The Indian Government has set its sights on the goal of making India a $5 trillion economy by 2025, an ambitious target especially considering the current state of the Indian economy. However, we strongly wish and believe that the Indian Government will leave no stone unturned to make this vision a reality. Given that the Union Finance Minister has started taking steps to ensure that this goal would become a reality, we believe that the Indian economy is in for some very exciting times ahead.
Exciting times for the economy would, by extension, mean a big rise in the demand for talent (read ‘more jobs’). We are particularly concerned about the demand for MBAs; in a thriving economy, there will be a great demand for management professionals. This would also mean that the time to pursue an MBA is now! It is great to be ‘industry ready’ when the big recruitment waves ride in a couple of years from today.
In the last decade and a half, as the economy’s demand for talent shot up, there has been a great spurt in the number of b-schools across the country. In fact, India is home to more than 3,000 business schools offering the Master of Business Administration (MBA) programme. A significant number of these schools boast of offering great quality of management education and great placements. Most of these boastful claims are just that – boasts without any basis in facts. However, there are some excellent schools which offer the right springboard for a successful leap into the business world.
In such context, MBA aspirants often face the unenviable task of choosing the right b-schools to consider for application (and later enrolling). It is well-known that an MBA benefits the aspirant only if its pursued from a top b-school. However, what constitutes ‘top’ varies between people and between years.
It is important for students to consider the key parameters for the selection of b-schools. Students should evaluate the performance of the b-schools on these parameters and make a shortlist of good schools. This is a complex process which calls for a lot of information about the schools. While trying to obtain this information, there is a great possibility that aspirants might fall prey to the false claims found in various media, including the Internet. With the avowed aim of helping students make the right choice without getting swayed by false claims, T.I.M.E. has been publishing its list of ‘Top B-Schools’ for several years now.
T.I.M.E.’s B-School Categorization List, which features b-schools across categories, is the result of several months of extensive research and data collection and is monitored by experts who have over 25 years of experience in guiding students on MBA admissions. The basic purpose of this article is to (a) make you aware of the various parameters that should be looked at while selecting a b-school and (b) introduce you to T.I.M.E.’s List of the Top B-Schools in India.
How is the list arrived at?
T.I.M.E. uses the strength of its country-wide network of experts who have been mentoring students for years for the b-school selection process. T.I.M.E.’s B-School Categorization process is the result of an elaborate multi-step process where due weightage is given to the data available about an institute in the public domain and the opinion of experts at T.I.M.E.. This blend of expert opinion and objective data is what makes it the most accurate categorization available.
The parameters used comprise the following: (a) placement data; (b) cut-off score in entrance exam; (c) location; (d) institute’s age, and (e) fee. While these parameters constitute the objective aspect of the categorization methodology, the rating given by T.I.M.E. experts to each institute along with the quality of alumni and faculty constitute the subjective aspect. An elaborate scoring system is devised for each of the objective parameters, which is reviewed and modified by the expert panel. The data related to each institute for each of the above parameters is collected and scrutinized for its authenticity. Finally, scores are assigned to the institutes based on the scoring system according to the authenticated data of the institute.
Please note that only the schools offering two-year programmes, with at least one graduate batch, have been considered for this exercise.
The objective parameters used for T.I.M.E.’s B-School Categorization process are listed below:
The career opportunities that an MBA provides in the short- and long-term, the speed of growth that it offers, the variety of roles that one can get into, etc., should be the main reasons for pursuing an MBA. Salaries are only a concomitant factor and should not be the only reason for one to get into an MBA programme. However, as the other parameters can only be visualized and objectively measured long later after one graduates from the MBA programme, salaries at the time of campus placements are used as an indirect measure to gauge the MBA programme.
The advantage with salary data is that such data are broadly objective – one can lay a finger on them and come to a general understanding about the quality of placements at a b-school. The data become especially important as students at b-schools invest not just two valuable years but also a considerable amount of money (in fee). To expect a commensurate return from this high investment – more of time than money – is only natural. The salary data hence reflect the ‘quality’ of return.
Many b-schools resort to statistical (and other kinds of) gimmickry while reporting the salary data. While some schools may not release any placement data, some list only the names of companies that visit the campus for recruitment without revealing other info (like salary and job profiles offered). Some carry historical data of the names of companies to create an impression as if all of them visited the campus for the recent round of placements.
