It has never been so good if you want to be an MBA. A strong uptick in the economy is creating huge a employment opportunities for many and MBAs are in the forefront of those who can grab a sizeable share of this pie. The campus placements at India's best b-schools are moving to heights that were never seen before - many colleges are in the `20+ lakh average CTC bracket, and many more are set to join this club very soon. Recently, IIMA reported that its students bagged an average domestic salary of Rs. 25 lakhs!!
We need not go to town on the very apparent facts given above. However, in the rush to grab opportunities and make it big, one needs to watch out for possible roadblocks. With over three thousand institutes offering management education in India, it is but obvious that only a few of these schools offer good quality education that is worth investing one’s time and money in.
Due to lack of awareness about the various parameters to be used to evaluate b-schools, and the lack of any reliable information about the data on these parameters from B-schools, MBA aspirants are mostly forced to select B-schools largely based on their (and their friends'/relatives') perception of a b-school. The fact that a lot of b-schools make exaggerated claims about their (and their students') performance only complicates matters further and aspirants end up in a very confusing maze where the chances of making an incorrect decision is pretty high.
Aspirants need to be able to cut through this clutter and identify those b-schools which suit them and help them establish successful careers as managers in the long run. This is a complex process that needs a lot of research. One needs to get the correct information about the required parameters and then use the information in a meaningful manner by assigning the right amount of importance to each of those parameters.
With the objective of empowering our students with both the knowledge and understanding of the important parameters to evaluate b-schools and helping them arrive at the right decision, T.I.M.E. releases a list of India's top B-Schools annually. This list segregates B-Schools into various categories, thereby aiding the students in choosing the set of b-Schools they should apply to. This list is made using a methodology that has a proven track record of over a decade-and-a-half, after months of extensive research by experts who have over two decades of experience in guiding students on MBA admissions. In addition to this expertise, we use the strength of our country-wide network of senior faculty members who have been guiding and mentoring students day-in-day-out for years on B-school selection.
Read on to understand the various parameters that we look at while formulating this list and understand their importance. The list itself is available towards the end of the article.
(a) 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 b-school happens outside the class and a fairly large part of this comes from peer learning. A great deal of learning at any b-school is on account of group activities such as assignments and projects. Hence, better the peers, richer is the learning experience. The quality of the selection process (in terms of the weightage to the percentiles/cut-off marks in the written exam, the rigorousness of the GD/Essay-writing/Interview, the strength of the profile of students, etc.) adopted by the b-schools gives one an idea about the quality of the students it admits. 'Higher the cut-off, better the quality of the school' is a mantra in itsey. Some b-schools give weightage to other parameters like academics and work experience. Even at these schools, the cut off marks percentile values in the entrance exams are significantly higher than some of the schools which are in the categories immediately below them. Hence, cut-offs become a very reliable parameter to judge the quality of b-schools.
Placements are, undoubtedly, one of the key parameters used by most students to judge the quality of the B-School they are considering joining - and rightly so. Almost everyone has a very firm eye on the salary he/she would attract after completing an MBA. They are also, justifiably, interested in the quality of the job they would land in and the future prospects that it would bring.
A large number of management institutes boast of a 100 per cent placement record for their students. With management institutes having mushroomed all over the country, these claims should not be taken at face value, and should be scrutinized closely. While these claims may not be outright lies, they could be cleverly camouflaged by projecting numbers arrived at after' requesting some students to drop out of placement process'.
Similarly b-schools claim very high salaries by adding joining bonuses or variable pays. It would be worthwhile to study these numbers carefully and consider the median salaries (wherever provided) rather than the average salaries (arithmetic mean of all salaries) as they would give a better picture of how most of the batch was placed. Also, having a look at the kind of companies visiting a campus would give one an idea of how industry views the b-school. It also helps in understanding the different industry verticals and roles that the students of the schools are getting into.
It also helps in understanding that all those companies that b-schools claim to be recruiting from their campuses need not necessarily be in the final placements. Some/many of them may be those who took students only for summer internships. Some companies may have recruited a few students in the past but may not be visiting those b-schools any more. B-schools would still claim such companies also as recruiters. Students should, therefore, make the necessary efforts to get a clear picture about this before making their decision.
