The Indian Institutes of Management are recognized to be a league of elite business schools in India. Since 1961, the year of the establishment of the first IIM, they have gained a powerful reputation. Not only are IIM graduates regularly scouted by reputable international and national companies, a vast majority of people unanimously believe that IIMs are the best B-schools in India.
Until 2017, the playing field for IIMs and private B-schools was almost level. However, in 2017, the Indian Institutes of Management Act was passed, which declared IIMs as Institutes of National Importance. The Act granted IIMs with more autonomy over decisions such as relevant courses. It also gave them the right to issue degrees. Most private B-schools felt that this move tipped the scales and have been advocating for their right to issue degrees.
With over 6,500 colleges across India offering courses in MBA, it's imperative to choose the right college. India offers a variety of colleges that vary in the quality of the program, teaching faculty, campus facilities, and placements. Graduates of well-reputed B-schools have a higher chance of landing better jobs.
The National Institute of Ranking Framework has simplified the process of
choosing universities as they provide a consolidated list of rankings. Apart from
the NIRF rank, also consider factors such as fees, location, and availability.
Unsurprisingly, the IIMs dominate the top of the NIRF ranking. However, your
MBA dreams should not end at bad CAT percentiles or failed interviews. Some
private B-schools rank much higher than mediocre IIMs. Most MBA aspirants do
not understand how close important this fact is.
Here is a list of xx private MBA colleges that are on par with the IIMs. They have
powerful global reputations and a strong network of alumni as well. It is important
to remember to check rankings only from the official NIRF website
(https://www.nirfindia.org/2020/ManagementRanking.html)
1. Xavier Labour Relations Institute (XLRI)
XLRI is the oldest business school in India, established in 1949 in Jamshedpur. It
ranked 9th in NIRF 2020 and was the best private B-school. It offers courses for
a master's degree in business management, general management, and human
resources management. It also has multiple executive training programs.
Depending on the degree, the total fees average 12-27 Lakhs. XLRI has its own
admissions test, the Xavier Aptitude Test (XAT). For fellowship and general
management programs, you can also apply with your GMAT scores. XLRI offers
a robust student exchange program and has tie-ups with 22 leading international
B-schools. The student life at XLRI is bustling, with various competitive, cultural,
and sporting events held by committees and societies throughout the year. The
institute takes part in several social initiatives every year and is a signatory of the
Principles for Responsible Education (PRME).
2. Management Development Institute (MDI)
MDI was established in 1973 by the Industrial Finance Corporation in Gurgaon.
The campus is in a prime location, with multiple big cities and India's largest
international airport nearby. It ranked 10th in the NIRF 2020, although it has had
a severe reduction in seats. In July 2020, AICTE derecognized 3 of the
postgraduate programs offered at MDI, reducing the total seats from 770 to 500.
MDI offers postgraduate courses in management as well as executive courses
and fellowship research programs. MDI is partnered with more than 34 prominent
international institutes and boasts one of the best exchange programs in the
country; one in every five students at MDI gets an opportunity to study abroad.
3. S P Jain Institute of Management and Research (SPJIMR)
Established in 1981, SPJIMR has a 45-acre campus in Mumbai's Andheri. It ranks 16th in the NIRF 2020 and 18th in all of Asia. It offers several postgraduate programs such as Global Management, Executive Management, and Family Business Management. There are also short-term courses such as Start Your Own Business, Grow Your Business, and several Management Development Programs. The All India Council for Traditional Education, the Association of MBAs, and The National Board of Accreditation have accredited 7 of the courses available at SPJIMR. The student life is rich at SPJIMR as well, and the institute is well known for Lock, Stock, Trade, its annual national level mock investment game organized in association with the National Entrepreneurship Network.
4. Symbiosis Institute of Business Management (SIBM)
In 1978, SIBM was established by Dr. S B Majumdar in Pune. It ranks 22nd in
the NIRF 2020. It offers several master's degree programs in leadership strategy,
entrepreneurship, innovation, and management as well as multiple executive
training programs. SIBM hosts the Symbiosis National Aptitude Test (SNAP),
which is a written examination for admission to all Symbiosis postgraduate
institutes. Upon clearing the SNAP, the rest of the selection process will happen
in Pune, which includes Group Exercises, Personal Interviews, and a Writing
Ability Test (GE_PIWAT). The campus has many sports and recreational facilities
for students. The college also hosts a wide array of cultural, competitive, and
sporting events.
5. Great Lakes Institute of Management (GLIM)
Great Lakes Institute of Management is a relatively new B-school that was
established in 2004. Located in Chennai in Tamil Nadu, the college is well
connected and has an abundance of facilities nearby. It ranks 23rd in NIRF 2020.
The college offers full-time and executive postgraduate programs. The average
total fees for the PGDM course is approximately Rs. 17,15,000/-. Candidates with more than 24 months of work experience must apply for executive programs
only. GLIM was among the first business schools in India that offered a one-year
full-time management course. The Association of MBA Accreditations (AMBA)
has accredited GLIM. Admissions to GLIM are based on the candidate's result in
either GMAT, CAT, XAT, or CMAT. The institute does not host its own
admissions test.
6. SVKMs Narsee Monjee Institute of Management Studies (NMIMS)
SVKMs NMIMS was established in Mumbai in 1981. NMIMS has other campuses in
Shirpur, Bangalore, Hyderabad, Indore, and Navi Mumbai. The college has 17 schools and nine centers of excellence that offer courses in various streams. The institute ranks 24 in NIRF 2020. Like many other top private B-schools, NMIMS holds its entrance exam, called the NMAT. It has an illustrious student life as well.
7. T.A. Pai Management Institute (TAPMI)
TAPMI was established in 1980 in Manipal, Karnataka. It has 2 years of fully
residential courses in Management, Finance, Human Resources, and Marketing.
TAMPI also has an 18-month joint TAMPI and University of Dubai MBA program.
It also conducts frequent student and faculty exchanges with reputable
international colleges. Along with the usual business, cultural and sporting fests,
TAMPI is also well known for its popular quizzing events.
8. International Management Institute (IMI)
IMI, Delhi was established in 1981 as India's first corporate-sponsored Business
school. It ranks 28th in NIRF 2020. IMI offers multiple postgraduate courses in
management, human resources, and banking and finances. It also has
opportunities for student exchange programs as it coordinates with over 25
international B-schools. Admissions are conducted via the CAT for national
students and the GMAT for international students. Other metrics are also
considered, like extempore speaking, psychometrics tests, and personal
interviews.
9. Xavier Institute of Management (XIMB)
XIMB was established in 1987 in Bhubaneswar. The institute is well known for
carrying out research and development projects regularly in association with
government departments in Odhisha. XIMB offers courses in Business
Management, Global Management, Business Analytics, and related Executive
programs. Aspirants can apply with their scores from the CAT, XAT, GMAT, or XGMT. The college partners with over 15 international B-schools for student and
faculty exchanges. The campus life is colorful as it has four core committees and
other student committees that organize and conduct events and fests, including a
business conclave.
10. Kalinga Institute of Industrial Technology (KIIT)
Another reputable B-school in Bhubaneswar, KIIT was established in 1992. The
institute ranked 32nd in NIRF 2020. However, it is also well known as a medical
and law school. Thus, the campus has a highly diverse student body.
There is a wide range of private B-schools in India that are well known for their
courses, quality of education, faculty, campus life, placements, and opportunities.
Even if you do not make it into an IIM, your dream to do an MBA in India should
persevere. If you do not get one of the best IIMs, it is better to consider the best
private B-schools instead. What matters eventually is what you can achieve,
regardless of the B-school you attend.
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