The rankings, which measure research quality, international commitment, graduate employability and teaching commitment have found the top 100 universities are spread across 22 countries; however, only British and American universities achieved a space in the coveted top 10. Fifteen Asian universities appear in the top 100, with the highest ranking institution being the University of Hong Kong at #23.

The top 10 from the QS Rankings were:

1. Cambridge
2. Harvard
3. Yale
4. University College London
5. Massachusetts Institute of Technology
6. Oxford
7. Imperial College London
8. The University of Chicago
9. California Institute of Technology
10. Princeton

The QS rankings are weighted:

• 40% to academic reputation
• 10% to employability
• 20% to citations
• 20% to the staff-student ratio
• 10% to how international the make-up of the faculty and student body is.

Ben Sowter, head of research at QS said: “Unlike other rankings systems which rely heavily on statistical indicators of university research, QS also takes into account the most up-to-date views of employers and academics, reflecting the broader interests of students and parents.

“QS rankings reflect the highly competitive environment of global higher education.

“Given the uncertain economic outlook, it is reassuring for students that the top 200 universities are also, by and large, the most popular universities with employers, suggesting that a world-class degree remains the best path to a great job.”

Prior to 2010, QS had worked in collaboration with the Times Higher Education (THE) magazine to compile their rankings. This year, however, THE are publishing their own rankings, having criticised QS for what they consider to be an over-reliance on the subjective experiences of academics and employers. THE have pledged to reduce the weighting behind reputation surveys for their rankings.

The group say that they are aware that tough times are ahead but warn that the government should not underestimate the role universities play in the economy. The warning follows an announcement last week by universities minister David Willetts that an overhaul was needed across the sector.

UUK also believe that the government and general public are guilty of underestimating how important universities are to the economy. In a survey commissioned last year, one fifth put the economic contribution of universities at £100 million and a further 10% said they contributed nothing at all. The reality, however, is quite different with universities adding about £31 billion each year directly and £59 billion indirectly to the country’s economy.

Nicola Dandridge, chief executive of UUK said: “We are major employers. In some communities, universities are the main employers – especially in disadvantaged areas. People don’t realise that.”

UUK also feel that the public have the wrong opinion of universities, adding that over two million people in the UK attend universities and that they are no longer just for the privileged few.

With over £600 million worth of cuts planned for the next few years there are fears that this could seriously damage the potential contribution of universities to economic recovery. Universities play a key role in terms of research, especially in the fields of both technology and pharmaceutical research and vice chancellors feel that this crucial role could be damaged by the impending cuts.

How do you feel about the cuts to UK university funding? Is funding for higher education having an impact where you live? Let us know what you think below.

The following measures are in place with immediate effect:

• Non-EU applicants will need to prove they have an almost-GCSE standard of English, rather than the beginner level currently required.
• To ensure applicants are coming to the UK to focus on study rather than work, students on courses below degree level will be restricted to 10 hours paid work a week instead of the current 20.
• Students on courses that last less than six months will not be permitted to bring dependants into the country, and dependants of students on below degree-level courses will not be permitted to work.
• Visas for courses that include work placements will now only be granted if the institution is on the Highly Trusted Sponsors List, a new register for educational establishments.

The increased restrictions on student visas are part of the British governments response to concerns about students coming to the UK and failing to leave at the agreed time, as well as others abusing the system and taking university places away from genuine international students.

The UK is one of the most highly-sought destinations for international students, who are thought to be worth between £5m and £8m to the UK economy.

For more information on UK visas visit the UK Border Agency and read the latest UK edition from i-studentadvisor.