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(Article Topic: Grading rather than Ranking of India’s Top MBA Colleges; Also Includes the List of India’s Top MBA Colleges)

MBA is one of the most aspired for Post Graduate qualifications in India. While 3000+ MBA colleges exist in the country to satisfy the demand for MBA, only a handful of these B-Schools impart quality education and churn out leaders.

It is not a simple task to be able to shortlist these top B-Schools or top MBA colleges, given that the definition of ‘top’ varies between people and across years. The matter is further complicated by the fact that a lot of MBA colleges make exaggerated claims just to stay relevant.

It, therefore, becomes crucial for aspirants to see through the clutter and identify these ‘top’ B-Schools. It is necessary that they understand the key parameters of evaluating B-Schools or MBA Colleges.

Once these are understood, they can compare MBA colleges on these parameters and arrive at a list of good schools that they can consider. This is a complex process as it needs a lot of research and then the ability to use the information in a meaningful manner.

With the objective of helping our students to make the right decision without going through this complex process, we release a list of India’s top MBA colleges annually.

This list segregates MBA Colleges / B-Schools into various categories, thereby aiding the students in choosing the set of MBA Colleges / B-Schools to apply to.

This list is made using a methodology that has a proven track record of over a decade, after months of extensive research by experts who have over two decades of experience in guiding students on Indian MBA admissions.

In this context, we bring you two important aspects: (a) the various parameters that need to be looked at while verifying the credentials of a B-School and (b) list of the Top B-Schools in India for 2020.

NOTE: THE BELOW MENTIONED PARAMETERS AND CONTENT HAS BEEN TAKEN FROM T.I.M.E’s PUBLICATION ON LIST OF TOP B-SCHOOLS

PARAMETERS FOR VERIFYING THE CREDENTIALS OF A B-SCHOOL

(a) Placement

Placement quality is undoubtedly one of the key parameters used – and rightly so – by most students to judge the quality of the MBA colleges or B-School they are considering joining.

Almost all students clearly have a very firm eye on the salary they would get after their MBA. They are also justifiably interested in the quality of the job they would land and the prospects that it would bring.

However, placement data cannot be taken at face value. It needs a fair amount of checking out before one can come to any correct conclusions about the status of placements in a B-School.

A large number of management institutes quote astonishing salary figures, with a few of them seeming too good to be true – and truly speaking, they may end up being just that! While these claims may not be outright lies, they could be cleverly camouflaged by clubbing joining bonuses, variable pay, and other add-ons.

It would be worthwhile to scrutinize these numbers carefully and consider the median salaries (wherever provided) rather than the average salaries as they would give one a better picture of how most members of the batch were placed. Also, having a look at the kind of companies visiting a campus would give one an idea of how the industry views that MBA College or B-School.

(b) Quality of faculty

This parameter helps you judge the quality of the input you can expect at a B-School or MBA College. All top B-Schools or top MBA colleges make significant investments to attract and retain a top-notch faculty team.

Most top B-Schools or top MBA colleges have a judicious mix of full-time and part-time faculty members. The full-time faculty team provides the continuity and monitoring that is needed over the two-year period, apart from providing any hand-holding required by students.

The part-time faculty team gives students much needed external exposure, especially in terms of contacts with industry and access to real-time projects.

(c) Quality of students

The quality of students on campus makes a huge difference on account of the interaction that students have with their peers. A significant proportion of the learning at any good MBA College or B-School happens outside class and a fairly large part of this comes from peer learning.

A great deal of learning at any MBA college or B-School is on account of group activities such as assignments and projects. Hence, the better the peers, the richer is the learning experience.

The quality of the selection process (in terms of the percentile/score cut off in the written exam, the rigorousness of the GD/Essay-writing/Interview) adopted by the institute gives one an idea about the quality of the students it admits.

(d) Quality of infrastructure

Infrastructure is the element that transforms a set of buildings into a holistic place fit for the impartment of quality education.

State-of-the-art computer labs, high-speed internet connectivity, a well-stocked library with subscriptions to management journals, and classrooms furnished with audio-visual aids form a few of these must-haves.

Any institute that does not have these facilities can hardly be called top-class. Also, a fully-residential program fosters all-round development as the period of interaction with peers and faculty is not restricted, and hence scores over a day-scholar program.

(e) Image of the Institute

The ‘brand image’ of a B-School or an MBA college in the student community and its acceptance in the industry circles is one of the key considerations while choosing an MBA college or B-Schools.

While it can be said that it is natural for older institutes to have a better reputation than those that have started recently, it cannot always be generalized. Also, the situation is slightly different when a new campus is set up by an older, well-established institute.

In such cases, the ‘parent/guardian’ institute certainly helps the new institute through its formative years. This help may include, but may not be limited to, faculty support, admissions support, and, most importantly, placement support.

The long-term advantages of association with a good brand often overhaul the short-term parameters, such as ‘salary’.

Students should understand that the brand value of MBA Colleges or B-Schools, like the IIMs, has the power to open avenues and get a candidate an interview, both in the short and long terms.

