Indian School of Business (ISB) is a private business school in India with campuses at Hyderabad and Mohali. ISB is a not-for-profit organization funded entirely by corporates, foundations and individuals from around the world. The school was founded by two senior executives of McKinsey & Company and is governed by a board comprising both Indian and non-Indian businessmen.
ISB is among the best business schools in India. The school's flagship program, the Post-Graduate Programme in Management (PGPM), was ranked 34th in the world in the 2013 Financial Times Global MBA Rankings.[2] ISB is the first business school in South Asia to be accredited by the Association to Advance Collegiate Schools of Business.[3] However, ISB has chosen not to apply for accreditation by All India Council of Technical Education as according to the recent judgement passed by the Supreme Court of India under the jurisdiction of Justice Gowda: "The role of AICTE vis-à-vis universities is only advisory, recommendatory and one of providing guidance and (it) has no authority to issue or enforce any sanction by itself."
History
ISB was started in 1996 by a group of businessmen and academicians. Co-founders Rajat Gupta and Anil Kumar (both McKinsey & Company senior executives) worked together and directed teams of McKinsey consultants to start the school. First, the Executive Board was formed of national and international business leaders: Gupta recruited U.S. leaders while Kumar recruited Indian leaders. Next, ISB established formal partnerships with international business schools: Kumar recruited Wharton and Gupta recruited Kellogg.[4] Finally, Pramath Sinha, then a junior partner at McKinsey in India, was persuaded by Gupta and Kumar to take a leave of absence from McKinsey to be the school's first dean. Rajat Gupta became the school's first chairman and was succeeded by Adi Godrej as chairman in 2011. The Andhra Pradesh government was pivotal in sanctioning ISB's 260-acre campus in September 1998. The foundation stone for the campus was laid in Hyderabad in 1999 and was inaugurated by Prime Minister of India Atal Bihari Vajpayee in 2001.[5]
The flagship Post-Graduate Programme in Management (PGPM) was launched in 2001 with an initial batch of 128 students. In its first decade, ISB has increased the class size of the Post-Graduate Programme in Management (PGPM) from 128 in 2001 to 770 in 2012.[6] In 2009, ISB launched its executive education program, the Post-Graduate Program in Management for Senior Executives (PGPMX). It also provides a doctoral-level program, the Fellow Program in Management (FPM), as well as short-duration and part-time programs.[7]
Accreditation
ISB is accredited by the Association to Advance Collegiate Schools of Business.[8] However, ISB is not accredited by the All India Council of Technical Education (AICTE), a statutory government body which accredits specific under-graduate and post-graduate programs. ISB has chosen not to apply for accreditation by AICTE as according to the recent judgement passed by the Supreme Court of India under the jurisdiction of Justice Gowda: "The role of AICTE vis-à-vis universities is only advisory, recommendatory and one of providing guidance and (it) has no authority to issue or enforce any sanction by itself."
Campuses
The Indian School of Business (ISB) has two campuses, one in Hyderabad and a new campus in Mohali.
Hyderabad Campus
Hyderabad Campus
Spread over 260 acres. The heart of the campus is the academic centre, which houses lecture theatres, classrooms, faculty offices, the learning resource centre (LRC) and a 500-seat auditorium. the campus was set up in 2001 and is spread across 260 acres.[9]
Mohali Campus
ISB's Mohali Campus
ISB's Mohali campus commenced operations on April 14, 2012. The Mohali campus offers ISB's Post-Graduate Programme and additional short term executive education programs. Sprawling over 70 acres of area, the campus is self sustainable with all the amenities and facilities for the students, faculty and the staff located within a ten minute walking radius of the campus centre. The entire campus is wi-fi enabled. The academic block houses lecture theatres, faculty offices, faculty lounge, the learning resource centre and the atrium plays host to the 500-seater auditorium besides a coffee shop. In addition, the campus also hosts four other research institutes:[10]
Max Institute of Healthcare Management
Bharti Institute of Public Policy
Munjal Global Manufacturing Institute
Punj Lloyd Institute of Infrastructure Management
Courses offered
Post-Graduate Programme in Management (PGP)
ISB's flagship programme in management is a one year long programme ranked 34th by the Financial Times in their 2013 rankings. Beginning in April 2012, this programme is being delivered across Hyderabad and Mohali campus simultaneously with an increased combined class size of 770 students. The one-year programme incorporates practical industry applications with an advanced research-based curriculum.
As part of the curriculum the ISB gives an opportunity to extend a student's professional network worldwide through international exchange programmes, conferences, business plan competitions and study treks.
