New Delhi: In a first for an Indian institution, the Indian School of Business (ISB) has been ranked number 20 in global MBA rankings released on Monday by the Financial Times of London.
“ISB graduated its first class in 2002 with a vision to establish an internationally top ranked, research oriented B-school in India,” said Rajat Gupta, chairman of ISB. “I am extremely proud that the students, faculty and staff have achieved this in such a short time. I am also delighted ISB has brought such academic and international recognition to India.”
High scores: The Indian School of Business campus, Hyderabad. (Photo: K Sudheer/Mint)
Of the top 20 schools, nine were from the US, while 11 were from the rest of the world. The top 5 schools were the University of Pennsylvania’s Wharton School (US), London Business School (UK), Columbia Business School (US), Stanford University GSB (US), and Harvard Business School (US). ISB was the only school in India to make the top-100 list.
ISB is a research-oriented independent management institution in Hyderabad. It is associated with the Kellogg School of Management, the Wharton School, and the London Business School.
The school offers a one-year post graduate programme, short-duration executive education programmes for CEOs and senior executives and a two-year research fellowship programme.
The rankings also revealed that the average relative salary for ISB’s alumni is $169,355 (Rs66.72 lakh) per year, higher than at each of the top 19 schools. Purchasing power parity (PPP) rates published by the World Bank were used to convert salary data to dollar PPP equivalent figures. These currency conversions are applied in order to smooth out differences in purchasing power between different countries.
“We are thrilled about this news,” said Arjun Srinivasan, founding president of ISB’s Alumni Association, ISB class of 2003. “This recognition firmly establishes ISB as a truly international school amongst B-school aspirants as well as industry, across the world.”
In its ninth year, the Financial Times ranking is calculated on the basis of 20 criteria, including career progress of graduates, diversity of MBA experience, international mobility of alumni and research.
In order for a school to be eligible, three specifics must be met, said Savita Mahajan, associate dean of strategic initiatives at ISB. The school had to be at least five years old, be globally accredited (or be in the process of being accredited) by an international agency, and the school’s programme must comprise students who have had previous work experience. This is the first time ISB was eligible for the rankings.
“We are hoping the number of international students will increase because of the rankings,” said Mahajan. “One of the things applicants look for is rankings. This gives us global visibility.”
Of the 421 students in this year’s graduating class, about 5% are international students, said M. Rammohan Rao, dean of ISB. He hopes this number will increase to 30% in the next three-five years. Rao also said he hopes overall enrolment will increase to 560 by 2009.
Rao also said he plans to increase the strength and numbers of the school’s faculty, in addition to setting up more research centres.