It needs a fair amount of due diligence before one can draw any meaningful conclusions about the status of placements in a B-School. It has been noticed that most students, in the excitement of using high average salary (at various schools) as a parameter, miss the average number of offers that each student receives at these schools. This parameter is also important as it indicates the amount of choice a student has in terms of jobs across companies on offer.
Unfortunately, there is no standard reporting structure on placement data that b-schools are required to follow. Any such requirement could have put a stop to such trickery as mentioned above and would have made the picture on placements crystal clear to anybody who wants to understand it. IIM Ahmedabad has taken the initiative to put in place a set of reporting standards for b-schools called IPRS (Indian Placement Reporting Standards). This very laudable initiative, launched in 2011, has, unfortunately but not surprisingly, found little traction among the Indian B-schools.
We at T.I.M.E., love the transparency that a standard like the IPRS can bring into the system, particularly when the standard makes it mandatory for b-schools to have their placement reports audited by a third party. As one of the very few companies in the world which get their results number of call letters/final selections received by our students) audited by a third party before going to town with them, we understand the kind of honesty and effort that goes into ensuring the quality of such an audit. We have, hence, as a part of the categorisation exercise, given positive credit to all those schools that accept the IPRS and report their placements accordingly. We hope that many schools conform to the IPRS while reporting their placements, promoting trust among the student community about claims of b-schools and also fostering healthy competition among b-schools.
You can know more about the IPRS at http://www.iimahd.ernet.in/iprs/index.php
However, it is also important to note that placement numbers reveal only short-term trends. What may get hidden are the long-term benefits that the schools could offer. Hence one could make a big mistake if one looks at 'only' the placement figures.
(c) Age and Image of the Institute
It does not need any special emphasis to state the importance of the image/brand-value of the b-school. It is fairly obvious even to a cursory observer of the MBA scenario that, the stronger the brand, the better will the placements be in the short term and the more rewarding will the career be in the long term. Hence, the 'brand image' of a b-school in the student community and its acceptance in industry circles is one of the key considerations for aspirants while selecting b-schools. While it can be said that it is natural for older institutes to have a better reputation than the 'younger' ones, it cannot always be generalized so. Also, the situation is slightly different when an older, well-established institute establishes a new campus. 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 b-Schools, especially that of the IIMs, has the power to open doors. That would mean access to people, and in many cases would make the difference between a deal and a no-deal, between a job and a no job. Long after a student has passed out of an institute, he/she will benefit from the power of its brand image – both in career growth and in the day-to-day work/business. Not only students, the image of the school helps in attracting quality teaching faculty as well.
This is especially true in case of brands like the IIMs. The new IIMs (Ranchi, Raipur, Rohtak, Kashipur, Udaipur and Trichy) stand testimony to this. Less than a decade of their being established, they are already jostling for space along with some of the 'older' IIMs in the AAA+/AAA categories. We can largely expect a similar situation to emerge in the case of the seven 'newer' IIMs too (Amritsar, Bodhgaya, Jammu, Nagpur, Sambalpur, Sirmaur, and Visakhapatnam).
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 job placements and summer internships. Whether it is the average salary in final placements (around `10-14 lakh) or the quality of companies visiting their campuses, the IIMs should be considered as preferable over most non-IIM b-schools, more importantly, for the long-term brand advantage that one can enjoy.
(d) Location of the B-School
Location refers to the geographical location of the b-school. The location indirectly affects the placements on the campus. Placements are 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 go to an institute that is located far away. Better location does a better job at attracting quality teaching faculty for the B-school. Faculty would in general prefer their families to enjoy the comforts that a city/metro would provide, over those of a relatively smaller place.
For these reasons, everything else remaining the same, institutes located in Mumbai, New Delhi, and Bengaluru always score better than institutes based in other cities. Chennai, Pune, and Hyderabad make up the next level of cities. The impact that the location has on an institute becomes more pronounced as we go down the category list.
However, strong brand value sometimes compensates for locational disadvantage. If we look at the six new IIMs again, we will notice that in spite of the non-metro nature of their locations, these IIMs are able to attract some of the best of students and are also able to attract and retain senior academics.
(e) Quality of infrastructure
One of the important factors to consider is the availability of necessary infrastructure in terms of state-of-the-art computer labs, high-speed Internet connectivity, well-stocked library with subscriptions to management journals, and classrooms furnished with audio-visual aids. Any institute that does not have these facilities cannot be called top-class.
