NIRF 2024 Vs Business Today B-school Ranking 2024: Why are India’s leading MBA Rankings so different?
It was shocking to see that IIM Ahmedabad and IIM Bangalore have withdrawn from participating in the recently released Business Today (BT) B-school Ranking 2024. BT noted “Poor Placements that could impact the credibility” as a potential reason for top IIMs opting out. There were several other top B-schools like IIT Bombay and IIM Mumbai missing.
Since Business Today ranking is regarded as one of India’s best MBA rankings, MBAUniverse.com decided to compare it with NIRF Rankings 2024 to see how two of India’s best MBA rankings compare. Our comparison reveals glaring difference between NIRF and BT Rankings…and also asks the question: by withdrawing from top media rankings are many IIMs and public institutions trying to hide their poor performance on parameters that matter to key stakeholder.
NIRF Rankings 2024 Vs BT Rankings 2024: How Top B-schools Compare?
So how so top B-schools compare between NIRF Rankings 2024 and BT Rankings 2024. To start with there is a big difference in Top 5 B-schools itself.
While NIRF ranks IIMA, IIMB, IIMK, IIT Delhi DMS and IIMC as top 5 B-schools, the top end of BT rankings is quite different. BT ranks IIMC, IIML, SPJIMR, IIMK and IIM Indore as its top 5.
The difference is stark for IIT Delhi Department of Management Studies. While NIRF has ranked at in Top 5 for last few years, BT has ranked it at #14 this year.
Other big difference between the two ranking is how SPJIMR is ranked. While BT has ranked it at #3 this year (and at #5 last year), NIRF has ranked at #20! Refer table 1 for data.
This raises the question: how can two of India’s top B-schools get ranked so differently! Who should the students and recruiters trust…It must be noted here that Financial Times MIM Rankings 2024 for flagship full time 2-year MBA programs, ranked SPJIMR at No 1 MBA program in India, ahead of IIMA, IIMB and IIMC.
Table 1: NIRF Rankings 2024 Vs BT Rankings 2024: Top 5 B-schools
| B-School | NIRF 2024 | NIRF 2023 | Business Today 2024 | Business Today 2023 |
| IIM Ahmedabad | 1 | 1 | Absent | 2 |
| IIM Bengaluru | 2 | 2 | Absent | 3 |
| IIM Calcutta | 5 | 4 | 1 | 1 |
| IIM Kozhikode | 3 | 3 | 4 | Absent |
| SPJIMR Mumbai | 20 | 20 | 3 | 5 |
| IIT Delhi | 4 | 5 | 14 | 16 |
Source: Respective rankings.
Comparison for next 5 rankings slots between the two rankings produces even more confusing results.
IIFT New Delhi and MDI Gurgaon regarded as amongst the top B-schools in India see very different rankings.
While BT has ranked IIFT New Delhi at #7 this year, NIRF has ranked at #15 this year, and #27 last year! Similarly, while BT has ranked MDI at #6 this year, NIRF has ranked at #11 this year, and #13 last year. Refer table 2 for data.
FMS Delhi, which is widely regarded by MBA aspirants at par with top IIMs, is not ranked at all by both NIRF and Business Today this year! How does stakeholder judge its performance and take correct decisions?
Table 2: NIRF Rankings 2024 Vs BT Rankings 2024: Top B-schools
| B-School | NIRF 2024 | NIRF 2023 | Business Today 2024 | Business Today 2023 |
| IIM Lucknow | 7 | 6 | 2 | 4 |
| FMS Delhi | Absent | Absent | Absent | 8 |
| IIM Indore | 8 | 8 | 5 | 6 |
| IIFT New Delhi | 15 | 27 | 7 | 9 |
| MDI Gurgaon | 11 | 13 | 6 | 7 |
Why are IIT B-schools ranked so differently?
It is clear from this comparison that NIRF ranking for IIT B-schools are much higher than by business today. IIT Delhi Department of Management Studies was ranked by NIRF 2024 in top 5 for last few years, but BT has ranked it at around 15th rank in two year.
Perhaps satisfied with achieving Top 10 Rank in NIRF for last two years, IIT Bombay SJM SOM has decided to opt out of Business Today ranking completely!
| IIT Delhi | 4 | 5 | 14 | 16 |
| IIT Bombay | 10 | 10 | Absent | Absent |
The difference between rankings by NIRF and Business Today are even more when we go lower down the order. Refer table 3. While the numbers speak for themselves, a few observations.
- IMI New Delhi is ranked at #10 by BT but ranked at #40 by NIRF 2024!
- NMIMS Mumbai is ranked at #8 by BT but ranked at #21 by NIRF 2024.
