The School of Business and Management of the Hong Kong University of Science and Technology (HKUST) has been moved up one place to rank 47th in the world's top business schools on the Financial Times's Top 50 List Monday.

According to the latest business education rankings released by the Financial Times Monday, the school is the only one in the Asia Pacific to offer full-time Master of Business Administration programs (MBA) to make a top-50 position in the rankings.

Paul Ching Wu Chu, president of the HKUST said: "We are pleased to see that more schools from the Asia-Pacific region are now represented on the Financial Times rankings."

"It is only befitting that the region should become a hub of high quality management education," he added.

The Chinese University of Hong Kong is now ranked 67.

Of some 1,500 MBA programs available in the world, the Financial Times has invited 149 schools to participate in the rankings and selected 100 as the world's top programs.