The season of scams is taking its toll. If 2011 was all about 2G, this year it’s Coalgate. A general downturn in the US and Euro markets as well as the UPA government’s “policy paralysis” has created a cloud over the general business environment and corporate sector. Falling GDP growth rates have prompted many to negate the India story. But it’s also a fact that India is one of the few markets globally actually generating decent growth. Most MBA students Outlook met shared an undaunted optimism over India’s future.
Obviously, the aura around business studies has diminished a bit (many seats in B-schools went abegging). The numerous reports pointing to over a hundred B-schools closing down didn’t help matters. Finally though, quality shines. In this scenario, the Outlook-MDRA ranking of India’s Best Business Schools assumes special significance for those in the decisive phase of choosing the right B-school. The rankings reveal no change among the Top 5, but many schools saw a noticeable improvement in position. There are 13 new entrants in the master list. We also have a preliminary ranking of the fast-growing 1-year MBAs (see page 30), which we will broaden next year.
Outlook also looked at various traditional business communities to figure out what makes them tick. The result is a fascinating peek into a part of India’s traditional business classes—topics they don’t teach you at B-schools. Do read the ongoing debate of the relevance of B-school curriculums, and just which Indian firms are creating jobs in the US. As always, choose wisely.
Stairway to heaven Students at IIM Ahmedabad, still top of the league. (Photograph by Kedar Bhat)
Coffee time At FMS Delhi. (Photograph by Jitender Gupta)
Methodology For The 2012 Outlook-MDRA B-School Survey
In order to rank India’s best B-schools, Marketing & Development Research Associates (MDRA) designed a rigorous methodology involving all the stakeholders—B-schools, recruiters, faculty and students. First, a comprehensive list of B-schools who offer two-year full-time management courses and are recognised by a government body (AICTE/NAAC/AIU), are at least five years old and have at least three passed out batches. The list of parameters and sub-parameters was kept the same as last year’s to have consistency and comparability. As many as 187 colleges from across India provided their objective data. Data from 10 colleges was received too late and was not included. IIM-L, MDI, JBIMS, VGSOM and MICA did not submit their data within the stipulated deadline and hence were not considered for ranking.
Simultaneously, perceptual questionnaires were designed and face-to-face interviews conducted with 753 key stakeholders. MDRA investigators visited 12 cities (Delhi-NCR, Mumbai, Chennai, Calcutta, Bangalore, Pune, Hyderabad, Jaipur, Ahmedabad, Lucknow, Bhubaneswar and Ranchi—covering three key cities from each zone). The respondents comprised 194 final year MBA/PGDM students, 252 experienced faculty members and 307 seasoned professionals/recruiters—the unique point here being that their perception was based on their experience and not just on secondary information.
The second phase involved verification and audit of objective data provided by the B-schools. Initially, all information was carefully examined by checking through past data. Thereafter, 21 of the institutes were visited for physical audit of the data to verify their authenticity. Colleges that provided suspicious data were removed from the ranking exercise at that stage.
The marks in the five parameters of the objective phase were then added to get the total objective score. The perceptual ranking was arrived at by allotting weightage of 40, 30 and 30 per cent to the perceptions of recruiters/industry professionals, faculty members and final year students respectively. To arrive at the final composite score, total perceptual and objective scores were given equal weightage of 50 per cent each. This total score was used to assign the final rankings. The ranking of B-Schools offering 1-year Executive MBA/PGP programmes was based only on perceptual data. The MDRA research team consisted of Abhishek Agrawal, Abnish Jha, Avanish Kumar and Gaurav Kumar.
Don’t care which B-school you went to (For That Boy In The Suit, Oct 1). If you are wearing a three-piece suit in India’s climate, chances are you’re a moron.
Asa Harkavy, Hissar
India’s brightest choosing management courses over science is why we see no one creating any real value. If the best brains continue to prefer finance over engineering, all that’s left for future generations will be the fuzzy knowledge that their ancestors lived in a golden age.
