Why an Indian MBA is still a good choice - Case Study

Why an Indian MBA?

A case study on why an Indian MBA is still the best choice.

Karthik Balasubramani

Follow Me! @kartzb /kartzb

There is a new rage in India, people going abroad for their MBA and their masters in general. Yes, we have to agree that the exposure and interactions will be global and a cultural eye opener to many. But, at the end we are there to learn how to operate business and become globally employable. If such global resources were only created in B schools abroad, IVY league or the LSE, why do Indian B-Schools even exist?

Whom is this study for?

Whom is this study for?

With the European economy facing its worst crisis and the situation in USA also gloomy and unemployment reaching new record highs. I have only one question to all my fellow Indians, who aspire to join B schools in USA & Europe and

are busy researching about their international courses.

How sure are you of being employed in that country you wish to study?

Number System was invented in India. The Zero was also invented in India by Aryabhatta.

Why is post study employment important?

Ask any MBA aspirant, he knows what an ROI is. For dummies its Return Of Investments, in fact the modern B Schools rankings consider ROI’s as a critical parameter for ranking. Education is also increasingly becoming a business. This is business studies and nobody is interested in doing a PhD or become a researcher in near future.

Why is post study employment important?

A simple math that we have learnt at school, you measure apples with apples and not oranges. You don’t compare unequal quantities. Elevating this to a B school scenario, businesses/companies are keen on cutting down costs, that’s what is taught in B schools, everyone is greedy and want the most value for every penny spent.

Coming back to my apples to orange comparison, if I am going to fund my education taking loans/debts in the native currency of my B school, am I not suppose to be paying it back in the native currency? This is where post study employment becomes critical and a deciding factor. If you spend 30000£ for a MBA course from London School of Economics, only to come back to India working for an Indian firm. As a future business leader does it make any tactical sense?

It’s a simple business operation technique, that you invest less on manufacture and sell it in big markets to increase your profits. Well your business school

choice should also be made with the same strategy. If you would ask me, ROI’s should be the only

parameter to rank B Schools these days, as the reason for doing a masters in business studies, is

purely monetary centric.

Why is post study employment important?

Enough said in words, lets munch

some figures to support my claims.

Value for money is the new mantraWith business education increasingly becoming expensive, and most of the European nations using education as a source for attracting international investments, here is a look at the ROI for India B schools.

Institution Fee (Lakhs) Least Salary (Lakhs) ROI

IIM B 15 22 146.66IIM A 21 26 123.80 ISB Hyderabad 20 28 140 XLRI 12 16.2 133FMS Delhi 0.25 8 190 IIM K 10 12 120 IIM Indore 13 12 92.30SP Jain 10.3 15 145.63IIFT 10 12 120 MDI Gurgaon 18 21 116.66 MICA 12 10 83.33Great Lakes 13 10 76.92Christ University 11 6 54.54 BIMTECH 10 9 90

IIM B

IIM A

ISB

Hyder

abad

XLRI

FMS

Delhi

IIM K

IIM In

dore

SP Ja

inIIF

T

MDI G

urga

onMIC

A

Great

Lak

es

Christ U

nive

rsity

TAPM

I0

153045607590

105120135150165180195

ROILeast Salary (Lakhs)

The value of Pie(3.1417) which is most commonly used in all technical subjects was calculated by Indian named Budhayana in 6th century.

There are only three countries which makes super computers, USA, Japan and India.

The IIMs

For a longtime, IIM has been the IVY league for the common Indian. Not because its government funded (Tax Payers Money), but they were started with a long term vision of providing high quality education. Off late, IIMs have been headed by corporate giants who are set the long term visions and goals. This has grown IIMs into a premier business school.

In the ROI chart you may notice that though they are government run, they don’t have a uniform fee structure. No, IIMs are not like the state universities you would find in the USA.

The IIMs

The only cons in the admission process for IIMs and I have to mention it here, is the profile scrutiny. IIMs have become a place where your applications are purely scrutinized based on past academics (the 2yr regular MBA). Hence it doesn’t really nurture natural skills, but just provide a leaping board for those good with their math and past academics.

Besides the regular MBA IIMs also offer a plethora of management courses, certification courses, diplomas. Whilst the regular MBA needs a strong academic past. There are several courses for the working executives, and people with work experience. The 1yr PGDM from IIM(A) is ranked 3rd by Financial Times world B school survey. There are several courses in all IIMs like that match international standards.

IIMs Accreditation Bodies

IIM Bangalore EQUIS (2013)

IIM Ahmedabad EQUIS (2008)

IIM Kozhikode AMBA (2013)

IIM Calcutta AACSB (2013)

IIM Lucknow AMBA (2013)

IIM Indore AACSB (2013)

The IIMs

Here is a look at the International bodies that have accredited IIMs

Indian School of BusinessFounded: 1996

Flagship Course: Post-Graduate Programme in Management (PGPM).

Accreditations: Association to Advance Collegiate Schools of Business (AACSB)

Summary: ISB is a not-for-profit organization funded entirely by corporates, foundations and individuals from around the world. The school was founded by two senior executives of McKinsey & Company and is governed by a board comprising both Indian and non-Indian businessmen. ISB is considered to be amongst the best business schools in India. The school's flagship program, the Post-Graduate Programme in Management (PGPM), was ranked 34th in the world in the 2013 Financial Times Global MBA Rankings. ISB is the first business school in South Asia to be accredited by the Association to Advance Collegiate Schools of Business.

Rankings: Ranked 34 in the world in the 2013 Financial Times Global MBA Rankings. QS Global 200 Business Schools Report the school was ranked 7 in the Asia-Pacific region for 2012.

SP Jain SchoolFounded: 1981

Flagship Course: Two-year Post-Graduate Diploma in Management (PGDM) program and a One-year Post-Graduate Program in Management (PGPM).

Accreditations: Association of MBAs (AMBA), National Board of Accreditation, Tertiary Education Quality and Standards Agency, Australia

Summary: The institute has international campuses, in Dubai, Singapore and Sydney, managed under the names S P Jain School of Global Management and S P Jain Center of Management. Centre for European Business Studies. The Centre for European Business Studies, funded by the European Union was launched in 2009, in collaboration with ESB Reutlingen of Germany. SPJIMR has set up a Centre for Entrepreneurship Development, and has partnered with the Wadhwani Foundation to launch the National Entrepreneurship Network (NEN).

Rankings: SPJIMR was ranked No. 16 by the QS Global 200 Business Schools Report in the Asia-Pacific region for 2012. In India, it was ranked No. 10 by the Business Today 50 best business schools of 2011 and No. 9 by the Hindustan Times' India's top 50 business schools of 2011[30] and the 2012 edition of CNBC-TV18's Top B-Schools in India.

Great Lakes Institute of Management

Founded: 2004

Flagship Course: One-year full-time Post Graduate Program in Management (PGPM)

Accreditations: AACSB, IAO

Summary: The institution, a brain-child of the US-based management guru Dr Bala V. Balachandran. Great Lakes has earned the accreditation of AICTE. Great Lakes Institute of Management has a memorandum of understanding (MoU) with Stuart School of Business at the Illinois Institute of Technology, Chicago, USA. The Yale-Great Lakes Research Center has been established with the objective of pursuing advanced research in management in partnership with Yale University of the USA. The PGPM Course at Great Lakes is the only One-year management course in India approved by the AICTE.

Rankings: Business World magazine has ranked Great Lakes 15th in intellectual capital and 18th in overall rankings. Careers360 magazine has considered it to be mini ISB in one of its articles. he umbilical cords for both GLIM and ISB bond them to elite US institutions like Kellogg and Yale

Xavier Labour Relations InstituteFounded: 1949

Flagship Course: Full-time residential MBA.

Accreditations: SAQS, AACSB.

Alumni & Summary: B. Muthuraman, Vice-Chairman, Tata Steel Ltd, Bijou Kurien, President, Reliance Retail, NS Rajan, Group Executive Council member & Group Chief Human Resources Officer, Tata Sons, Rakesh Kapoor, chief executive of Reckitt Benckiser,S V Nathan, Director RHRD, Deloitte Consulting India Pvt. Ltd.

XLRI is India's leading private, business management school based in Jamshedpur, Jharkhand, India. Established in 1949 as the Xavier Labor Relations Institute, XLRI is acknowledged as India's oldest business management school. The Jesuit managed school's flagship programs include a full-time 2-year post graduate program in Business Management and Personnel Management & Industrial Relations (re-christened as Human Resources Management in 2011

Rankings: In 2012 XLRI was ranked No. 4 in India. The PMIR programme has been selected as the best 'HR Course' in Asia-Pacific. London Business School has ranked it among top 5 research schools in India

The greatest growth in Executive MBA Programs is taking place in non-North American locations.

Faculty of Management StudiesFounded: 1954

Flagship Course: Full-time residential MBA.

Accreditations: NBA, AICTE.

Alumni & Summary: Ajay Mahajan- Founder, FICC Capital, Ajay Shukla- VP & MD, McGraw-Hill Education, Amit Jain- Country Director, Akzo Nobel, India, Amit Ranjan- Cofounder & Director of Operations, SlideShare, Dr. Alok Bharadwaj- EVP, Canon India, D.S.Brar- Chairman, GVK Biosciences, Harit Nagpal- MD & CEO, Tata Sky Ltd , Kanwaljit Singh- Senior MD, Helion Advisors

Faculty of Management Studies (Commonly known as FMS Delhi ) established in 1954 under the aegis of the University of Delhi offers management education to the professional managers as part-time and full-time MBA programmes. It is one of the oldest business schools in India which started offering a Full Time MBA programme.

Rankings: FMS was ranked #3 in Business Today's 50 Best Business Schools of 2012, #5 in the Outlook MDRA Survey B-School Rankings 2012, #7 in Hindustan Times India's Top 50 Business Schools of 2011 and #10 in the 2013 edition of CNBC-TV18's India's Best B-Schools Rankings.

MDI GurgaonFounded: 1973

Flagship Course: Post Graduate Programme in Management (PGPM)

Accreditations: AMBA, SAQS

Alumni & Summary: Vikas Bajaj – Joint MD, Bajaj Motors, Yatin Pahwa – Head of strategy, Nokia, Sanjay Verma – CEO-Asia Pacific, Cushman & Wakefield,Saurabh Ray – Director of business development, Oracle India ,Rohit Mittal – Financial Analyst, The World Bank, Anand Bagri – Senior VP, Axis BankManagement Development Institute was formed as an autonomous body in 1973, in collaboration with several global institutions like UNDP, UNIDO, World Bank and ILO, with an initial grant received from KfW, West Germany, and with the active support of Industrial Finance Corporation of India (IFCI). T. N. Kapoor was the first Director.

Rankings: Ranked #8 by MBA Universe's 2013 Rankings. It was also ranked No. 6 by the 2012 edition of CNBC-TV18's Top B-Schools in India. In 2011, it was ranked No. 6 by Outlook magazine and in the limited participation CSR-GHRDC B-School Survey 2011 it was ranked #9.

MICA

Founded: 1991

Flagship Course: Postgraduate Diploma in Management (Communications)

Accreditations: Chartered Institute of Marketing UK, Fulbright Affiliate

Summary: MICA was established in 1991 by A.G. Krishnamurthy of Mudra Communications, as an autonomous post graduate academic institute. It was set up to feed the Indian advertising industry with trained persons. The main academic block was inaugurated in 1993. Over the course of next 20 years, the CCC, Online PG Certificate and FPM programs were introduced. MICA is now known to consistently provide excellent marketing communications persons to the industry. The programme offers specializations in the areas of Advertising Management,Brand ManagementMedia Management, Marketing Research,Digital Communications Management

Rankings: Ranked consistently in the top 15 Indian B Schools.

TAPMI

Founded: 1988

Flagship Course: Postgraduate Diploma in Management

Accreditations: Association to Advance Collegiate Schools of Business (AACSB)Summary: TAPMI has received recognition and respect amongst the well-known industrial houses and academic institutions in India for the quality of its education. Over the years, the institute has earned a name for its Post Graduate Programme in Management and the quality of student talent it has produced. Continuous improvements in the curriculum, structure, academic systems and faculty resources have contributed significantly to making TAPMI a preferred centre for management education. Today, over 3000 TAPMI alumni hold responsible managerial positions in India and abroad.

Rankings: TAPMI is consistently ranked among the top Indian B-Schools by various business magazines. In 2013, Outlook India ranked it #17. Business Today ranked it 19 B-School and The Week at no. 22 position among leading Indian B-Schools.

Here is a list of B Schools that are not covered here but are among the top B Schools in India:

• Jamnalal Bajaj Institute of Management Studies, Mumbai

• NMIMS Mumbai• Symbiosis International University• Loyola School of Business Chennai,• BIMTECH• Christ University Bangalore• IIFM Bangalore• Xavier's Institute of Management, Bhubhaneswar• KJ Somaiya Institute of Management Studies and

Research, Mumbai• ICFAI Business School, Hyderabad• Amity Business School, Noida

ConclusionIndian B Schools have nurtured the many of the current business pioneers of the world. The Asia-Pacific region and South East Asia going to become the future business centers for all major business activities, understanding of the local market is key. A business school environment is the best place to understand the local markets from a global prospect. Studying in India will give an edge in understanding the behavior pattern of local businesses. It also helps in real time understanding of end users of future business managers.An Indian MBA bridges the gap between local business practices and scientific approach. The international bodies accreditation alone speaks about the quality of education imparted in Indian schools is at par with international universities. Besides Ivy league colleges which have set the base line for management studies, Indian B schools are at par with most of the non-Ivy B schools. Also ROI is a key factor for any Indian student. Getting into irrecoverable debts by choosing a management course outside India is a basic question on your financial management skills.

This study is not to say that Indian MBAs are best. But, in the current volatile global economic conditions an MBA that studies local markets is critical. With Asia having the most stable economy in the world, an Indian MBA will jumpstart your management aspirations

THE END

Follow Me:

https://www.facebook.com/kartzb

https://twitter.com/kartzB