While inflating the salary figures is old style gimmickry, adding ‘signing or joining bonuses’ or ‘variable pay’ into the reported pay packages is becoming commonplace. Most schools do not reveal the percentage or number of students who do not secure jobs. This kind of manipulation, as one can see, is fairly common. As such, one needs to be careful while trying to understand the placements at b-schools.
Unfortunately, there is no standard procedure for reporting placement data that b-schools are required to follow. Any such requirement could have put a stop to making false claims and would have rendered the picture on placements clear.
In 2011, the Indian Institute of Management Ahmedabad (IIMA) took the initiative of putting in place a set of reporting standards called the Indian Placement Reporting Standards (IPRS). This laudable initiative has, unfortunately and not surprisingly, found little traction among other b-schools.
T.I.M.E. greatly admires the transparency that a reporting standard like IPRS can bring into the system, especially because it mandates that b-schools have their placement report audited by a third party. As one of the very few coaching institutes, which gets its results audited by a third party, T.I.M.E. understands the kind of honesty and effort that goes into ensuring the quality of such an audit. We have, hence, as part of the categorization exercise, accorded positive credit to the schools that report their placements in line with the IPRS.
(You can know more about the IPRS at http://www.iimahd.ernet.in/iprs/index.php.)
(ii) Cut-off in Entrance Test
Great quality of students help strengthen the b-school brand while the b-school’s high brand value in turn helps the students move ahead faster in their career. It is only natural for the schools to select the best students while the brightest students would wish to get into only the best schools.
It is also important to note that the quality of students directly impacts the quality of learning, especially as the amount of peer learning that happens at a top b-school is quite significant.
In this context, cutoff percentile is, therefore, a strong indicator of the quality of the students at a b-school – the higher the cutoff, the better the quality of the students.
Some b-schools give significant weightage to other important parameters like academics and work experience. However, even at these schools, the entrance test percentile cutoffs are significantly higher than some of the schools which are listed in the categories immediately below them.
Fee is not a direct indicator of the quality of a school. You should not rate a school high just because of its fee nor should you trash a school solely because of it. Many top schools (like the Older IIMs) charge a pretty high fee of around ₹20 lakh while a few top schools charge as low as ₹3 lakh. In fact, FMS, a top 10 b-school, charges less than ₹ 2 lacs (you read it right) toward tuition for its two-year MBA programme. However, it is important to note that FMS and other university colleges are subsidized by the government while the Older IIMs and private colleges (like XLRI) must generate funds to run their operations. As fee cannot be an independent parameter to evaluate a b-school, it should be used in conjunction with parameters like placement record and brand value of the b-school.
The RoI (Return on Investment) needs to be considered carefully, particularly when the fee level is high. This would mean that unless a student gets a pay package of a certain value, the fee expense doesn’t make much financial sense. The RoI becomes a significant factor as one moves down the list of b-schools, particularly in schools beyond the top three categories.
What has been said about fee not being a straight-forward parameter also applies to the ‘location’ parameter. There could be an excellent school in a relatively remote location or vice versa. However, please remember that location plays not a minor role in attracting faculty and industry (for placements) to the campus.
The brand strength of an institute can counter the effect of location to a large extent. A good brand can attract faculty and industry even to a relatively less popular location. This is the primary reason why the New and Baby IIMs, despite being in so-called ‘remote’ places, have been able to earn the respect of both the academia and the industry within a short span of time. But, as one moves down the categorization list, particularly outside the top 50, the brand strength wanes and the influence of location looms large.
(v) Other Factors
The quality of faculty and the quality of infrastructure are two other vital factors to be considered while evaluating a b-school. Necessary care should be taken while reading into these data points, as some things are not quite as straightforward as they seem.
Claims like the number of PhD faculty and visiting faculty should not be taken at face value as some of the persons named may not actually be teaching at those schools.
The number of full-time professors versus part-timers can also be a misleading data point and neither a high nor a low number here indicates better/inferior teaching. JBIMS, a top 10 b-school, with its many visiting professors, is a case in point.
One may be tempted to consider the lack of infrastructure as a severe handicap. However, it is to be noted that some of the new b-schools, which have a good ‘parent’ brand, have been able to overcome the infrastructure handicap and have performed well. The New IIMs (Kashipur, Raipur, Ranchi, Rohtak, Trichy, and Udaipur) and IIFT Kolkata are prime examples.
What the list contains and what it doesn’t
Those looking at our list may have queries like: why are the one-year MBA programmes missing from the list, why is IIM Jammu not in the list, and why is the HHR programme of IIM Ranchi in the list.