- Similarly, TAPMI is ranked at #21 by BT but ranked at #58 by NIRF 2024!
- Basking in the new found glory with NIRF 2024 Rank #6, IIM Mumbai has conveniently stayed away from BT rankings!
Table 3: NIRF Rankings 2024 Vs Business Today Rankings 2024: Top 11-20 B-schools
| B-School | NIRF 2024 | NIRF 2023 | Business Today 2024 | Business Today 2023 |
| IIM Mumbai | 6 | 7 | Absent | Absent |
| NMIMS Mumbai | 21 | 21 | 8 | 10 |
| IIM Shillong | 24 | 26 | 9 | 12 |
| IMT Ghaziabad | 35 | 38 | 11 | 13 |
| IIT Delhi | 4 | 5 | 14 | 16 |
| IIT Bombay | 10 | 10 | Absent | Absent |
| IMI New Delhi | 40 | 34 | 10 | 11 |
| TAPMI Manipal | 58 | 42 | 21 | 21 |
| XIM University | 43 | 46 | 19 | 20 |
NIRF Rankings 2024 Vs Business Today Rankings 2024: Approach & Methodology
It is clear that above comparison reveals glaring difference between NIRF and BT Rankings. What could be the reasons for these big swings? While I am not an expert, let me try and make a few points.
The biggest reason for the differences is parameters and their weightages difference between NIRF and BT Rankings. Take a look at the tables 4 & 5 below.
While NIRF assigns very high importance to Research (30%) which can be debated, two parameters that swing the results widely in favour of IIMs and IITs is “Perception” and “Outreach and Inclusivity”.
Why should NIRF be measuring perception in the first place when it has access to so much hard data! And it is a foregone conclusion that IITs and IIMs will always score high on perception even if they have been established last year.
Outreach and Inclusivity factor too favours IIMs and other public institutions.
Table 4: NIRF Management Rankings Parameters and Weightages - 2024
| Sr No. | Parameter | Marks | Weightage |
| 1 | Teaching, Learning & Resources | 100 | 0.30 |
| 2 | Research and Professional Practice | 100 | 0.30 |
| 3 | Graduation Outcomes | 100 | 0.20 |
| 4 | Graduation Outcomes | 100 | 0.10 |
| 5 | Perception | 100 | 0.10 |
While Business Today’s methodology in not perfect, it is much closed to how students and recruiters will evaluate a B-school. Business Today B-school ranking is based on five parameters including Learning Experience and Placements Performance. The weightages, out of 1,000, awarded to 5 parameters are unchanged from last few years. Refer table 5. Only parameter that needs to be reexamined is a high 20% weightage for “Future Orientation”.
Table 5: Business Today B-school Ranking Parameters and Weightages - 2024
| Sr No. | Parameter | Marks | Weightage |
| 1 | Learning Experience | 250 | 250 |
| 2 | Living Experience | 150 | 150 |
| 3 | Placement Performance | 250 | 250 |
| 4 | Selection Process, Governance & Establishment | 150 | 150 |
| 6 | Future Orientation | 200 | 200 |
| Total | 1000 | 1000 |
FT MiM Ranking 2024 Methodology
For comparison, we have reproduced the parameters/criteria and their weightages used for FT MiM Ranking 2024. Placements and Career Outcomes have the highest priority.
Table 6: FT MiM Ranking 2024 Methodology
| Criteria | Weightage |
| Weighted salary | 16% |
| Salary percentage increase | 10% |
| Value for money rank | 6% |
| Career progress rank | 6% |
| Aims achieved | 5% |
| Careers service rank | 4% |
| Alumni network rank | 3% |
| Employed at three months | 5% |
| Female faculty | 5% |
| Female students | 5% |
| Women on board | 1% |
| International faculty | 5% |
| International students | 5% |
| International board | 1% |
| International work mobility rank | 6% |
Source: FT MIM Rankings 2024
IIMs and Public Institutions, is this fair?
Above data points to the question: by withdrawing from top media rankings like Business Today, are top IIMs trying to hide their poor performance on parameters that matter to key stakeholder?
If this trend continues, will it not strengthen NIRF rankings further, which has been criticised by many researchers as inconsistent and skewed? For instance, read this MBAUniverse.com analysis on NIRF 2024 rankings this highlights many inconsistencies.
The other implication is that by not participating in top Indian Media rankings, are some IIMs indirectly promoting foreign media rankings where they readily participate.
MBA rankings are powerful instruments and are known to impact the priorities of B-schools. IIMs and the leading media rankings in India need to open a dialogue before their actions start having a negative impact on MBA education in India.
Read more:
MBA Rankings in India
Analysis of NIRF Rankings 2024
MBAUniverse.com Rankings 2024