New research has found that Heriot-Watt University produces the highest percentage of chief executive officers (CEOs) and managing directors (MDs) in Scotland.

Financial services company Novuna Business Cash Flow analysed over 120 UK universities and examined both the academic paths and social media profiles of more than 10 million alumni in total.

It found that around 4.57% of Heriot-Watt graduates went on to become CEOs or managing directors, with business- and finance-related courses being the most common pathway to these distinguished roles.

When looking at the UK rankings as a whole, Heriot-Watt was ranked 20th overall, surpassing 100 other universities in the country.

The research follows a recent study from the Royal Academy of Engineering, looking at the UK’s top institutions for producing spinout companies. Heriot-Watt ranked 27th.

“This recognition is a testament to Heriot-Watt’s long-standing commitment to enterprise-focused education,” said Professor Angus Laing, executive dean of the Edinburgh Business School at Heriot-Watt, in response to the new research.

“Our students don’t just learn business theory, they gain the practical skills and mindset needed to lead in today’s complex global economy.”

The UK university that came out on top in this latest study however, and with 8.27% of its graduates clinching these esteemed positions, was the University of Cumbria.

Among the study’s various findings, it was discovered that there was a particular rise in creative degrees in entrepreneurship as well as a shift in regional leadership patterns, potentially reflecting evolving educational, economic, and business landscapes across the UK.

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Speaking on this, John Atkinson, head of commercial and strategy at Novuna Business Cash Flow, commented: “As students across the UK focus on their A-levels and look ahead to the next stage of their journey, this research highlights the importance of thinking beyond traditional paths.

“Whether someone’s future lies in founding a business or leading one, there’s more than one route to success – often shaped by creativity, values, and ambition.”

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