We suggest that you visit the campus of the institute in question, particularly if it is the one that you do not know much about, and gather first-hand information about the facilities available before taking a decision on joining that institute.
Students should also find out information about hostel facilities, if available. Ironically, a number of top management institutes do not have good hostel facilities, a situation that is quite common in large metros. Of course, there are always options like staying as paying guests and tagging with college mates to rent out an accommodation. The fully residential programmes of top b-schools foster all-round development as the period of interaction with peers and faculty is not just restricted to the class hours but, in fact, is an ongoing 24/7 process where the scope to learn is multiplied many times over.
With the fees of b-schools rising sharply, it is necessary to ensure that the return on the fee being invested does work out to be reasonable. With the fees at some schools at around `20 lakh and for many upwards of `10 lakh, fee becomes a very important factor while evaluating the B-school.
It should, however, be said that fee is a non-issue for the top B-schools. Availability of loans is fairly high for 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 loan 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 lower interest rates. As one moves down into the other categories, banks may demand a collateral or have a slightly higher interest rate or both. All the more reason for you to work hard at landing an admission to a top-notch b-school!
(g) Programmes offered by institutes
There are two major types of programmes:
- General Management Programme (GMP) and
- Sectoral Programme.
A General Management Programme gives a student the flexibility to join any sector and thus offers maximum diversification and placement opportunities as opposed to a Specialization-based Programme. All the IIMs and most of the other top B-Schools offer this programme.
However, some B-Schools offer programmes catering to a specific sector or specializing in a specific area. Institutes like IIMA (FABM – Food and Agri Business Management), IRMA (Rural/Agri-business Management), MICA (Advertising), TISS : MA HRM, and XLRI : PGD-HRM (HR) are the best in their respective sectors and students who are particularly interested in these areas should consider these schools as their first choice.
These days, several new kinds of programmes are on offer, catering to specific sectors and needs of the industry like those in actuarial science, retailing, and insurance. The placement opportunities in these specialized programmes are restricted to companies in that sector and as such do not lend the kind of flexibility to one’s career that a GMP offers. This, however, should not matter much if one is interested in a specific sector and is hence looking at an MBA program in that sector, as reputed schools in the respective fields attract good recruitments for companies in those sectors.
Many top institutes offering GMPs have, of late, started offering specialized programmes. You should note that though the image of the institute lends credibility to such programmes, it cannot be equated to the GMP being offered. As one goes down the B-school list, this rub-off effect diminishes and one needs to carefully evaluate such specialized programmes before applying to them. In general, a good GMP is always preferable to a sectoral programme.
The B-School 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 opinions 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 scores in entrance tests (c) location of the school (d) age of the school (e) programme fee. The rating given 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 the schools offering two-year programmes, with at least one batch of students having passed out have been considered for this exercise.
The B-Schools in the list below are divided into seven broad categories:
Top 10 category features world-class institutes, like the IIMs and XLRI that every student aspires to secure an admission into. 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 on account of the ‘rub-off’ effect of the institute.
AAA+ & AAA categories of institutes are those that fall into the Top 30. They offer high quality of education, faculty, and infrastructure facilities. These institutes have a 100% placement record. 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 categories of institutes offer a high and consistent quality of education, faculty, and infrastructure facilities. A good number of some students in these schools get placements which are much better than the placements of the lower half of the above categories. These institutes are successful in providing high quality placements to their top students, especially those with good communication skills.
BBB+, BBB and BB categories of institutes are those that are well regarded by the industry and have been very successful in placing students. Some of these schools have been very strong brands themselves earlier, but have been pushed down only because of the addition of multiple IIMs over the years. This shows that most of these hold their ground fairly successfully and that students can rely on them to get a boost for their careers.
B+ and B categories of schools have a good recognition with the industry. 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, 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 that do not feature in our list at all. You are hence advised to get thorough information (by visiting the campuses and speaking with past and current students) about these institutes before taking any decision regarding them.
This would mean that the top 55 schools – Top 10, AAA+, AAA, AA and A categories – would be the schools to strongly aspire for.
