Well, @Ali1302, I don’t put much stock in to the FT MBA ranking because 31% consists of fairly irrelevant criteria like how international/diverse the staff and student body are (which gives a big boost to the European schools who draw from a ton of tiny countries in Europe). What matters for the MBA is earnings, and there, the UMich Ross MBA has Oxford and Cambridge beat.
Salary 5 years after gettting an MBA (in 2012):
UMich: $153K (http://www.forbes.com/pictures/mli45efgdm/10-michigan-ross/)
Oxford: $135K (http://www.forbes.com/pictures/mli45effkk/5-oxford-said/)
Cambridge: $146K (http://www.forbes.com/pictures/mli45effkk/7-cambridge-judge/)
Comparing unis in different countries is a bit difficult, but it’s certainly not true that Oxbridge is unequivocally above UMich in everything.
For example, UMich bests both Oxbridge unis in engineering research:
http://www.shanghairanking.com/FieldENG2015.html (Oxford really lags).
Is above both Oxbridge unis in social science research: http://www.shanghairanking.com/FieldSOC2015.html
Is above both Oxbridge unis in CS: http://www.shanghairanking.com/SubjectCS2015.html
Is above both Oxbridge unis in econ/business research: http://www.shanghairanking.com/SubjectEcoBus2015.html
And is above Oxford in physics: http://www.shanghairanking.com/SubjectPhysics2015.html
Using an exchange program with MIT as evidence that Cambridge is better is a bit nonsensical because both MIT and UMich are American unis, so they obviously would not have foreign exchange programs with each other.
For what it’s worth, UMich has exchange programs with UCL, KCL, NUS of Singapore, Waseda of Japan, and students may study at Oxford.
Look, I won’t say that UMich, overall, is at the level of Oxbridge (which I consider either HYPSM-equivalent or Ivy-equivalent while I consider UMich a near-Ivy and roughly equal to UCL in the UK), but it’s also not the case that Oxbridge surpasses UMich in everything.