An EPSI-MBAUniverse.com Whitepaper titled Indian Management Education: Vision 2025, released at the 5th edition of Indian Management Conclave on August 8, 2014 in New Delhi, called for creating 50 Global B-schools from India by 2025 by attracting foreign students and faculty, pursuing top international accreditation and rankings, and international placements. While we have a long way to go, it is heartening to note that some Indian B-schools have made considerable progress in areas outlined in this document.
For instance, by January 2023, there were 21 Indian Business Schools which are accredited by the Association to Advance Collegiate Schools of Business (AACSB) International and six accredited by EFMD’s EQUIS. About 10 Indian B-Schools feature in top International Rankings like Financial Times (FT) and QS World University Rankings. Many B-schools have strengthened their faculty mix by inviting international faculty to teach in India. However, a lot remains to be done, particularly in the area of attracting foreign students to Indian campuses, and in international placements. Even at IIM Ahmedabad, IIM Bangalore, and IIM Calcutta, the total number of international placements for the Class of 2022 did not cross 25, which is less than 2% of total MBA students graduating from these B-schools.
Indeed, given the hurdles from recent COVID-19 pandemic, geo-political tensions and cultural factors, achieving true internationalization is a challenge for Indian B-schools. This is especially difficult for those B-Schools that are not publicly funded or backed by large corporate groups. Despite these obstacles, a few Indian Business Schools have adopted a pro-active approach towards becoming Global Business Schools from India.
One such Business School is Jagdish Sheth School of Management (JAGSoM). Despite being one of the boutique PGDM B-schools, it volunteered for global accreditation and became the sixth B-school in India to get the coveted AACSB Accreditation in 2018. Following the accreditation, the school once again surprised the business school community by participating in global rankings and getting three of its programs ranked in QS Business Masters Rankings. More recently, during Placements 2023, a few JAGSoM students received International Placements, with the highest package being USD 103,000.
So, how did JAGSoM achieve these results in less than a decade? MBAUniverse.com decided to dig deeper to decode the JAGSoM Internationalization strategy. We found an audacious vision, astute strategy and adroit execution, particularly during the COVID-19 pandemic. This article explains how JAGSoM achieved a great deal in last few years, and also gives a peak into their bold future plans. But, before we get into the international strategy, here are key signposts in the journey of JAGSoM.
Journey of JAGSoM
Here are some key milestones in the journey of JAGSoM, particularly in last decade…
- In 2010, BITS Alumni & Tech-entrepreneur Sanjay Padode became the Chairman of IFIM Business School, a B-school founded in 1995 by his Father late Shri VB Padode, founder of Dalal Street Journal (DSJ) Group. In next few years, he consolidated the B-school, and created a new vision.
- Surprising the naysayers, in 2018, IFIM (now JAGSoM) became the sixth B-school in India to be AACSB Accredited.
- In the same year, Dr. Atish Chattopadhyay, former Director of IMT Ghaziabad, joined IFIM Business School (now JAGSoM).
- In October, 2020, IFIM Business School Bangalore got rechristened as JAGSoM in honour of the globally respected management guru Padma Bhushan Dr. Jagdish Sheth.
With this brief background, let’s now decode the building blocks of JAGSoM Internationalization strategy.
Leveraging International Accreditation & Ranking
A major milestone in the internationalization journey of JAGSoM was achieved in 2018. In 2010, when Sanjay Padode took over as the Chairman of IFIM Business School, he was quick to realize that getting a top international accreditation can help IFIM catapult into the top leagues of B-schools. So, after studying the pros and cons of three top international accreditation systems (AACSB, EFMD’s EQUIS and AMBA), Padode decided to put his entire might behind his dream project – getting an AACSB accreditation at the earliest.
There were many skeptics who believed that it will be IIMs and top PGDM B-schools, who will get AACSB Accredited much before IFIM did. But, proving the cynics wrong, in 2018, IFIM Business School became the sixth B-school in India to be AACSB Accredited. Only other B-schools to get this international recognition before IFIM were ISB, TAPMI, IIM Calcutta, IMT Ghaziabad and XLRI Jamshedpur.