Students need to note that as discussed earlier, 'Fee' as a parameter becomes increasingly relevant as one moves down the order of B-schools. We have considered 'fee' as an objective parameter for categorising only the schools outside the top 30, i.e., schools from category AA downwards, till B and 'Others'.
Your academic performance at the b-school makes all the difference
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 that all schools 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 may bag the best of placements from their campuses and make the most of their MBA stint.
The obvious point that many miss out on is that the students who work hard on campus for the two years, in all categories of B-Schools, certainly do much better than the rest.
How will this categorization help you?
The list of top B-schools is a valuable guide that will help students on two fronts - A) To pick the set of b-schools to apply to and, B) To select the b-school to join out of the set of schools that confirmed admissions (in case of multiple conversions)
A) Which/How many B-Schools should you apply to?
One needs to think this question through using the following parameters:
Budget: With the cost of application for each institute being in the range of 500 to 2500, an optimal number may be 10 to 12 schools. However, it could be slightly higher, if based on one’s affordability. It is strongly advised that you apply to institutes across categories to ensure that your chance of selection goes up.
Background: What you are doing currently in terms of you education/work etc. matters a lot. A final-year student, for example, can afford to be selective as he/she can take another attempt the next year, while a person who has completed graduation and is not working anywhere will be more keen to get into a B-school. A working professional, comfortable placed with 2 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.
AIMCAT Performance: Depending on your AIMCAT performance, you can estimate the possible percentile that you may achieve in CAT. You need to apply to b-schools both above and below this expected percentile to cover for any jump/drop in the expected CAT percentile. The categorisation in the list will help you compare schools and pick the appropriate ones.
Also, you may want to hedge your risk by applying to more institutes – particularly, to institutes across categories that we discussed above.
It is a good practice to apply to institutes in three different categories - 50% of the schools you apply to should be in the category where you are likely to land calls for the second round, 30% of the schools in an aspiration level - typically one level above your expected range - and 20% of the schools you apply to should be in the level below the expected range of score, to safeguard your interests in case of a bad performance.
An illustration is given below for a better understanding -
Let's say that you decided to apply to ten institutes. First, check how you have performed in the AIMCATs and what your percentile scores have been. 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.
We would strongly advise you to apply to ALL the IIMs while filling up the CAT application form. The time for picking and choosing will come later - once you have landed the selections.
Key notes about T.I.M.E.'s b-school categorization for 2018:
The schools are arranged in alphabetic order within each category.
The list comprises only the two-year programmes offered by b-schools. It does not include the one-year programmes such as the ones offered at ISB and the executive programmes offered by the IIMs.
- Faculty of Management Studies (FMS), University of Delhi, Delhi
- Indian Institute of Foreign Trade (IIFT), New Delhi & 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
- Management Development Institute (MDI), Gurgaon
- S. P. Jain Institute of Management & Research (SPJIMR), Mumbai
- XLRI – Xavier School of Management, 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)
- Indian Institute Management Trichy (IIMT)
- Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
- National Institute of Industrial Engineering (NITIE), Mumbai
- Rajiv Gandhi Indian Institute of Management (RGIIM), Shillong
- Shailesh J. Mehta School of Management (SJMSOM), IIT Bombay (IITB)
- Tata Institute of Social Sciences (TISS), Mumbai
- Department of Management Studies (DOMS), Indian Institute of Science Bangalore (IISc.)
