Six-year old Indian School of Business (ISB) has become the first Indian management institute to have been ranked among the top 20 best global business schools by the UK-based Financial Times' annual MBA 2008 rankings, ahead of the IIMs and adding punch to the India story, even its parent, Kellogg School of Management.
The ranking is calculated on the basis of 20 criteria covering specifics like career progress of graduates, diversity of the MBA experience, international mobility of alumni, ideas generation and research, among others.
"It is indeed a great feat for us," said M Rammohan Rao, dean, ISB, making a formal announcement of the Financial Times' rankings "At this point we also need to re-examine our strengths and our weaknesses, building on our strengths and improving in our areas of weaknesses. Our position in the FT ranking will certainly spur other Indian B-schools to participate in a similar way. This means tough competition for us, but in the long run it will be for the betterment of the society."
ISB has attracted around 200 companies, including those from the Fortune-500 list for its campus recruitments. With offers of average annual domestic salary being over Rs15 lakh - the highest being almost Rs44 lakh - and the average international salary of Rs59.5 lakh. The highest international salary was over Rs1 crore.
Ajit Rangnekar, deputy dean, ISB, told the students at the celebrations, "Our vision six years ago, was to be top ranked globally. It was met with much scepticism and doubt then. Today, we are perhaps the youngest school ever to have made it in the top 20. We have scripted our own version of a T20 victory, so let's celebrate," even as he said that the celebrations would be conducted with "dignity and humility".
The entire ISB community warmed up to the news about the Financial Times ranking within no time at all. Next came the celebrations… with the entire ISB community - students, faculty, spouses, and staff - gathered to endorse the memorable moment in the six-year old institute's history.
Clad in purple and blue pompoms students from the present Class of 2008 cheered to the tune of 'ISB Rocks.' and 'Congratulations' as cameras clicked memorable group photographs.