This was the shot in arm that Padode and his team were looking for! Soon he convinced Dr. Atish Chattopadhyay, former Director of IMT Ghaziabad, Dean of MICA, and Deputy Director at SPJIMR Mumbai to join IFIM Business School in 2018. Dr Chattopadhyay brought with him a unique blend of experience and innovation, having worked in the leadership positions at some of India’s top B-schools.
There has been no looking back since 2018, as the Padode-Chattopadhyay duo have taken many initiatives to push JAGSoM on the internationalization path. The biggest one was convincing the much-respected global management academic Dr Jagdish Sheth to agree to rename IFIM as JAGSoM. We’ll come to this master stroke, but before that, to complete the narrative on how JAGSoM leveraged International Accreditation & Ranking, here are a few recent developments.
In another vote of confidence, in February 2022, JAGSoM became one of the first B-schools in India to get Multi-Campus (Bangalore & Mumbai-Karjat) & Multi-Program (BBA, MBA, PGDM, PGDM Executive) Accreditation from AACSB International. In 2021, JAGSoM was also featured in the QS Masters in Marketing, QS Masters in Finance Rankings, and QS Masters in Analytics Rankings for its PGDM (Marketing), PGDM (Finance) and PGDM (Business Analytics) programs.
Leveraging Indian Diaspora at Global Top B-schools
After getting AACSB accreditation much before most IIMs and other top B-schools, the next big breakthrough for JAGSoM came in 2020 when, at the peak of COVID-19 pandemic, they persuaded much respected Dr Jagdish Sheth to agree to rename IFIM Business School in his name as Jagdish Sheth School of Management (JAGSoM).
Regarded as one of the top management thinkers in the world, Dr Jagdish Sheth is the Charles H. Kellstadt Professor of Marketing at the Goizueta Business School of Emory University. Sheth has published more than 200 articles in reputed global journals and has also written a number of books. Dr Sheth was awarded with Padma Bhushan in 2020 by Government of India.
Speaking with MBAUniverse.com about this association, Dr Sheth said, “Initially I was a bit sceptical about lending my name. But Sanjay and Atish convinced me that they are on a journey to build a global B-schools from India. I reluctantly agreed. But I can tell you now that I am more than happy that I agreed! JAGSoM has made great progress on its vision, and we are on to bigger things.”
Buoyed by the success, in addition to Dr Sheth, JAGSoM has wooed top Indian faculty teaching at global B-schools to mentor and associate with it. Take for instance Prof. A (“Parsu”) Parasuraman, Emeritus Professor of Marketing & James W. McLamore Chair Emeritus, University of Miami. After he saw what JAGSoM was trying to achieve, Prof Parasuraman accepted to be the Chairperson, Board of Studies at JAGSoM and guides the faculty body on the Global Curriculum. He is also Pro-Chancellor of Vijaybhoomi University, a sister institution. Prof Parasuraman was featured in the 2022 Clarivate’s Highly Cited Researchers list, where there are only 92 researchers worldwide in the Economics & Business category!
Other well-known professors who are associated with JAGSoM today include Prof. Anitesh Barua, David Bruton Jr. Centennial Chair Professor & and Director, Information Management program, McCombs School of Business, University of Texas at Austin, USA; Prof. Suraj Commuri, Senior Associate Dean, School of Business, University at Albany, SUNY, USA and Prof. Sandeep Puri, Professor & Academic Program Director, Asian Institute of Management, Philippines. They teach specialized courses and also guide JAGSoM faculty.
Creating a truly Global Board of Governors
JAGSoM’s internationalization efforts didn’t stop at just getting Indian thought-leaders on board. JAGSoM has consciously created a strong Global Board of Governors that boasts of representation from across 3 Continents – Asia, Europe and America. The Board comprises of Scholars, Industry experts and Academicians from top Global Institutions such as:
- Dr Richard D Phillips, Dean, J. Mack Robinson College of Business, Georgia State University, USA
- Dr Ulrich Hommel, Associate Director of Quality Services, EFMD & Professor of Finance, Wiesbaden, Germany
- Dr Tan Chin Tiong, Professor of Marketing, Lee Kong Chian School of Business & Senior Advisor to President, Singapore Management University, Singapore
- Mr. Benjamin Stevenin, President - ACADEM / RimaOne, France
- Dr Eileen Peacock, Former Chief Officer Asia for AACSB International
- Dr Mathias Falkenstein, Founding Partner, XOLAS & Principal CEO, Higher Education Management Group, Berlin, Germany
- Dr Wolfgang Scholar, Associate Provost for International Initiatives, Georgia State University, USA
With these international heavy weights on its board, JAGSoM has reached out to some of the leading B-schools in the world for deep academic alliances and partnerships.