- Department of Management Studies (DoMS), Indian Institute of Technology Madras (IITM)
- Indian Institute of Management Indore (IIMI), Mumbai campus
- Indian Institute of Management Raipur (IIM Raipur)
- Indian Institute of Management Rohtak (IIM Rohtak)
- Indian Institute of Management Udaipur (IIMU)
- Indian Institute of Management Kashipur (IIMKa)
- Symbiosis Centre for Management & Human Resource Development (SCMHRD), Pune
- Symbiosis Institute of Business Management (SIBM), Pune
- Vinod Gupta School of Management (VGSOM), Indian Institute of Technology Kharagpur (IIT-KGP)
- Department of Business Economics (DBE), University of Delhi
- Department of Commerce, Delhi School of Economics (DSE), University of Delhi
- Department of Financial Studies (DFS), University of Delhi
- Department of Industrial & Management Engineering (IME), IIT Kanpur (IITK)
- Indian Institute of Management Amritsar (IIM Amritsar)
- Indian Institute of Management Nagpur (IIM Nagpur)
- Indian Institute of Management Visakhapatnam (IIMV)
- International Management Institute (IMI), New Delhi
- MICA Ahmedabad
- Sydenham Institute of Management Studies, Research & Entrepreneurship Education, Mumbai (SIMSREE)
- Bharathidasan Institute of Management (BIM), Trichy
- FORE School of Management, New Delhi
- Great Lakes Institute of Management (GLIM), Chennai (PGDM Two-Year Programme)
- Indian Institute of Management Bodh Gaya (IIM Bodh Gaya)
- 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
- Institute of Rural Management Anand (IRMA)
- K. J. Somaiya Institute of Management Studies & Research (SIMSR), Mumbai
- 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
- Xavier Institute of Management Bhubaneswar (XIMB)
- Department of Humanities & Social Sciences, MHRM, IIT–KGP
- Department of Management Studies (DOMS), IIT Roorkee (IIT Roorkee)
- Faculty of Management Studies, Banaras Hindu University (FMS–BHU)
- Goa Institute of Management (GIM), Goa
- Institute for Financial Management & Research (IFMR), Chennai
- Lal Bahadur Shastri Institute of Management (LBSIM), Delhi
- Loyola Institute of Business Administration (LIBA), Chennai
- National Institute of Banking & Management (NIBM), Pune
- Nirma University Institute of Management (NIRMA), Ahmedabad
- Prin. L. N. Welingkar Institute of Management Development & Research (WE School), Mumbai
- SDA Bocconi Asia Centre, Mumbai
- Shri Ram College of Commerce, MBA-GBO, Delhi
- Symbiosis Institute of Business Management, Bengaluru (SIBM–B)
- Symbiosis Institute of Operations Management (SIOM), Nasik
- University Business School (UBS), Panjab University, Chandigarh
- Birla Institute of Management Technology (BIMTECH), NOIDA
- Birla Institute of Technology & Science (BITS), Pilani
- Delhi School of Management (Delhi Technological University), Delhi
- Great Lakes Institute of Management (GLIM), Gurgaon
- Hyderabad Central University (HCU), Hyderabad
- ICFAI Business School (IBS), Hyderabad
- Indian Institute of Forest Management (IIFM), Bhopal
- Indian Institute of Social Welfare & Business Management (IISWBM), Kolkata
- MANAGE, Hyderabad (only for those interested in Agri-Business/Rural Management)
- MDI Murshidabad
- National Institute of Technology Tiruchirappalli (NITT)
- National Insurance Academy (NIA), Pune
- SIES College of Management Studies (SIESCOM), Mumbai
- Symbiosis Institute of Management Studies (SIMS), Pune
- Welingkar Institute of Management, Bengaluru
- Amrita School of Business (ASB), Coimbatore
- Bharati Vidyapeeth University, Institute of Management & Research, Delhi
- Christ University Institute of Management (CUIM), Bengaluru
- Department of Business Management, Osmania University (OU), Hyderabad
- Department of Commerce & Management Studies, University of Pune (PUMBA), Pune
- ICFAI B-School (IBS), Mumbai
- Institute of Management Technology (IMT), Hyderabad
- Institute of Management Technology (IMT), Nagpur
- Institute of Technology & Management (ITM), Navi Mumbai
- N. L. Dalmia Institute of Management Studies & Research (NLDIMSR), Mumbai
- Pondicherry Central University (PCU), Puducherry
- School of Petroleum Management, Pandit Deendayal Petroleum University (PDPU), Gandhinagar
- Symbiosis Institute of Telecom Management (SITM), Pune
- Xavier Institute of Management & Entrepreneurship (XIME), Bengaluru