As mentioned earlier, we have considered only two-year MBA/PGDM programmes for categorization. We bring any eligible schools into our consideration set only after they have completed two years of operation, which would mean that their first batch would have graduated. That is because only then we can assess the school on all the parameters that we consider for our categorization.
Also, the categorization considers only the flagship programme of the schools. For example, for IIM Lucknow, the flagship PGP is considered. It is true that IIML’s PGP-ABM benefits significantly from the rub-off of the flagship programme (and remains a top programme if the aspirant is interested in agri-related sectors).
However, this does not hold true for the non-flagship programmes of b-schools listed in the lower rungs of the categorization list. To sum it up, while care and caution needs to be exercised while looking at the non-flagship programmes of b-schools even in the top 50, a lot more of it needs to come into play for schools outside the top 50.
How to benefit from the B-School Categorization List?
B-School Categorization presents aspirants with a broad framework to use while applying to b-schools. With dynamic changes in management education in India, decision making has become very complex. You can use this categorization to make a shortlist of the schools that you wish to apply. You may also get in touch with the T.I.M.E. mentors in your city who use this categorization as the basis and add to it your background, performance in the AIMCATs and aspiration levels to come up with the right advice for you.
The B-Schools in the list below are divided into seven broad categories:
Top 10 category features world-class institutes, like XLRI and some of the IIMs, where every student aspires of securing an admission. Many of these institutes are comparable with the best in the world. Indeed, some of them regularly feature in the lists released by international business magazines. These institutes invariably have a 100% placement record. Even the not-so-academically-good students at these institutes manage to get good jobs due to the ‘rub-off’ effect of the institute.
AAA+ & AAA categories of institutes make the Top 30. They offer high quality of education, faculty, and infrastructure. These institutes have a 100% placement record. A significant number of the top students at these institutes secure placements that are comparable to those offered at the Top 10 institutes.
AA & A categories of institutes offer high quality of education, faculty, and infrastructure facilities. A good number of students at these schools get placements which are much better than the placements of the lower half of the categories above (Top 10, AAA+ and AAA). These institutes are successful in providing high quality placements to their top students, especially those who have effective communication skills.
BBB+, BBB, and BB categories of institutes are well regarded by the industry and are generally successful in placing their students. Some of these schools have been very strong brands earlier and have been pushed down the list only because of the addition of the New and Baby IIMs in the last few years. This shows that most of these schools have held their ground successfully and that students can rely on them to give a boost to their career.
B+ and B categories of schools enjoy a good reputation in the business world. 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 companies – local and national.
Apart from all these, we have also listed b-schools under the ‘Others’ category. These institutes may be found to be lacking in one or more of the following: (a) infrastructure; (b) industry interface; (c) faculty; (d) alumni network; (e) curriculum, and (f) placements. However, we believe that these colleges are better than the hordes of others that do not feature in our list. You are hence advised to get exhaustive information (by visiting the campuses and speaking with past and current students) about these institutes before making any decision.
In short, the above categorization would mean that the top 50 schools – Top 10, AAA+, AAA, AA, and A categories – would be the schools to aspire for.
How will the B-School Categorization help you?
The first question you should address is: ‘To how many b-schools should I apply?’. The answer will depend on a few factors.
The first factor is your budget. With the cost of the application for each institute being in the range of ₹500 to ₹2500, you may not want to look at more than 10–12 institutes. But whatever be the number of institutes you wish to apply, it is always a good practice to select institutes across categories.
The second factor is what you are doing currently:
(a) Pursuing final year of graduation: In this case, you may be keen on getting into a management institute but can afford to try again if you do not get into an institute of your choice. So, you may apply rather selectively.
(b) Completed graduation in the last academic session, not pursuing any higher studies, and not working either: In this case, you should try get into a reasonably good institute. So, the number of institutes that you apply will be higher than in the case of the first category.
(c) Completed graduation and currently working: You can be selective unless you have been working for more than 4–5 years in which case, you may not want to lose further time in getting into a management institute.
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.
Once you decide the number of institutes you wish to apply, let us look at how you will go about deciding the types of such institutes. Here, the cardinal principle is to safeguard your interests and reduce your risk; so, you should apply to institutes in at least three different categories.
Let’s say you wish to apply to ten institutes. First, you should consider your performance in the AIMCATs. If your scores are in the 85–95 percentile range, apart from the IIMs (to which you can apply at the time of registering for the CAT), you should apply to five other institutes in the next category and three institutes in the category after that.
