The Pompeu Fabra University in Barcelona is ranked the top Spanish university, coming in at number 25 on the Times Higher Education 100 Under 50 list. The other three Spanish universities on the list are the Autónoma University of Madrid (number 52), the Technical University of Valencia (80) and the Technical University of Catalonia (99). The ranking is based on indicators of research, education quality, student backgrounds, and innovation. Spanish universities are improving and the quality of Masters in Finance programs in Spain is well-known, with IE Business School and Esade ranked among the top five economic institutions worldwide by the Financial Times.