FT Global Masters Ranking 2022: Seven Indian B-schools including 4 IIMs, SPJIMR, NMIMS, IMI ranked in Top 100; IIMA, IIMC missing; European B-schools dominate

On September 12, Financial Times (FT) released its Global Masters in Management (MIM) Rankings 2022. FT MIM Ranking 2022 has ranked seven B-schools from India. IIM Bangalore MBA is the top ranked program in India, followed by SPJIMR Mumbai and IIM Lucknow.

European business schools have dominated the FT MIM 2022 rankings, with French institutions alone offering four of the 11 top-tier courses and nearly a quarter of the leading 100 in the 2022 Financial Times ranking. St Gallen in Switzerland has retained its status as the top-ranked MIM program for the 12th consecutive year! “Europe pioneered the masters in management (MiM), which is studied mainly by those without prior professional experience. But strong providers have emerged elsewhere, including its traditional rivals for MBA programmes in the US and Canada, as well as institutions in Australia, India, Morocco, Russia, Singapore and Taiwan,” notes Financial Times.

FT Global Masters Ranking 2023: Europeans Lead; SPJIMR Ranked No 1 Indian B-school, ahead of IIMA, IIMC; 11 Indian B-schools feature in Top 100, Up from 7 Last Year

It important to note that FT MIM Rankings rank only those management programs where prior work experience is not mandatory, and hence ranks the flagship 2-year MBA or PGDM programs of IIMs and other top B-schools in India. ISB’s 1 year PGP, an MBA equivalent program, with mandatory work experience, is hence not ranked in this survey. 

Ranked #1 in India, IIMB is ranked at #31 globally in 2022, up from #47 in 2021. IIMB has also topped this year’s FT MiM global ranking on parameters such as faculty with doctorates, graduates’ weighted salary (US$), and graduates employed at three months. “We are happy that our focus on excellence is being consistently reflected in national and global rankings. IIMB’s leadership position in these rankings play a part in raising the visibility and reputation of the school,” said IIMB Director Professor Rishikesha T Krishnan.

SPJIMR, Mumbai is ranked in the top 50 Business schools of the world for the third consecutive year. Welcoming the news, SPJIMR Dean Dr Varun Nagaraj said: “We are pleased that our mission, our approach, and our outcomes continue to be recognized internationally. It is yet another affirmation that SPJIMR is making a positive difference to business and society.”

Dr Himadri Das, Director General, IMI New Delhi said, “Cracking global top 100 in FT rankings gives us resounding international recognition. This is the jewel on our double crown of AACSB and AMBA. Our FT Career Services rank, which is 27th in the world, should be music to the ears for prospective students.”

On the NMIMS debut in MIM Rankings, Dr. Prashant Mishra, Dean, School of Business Management, NMIMS University, Mumbai, said, “It is a matter of great pride for the NMIMS School of Business Management, Mumbai, to join the league of prestigious management schools globally” and added “It is also a proud moment for our country as 7 Indian B-Schools have made it to the prestigious top 100 global list - the highest in the APAC region.”

However, other two leading IIMs, IIM Ahmedabad and IIM Calcutta, which were ranked in previous rankings, are conspicuous by their absence. Check ranking table for Indian B-schools below.

Global Top 10
Quite clearly, European B-schools dominate the FT MIM Rankings. Switzerland’s University of St Gallen with its MA in strategy and International Management is ranked at No 1. At second spot was HEC Paris with a Master in Management program. Interestingly, US Business Schools who dominate the FT Global MBA Rankings, do not figure prominently in the MIM Ranking.

FT Masters in Management (MIM) Ranking 2022 – Global Top 10

B-school	Location	Rank in 2022	Rank in 2021
University of St Gallen	Switzerland	1	1
HEC Paris	France	2	2
Rotterdam School of Management, Erasmus University	Netherlands	3	5
Stockholm School of Economics	Sweden	4	8
ESCP Business School	France	5	7
ESSEC Business School	France	6	6
London Business School	UK	7	4
University College Dublin: Smurfit	Ireland	8	3
EMLyon Business School	France	9	21
ESMT Berlin	Germany	10	12

Source: Financial Times Global MIM Rankings 2022

FT MIM Ranking 2022 – 7 Indian B-schools ranked in Top 100
IIMB, ranked No 1 in India, is ranked at #31 globally in 2022, up from #47 in 2021. IIMB has also topped this year’s FT MIM global ranking on parameters such as faculty with doctorates, graduates’ weighted salary (US$), and graduates employed at three months.

SPJIMR Mumbai is ranked #2 in India, and ranked #44 in world. This assumes significance as it’s a much younger institution than top three IIMs which were set up in 1960 and early 1970s. Other leading private B-schools like XLRI Jamshedpur and MDI Gurgaon are missing in the rankings.

IIM Lucknow is ranked #64, IIM Udaipur is ranked #81 and IIM Indore is ranked #89. IMI New Delhi and NMIMS Mumbai are newly ranked B-schools from India.

B-school	Rank in 2022	Rank in 2021	Rank in 2020	India Rank 2022
Indian Institute of Management Bangalore	31	47	36	1
SP Jain Institute of Management & Research (SPJIMR)	44	39	36	2
Indian Institute of Management Lucknow	64	79		3
Indian Institute of Management Udaipur	81	82	72	4
Indian Institute of Management Indore	89	79		5
NMIMS Mumbai, School of Business Management	96			6
International Management Institute New Delhi	97			7

IIM A and IIM C: Missing in Action
However, two leading IIMs, IIM Ahmedabad and IIM Calcutta, which were ranked in previous rankings, are conspicuous by their absence. IIM Ahmedabad was ranked #20 and IIM Calcutta was ranked #21 in FT 2020 MIM Rankings. A year before, in 2019, IIMC was at rank 17 followed by IIMA at rank 21.

B-school	Rank in 2022	Rank in 2021	Rank in 2020
Indian Institute of Management Ahmedabad	NR	26	20
Indian Institute of Management Calcutta	NR	NR	21

At the time of writing this article, it is unclear if IIMA and IIMC decided to withdraw participation voluntarily, or FT didn’t rank them.

MIM: A fast growing program globally
MIM offers foundational courses in management and business for students with work experience under 2 years. MIM programs are positioned for students keen on getting entry level management jobs and are not willing to wait for 4-5 years that are needed for an MBA. MIM programs are witnessing higher student interest off late. Quoting GMAC, FT says, “The Graduate Management Admission Council, which oversees the GMAT test used by many schools to assess applications, reported that almost half around the world offering MiMs had seen an increase in demand, although most of this came from international students.”

FT MIM Ranking 2022 Methodology
According to Financial Times, a record 135 MIM programmes took part in the ranking process in 2022, up from 124 in 2021. Only AACSB or EQUIS accredited B-schools can participate. The ranking is based on 16 criteria. Alumni responses inform seven criteria that together contribute 59 per cent of the ranking’s total weight. The remaining nine criteria are calculated from school data and account for 41 per cent of the weight. Breakdown is below:

Parameter	Percentage
Weighted salary US$	20%
Salary percentage increase	10%
Value for money rank	5%
Career progress rank	6%
Aims achieved	5%
Careers service	5%
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	8%
International course experience rank	8%
Faculty with doctorates	6%
TOTAL	100%

Presence of seven Indian B-schools in MIM Rankings shows that Indian B-schools have the potential to be amongst the best in the world. However, as more B-schools attain the AACSB and EQUIS accreditations, they must strategize and achieve atleast 12-15 rankings within Top 100 MIM programs in the world. This will facilitate global recognition, alliances and international enrolments.

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