Choosing a B-school is an arduous task. There are many colleges and universities in India which are well known for providing business education that is at par with the global standards. Making a choice amongst them can be difficult. However, you cannot ignore the advantages of doing an MBA, especially from a top business school with a good reputation.
The MBA programs can be compared on the basis of different characteristics, such as their stature, the net cost of the program, their teaching methodology, placement record and so on.
The below given factors play a pivotal role and forms the core selection criteria when it comes to choosing the best B-schools.:
1. Your career goals - What are your post-MBA goals? Why are you doing MBA? Are you willing to work in a particular field or are you a working professional, who is looking for a career change? You should ask yourself these questions before embarking on the college search journey.
2. Ranking – Your chosen college should belong among the top ranking B-schools in India. There are various parameters which every B-school needs to adhere to and are ranked accordingly on the basis of several factors such as infrastructure, faculty, brand image, alumni, and placement, etc. Various newspapers and magazines publish such list of ranking of B- schools in India. Analyze the list and see if it fits your requirement.
3. Alumni network – The kind of placement provided to the seniors would be the benchmark for you. Try and get in touch with someone who has passed from the institution so that you get the real picture from them. Current students, who are pursuing MBA from that institution can also provide prospective of their in-house MBA program.
4. Accreditation- Accreditation is one of the important aspects while choosing a B-school. With so much exposure, there are a number of B-schools in India which has also gained international accreditation. Like- the Indian Institute of Management Ahmedabad (IIM-A) has become the first institute to receive EQUIS accreditation by European Foundation for Management Development. They are also gearing towards getting other national and international affiliations as well.
5. Curriculum – Is the college following the traditional modules or are they adopting innovative methodologies for teaching like encouraging class discussions, experiential exercises and so on? The course module of the desired college should incorporate information from a wide range of subjects along with providing a sound base of business knowledge. All these things will eventually make you a successful MBA graduate.
6. Faculty – Teachers are known to be the cornerstone of a student’s growth. The contribution made by teachers in the lives of students cannot be ignored. Therefore, choose your MBA college which houses the best of faculty and guest lecturers. With a bunch of world-class teachers who already have experience in the business field, your two years in the MBA college will definitely turn out to be a piece of cake.
7. College Name – The name of the college has a huge impact on one’s career. Better the brand, the more value it will add to your MBA degree. There are certain jobs and programs for which organisations explicitly mention that students should be from top 10 B-schools or from Tier A only can apply. So, choose your college wisely if you want to see yourself working for top notch profiles or for Fortune 500 firms.
8. Specialization – Are you looking for general MBA or do you want to get specialization in more than one field in a row? Also, is your chosen college providing flexibility to choose from the elective courses? Since you are going to spend significant time, money and resources in your MBA, you should be able to understand the value generated from the program. Therefore, a specialist MBA program is a perfect for those who are looking for developing special competencies in areas such as marketing, operations, and finance.
9. Placement opportunities – Pay packages offered by recruiters in their campus placements is one of the important factors when it comes to choosing the right B-school. As students are investing their valuable two years along with considerable amount of money, placements are a crucial factor. The Indian Institute of Management Ahmedabad (IIMA) has put together a set of reporting standard called the Indian Placement Reporting Standards (IPRS). You can analyze that report in order to know the industry standards.
10. The cut-off score in entrance exam - Top B-schools wish to admit the best quality of students. Students benefit from the brand and reputation of the b-school whereas the b-school benefits from the students' achievements – both academic and career-related. Therefore, a cut-off percentile is a strong indicator of the quality of students at a B-school.
11. Fee Structure - To a great extent, a fee is a function of who's managing the school – government/government-aided/private/private trust, etc. The IIMs, on the other hand, are autonomous institutions which generate their own revenue, via fee and consulting. That is one of the reasons why their fee is comparatively higher than any other school.
Below is the list of top 10 schools based on the evaluation of above given factors i.e. brand name, past experience, fees, placements, student/alumni feedback, infrastructure, and quality of faculty, etc.: