FT Masters in Management Rankings 2024: 14 Indian institutes secure spots on the global list
The Financial Times unveiled the Masters in Management (MiM) Rankings 2024, a dazzling act by Indian business schools. In this year's listing, 14 Indian institutes have found a place on the coveted list globally, reflecting the rising prominence and quality that India offers in management education.
Overview of the Rankings
Every year, the FT MiM Rankings evaluate business schools worldwide based on full-time, cohort-based programs targeted toward students with little or no work experience. This year, 141 MiM programs from around the world were judged. These rankings have been based on weighted salary, salary increase, and diversity of student body, among other criteria. The ones that came tops globally are Switzerland's University of St. Gallen, followed by French schools HEC Paris, Insead, and Edhec Business School.
Indian Institutes in the Limelight
Of the 14 Indian institutes that have made it to the top 100, three feature in the top 50:
- SP Jain Institute of Management and Research (SPJIMR) - 35th
- Indian Institute of Management Ahmedabad (IIM A) - 39th
- Indian Institute of Management Bangalore (IIM B) - 41st
Other top performers include:
- Indian Institute of Management Lucknow - 55th
- Indian Institute of Management Calcutta - 56th
- XLRI - Xavier School of Management - 65th
- Indian Institute of Management Kozhikode - 68th
- Symbiosis Centre for Management and Human Resource Development (SCMHRD) - 76th
- Indian Institute of Management Udaipur - 81st
- Indian Institute of Management Indore - 83rd
- Management Development Institute Gurgaon - 85th
- International Management Institute New Delhi - 86th
- NMIMS Mumbai, School of Business Management - 94th
- Institute of Management Technology, Ghaziabad - 97th
This year's ranking represents a strong leap from the rankings of 2023, which included 11 Indian institutes. IIM Indore, SCMHRD, and IIM Udaipur appeared on the list for the first time, marking an impressive expansion of Indian presence in the international educational arena.
Notable Movements in Rankings
Several Indian institutes have enjoyed impressive gains in rankings compared to last year:
- SPJIMR moved up from 40th to 35th.
- IIM Ahmedabad went from 43rd to 39th.
- IIM Lucknow jumped from 72nd to 55th.
- XLRI moved from 85th to 65th.
Some institutes lost ground like NMIMS Mumbai, which slipped from 83rd rank to 94th, and the International Management Institute, which fell from 84th rank to 86th. Institute of Management Technology, Ghaziabad too has slipped from 92nd rank to 97th rank.
Key Ranking Criteria
The FT rankings consider the business schools based on different parameters and attach a certain weight to each of them:
- Weighted Salary: Average salary of the alumni three years after graduation, normalized by sector and purchasing power.
- Salary Increase: Increase in alumni salary since completing their courses.
- Value for Money: Cost of the program compared to the postgraduation salary earned.
- Career Progress (20%): Career development of alumni in terms of job position and responsibilities.
- Diversity of Faculty and Students (10%): The presence of international students and faculty members.
Each of these factors combined enables the future student to decide how much the school will increase the return on investment in education.
Conclusion
The FT 2024 Masters in Management Rankings underline the rising strength of Indian business schools on the global platform. With 14 institutes figuring in the top 100, this bears testimony not only to the quality of education provided but also to the rising recognition of Indian institutes in the international platform. Since the institutions themselves are in a continuous process of evolution and change according to the evolution in business education, their role in shaping the future leaders of management is surely much greater than earlier.
These rankings this year, too, stand as a strong testimony to the hard work of faculties and students from these institutions, apart from inspiring confidence in the future of management education in India. With this, the FT rankings support informed decisions for the future educational pursuits of students.