Finally, it is always a good idea to apply to as many institutes as possible, based on one’s budget, to maximize your chances as you can never be sure about the criteria each institute would follow for admissions.
Key Points to Note
As one moves into the BBB+ towards the B and other categories, one must pay increasing attention to the RoI factor – a combination of the fee and the placement statistics.
A b-school that may appeal to one aspirant may not appeal to another. This is because of differences in aspirations, abilities, financial conditions, etc.
Do not only go by the placement data and generally be wary of the attractive claims made by the b-schools.
As you know, the presence of a school in a particular category is determined by a combination of factors. You may find a school, listed in a lower category, doing better on a particular parameter. However, when all the factors are looked at together, the schools listed in the higher category are better overall than the schools listed in the category below.
Within a category, the schools are listed only alphabetically, i.e., ‘in-category’ ranking has not been done. Assigning individual rank to schools is not objectively possible and is also not totally fair to the b-schools. We arrive at category sizes keeping in mind that the schools in a particular category should broadly be equal. You would observe that the grouping categories do not have uniformity about the number of b-schools per category. This was done to ensure brand homogeneity across parameters (like placement) within a category.
If you wish to choose between schools within a category, we advise to find more information about the specific schools.
Best Wishes from all of us at T.I.M.E.!
- Faculty of Management Studies (FMS), University of Delhi
- Indian Institute of Foreign Trade (IIFT), New Delhi and Kolkata
- Indian Institute of Management Ahmedabad (IIMA)
- Indian Institute of Management Bangalore (IIMB)
- Indian Institute of Management Calcutta (IIMC)
- Indian Institute of Management Lucknow (IIML)
- Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai
- National Institute of Industrial Engineering (NITIE), Mumbai
- S. P. Jain Institute of Management & Research (SPJIMR), Mumbai
- XLRI Xavier School of Management (XLRI), Jamshedpur
- Department of Management Studies, Indian Institute of Technology Delhi (IITD)
- Indian Institute of Management Indore (IIMI)
- Indian Institute of Management Kozhikode (IIMK)
- Indian Institute of Management Ranchi (IIM Ranchi)
- Management Development Institute (MDI), Gurugram
- Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
- Rajiv Gandhi Indian Institute of Management Shillong (IIM Shillong)
- Shailesh J. Mehta School of Management (SJMSOM), Indian Institute of Technology, Bombay (IITB)
- Symbiosis Institute of Business Management (SIBM), Pune
- Tata Institute of Social Sciences (TISS), Mumbai
- Department of Management Studies (DOMS), Indian Institute of Science (IISc.), Bangalore
- Vinod Gupta School of Management (VGSOM), Indian Institute of Technology Kharagpur (IIT–KGP)
- Symbiosis Centre for Management and Human Resource Development (SCMHRD), Pune
- Department of Management Studies (DoMS), Indian Institute of Technology Madras (IITM)
- Indian Institute of Management Trichy (IIMT)
- Indian Institute of Management Raipur (IIM Raipur)
- Department of Financial Studies (DFS), University of Delhi, South Campus
- Indian Institute of Management Rohtak (IIM Rohtak)
- Indian Institute of Management Udaipur (IIMU)
- Indian Institute of Management Kashipur (IIM-Ka)
- Department of Business Economics (DBE), South Campus, University of Delhi
- Department of Commerce, Delhi School of Economics (DSE), University of Delhi
- Department of Industrial and Management Engineering (IME), Indian Institute of Technology Kanpur (IIT–Ka)
- Indian Institute of Management Amritsar (IIM Amritsar)
- Indian Institute of Management Nagpur (IIMN)
- Indian Institute of Management Visakhapatnam (IIMV)
- Institute of Rural Management Anand (IRMA)
- International Management Institute (IMI), New Delhi
- MICA (Ahmedabad)
- Sydenham Institute of Management Studies and Research and Entrepreneurship Education (SIMSREE), Mumbai
