The 2024 QS World University Rankings place IIM Ahmedabad, IIM Bangalore, and IIM Calcutta at impressive positions of 22nd, 32nd, and 50th, respectively, with the global leaders being Harvard University, INSEAD, and London Business School. In the Financial Times Masters in Management rankings, 14 Indian institutions made the top 100, with SPJIMR, IIM Ahmedabad, and IIM Bangalore featuring in the top 50 at 35th, 39th, and 41st places, respectively.
Accreditations Boosting Global Standing
These achievements are backed by accreditations from prestigious bodies like AACSB (Association to Advance Collegiate Schools of Business) and EQUIS (European Quality Improvement System). Such accreditations validate the quality of education, curriculum, and research output, enabling these schools to compete on the global stage.
India’s status as a major economy has motivated its business schools to meet global standards through comprehensive curriculums blending theoretical and practical knowledge, enhanced research focus, and an appealing environment for international students and faculty.
The Push for International Recognition
Top institutions like IIM Calcutta, IIM Indore, IIM Kozhikode, and ISB have secured “Triple Crown” accreditations by achieving certifications from AACSB, AMBA (Association of MBAs), and EQUIS. Other prominent schools such as IMI Delhi, IMI Kolkata, SPJIMR, and XIM University hold dual accreditations. NMIMS (Narsee Monjee Institute of Management Studies) recently joined the ranks by earning its EQUIS accreditation.
Bharat Bhasker, director of IIM Ahmedabad, emphasizes the need for Indian B-Schools to internationalize their curriculums, stating, “We have to start programmes that are geared for the global market.”
Justin Paul, dean and provost of NMIMS, shares a similar view: “There is scope to transform India into a global education hub for which schools need to create an international environment.”
The Benefits of International Faculty and Students
A diverse classroom, akin to Harvard Business School’s 60% non-American student body, could benefit Indian B-Schools by fostering international perspectives and allowing higher tuition fees, which would contribute to increased revenue. Faculty with global experience can enrich executive education programs, which play a pivotal role in securing international accreditations and generating revenue.
Debashis Chatterjee, director of IIM Kozhikode, reflects on their pioneering approach: “We now have all the three global accreditations. This gives us the ability to set global benchmarks and promote international networking. It also provides international perspectives whereby our students understand the nuances of the global economy.”
The Path Ahead for Indian B-Schools
The pursuit of international accreditation and the globalization of curriculums are critical for positioning Indian business schools as major global players. “It is very important to have international accreditation,” says Ram Kumar Kakani, director of IIM Raipur. “Most B-Schools looking to be part of the long game are focused on having both internationalisation of curriculum and international accreditation.”
The concerted efforts by Indian business schools to adopt global standards, diversify faculty and student populations, and strengthen their curriculums underscore their ambition to become key players on the global education stage.
