IIM Calcutta bags top honours in Business Today-MDRA best B-schools survey 2021
Perennial favourite IIM Ahmedabad (IIMA) loses a storied institute from the East in a photo finish for first place. A new winner has been discovered in the Business Today-MDRA Best B-schools survey after several years of looking for one in the past.
It was announced today that the Indian Institute of Management Calcutta (IIMC) has been named the top school in the survey's 2021 edition, which included an all-time high of 305 schools.
Two of the five primary factors were won by IIM Ahmedabad (IIMA), last year's top-ranking institution, while IIMC took the top spot in the other two (placement performance and future orientation).
A major win in future orientation, however, enabled IIMC to eventually dethrone the longtime favourite. It was a close race, as IIMC came out on top by a hair (897.2 points to IIMA's 897.1).
In addition, another prestigious business school, IIM Lucknow (IIML), debuted in this year's ranking, finishing No. 4 behind IIM Bangalore (IIMB).
An interesting fact: The IIMs took the top four spots, with SPJIMR (SP Jain Institute of Management and Research) in Mumbai coming in at number five.
Business Today has also produced rankings of schools based on each primary characteristic, cities, zones, and return on investment, in addition to the overall ranking of the institutions (RoI). Private and public institutions were given different rankings, with the former receiving more attention.
Top universities' average salaries offered on campus this year and previous year haven't changed much, according to salary trends. The average salary offered by the top 10 business schools increased by 4%, while the incomes of the remaining universities in the top 100 increased by less than 1%. Course costs at the best business schools have risen by 3-4 percent since last year.
It's no surprise that government institutions with cheaper fees have a considerably higher return on investment (RoI) for students who invest in an MBA. Government schools in the top 100 have an average Return on Investment (RoI) of 1.42, while private schools have a RoI of 0.8.
Course fees (tuition plus other expenses) are used to determine return on investment (RoI). Department of Commerce, Delhi School of Economics, University of Delhi had the greatest Return on Investment (ROI) out of the 305 institutions surveyed, with a RoI of 33.3.
AMU had the highest return on investment (14.09), followed by the Faculty of Management Studies in Delhi (13.54), the MS Patel Institute of Management Studies in Vadodara (13.1), and SIMSREE (Sydenham Institute of Management Studies, Research & Entrepreneurship Education, Mumbai, with RoI of 8.97).
The pandemic has left a lasting impression on business school curriculums, according to another major development in business education this year. B-schools have had to make course corrections and add modules on artificial intelligence (AI), machine learning (ML), and other digital technologies to their MBA programmes as industries and corporations have migrated en masse to digital means of doing business.
Integrating industry needs will help India create more B-school graduates with digital skillsets along with management skills in the long term.
The Current State of Business-MDRA Over the last nine years, the Best B-School Survey has been the go-to resource for those looking to pursue a career in business. The procedure entails compiling information from India's top business schools using a questionnaire almost 20 pages long.
The information is gathered from 127 properties and five main factors (described above). After Business Today and MDRA received the information from the institutes, back-checks were conducted via phone calls and email confirmations, among other methods.
The research team couldn't physically visit the campus because of the epidemic, so they made virtual visits to 52 institutions (chosen at random) and confirmed the information provided. All of the information that was provided was for the current academic year alone.