In fact, even long after a student has graduated from an institute, she/he will benefit from the power of its brand image.

What needs to be kept in mind is that just as schools want good students, students want good schools too. The brand value of the old school will work for the new location and will help in pulling in good students, thus helping the school to do well in a very short span of time.

Not only students the image of the school helps in attracting faculty as well. The six new IIMs (Kashipur, Raipur, Ranchi, Rohtak, Trichy, and Udaipur) stand testimony to this – their CAT cut off is very close (in some cases higher) to that of the older IIMs (like IIMA), clearly showing that only the best of the students are selected. The professors at these MBA colleges are some of the best names in management education.

(f) Location of the MBA Colleges

Location of an MBA college or B-School is another important parameter as placements tend to be better at institutes located in places where there is a concentration of business and industry.

This is because companies find it much easier to recruit management graduates from institutes located geographically closer to their own headquarters rather than visit an institute located far away.

The location also plays a role in an MBA college or B-School’s ability to attract and retain top-quality faculty. The location impact is less pronounced for the top schools while it becomes more important as we move down the rating list.

We can look at the six new IIMs again to understand that in spite of the non-metro nature of their locations, these IIMs are able to attract the best of students and faculty.

(g) Fee

With the number of MBA colleges or B-Schools growing rapidly, the ability to place students has come under scrutiny for schools outside the top 50.

With the fee being charged by many of them also rising sharply, it is necessary to ensure that the return on the fee being invested also works out to be reasonable.

It could, however, be said that the fee is a non-issue for the top 50 B-schools or top 50 MBA colleges. Loans are fairly easily available for studying at these schools and the ability of the students to repay their loans is also high due to the good placements offered by these schools.

Banks offer collateral-free loans for all the top schools. Some banks have classified schools into categories where the students from the top category schools get collateral-free loans at a lower interest rate.

As one moves down into other categories, banks may demand collateral or have a slightly higher interest rate or both.

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OUR METHODOLOGY

The B-School or MBA college categorization process adopted by T.I.M.E. is an elaborate multi-step process where due weightage is given to the statistics available about an institute in the public domain and the opinion of experts at T.I.M.E. This unique blend of expert opinion and objective data makes it the most accurate categorization available.

The objective parameters used comprise (a) placement data, (b) cut-off score in entrance test, (c) location of the MBA college, (d) age of the MBA college, and (e) program fee. The rating, assigned by T.I.M.E. experts, based on the brand image of the school, its alumni base, and its faculty strength, forms the subjective part of the process.

Please note that only MBA colleges offering two-year programs, with at least one batch having graduated, have been considered for this exercise.

The MBA colleges or B-Schools in the list below are divided into seven broad categories:

The top 10 category features world-class institutes, such as the older IIMs, that every student aspires to secure admission into.

Many of these institutes are comparable with the best in the world. These institutes invariably have a 100% placement record. Even the not-so-academically-good students at these institutes manage to get good jobs on account of the ‘rub-off’ effect of the institute.

AAA category of institutes is excellent MBA Colleges or B-Schools in their own right. They offer high-quality management education, faculty, and infrastructure facilities.

These institutes have a 100% placement record in most cases. A significant number of the top students at these institutes are able to secure placements that are comparable to those offered at the Top 10 institutes.

AA, A, and BBB categories of institutes offer a high quality of education, faculty, and infrastructure facilities even though these may not be comparable to those institutes in the top two category institutes.

These institutes are successful in providing high-quality placements to their top students, especially those with effective communication skills, but may not have a 100% placement record in all cases.

BB and B categories of institutes are those that are well regarded at the local level. These institutes may not provide too many national-level placement opportunities but are generally successful in providing placements to many of their students with prominent local companies.

Apart from all these, we have also listed MBA colleges or B-Schools under the ‘Others’ category, which has institutes that may be found to be lacking in one or more of: (a) infrastructure, (b) industry interface, (c) faculty, (d) alumni network, (e) curriculum, and (f) placements.

However, we believe these colleges are better than the hordes of others which do not feature in our list at all. You are advised to get thorough information about these colleges (by visiting the campuses and speaking with past and current students) before making any decision regarding them.

Within a category, there is not much difference between schools. For example, a slight edge that one school has due to placements may be balanced by the advantage on cut off that another school from the same category has.

That would mean that one has to treat all the MBA colleges or B-Schools within a category at par while using this list to decide on the schools to apply to.

Keeping in line with this spirit that our classifications have been following every year, AAA category has been extended this year to 15 MBA colleges, up from the traditional 10 that we had so far.

You would notice that all the seven new IIMs (i.e., the six new IIMs and IIM Shillong) are in the AAA category. Over time, we expect some schools in this category to outperform the others (in the same category) staking claim to a higher category for themselves.

As of now, there is hardly a case for these 15 MBA colleges to be put in separate categories and students are advised to treat them to be at par.

An extremely important factor that students need to keep in mind is that, regardless of the kind of school they get into, their academic performance on campus plays a very important role in determining the kind of return they get out of their MBA.

It is inevitable for all schools to have students who are laggards and their placements may not be the envy of many. Similarly, the really good performers from the schools in the lower categories bag the best of placements from their campuses and make the most of their MBA.

The obvious point that many miss is that the students who work hard during their MBA in all categories of MBA Colleges or B-Schools, certainly do much better than the rest.

HOW WILL THIS CATEGORIZATION HELP YOU?

The list of top MBA colleges or B-Schools is valuable guidance that will help students picking their set of MBA colleges or B-Schools to apply to. The first question one should ask is, ‘How many B-Schools should I apply to?’. The answer to this depends on a few factors.

The first factor is your budget. With the cost of application for each institute being in the range of 500 to 2500, an optimal number maybe 10 to 12 schools. However, it could be slightly higher, if one can afford it. It is strongly advised that you should apply to institutes across categories.

The second factor is what you are doing currently. For example, a final-year student can afford to be selective as she/he can make another attempt the next year, while a person who has completed graduation and is not working anywhere will be more keen to get into an MBA college or a B-School.

A working professional comfortably places with two years of work experience may be selective, while one with 4-5 years under the belt may not want to lose further time and play it safe by applying to more schools.

The third factor in deciding the number of institutes to which you should apply is your performance in the entrance exams. Depending on your performance, you may want to hedge your risk by applying to more institutes – particularly, to institutes across categories that we discussed above.

Once the number of MBA colleges is decided upon, you must decide on the individual MBA colleges or B-Schools to apply to.

It is a good practice to apply to institutes in three different categories – 50% of the MBA colleges in the category where you are likely to land calls for the second round, 30% of the MBA colleges in an aspiration level – typically one level above your expected range – and 20% in the level below the expected range, to safeguard your interests in case of a bad performance.

All students should be applying to the IIMs in any case by virtue of filling in the CAT application form. We strongly advise you to apply to ALL the IIMs. The time for picking and choosing will come later – once you have landed the final admission offers.

An illustration is given below for a better understanding:

Let’s say that you have decided to apply to ten institutes. First, check how you have performed in the AIMCATs and what your percentile range has been like. If you are in the 85 percentile range, you will need to apply to five institutes from the A category, three from AA, and two from BBB.

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INDIA’S TOP MBA COLLEGES OR TOP B-SCHOOLS

Keynotes about the list:

The schools are arranged in alphabetical order within each category.
The list comprises only two-year programs. It does not include one-year programs, such as the one offered at the Indian School of Business (ISB) or the executive programs offered at the IIMs.

FAQS:

Should I seriously consider doing my MBA abroad?

Doing an MBA at a foreign university appears attractive to those who can afford it. The main attraction of management education abroad seems to be the fact that admission into foreign B-Schools is relatively easier than getting into a top Indian management institute.

However, those who are on the lookout for management education abroad should note that work experience is mandatory to secure admissions into most of the top-notch management programs abroad and that at the end of the course, students ‘might’ not get the kind of placement that they desire.

This is particularly due to the fact that placements abroad are not as centralized as they are in Indian B-Schools. The foreign B-Schools, in most cases, play no role in placement, with the onus shifting to the individual students. Also, an MBA program at a top-end foreign university could cost you upward of 50 lakh.

While doing an MBA, is a Degree better than a Diploma?

The value of a management course does not depend on whether it is a ‘degree’ or a ‘diploma’; rather, it depends on the ‘reputation and standing’ of the institute that is offering the degree or the diploma.

A ‘degree’ is not always better than a ‘diploma’. The converse can well be true. In fact, the most sought-after IIMs offer only a diploma!

When companies recruit management graduates, they certainly don’t worry about the name of the course offered at the particular institute.

They look at the intrinsic worth and the reputation of the institute, the quality of the course offered, and, of course, the caliber of the students.

New IIMs versus Non-IIMs?

Some students are not very sure about joining the newer IIMs. They should know that the newer IIMs have been witnessing very encouraging placements, both for final and summer internships.

Whether it is the average salary in final placements (around 12 lakh) or the quality of companies visiting their campuses, the IIMs should certainly be preferred over most non-IIM B-Schools or MBA colleges, more importantly for the long term brand advantage that one can enjoy.

A case in point is that of IIM Kozhikode and IIM Indore. Just about a decade ago, they were the ‘new IIMs’. Now, there is almost none who would think twice about joining them.

Similar was the case with IIM Lucknow in the late 1980s. Remember, it is only a matter of time before the new IIMs shed their ‘new’ tag.

In fact, they are already on the path to lose their ‘new’ tag to the six more IIMs to be set up in the states of Himachal Pradesh, Punjab, Bihar, Odisha, Maharashtra, and Andhra Pradesh as announced by the Government of India in the Union Budget 2014-15.

INDIA’S TOP 150 B-SCHOOLS

(Grading rather than Ranking)

AAA – CATEGORY

Faculty of Management Studies (FMS), University of Delhi, Delhi