Choosing the right business school is a big decision, especially as there are many top schools to choose from.
When considering an MBA program, it's important to look beyond just salary figures after placements. While salaries are important, there are other factors you should consider when choosing your target business schools.
According to Professor Kunal K. Ganguly, dean (development) at IIM Kashipur: "The selection of a b-school in India should be based on factors like the reputation of the b-school, its faculty strength and quality, training and [postgraduate] placement records, and the quality of existing students."
To help you apply, here’s everything to consider when choosing a business school in India:
1. Reputation and accreditation
The reputation of the school is reflective of the quality of education and faculty expertise. Look for well-established schools with national and international recognition. Accreditation from reputable organizations like AACSB or AMBA adds credibility to the institution.
Top 3 International Accreditations:
Association to Advance Collegiate Schools of Business (AACSB), USA
EFMD Quality Improvement System (EQUIS)
Association of MBAs (AMBA), UK
Top 2 National Accreditations:
National Board of Accreditation (NBA)
National Assessment & Accreditation Council (NAAC)
2. MBA curriculum and specializations
Evaluate the curricula offered by different business schools. Choose programs that align with your career goals and offer relevant specializations or concentrations. A well-designed curriculum balances theoretical knowledge and practical opportunities.
Strong industry connections can significantly impact the learning experience at business school as well as placement prospects.
For example, faculty members with industry experience can bring real-world insights into the classroom. They can provide practical examples, case studies, and industry connections that enhance the learning experience. Pay attention to the student-faculty ratio too, as it can indicate the level of individual attention and mentorship available to students. A lower student-faculty ratio generally allows for more personalized interaction and guidance.
It's important too to look at recent placement reports to assess if the school has consistent connections with top recruiters.
A large alumni network is hugely important, especially if those alumni have been successfully employed by reputable companies. Prospective students should actively reach out to alumni, as they possess invaluable insights and recommendations.
A strong alumni network provides connections, mentorship, and job opportunities. Look into the business school's alumni base and their engagement with the institution and current students.
6. Student life
The campus environment and culture play a huge role in your overall business school experience. Consider the opportunities to take part in extracurricular activities and clubs. A positive campus culture fosters personal growth and holistic development.
Also your fellow students will be your peers and can become life long career partners. As Professor Ganguly says: "As peers will be [students'] most important influencers, it is very important for the MBA aspirants to assess the standard of the existing students of the b-school."
7. International exposure
Whether planning to land a role in India or start a career further afield, gaining international exposure while at business school can greatly impact potential career opportunities.
Students can gain this international exposure through learning from diverse professors or studying courses that provide a global outlook to business topics. Some business schools also offer the opportunity to take part in exchange programs with partner institutions across the globe.
For example, IIM Calcutta has 55 partnerships in Europe, 16 in the Asia-Pacific region, and 15 in the Americas. Some top business schools include Copenhagen Business School, National University Singapore, and Tsinghua University School of Economics and Management.
Opportunities such as these can help grow an international network and gain exposure to new career opportunities in different parts of the world.
Students can calculate their MBA ROI by evaluating the financial aspects of pursuing an MBA including tuition fees, living expenses, and potential scholarships or financial aid compared with the average salaries of graduates and career opportunities.
In many cases, the average salary of graduates is higher than the total fees of studying an MBA, meaning students will quickly pay off their debts. For example, at IIM Kozhikode the fees cost INR 20,50,000 ($24,989) and in 2023, the average salary of graduates reached INR 31,02,000 ($37,813).
9. MBA scholarships
It is advisable to verify the availability of financial assistance options offered by business schools through their websites or by contacting the admissions team. Prioritizing this aspect depends on the importance you place on it when selecting a business school.
IIM Bangalore offers multiple needs-based and merit-based MBA scholarships, such as the Aditya Birla Scholarship which awards INR 1,75,000 for successful students in the top 25%.
Admission into top business schools in India follows a two-way process, where not only do you choose the best management institute, but the institute also evaluates and selects the candidates it deems most suitable.
As the reputation of the institute increases, so does the number of applicants, resulting in a more rigorous selection procedure at these top business schools. Therefore, it is crucial to choose your MBA college wisely, taking into account all these factors.