- Xavier Institute of Management & Research (XIMR), Mumbai
- Bharatiya Vidya Bhavan’s Usha & Lakshmi Mittal Institute of Management, Delhi
- Chetna’s R. K. Institute of Management Studies & Research, Mumbai
- Department of Management Studies (DOMS), Anna University, Chennai
- IFIM Business School, Bengaluru
- IMM-FOSTIIMA B-School, New Delhi
- Institute of Public Enterprise (IPE), Hyderabad
- International Management Institute (IMI), Bhubaneswar
- International Management Institute (IMI), Kolkata
- Lala Lajpat Rai Institute of Management, Mumbai
- MET’s Institute of Management, Mumbai
- National Institute of Technology (NIT) Calicut
- School of Management (SMS), Cochin University of Science & Technology, Kochi
- SDM Institute for Management Development (SDM–IMD), Mysore
- SSN School of Management & Computer Applications, Chennai
- Symbiosis Center for Information Technology (SCIT), Pune
- Symbiosis Institute of Mass Communication (SIMC), Pune
- Symbiosis School of Banking & Finance (SSBF), Pune
- Thakur Institute of Management Studies & Research, Mumbai
- University of Petroleum & Energy Studies (UPES), Dehradun
- Xavier Institute of Social Service (XISS), Ranchi
- Amity Business School, Noida
- B. K. School of Business Management, Ahmedabad
- Badruka College – Post Graduate Center (OU–affiliated MBA), Hyderabad
- Balaji Institute of Modern Management (BIMM), Pune
- Bharati Vidyapeeth’s Institute of Management Studies & Research, Mumbai
- Fortune Institute of International Business, New Delhi
- IES Management College & Research Centre, Mumbai
- Indus Business Academy, Bengaluru
- Institute of Management Development & Research (IMDR), Pune
- ISME, Bengaluru
- Kirloskar Institute of Advanced Management Studies (KIAMS), Harihar
- MIT School of Management, Pune
- Motilal Nehru National Institute of Technology (MNNIT), Allahabad
- National Institute of Technology (NIT), Durgapur
- National Institute of Technology (NIT), Suratkal
- National Institute of Technology (NIT), Warangal
- New Delhi Institute of Management (NDIM), New Delhi
- PSG Institute of Management, Coimbatore
- Rajagiri Centre for Business Studies, Kochi
- R. A. Podar Institute of Management, Jaipur
- Rizvi Institute of Management Studies & Research, Mumbai
- School of Communication & Management Studies (SCMS), Kochi
- Siva Sivani Institute of Management (SSIM), Hyderabad
- Symbiosis Institute of Business Management (SIBM), Hyderabad
- Symbiosis Institute of Computer Studies and Research (SICSR), Pune
- Symbiosis Institute of Health Sciences (SIHS), Pune
- UBS Mumbai
- Vignana Jyothi Institute of Management (VJIM), Hyderabad
- Vivekanand Education Society’s Institute of Management Studies & Research, Mumbai
- Xavier Institute of Management & Entrepreneurship (XIME), Kochi
- Acharya Institute of Management Studies, Bengaluru
- Army Institute of Management, Kolkata
- Asia-Pacific Institute of Management, New Delhi
- Birla Global University – Bhubaneshwar (formerly BIMTECH Bhubaneshwar)
- Birla Institute of Technology (BIT), Mesra, Ranchi
- Christ Institute of Management, Ghaziabad
- Christ Institute of Management, Pune
- Dhruva College of Management, Hyderabad
- Gitam School of International Business (GSIB), Visakhapatnam
- Globsyn, Kolkata
- ICFAI B-School (IBS), Ahmedabad
- ICFAI B-School (IBS), Gurgaon
- Indian Institute of Education and Business Management (IIEBM), Pune
- IILM Institute for Business and Management, Gurgaon
- IILM Institute for Higher Education, Delhi
- IIRM, Hyderabad
- Indian Institute of Finance (IIF), New Delhi
- Indian Institute of Tourism & Travel Management (IITTM), Gwalior
- Indian School of Mines (ISM), Dhanbad
- Indira Institute of Management, Pune
- Jagan Institute of Management Studies, New Delhi
- Jaipuria Institute of Management Lucknow
- M. S. Ramiah Institute of Management, Bengaluru
- Master School of Management, Meerut
- Myra School of Business, Mysuru
- St. Francis Institute of Management and Research (SFIMR), Mumbai
- St Joseph’s College of Business Administration, Bengaluru
- Symbiosis School of Media & Communication (SSMC), Bengaluru
- University School of Management Studies - Indraprastha University, Delhi
- Vanguard Business School, Bengaluru
- Vishwa Vishwani Institute of Systems & Management, Hyderabad
- VIT Business School, Vellore