IIM IIT Alumni Losing Leadership Race? Only 23% of BSE 200 CEOs from IIT or IIMs, down from 50%, says Study; Implications for Business Schools?

Changing Landscape of Corporate Leadership: Key Report Highlights 
A study reveals that number of CEOs and Managing Directors leading BSE 200 companies from IIT and IIMs has dropped significantly. Here are the key highlights from the report: 

• Only 23% of CEOs and MDs of BSE 200 companies held IIT or IIM degrees in 2025, a significant drop from 50% in 2009.
• The proportion of IIT IIM Alumni CEOs in BSE 200 companies has shown a consistent decline over last fifteen years: 50% in 2009, 28% in 2015, and 23% in 2025.
• Top sectors employing key leadership with IIT IIM degrees include financial services, automotive, and FMCG.
• The proportion of executives with IIT IIM backgrounds in Public Sector Undertakings (PSUs) has increased from 9% in 2015 to 16% in 2025.
• Multinational companies have significantly increased their absorption of IIT IIM alumni, from 22% in 2015 to 60% in 2025.

Commenting on the findings of the report, Gopinadhan K, Partner at EMA Partners, said, “The IIT-IIM grip on India Inc.’s corner office is loosening.” The report was first published in Economic Times.

IIM Ahmedabad No 1 CEO Factory 
The report reveals that among the business schools, IIM Ahmedabad has produced the most CEOs for BSE Top 200 Companies. 

After IIM Ahmedabad, the other top IIMs producing CEOs for corporate India are: IIM Bangalore, IIM Calcutta, and IIM Kozhikode.

It is surprising that legacy institutions like XLRI Jamshedpur and JBIMS Mumbai, branded as a ‘CEOs factory’, are missing from this list. 

Why is importance of IIT-IIM degrees in CEOs appointment dropping? 
The report reveals that the importance of IIT-IIM degrees in CEOs appointment is dropping. The report reveals several reasons for this trend:

• Companies are increasingly prioritizing experience, cultural fit, and leadership trajectory over academic pedigree when selecting top executives. 
• Many IIT IIM alumni have migrated to global markets for roles in consulting, investment banking, and technology.
• IIT and IIM graduates are increasingly pursuing alternative career paths such as entrepreneurship, global roles, and technology careers instead of traditional corporate ladders.

EMA Partners, a global consulting firm with focus on assessing, hiring and developing business leaders, conducted the IIT IIM Leadership Study, which surveyed the top 200 listed entities in India. 

Implications for Business Schools

These findings have significant implications for the IIMs and other top business schools in India, who take pride that their alumni are CEOs of leading corporates in India. 

While IIM-Ahmedabad leads in producing CEOs, followed by IIM Bangalore, IIM Calcutta, and IIM Kozhikode, the overall trend suggests a need for adaptation. As the study points out, corporates "favour experience and cultural fit over pedigree," indicating that these institutions might need to further integrate these aspects into their curriculum and pedagogy. 

Leadership development should be a key priority for top business schools in India, who should consult with industry and other stakeholders to ensure that the future pipeline of leaders coming from business schools in India grows, reversing the trend highlighted by this study. 

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