The University of Waikato has placed 338th in the world in the Quacquarelli Symonds World University Rankings 2015/16 released today.

Of New Zealand's seven universities, Waikato made the biggest rise in the annual rankings having jumped up the list by more than 60 places from its 2014 ranking of 405th.

The latest Quacquarelli Symonds University Rankings, which were released recently, placed The University at 338. Photo: UoW/Facebook

Vice-Chancellor Professor Neil Quigley says Waikato's rise in the rankings reflects the strengths of the university.

'Our ranking is a reflection of our ability to challenge, inspire and prepare our students to be future-leaders and a recognition of our research that is tackling global issues,” says Neil.

'As a university, we are a reflection of New Zealand culture - ambitious, innovative thinkers that let little get in the way of achieving big dreams. Our focus is on the future.”

The University of Waikato is in the midst of constructing a $55 million university campus on Durham Street in Tauranga's central business district.

The facility, being built by a tertiary education partnership between Waikato, the Bay of Plenty Polytechnic and Te Whare Wananga o Awanuiarangi, will be the first in the country established by such a partnership.

Rankings play a significant role for universities – particularly in their perception as a quality teaching and research institution.

They also help reassure students that their education is among the best internationally. This is seen as particularly important in the decision making process of international students.

Overall, American universities Massachusetts Institute of Technology and Harvard University took first and second places in the world respectively, while England's University of Cambridge ranked third.

The 2015 rankings of New Zealand universities (with their 2014 rankings in brackets) are:

• University of Auckland – 82 (92)
• University of Otago – 173 (159)
• University of Canterbury – 211 (242)
• Victoria University of Wellington– 229 (275)
• Massey University – 337 (346)
• University of Waikato – 338 (401-410)
• Lincoln University – 373 (411-420)
• Auckland University of Technology – 481-490 (501-550)

To view the complete QS World University Rankings 2015/16 click here.