The Indian Institute of Management Ahmedabad (IIMA) has been ranked the best business school (B-school) in the country year after year for many years. It has been one of the few Indian educational institutions to have found a mention in the global pecking order as well.
Now, a new ranking published by the Economist magazine has placed IIMA much ahead of its Ivy League competitors such as Harvard, Stanford, Kellogg and Wharton. In fact, IIMA is the world's fourth best B-school, when it comes to "Good value MBAs," the Economist says.
The Economist's ranking is based on the return on investment on MBA courses. In simpler terms, it means an MBA course from IIMA offers more bang for your buck.
According to the Economist, the return on investment on an MBA course from IIMA (a year after the course) is 44 per cent as compared to 15 per cent for Harvard, 14 per cent for Stanford and 10 per cent for Kellogg. The immediate return on investment on an MBA course from Wharton is just 6 per cent, the magazine says.
So, the investment on an MBA course from IIMA can be recouped in just over two years, while investments on MBA courses done from Harvard or Stanford will take much longer to recoup.
Only three other B-schools, HEC Paris (67 per cent), Aston (64 per cent) and University of Hong Kong (60 per cent) offer better value MBA courses to students, the Economist has found.
American B-schools are the most expensive and they enroll well-paid executives, who land jobs just a few notches above the ones they left, the magazine says. As a result, the immediate return on such MBA courses is small.
On the other hand, IIMA admits even graduates and charges comparatively less fees, boosting the return on investment post the course.
In the long run, however, a Wharton alumnus is more likely to top the greasy pole, the magazine says.
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