Your survey of management institutes would have been amusing had it not had the potential to misguide the thousands who seek admission into such institutes. Your ‘objective’ data is questionable as is your reliance on it.
Dinesh Kumar, Chandigarh
How about releasing a ‘special issue’ on ‘India’s Best Money Minting Schools’ given the ‘paisa do, admission lo’ trend?
Rajneesh Batra, New Delhi
I wonder why the Indian School of Business (ISB) did not make it to the list or why Hyderabad was not included in the list of metros.
D.L. Narayan, Visakhapatnam
Outlook-MDRA’s survey of the Top B-schools in India is now just a yearly ritual. There’s little change in either the list or the order. What’s the point?
Keshav Kumar, Pune
Top B Schools in India ! , Oh Ho, it sounds like a ritual for the Outlook -MDRA survey, there is little change in the list and the standings. Some of the prominent colleges missing, and we see the names if the Institutions which do not deserve to be in the list. I am from Pune and I know for sure that the MBA colleges at Pune University, Dr. D Y Patil and few more private Institutions also derserve a name in the list.
Your survey of management institutes would have been a matter of amusement had it not been for the fact that it has the potential to misguide thousands of young people seeking admission to such institutes. Your relying on "objective data" is questionable - your researchers did not apprently check how objective was the objective data.
I have seen the working of Gian Jyoti Insitute of Management, Chandigarh, closely. It is run as a family concern with a father and daughter duo who are excessively greedy (they even count the number of cups of tea you have). Heaven alone knows how you have given it scores in academic excellence when it has one of the highest attrition rates of faculty. I know it for a fact that its placements are less than 1/3rd ofits strength, yet you give it a score of 152.
The researcher who gave Gian Jyoti a score of 61.5 in infrasturcture and facilities did not apparently go to the classrooms or toilets of Gian Jyoti Institute. The pathetic facilities do not even match facilities of a government school. It is hardly a wonder that the institute struggles for admissions and another of its branches in Punjab does not have a respectable strength.
Due to the above, your survey is completely false and misleading and will misguide students who will want to take admission in such institutes. However, these sad institutes will use your name in their advertisements to lure in unsuspecting students.
Smartest people choosing to join management courses instead of science & technology is one of THE reasons for decline of American might. In fact the best brains are required not in finance but in the core engineering and technology- like Steve Jobs team, for developing new products and new technologies for generating new vistas of business and manufacturing , which alone can provide upward mobility for any society. Without Ford, Cornigie, Rockefeller, Moore etc America would not have been what it is today. These giants made all the difference.
But if many including those with a Phd from MIT dream of joining some financial institution in Wall Street than work on new technologies, what would be the result? Decline of value addition.We continue to grope in what we have today than move forward.
The benefits of core engineering what we see and enjoy today was not todays ideas but sown few decades ago!! We are enjoying the evolved original ideas that took roots in the fifties, sixties and seventies. Be it computers, internet, mobile phones, MRI or CT scans- were all the products conceived few decades ago and now we are reaping the seeds sown then. Unless some new ideas are sown now, the future looks bleak.
If the present trend of best brains joining finance in preference to Engg goes on for few more years, all that will be left for the future generations will be history- that their ancestors lived in a golden era!!
Innovation takes back seat over the financial matters if the present absurd practice of high levels of remuneration- by over 3-4 times- for finance managers compared to the core engineers is allowed unabated.
These brainy managers wrecked solid foundations of many financial institutions including Federal reserve and bank of England, built over centuries, and drove them to brink in a matter of a decade. The present global crisis owes much to this breed of greedy financiers. The earlier all govts appraise the real benefit of them, the better.