International Academic Tie-ups
With Dr Sheth as the Chairman, a Global Board and AACSB accreditation under its belt, JAGSoM developed a number of strong international collaborations with globally renowned schools. These collaborations which include Student & Faculty Exchange programmes, Degree programs, Study weeks, Joint research projects, and many more. Here are key partnerships and global associations:
1. Pathway Bachelors and Master’s Programs with KEDGE, France; SUNY, USA and Wollongong, Australia
KEDGE Business School, a triple crown business school ranked amongst the top 40 in the FT Global Rankings, has partnered with JAGSoM, to provide opportunities for students both at the Undergraduate and Graduate level. Undergraduate students will study two years in India and two years in France to graduate with an IBBA degree from KEDGE and a BBA from JAGSoM-MBA/PGDM students will study in India for one year and in France for the final year to get an PGDM/MBA degree from JAGSoM and an MS degree from KEDGE in areas like International Purchasing, Supply Chain Analytics, Business Analytics and Sustainable Finance. Graduates of the program will have the option of 3 years work visa in Europe
Similalry, JAGSoM and the University of Albany, State University of New York (SUNY) have collaborated to develop undergraduate and postgraduate degree programs. Students can pursue a BBA from JAGSoM and a B.Sc in Business Administration from SUNY Albany, along with Internships and Apprentice opportunities in India and the US. Students of the two-degree postgraduate program spend their first year at the JAGSoM campus in Bangalore and their second year at SUNY in the USA and specialise in Cyber Security and Digital Forensic Graduates of the program will have the option of 3 years work visa in USA.
University of Wollongong (UoW) and JAGSoM have also collaborated to offer Two Degree BBA with 2 years study at JAGSoM, Vijaybhoomi University campus followed by 2 years at Sydney Business School, University of Wollongong. Postgraduate students will pursue Two Degree with an MBA from JAGSoM, Vijaybhoomi University and a Masters in Management at UoW, with an option to specialize in Business Analytics and International Business.
Lucerne University (HSLU), Switzerland and JAGSoM have likewise tied up for the Two Degree International Tourism Pathway. The Two Degree International Tourism pathway is ideal for those seeking career opportunities in Switzerland and in the European Union.
2. Integrated 5 year Bachelors + Master’s Program with unique specialisations in collaboration with KEDGE and HSLU (Switzerland)
A unique proposition where students can pursue a Master’s degree straight after the XII grade. Students pursuing this program shall study 4 years at the JAGSOM Campus at Vijaybhoomi University and the last year in the campus of KEDGE or HSLU (Switzerland) to graduate with a masters in contemporary fields such as Luxury and Creative Arts Management, Sports Management, Industry 4.0, Innovation, Design & Entrepreneurship and Tourism. On successful graduation from this program, students can avail of the 3-year work visa in Europe.
3. Career Track Programs with Darden School of Business, USA
JAGSoM has built a strong relationship with Darden School of Business, University of Virginia offering International Immersion as part of the MarTech and FinTech Career Tracks. In 2022, a total of 77 participants undertook the International Immersion program, and a total of 59 students in the MarTech Career Track, 18 students in FinTech Career Track and their faculty members participated in the International Immersion program. The courses provided the JAGSoM students with global perspectives in the emerging fields of MarTech and FinTech.
4. Other Initiatives & Tie Ups by JAGSoM
Apart from the above, JAGSoM has also taken other many other initiatives, as below.
