Study MBA in India | TopMBA

Indian business schools have decided to reinvent themselves to stay ahead of the race,  as a result of the Foreign Educational Institutions Bill.

Many leading schools such as the Indian Institutes of Management (IIMs) and the Indian School of Business are identifying best practices to help them benchmark with foreign schools and attract the best students and faculty.

Accreditation, evaluation and grading of programs, as is the norm with business schools in the West, are a few of the things being considered.

Ajit Rangnekar, dean, Indian School of Business notes: “We have always believed that the best public policy for improving educational institutions is to enable and encourage competition.”

Rangnekar’s observations are right on target. Over the next year or so, Indian business schools are likely to see a lot of competition.

According to the provisions of Union Minister Kapil Sibal’s Foreign Educational Institutions (Regulation of Entry and Operation) Bill, 2010, foreign business schools will soon be allowed to set up shop in the country.

Schools such as Duke University’s Fuqua School of Business (US), Georgia Institute of Technology (US), and York University’s Schulich School of Business (Canada) have already planned campuses in India.

Indian business schools hope to make their mark in an increasingly crowded marketplace by closely following global standards.

Many of the IIMs, for instance, such as IIM Calcutta, IIM Kozhikode, IIM Lucknow and the Indian School of Business in Hyderabad, have applied for global accreditation. Both IIM Ahmedabad and IIM Bangalore have received approval from European agency EQUIS. IIM Kozhikode has applied for accreditation from AMBA (Association of MBAs), a UK-based organization.

Even newer business schools such as the Chandigarh-based Aryans Business School have become members of US-based accreditation body Association to Advance Collegiate Schools of Business (AACSB). International accreditation will help students get their degrees recognized globally, while the business school will be successful in securing more foreign partnerships and linkages.


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Grading and Evaluation

It is a well known fact that Indian business schools vary widely in terms of faculty, curriculum, infrastructure and placement records. This includes schools such as the IIMs, the Indian School of Business, Xavier Labour Relations Institute and Management Development Institute among others.

While Indian magazines such as BusinessWorld, Business Today, and Outlook regularly publish surveys and rankings on Indian business schools in collaboration with research agencies such as Synovate, Nielson, and Cfore, there is much controversy surrounding these rankings and the research methodologies.

For the first time ever, CRISIL (Credit Rating and Information Services of India Ltd), a credit rating agency, has launched a grading exercise for business schools in the country. The agency has graded 24 management programs so far.

Hetal Dalal, head of CRISIL ratings explains: “CRISIL believes that there is an urgent need for a credible, independent, and reliable opinion on the quality of programs offered by business schools. CRISIL’s grading scale will reflect the ability of business schools to impart quality education, and achieve desired student outcomes, through the graded programs. With this initiative, CRISIL hopes to enhance transparency in the sector, help students and other stakeholders make informed decisions, enable business schools to adopt best practices, and support the government in its mission of nurturing quality education in India.”