This decision was taken during its 184th BoG meeting held on July 23 at the IIM-C's Joka campus. According to the proceeding of the board meet, IIM-C will seek certificates from renowned American agency, the Association of Advanced Collegiate School of Business (AASCB) and European Foundation of Management Development (EFMD), which offer the prestigious European Quality Improvement System (EQUIS) label.
Till April 2008, nearly 550 institutions have been accredited by the AASCB, of which 96 are outside the USA. Over 110 institutes have been accredited by EFMD in 33 countries till June 2008.
"The international accreditation will help us gain better global access and aid us in forming alliances with international institutes," said IIM-C chief administrative officer Dinesh Varma. "It's a time-consuming process but we want to start it now," he added. The accreditation will also help the institute attract more foreign students and tie-up with universities abroad. "We hope to set the ball rolling soon," added Varma.
Besides, the board also reviewed the strategic plan made last year like review of curriculum, augmentation of faculty and campus modernization. Acording to the information shared by IIM-C with MBAUniverse.com, for 2008-09, IIM-C will focus on five important areas, which includes campus expansion and development programme, international accreditation leading to global reaches and increasing the faculty to meet the increase in the intake of student.
IIM-C also wants to develop its alumni outreach "so that we can mutually benefit". The institute is going to support its faculty to go for research programmes and so forth to facilitate them to get away from routine administration work.
In order to plan the fund flow and for financial planning to take care of our expansion plans, pay commission payments, etc, a two-member committee, comprising external board member Shri Roopen Roy and IIM-C faculty professor Ashish K Bhattacharya will look into all aspects. "They will submit their report in October during our next board meeting," said Varma.
"As per the new construction which is taking place on campus, there will be 19 new classrooms in different sizes," added Varma. With the OBC quota implementation, more teachers will be required too. "We plan to add 20 teachers to the faculty in 2008-09," said Varma.
IIM-C has informed that there is no change in the fee structure yet. The head of the IIM review committee and former Maruti chairman RC Bhargava was also at IIM, Joka on Juy 23. "There's no change in the fee structure as of now," said Varma. "We are waiting for the IIM review committee report due in a month or two to decide on our future course of action," said Varma.