- Department of Management Studies (DOMS), Indian Institute of Technology Roorkee (IITR)
- FORE School of Management (FORE), New Delhi
- Goa Institute of Management (GIM), Goa
- Great Lakes Institute of Management (GLIM), Chennai (PGDM Two-Year Programme)
- Indian Institute of Management Bodh Gaya (IIM BG)
- Indian Institute of Management Jammu (IIM Jammu)
- Indian Institute of Management Sambalpur (IIM Sambalpur)
- Indian Institute of Management Sirmaur (IIM Sirmaur)
- Institute of Management Technology (IMT), Ghaziabad
- Narsee Monjee Institute of Management Studies (NMIMS), Bengaluru
- Narsee Monjee Institute of Management Studies (NMIMS), Hyderabad
- Symbiosis Institute of International Business (SIIB), Pune
- T. A. Pai Management Institute (TAPMI), Manipal
- University Business School (UBS), Punjab University, Chandigarh
- Xavier Institute of Management, Bhubaneswar (XIMB)
- Bharathidasan Institute of Management (BIM), Trichy
- Birla Institute of Management Technology (BIMTECH), Greater NOIDA
- Birla Institute of Technology & Science (BITS), Pilani
- Department of Humanities and Social Sciences, IIT Kharagpur (IIT–KGP)
- GLIM, Gurgaon
- Institute for Financial Management and Research (IFMR), Chennai
- K. J. Somaiya Institute of Management Studies and Research (SIMSR), Mumbai
- Lal Bahadur Shastri Institute of Management (LBSIM), Delhi
- Loyola Institute of Business Administration (LIBA), Chennai
- National Institute of Banking and Management (NIBM), Pune
- Prin. L. N. Welingkar Institute of Management Development & Research (WE School), Mumbai
- SDA Bocconi Asia Center, Mumbai
- Shri Ram College of Commerce (SRCC), MBA–GBO, Delhi
- Symbiosis Institute of Business Management, Bengaluru (SIBM–B)
- Symbiosis Institute of Operations Management (SIOM), Nasik
- Delhi School of Management (Delhi Technological University), Delhi
- Department of Business Management, Osmania University (OU), Hyderabad
- Faculty of Management Studies, Banaras Hindu University (FMS BHU)
- Hyderabad Central University (HCU), Hyderabad
- ICFAI Business School (IBS), Hyderabad
- Indian Institute of Forest Management (IIFM), Bhopal
- Indian Institute of Social Welfare and Business Management (IISWBM), Kolkata
- MANAGE, Hyderabad (only for those interested in Agri-Business/Rural Management)
- MDI Murshidabad
- National Institute of Technology Tiruchirappalli (NIT–T)
- National Insurance Academy (NIA), Pune
- Nirma University's Institute of Management (NIRMA), Ahmedabad
- SIES College of Management Studies (SIESCOMS), Mumbai
- Symbiosis Institute of Management Studies (SIMS), Pune
- Xavier Institute of Management and Entrepreneurship (XIME), Bengaluru
- Bharati Vidyapeeth University, Institute of Management and Research (BVU–IMR), Delhi
- Chetna's R. K. Institute of Management Studies & Research, Mumbai
- Christ University Institute of Management (CUIM), Bengaluru
- Department of Commerce and Management Studies, University of Pune (PUMBA), Pune
- FOSTIIMA Business School, New Delhi
- Institute of Management Technology (IMT), Hyderabad
- Institute of Management Technology (IMT), Nagpur
- Institute of Technology & Management (ITM), Navi Mumbai
- International Management Institute (IMI), Kolkata
- NL Dalmia Institute of Management Studies & Research (NLDIMSR), Mumbai
- Pondicherry Central University (PCU), Puducherry
- Symbiosis Center for Information Technology (SCIT), Pune
- Symbiosis Institute of Telecom Management (SITM), Pune
- Welingkar Institute of Management, Bengaluru (We School, Bengaluru)
- Xavier Institute of Management & Research (XIMR), Mumbai
- Amity Business School (ABS), Noida
- Amrita School of Business (ASB), Coimbatore
- Bharatiya Vidya Bhavan's Usha and Lakshmi Mittal Institute of Management (BVBULMIM), Delhi
- Department of Management Studies (DOMS), Anna University, Chennai
- ICFAI B-School, Mumbai
- IFIM Business School, Bengaluru
- Indus Business Academy (IBA), Bengaluru
- International School of Management Excellence (ISME), Bengaluru
- MET's Institute of Management (MET), Mumbai
- National Institute of Technology Calicut (NIT Calicut)
