Indian School of Business (ISB) a private business school in India with campuses at Hyderabad and Mohali is a non profit organization. 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 has been ranked 33rd in the world in the 2015 Financial Times Global MBA Rankings. ISB is the first business school in indian subcontinent to be accredited by the Association to Advance Collegiate Schools of Business. However, ISB is not accredited by the Indian statutuory body, the All India Council for Technical Education (AICTE). ISB has chosen not to apply for accreditation by AICTE as it offers neither a diploma nor a degree. In 2008, ISB became the youngest institution to find a place in global MBA rankings when it was ranked 20.
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. 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 State 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 Atal Bihari Vajpayee in 2001.o.
ISB is accredited by the Association to Advance Collegiate Schools of Business. AACSB is a non-profit membership organization that provides a quality certification to its member schools and their programs similar to EQUIS or AMBA. This accreditation does not serve to establish an MBA equivalence for ISB’s flagship Post Graduate Program (PGP) in Management.
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 not applied for accreditation by AICTE as it is not a University and it does not offer either a degree or a diploma. Another reason for ISB not being keen on getting AICTE approval is that it wants to retain the flexibility in running its programs and in responding to changing industry needs.
However, because ISB PGP is not recognized as MBA or Post Graduate Degree/Diploma by AICTE unlike the PGDM offered by the IIMs, authorities outside India do not recognize ISB PGP as an equivalent of MBA and hence do not consider the same as Advanced degree. As an illustration, someone who has a four years Bachelor’s degree and one year ISB PGP would still be considered a Bachelor’s degree holder by US Citizenship and Immigration Services for US Visa and Green Card purposes.
The Post-Graduate Programme in Management (PGP) is a one-year, full-time residential programme. It is the flagship programme of ISB. Known for the depth and rigour in its pedagogy, ISB has been ranked 33rd by the in their 2015 rankings.
ISB offers executive education programmes for middle and senior management under three heads:
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’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.
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.
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.
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 (Management Control System).