25 years of BT B-school rankings: Are Indian B-schools ready for the future?

The 25th anniversary of Business Today’s Best B-schools Ranking is not just a milestone for the magazine but also reflects how Indian management education has evolved. Especially the past quarter century points to how a liberalised Indian economy opened up to variety of growth, as well as global competition. Over this past quarter of a century, Indian B-schools have adapted to market needs, seen industry disruptions, and sought to balance tradition with the future. Yet, the journey hasn’t been linear. While some schools have flourished, the larger ecosystem still faces significant challenges that need to be addressed urgently!

One of the most visible recent shifts in Indian B-schools has been the integration of industry professionals as professors of practice. This trend of blending real-world experience with academic rigour is crucial, especially in an era where businesses are moving at breakneck speed, and theoretical knowledge alone is not enough. However, despite the advantages, the broader adoption of this model remains slow. Only a handful of top-tier schools have embraced it fully, leaving many others lagging. Students, especially in the digital-first economy, want more than textbook knowledge—they demand insights that reflect current industry realities. The gap between what is taught in classrooms and what is required in the corporate world or for entrepreneurship is stark.

Management education has to move beyond outdated teaching methods, and yet, many B-schools are still stuck in the 1990s. Case study methods and traditional lecture formats dominate, while the business world outside is being transformed by artificial intelligence, automation, and digitalisation on one hand, and collaborative leadership on the other. Generative AI is already reshaping industries, and yet, it is underutilised in the classroom. AI should not merely be a tool for generating reports; it should be an integral part of teaching methodologies that prepare students for the future. The time for Indian B-schools to adopt new-age curricula is now, focusing on topics like digital transformation, public policy, new-age manufacturing, and leadership for the 21st century. 

A critical lens through which we can evaluate Indian B-schools is through the concept of ‘RoME’—Return on Management Education. The financial return on an MBA in India is becoming a pressing concern. On average, it takes an MBA graduate at least five to seven years to recover the costs of their education when factoring in tuition fees, living expenses, and median post-graduation salaries upon campus placement. This lengthy payback period raises serious questions about the sustainability of the current model, especially for parents, who view the degree as not just a ticket to better job prospects, but also a matter of social standing. While the latter may hold value, the financial return on investment remains questionable. 

But then the sector might argue that placements should not be the main criteria to assess quality management education. Whether we appreciate it or not, these figures reflect the free market’s acceptance of what is being offered. Education is unique in that the output—the students—are also its consumers. If placement salaries are stagnant or declining, it signals that the value of what is being taught is not in line with market expectations. For B-schools to remain competitive, they need to consistently produce graduates who are ready to meet the demands of a rapidly changing business environment. In evaluating the success of B-schools, placement salaries are often viewed as the ultimate metric. 

Yet, despite the heavy financial burden, demand for management education in India remains strong—driven in part by the fear of missing out (FOMO). Unfortunately, this has led to a mushrooming of B-schools across the country, many of which lack the necessary infrastructure, academic excellence, or industry connections to truly deliver value. As a result, the quality of graduates varies widely, and in many cases, students are left with an expensive degree but little in the way of employable skills.

Indian B-schools also need to focus on developing future job creators, not just job seekers. While preparing students for placements is important, it is equally critical to foster entrepreneurial thinking. India, with its vast young population, needs innovators and leaders who can drive growth and create employment opportunities. However, the dual challenge of preparing students for both traditional corporate roles and entrepreneurial ventures requires a delicate balance—one that many schools have yet to master.

Another area where Indian B-schools fall short is research. Quality research requires time, effort, and financial investment, something only a few private institutions are willing to provide. Globally, B-school professors are often engaged in active consulting roles, helping them maintain relevance in industry circles. In India, however, academia is largely confined to campus-based roles, leading to a disconnect between what is being taught and what is happening in the market. The low bar for research publications, particularly those in paid journals, further tarnishes the credibility of Indian management education on the global stage.

One of the more glaring critiques of Indian B-schools is the lack of global benchmarking. Too often, Indian institutions compare themselves to one another rather than to their international counterparts. As the world becomes more connected, and as India positions itself as a global economic powerhouse, it will be a market requirement  that our management institutions rise to meet global standards. We have the numbers—a massive young population waiting to be educated—but we also need the quality to match.

Finally, executive education, while an important revenue stream for many B-schools, needs to evolve as well. The success of these programs is not just about the content or the quality of the teaching but also the brand value of the institution. Corporate recognition and peer acceptance play a significant role in the decision to pursue executive education. It is not vanity, but a strategic consideration that speaks to the value of the learning experience.

As we reflect on 25 years of the BT Best B-Schools Ranking, it is clear that Indian management education has come a long way, much remains to be done. The challenges are real, but so are the opportunities. 

Management education shouldn’t just prepare students for the boardroom—it should prepare them for a world that hasn’t been invented yet. True management education is not about mastering the present, but about cultivating the foresight to navigate an uncertain future.

Views are personal. The author is a policy researcher and corporate advisor.