It appears you are too naive to assume that smart people go to business schools to become either entrepreneurs or change agents for traditional businesses. On the contrary, most of them in India as well as in the west acquire an MBA to get a passport to a financially lucrative career. MBAs from top business schools in the west go to financial services and consulting where average pay is at least twice and often several times the industry average. Some of them indeed become entrepreneurs, but MBA education is not a driving force for entrepreneural ventures.
In India MBAs opt for jobs in better paying multinationals and better paying Indian companies. You can argue that they could add more value in managing lower paying traditional Indian businesses. But only a handful will be motivated by challenging work without financial incentives. Why should you expect any tall order from MBAs just because the media is offering free publicity to MBA programs? A large number of MBAs graduating from IIMA's agriculture management programs eventually joined MNCs instead of helping farmers improve productivity of agriculture. However, I also refuse to believe that India's best brains would have changed India's governance if they had opted for joining politics instead of pursuing MBA. Until recently, India'sr best brains used to join India's civil services. As a result, we have got a dysfunctional government, while those smart youngsters turning into IAS officers made huge personal fortunes through blatant corruption. Probably you will agree that for smart people making millions from a high paying MNC job is more dignified than making thousands of crores from a telecom scam.
I wonder why the Indian School of Business (ISB) does not make it to the list of top B schools and why Hyderabad is excluded from the list of Metros. Could M/s Abhishek Agrawal, Abnish Jha, Avanish Kumar and Gaurav Kumar of Team MDRA explain why?
We at Outlookindia.com welcome feedback and your comments, including scathing criticism
1. Scathing, passionate, even angry critiques are welcome, but please do not indulge in abuse and invective. Our Primary concern is to keep the debate civil. We urge our users to try and express their disagreements without being disagreeable. Personal attacks are not welcome. No ad hominem please.
2. Please do not post the same message again and again in the same or different threads
3. Please keep your responses confined to the subject matter of the article you are responding to. Please note that our comments section is not a general free-for-all but for feedback to articles/blogs posted on the site
4. Our endeavour is to keep these forums unmoderated and unexpurgated. But if any of the above three conditions are violated, we reserve the right to delete any comment that we deem objectionable and also to withdraw posting privileges from the abuser. Please also note that hate-speech is punishable by law and in extreme circumstances, we may be forced to take legal action by tracing the IP addresses of the poster.
5. If someone is being abusive or personal, or generally being a troll or a flame-baiter, please do not descend to their level. The best response to such posters is to ignore them and send us a message at Mail AT outlookindia DOT com with the subject header COMPLAINT
6. Please do not copy and paste copyrighted material. If you do think that an article elsewhere has relevance to the point you wish to make, please only quote what is considered fair-use and provide a link to the article under question.
7. There is no particular outlookindia.com line on any subject. The views expressed in our opinion section are those of the author concerned and not that of all of outlookindia.com or all its authors.
8. Please also note that you are solely responsible for the comments posted by you on the site. The comments could be deleted or edited entirely at our discretion if we find them objectionable. However, the mere fact of their existence on our site does not mean that we necessarily approve of their contents. In short, the onus of responsibility for the comments remains solely with the authors thereof. Outlookindia.com or any of its group publications, may, however, retains the right to publish any of these comments, with or without editing, in any medium whatsoever. It is therefore in your own interest to be careful before posting.
9.Outlookindia.com is not responsible in any manner whatsoever for how any search engine -- such as Google, Bing etc -- caches or displays these comments. Please note that you are solely responsible for posting these comments and it is a privilege being granted to our registered users which can be withdrawn in case of abuse. To reiterate:
a. Comments once posted can only be deleted at the discretion of outlookindia.com
b. The comments reflect the views of the authors and not of outlookindia.com
c. outlookindia.com is not responsible in any manner whatsoever for the way search engines cache or display these comments
d. Please therefore take due caution before you post any comments as your words could potentially be used against you
10. We have an online thread for our comments policy:
You are welcome to post your suggestions here or in case you have a specific issue, to directly email us at Mail AT outlookindia DOT com with the subject header COMPLAINT