Exchange Programs with Rennes School of Business, France and KEDGE
JAGSoM and Rennes School of Business have been hosting each other’s students at their respective campuses, as part of the Student Exchange program. Last year, seven students from JAGSoM utilized this opportunity to study at Rennes School of Business and Two students from Rennes came to JAGSoM’s Bangalore campus for the exchange program. 30 international students from KEDGE will study at JAGSoM Bangalore campus during the Fall 2023.
‘Doing Business in India’ Study Week for HSLU, Switzerland
JAGSoM hosted a group of M.Sc Data Science students and faculty members from the Lucerne School of Business, Lucerne University (HSLU), Switzerland as part of a ‘Doing Business in India’ Study Tour. The Swiss delegation spent a week in Bengaluru as part of their Study Tour and spent time with some of the leading companies in India to understand how these firms are leveraging data science, AI and ML to solve business problems. Post this, JAGSoM and HSLU have collaborated on joint RFP ‘Request for Problem’ projects with Industry – where JAGSoM and HSLU students will work in groups to solve business problems sourced from the industry.
JAGSoM’s other international collaborations include Mays Business School, Texas A&M University (USA); ESCP (Europe); The University of Texas at Arlington (USA); Goizueta Business School, Emory University, USA; Paris School of Business (France); European Business School (Europe), among others.
Pursuing International Placements
International placements are another important initiative that JAGSoM is pursuing.
JAGSoM has witnessed a strong domestic placement in the past 2 years, with the current average compensation package standing at INR 17.2 Lakhs Per Annum. JAGSoM has not only placed students in the Domestic market but has been able to place its students in the International markets as well. During placements 2023, JAGSoM students have been placed in the US job market, with the highest package being USD 103,000. The students were placed in companies such as New York ISO (Independent System Operator), Gamma Technologies LLC, and Bectran Inc.
To ensure that the Graduating Class of 2024 has sufficient opportunities to work in international job markets, JAGSoM will extend 10 Scholarships to the tune of INR 4.5 lakhs and JAGSoM’s partner -KEDGE Business School will extend a scholarship of 50 percent on tuition fees. For the incoming batch of 2023, JAGSoM intends to ensure 25 International placements for its participants, with an expected salary package of USD 80,000. Supported by attractive scholarships based on merit, from both JAGSoM and KEDGE, the total program fee of INR 18.5 lakhs (based on current exchange rates), makes this program one best options in terms of both ROI and global career opportunities.
Summing up the progress made in last few years, Dr. Atish Chattopadhyay, said, “JAGSoM has emerged as a truly global school from India. Global board members, international faculty, global exposure to students and partnership with global institutions are creating international career opportunities for our graduates.”
What lies ahead!
Recent success seems to have increased the appetite of JAGSoM leadership! They are working on two big plans that build on the recent success.
Sharing the context for future initiatives, Dr Jagdish Sheth, told MBAUniverse.com recently, “As India becomes a global powerhouse, it will become increasingly necessary for management schools to meet or exceed global benchmarks. In that context, our vision is that we want JAGSoM to be a globally admired and recognized Business School.”
Now come the big news!
While they are understandably guarded about revealing details, JAGSoM is working on two greenfield projects that have the potential to significantly advance its internationalization efforts.
First, JAGSoM is partnering with French B-school KEDGE Business School to setup a joint campus in Greater Mumbai. The joint campus of KEDGE and JAGSoM in Greater Mumbai will offer a plethora of courses including but not limited to Bachelors and Masters programs in management, Executive MBA and Executive Ph.D. in Business Administration.
Sharing details of this partnership, Dr. Atish Chattopadhyay, said “The collaboration with KEDGE is a first of its kind, where a Tripple Crown B-School is setting up a campus in India jointly with JAGSoM. The JAGSoM-KEDGE partnership can be taken as a benchmark for global academic collaborations and I am certain this will open up new avenues for globalisation of Indian academic institutions in the years ahead.”
Second, JAGSoM is exploring to create an international campus outside India. JAGSoM leadership has visited many potential international destinations including Dubai, Singapore, and a few others. They are close to finalizing the location of their international campus.
Dr Sheth summed up JAGSoM’s ambition well when he said, “JAGSoM wants to be a truly global B-school and we have the mindset, resources and strategy to do it.”
Watch this space for more updates on JAGSoM’s international journey, which continues to unfold….