BYU's Marriott School of Management is 172 percent higher than it was before the graduate started the program.

Only three schools in the publication's top 100 did better — Ipade in Mexico, at 199 percent, Ceibs in China, 191 percent, and Yale, with 174 percent. The bump in pay for BYU graduates fueled the school's leap from 75th on last year's list to its first appearance in the top half of the Top 100. Salary-related categories accounted for 55 percent of the rankings.

"We are continuing to develop a leadership position as a top international school of management," said Ned Hill, dean of the business school. "We are grateful for this recognition and owe a lot to the tremendous students and graduates that are growing our reputation."

BYU ranked 30th among U.S. schools but was in the top 10 in North America for salary increases.

Associate dean Joseph Ogden said many BYU MBA students earn relatively low salaries in the western United States between undergraduate school and enrollment at the Marriott School. After graduation, many spread out to higher-paying areas of the country.

"Couple that with a great bargain on tuition" — subsidized by The Church of Jesus Christ of Latter-day Saints — "and you have a pretty quick return on investment," Ogden said.

BYU ranked 21st in the world in value for money. The Marriott School was placed 17th in career progress and 19th in placement success.

BYU's ranking suffered in diversity categories, which counted for 25 percent.

"This is by far the most difficult ranking for us to compete in," Ogden said. "It's weighted to favor European schools. It focuses on international diversity, but it's really easy if you're living in Belgium to go to school in England or France or Spain. They also rank alumni mobility, giving importance to the number of graduates who move from country to country."

That's a different type of diversity than the kind that depresses BYU's rankings on domestic lists where the university still fares well overall. But the management school expects to see a diversity initiative launched in 2002 start to pay off in rankings as soon as this year. Ogden believes a very minor portion of BYU's leap on the list can be attributed to this effort.

"Our percentage of underrepresented American minorities has been as low as 4 percent," he said. "Now it's 9 percent.