Sriram wants to make a good career and he asked a career counselor what should he do after finishing his
graduation. The counselor replied rather enthusiastically –"The hottest option now in India is to go for an MBA". Now when Sriram heard this he made up his mind to go for an MBA but he was confused. Where should he do his MBA
from-India or Abroad? Which are the best management institutes in India, which offer world-class facilities and that too at affordable prices? These were some of the questions, which were arising in his mind, and he was trying to
find answers to these questions. There may be many more Sriram's like this who will be thinking over these questions once they finish their graduation or are in their final year of graduation.
There are about 1200+ business schools in India (not an official estimate) which offer Management Programs in different formats churning out more than 55000 MBA's in a year. In India, a
management program costs a fraction of one in the West. While an MBA at a top-ranking B-school in India may cost Rs.3 lakhs, it would cost four times the amount to get into even a B-category school in the West. Now though Sriram
has got this information but he is still confused about the B-schools in India. He knows about the Ivy League, the IIM's, S.P.Jain, NMIMS etc and about the next category of B-Schools which gives him good education like TAPMI, IMT,
Symbiosis, Amrita School of Business, GIM etc. but what about the rest of the schools. What if he wants to study in a B-School which is close to his place or what are the other options available in terms of a Management Program if
he is not able to make into the top 20 B-Schools. There is no system in India whereby the quality of the institute is known. Though there is a system of ranking carried out by many magazines like Business India, Business Today,
Outlook etc. but nothing is concrete and there is a huge variation in their rankings. Though ratings are out for this academic year also, a huge variation has been observed in the same and many of the top institutions not
participating in the same. Though there are two bodies National Board of Accreditation (NBA) of the AICTE or the National Assessment and Accreditation Council (NAAC) of UGC, which is coming out with a formal system of
accreditation, but there are very few institutes or programs, which have been accredited. The students who are planning to go for MBA and their guardians who spend a lot of money on their education are not aware of the grading and
their significance. The regulatory authorities like AICTE and UGC should play a much bigger role in this respect and it is not only approving the new programs and the institutes but also keeping a check on this institutes as part
of the social responsibility which should be on their cards. There are some Universities in India which are coming out with a unique method wherein it will be grading all the engineering colleges which is affiliated to them and
which will help the students in making right choices but what about our Sriram and the many more who are looking forward to do a good MBA and make it big in the corporate world. Unless and until something is done to check the
mushrooming B-Schools and grade the existing B-schools, media surveys conducted by various organizations or Business magazines are going to remain among the best sources of information.