- New Delhi Institute of Management (NDIM), New Delhi
- School of Petroleum Management, Pandit Deendayal Petroleum University (PDPU), Gandhinagar, Gujarat
- SDM Institute for Management Development (SDM-IMD), Mysuru
- SSN School of Management & Computer Applications (SSN), Chennai
- Symbiosis Institute of Mass Communication (SIMC), Pune
- Symbiosis School of Banking and Finance (SSBF), Pune
- Thakur Institute of Management Studies & Research (TIMSR), Mumbai
- Universal Business School, Mumbai
- University of Petroleum & Energy Studies (UPES), Dehradun
- Xavier Institute of Social Service (XISS), Ranchi
- B. K. School of Business Management, Ahmedabad
- Balaji Institute of Modern Management (BIMM), Pune
- Bharati Vidyapeeth's Institute of Management Studies and Research (BVIMSR), Mumbai
- Fortune Institute of International Business (FIIB), New Delhi
- IES Management College and Research Centre, Mumbai
- IILM Institute for Business and Management, Gurugram
- IILM Institute for Higher Education, Delhi
- Indian Institute of Finance (IIF), New Delhi
- Institute of Management Development and Research (IMDR), Pune
- Institute of Public Enterprise (IPE), Hyderabad
- International Management Institute (IMI), Bhubaneswar
- Jagan Institute of Management Studies (JIMS), New Delhi
- Lala Lajpat Rai Institute of Management (LLRIM), Mumbai
- MIT School of Management (MIT), Pune
- Motilal Nehru National Institute of Technology (MNNIT), Allahabad
- National Institute of Technology Suratkal (NIT–S)
- National Institute of TechnologyWarangal (NIT–W)
- PSG Institute of Management, Coimbatore
- Rajagiri Centre for Business Studies (RSBS), Kochi
- Rizvi Institute of Management Studies & Research (RIMSR), Mumbai
- School of Communication & Management Studies (SCMS), Kochi
- School of Management (SMS), Cochin University of Science & Technology, Kochi
- Siva Sivani Institute of Management (SSIM), Hyderabad
- St Francis Institute of Management and Research (SFIMR), Mumbai
- Symbiosis Institute of Business Management, Hyderabad (SIBM–H)
- Symbiosis Institute of Computer Studies and Research (SICSR), Pune
- Symbiosis Institute of Health Sciences (SIHS), Pune
- Vignana Jyothi Institute of Management (VJIM), Hyderabad
- Vivekanand Education Society's Institute of Management Studies & Research (VES), Mumbai
- Xavier Institute of Management and Entrepreneurship (XIME), Kochi
- Acharya Institute of Management Studies (AIMS), Bengaluru
- Alliance School of Business (ASB), Bengaluru
- Army Institute of Management (AIM), Kolkata
- Asia-Pacific Institute of Management (APIM), Delhi
- Badruka College – Post Graduate Center (OU affiliated MBA), Hyderabad
- Birla Global University, Bhubaneshwar (formerly BIMTECH Bhubaneshwar)
- Birla Institute of Technology (BIT), Mesra, Ranchi
- Christ Institute of Management (CUIM), Ghaziabad
- Christ Institute of Management (CUIM), Pune
- Dhruva College of Management (DCM), Hyderabad
- Gitam School of International Business (GSIB), Visakhapatnam
- Globsyn, Kolkata
- ICFAI B-School, Ahmedabad
- ICFAI B-School, Gurugram
- Indian Institute of Education and Business Management (IIEBM), Pune
- Institute of Insurance and Risk Management (IIRM), Hyderabad
- Indian Institute of Tourism and Travel Management (IITTM), Gwalior
- Indian School of Mines (ISM), Dhanbad
- Indira Institute of Management, Pune
- Jaipuria Insititute of Management (JIM), Jaipur
- Jaipuria Insititute of Management (JIM), Lucknow
- Kirloskar Institute of Advanced Management Studies (KIAMS), Harihar
- Lovely Professional University, Jalandhar, Punjab
- M. S. Ramiah Institute of Management (MSRIM), Bengaluru
- Master School of Management (MSM), Meerut
- Myra School of Business (MSB), Mysore
- National Institute of Technology Durgapur (NIT Durgapur)
- R. A. Podar Institute of Management, Jaipur
- St Joseph's College of Business Administration, Bengaluru
- Symbiosis School of Media and Communication (SSMC), Bengaluru
- Symbiosis School of Sports Sciences (SSSS), Pune
- University School of Management Studies – Indraprastha University, Delhi
- Vanguard Business School, Bengaluru
- Vishwa Vishwani Institute of Systems and Management, Hyderabad
- VIT Business School, Vellore