Trinity College has managed to finish higher than its long time rival, UCD, in the latest rankings for international business schools carried out by the Financial Times.

UCD's Smurfit Business School has traditionally performed better in international surveys than Trinity, but this year the pattern has been reversed, albeit by a tiny margin. Trinity's MBA programme was ranked 21st in Europe, while UCD finished in 22nd position in Europe. The survey is studied widely and is regarded as highly influential.

Trinity and UCD were both ranked in the top 100 for the world, but no other Irish institution featured. Both universities have invested millions in building up their business schools and both have developed links with leading business figures. Based on the population size of the Republic, the performance of both was impressive, according to the survey.

The Masters in Business Administration (MBA) is regarded as the staple programme in both schools, although they offer several other post-graduate courses.

Mr John Quilliam, Trinity MBA programme director, said: "The rankings place the Trinity School of Business Studies firmly in the field of world-class schools, globally and in Europe. This achievement is a source of some pride for us. "