Post-Graduate Programme in Management for senior executives (PGPMX)
ISB's part-time management programme for senior executives is spread over 15 months. This programme is particularly useful to senior executives who are unable to take a sabbatical from work to attend the full-time programme. The course is equivalent to an Executive MBA programme and is designed on a schedule that minimizes disruption of work and personal pursuits.[11]
ISB Biocon Certificate Programme for Business Analytics
The Indian School of Business has recently launched a one-year certificate program in Business Analytics in collaboration with Biocon. The programme is designed in a manner that minimizes disruption of work and personal pursuits. The program is a combination of classroom and technology aided learning platform. The current batch of 104 students started the course on 14th Sept, 2013 at the Hyderabad campus.
Management Programme for Family Business (MFAB)
MFAB has been specially designed to groom the younger generation of family-owned businesses for leadership.
Centre for Executive Education (CEE)
ISB offers executive education programmes for middle and senior management under three heads:[12]
Open programmes: Research based short-duration courses focusing on select industry sectors
General Management programmes: Designed for high performing executives identified for leadership roles
Custom designed programmes: Catering to specific needs of an organization
ISB is the academic partner for the Goldman Sachs 10,000 Women Entrepreneurs Certificate programme in India which provides management education to "under-served women".[13]
Fellow Programme in Management (FPM)
Fellow Programme in Management (FPM) was introduced in 2011. The course requires a dedicated 4–5 years of full-time study closely working with faculty guides and also pursuing independent research studies. As part of the programme, students go from learning basic disciplines of management, to completing area-specific coursework, publishing individual papers and finally submitting their dissertation. The ISB offers the FPM pragramme in Accounting, Financial Economics, Marketing Operations Management, Organisational Behaviour and Strategy. The ISB offers full fee waivers to all the admitted students and the scholarships are available during the first four years of studies (for a full 12 months) and renewed annually depending upon satisfactory academic standing.
Young Leaders' Programme (YLP)
YLP involves the selection of graduates for mentoring over a period of two years while they work after completing their graduation. These selected individuals are also awarded a scholarship of Rs 100,000 ($2000 approximately) during the course of the programme. These mentored students can join ISB once the mentoring duration of two years is completed successfully. 45 undergraduate students were selected as a part of YLP's first batch in 2011.
YLP at Hyderabad includes IBS(Integrated Budgetary [Banking] System),IFS(Integrated Financing System) MIS (Management Information Service Marketing), MCS (Managent Control System),[14][15]
Scholarships
The Indian School of Business doubled the total outlay of student scholarships to Rs. 8 crore for students last year. These scholarships are awarded on both merit and financial need basis to students, selected on the basis of academic and professional performance as well as personal qualities such as leadership, integrity, and community service.[16][17]
Diversity Scholarships
In September 2012, ISB announced 40 diversity scholarships worth Rs 2.5 crore, a part of ISB's total scholarship outlay worth Rs 8 crore approximately, for the PGP Class of 2014. These merit and need based scholarships will be awarded to professionals from various sectors of healthcare, government, social sector, hospitality, media, fashion as well as functions such as manufacturing, finance, technology, marketing and sales. All the applicants who apply for the one year post graduation programme of the ISB are eligible for the award.[18][19]
Develop India Scholarship
Students who aspire to start their own ventures also get support through the 'Develop India' scholarships. These are offered to aspiring entrepreneurs whose ideas are being incubated under the Entrepreneurs Development Initiative (EDI) at the Wadhwani Centre for Entrepreneurship Development (WCED) of the ISB. The scholarships cover students' loan EMIs up to a period of two years.[20]
The school's post graduate management program was ranked #34 in the world in the 2013 Financial Times Global MBA Rankings, dropping 14 places from 2012.[21] In 2008 ISB became the youngest and first Indian business school to break the top 20, but has since dropped to #34. In the QS Global 200 Business Schools Report the school was ranked #7 in the Asia-Pacific region for 2012.[22]
In India, it was ranked fifth by the Hindustan Times India's top 50 business schools of 2011 and eighth by the Business Today 50 best business schools of 2012. Earlier, it had been ranked third in the Business India B-school survey in 2011 and fourth in the Pagalguy B-school rankings 2011.
However, ISB does not officially participate in any domestic ranking till date.[23] Internationally, the only ranking survey that the school participates in is the Financial Times Global MBA Rankings.
Controversies
ISB co-founders Rajat Gupta and Anil Kumar were involved in the Galleon Groupinsider trading case. Dean emeritus Mendu Rammohan Rao and board member Ramalinga Raju were involved in the Satyam Scandal. All have since resigned. Ramalinga Raju was arrested by the Central Bureau of Investigation in 2009 and subsequently released on bail in 2011.[24] Anil Kumar was sentenced to probation on July 19, 2012.[25] Rajat Gupta was sentenced to two years in prison on October 24, 2012.[26]
