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Sonia Tiwari, who completed her BTech in Computer Science in 2021, was in a bit of a quandary — she got an offer from an IT major for a coding job and to enroll in a two-year business studies program at a mid-B-school. Since the salary package was not up to his expectations, he decided to immerse himself in business studies. Sonia is among over 4,00,000 Indian students who will study MBA in 2022.
Sonia’s choice is not surprising. After a gradual decline in B-school and student enrollment in India – from 4.56 lakh students in 3,608 institutions in 2014-15 to 3.72 lakh students in 3,037 institutions in 2019-20 – enrollment stood at 4.03 lakh students in 3,10 institutions in 2020-22.
Not all of that. As corporates recover from two bad years, more companies are looking to hire students from B-schools, resulting in much better placements. Consulting firms continue to be the largest employers. They recruited 31% students in Indian Institute of Management Ahmedabad and 36% students in Indian Institute of Management Bangalore.
Starting salary is also high. The average annual salary among the top 12 business schools increased by 30% in 2022. It was highest at ₹34.20 lakh at Indian Institute of Management Calcutta (IIM-C), while Indian Institute of Management Kozhikode (IIM-K), saw a 30% jump — from ₹22.53 lakh in 2021 to ₹29.50 lakh in 2022.
Indian B-schools are evolving as the demand for business education grows. At some point they branched out to meet the growing demand by opening new campuses at different locations. On the other hand, they are reworking their curriculum to include topics that are in demand, including artificial intelligence, data analytics, business intelligence, data visualization and gamification.
What started as three Indian Institutes of Management (IIMs) in Ahmedabad, Bangalore and Kolkata is now a thriving network of 20 institutions across the country. Among private institutions, Narsi Manji Institute of Management Studies Mumbai now also has campuses in Bangalore, Hyderabad and Indore; Symbiosis Institute of Business Management is spread across Pune Bangalore, Hyderabad and Nagpur; International Management Institute also has campuses in Delhi’s Bhubaneswar and Kolkata, while MDI Gurgaon has opened a new campus in Murshidabad. Schools have also spread their wings worldwide. Mumbai-based SP Jain Institute of Management Studies has campuses in Dubai, Singapore and Sydney.
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