Top MBA Colleges in India (Non IIMs) -2023

IIMs are the first names that come to mind when we hear the words "MBA" however there are plenty of Indian institutions with b-schools that offer high-quality education at par or better than some IIMs.

Return on Investment or RoI is one of the most important factors candidates should consider for choosing an MBA college. The common perception among prospective MBAs is that non-IIMs are expensive and have a lower ROI. We break the myth through this list and share with you the top 10 MBA colleges in India other than IIMs that can be considered for a lucrative career and a steep learning curve. Return on Investment (ROI) is often considered as one of the best criteria for selecting an MBA college because it measures the financial benefits of a student's investment in their education. A high ROI indicates that a student is likely to earn a good salary after graduation and recoup their investment in a relatively short amount of time. This makes it an attractive criterion for students who are looking to get the most out of their education and build a successful career.

We have considered these b-schools based on their return on investment combined with their management college rankings in India.

Disclaimer: The list is in no particular order and non-exhaustive. These colleges are collectively the top 10 MBA colleges in India based on the mentioned criteria as per author’s perspective. Some of these Colleges offer 2 Year MBA Courses, While Some of them offer 1 Year MBA as their Flagship Course, so ROI has been estimated and prorated to the end of 3 Years from enrolment.

Also read: RoI for a one year MBA.

One of the first institutions in India to provide management training for professional managers was FMS, also known as The Red Building of Dreams, which was founded in 1954. In terms of ROI, it is regarded as one of India's top MBA institutions. It is a part of Delhi University. FMS provides a full-time, two-year MBA programme with an average salary of Rs. 32.4 LPA, Fees of 1.92 Lakhs which takes ROI through the roof.

JBIMS which is also known as CEO Factory of India, is a renowned B-School which was founded in 1965, Under university of Mumbai. It offers 2 Years full-time residential Master in Management Studies Programme (MMS), the flagship course at the institute with an average Package of Rs 27.63 LPA and fees of 6 Lakhs providing one of the best returns on investment in the country. JBIMS accepts CAT, CMAT, XAT apart from MAH CET for all India category applicants.

SJSOM Founded in 1995, under IIT Mumbai, offers 2 year full time Masters of Business Administration (MBA). The best thing about SJMSOM is, it leverages all the world-class facilities of IIT Bombay. The campus is full of greenery, and the area is around 550 acres. SJSOM has an average package of 25.9 LPA with fees of approx 9lac which takes the returns to almost thrice after 2 years.

ISB is a well-known B-School that consistently ranks among the top management schools in India and among the top 25 MBA programs worldwide. It offers 1-year full-time postgraduate Programme in Management (PGPM) for those with at least two years of professional experience. In India, ISB has two campuses (in Hyderabad and Mohali). The average package for ISB's flagship PGPM program is Rs 34.07 LPA, and the fees is Rs 34.5 Lakhs. ISB’s one-year program reduces the opportunity cost of the second year and increases the ROI to almost twice. GMAT or GRE scores are accepted at ISB.

Great Lakes Institute of Management, founded in 2004, offers its flagship 1 year full time residential Post Graduate Programme in Management (PGPM) to professionals with work experience of 2+ Years. GLIM also has a criteria of profile based evaluation. It has two campuses, one in Chennai and one in Gurgaon, which is also one of the best MBA colleges in Delhi NCR. It offers 2-year Post Graduate Diploma in Management(PGDM) as well for People with experience of 0-2 Years. GLIM has an Average package of 17.86 LPA with a Fees of 20.75Lac for its flagship MBA course. The one-year program also saves your opportunity cost for the second year considering which, it has an ROI of almost 2X. Great Lakes also has a vast alumni network of 12,000+ alumni across 30+ countries and a widely spread network across industry. The world class faculty, unparalleled industry interface and cutting edge curriculum of Great Lakes is also something noteworthy.

Read: What makes the Great Lakes' PGPM Curriculum 'Unique'?

SPJIMR founded in 1981, offers 2-year full time Residential Post Graduate Diploma in Management (PGDM). It has two modes of selection i.e., profile based and score based. Profile based round emphasises more on your overall profile and achievements and can offer you admission on relatively low score whereas score based call requires a higher score for admission. SPJIMR has an average package of Rs 32.05 LPA with fees of 23lac with an RoI of almost 1.5X.

XLRI is also one of the oldest B-School founded in 1949 in Jamshedpur. It is the top ranked school for Human Resource education not only in the country, but considered as one of the finest in Asia-Pacific. It offers a 2-year full time MBA Programme in Human Resource Management (HRM) and Business Management (BM) with an average package of Rs 30.7 LPA and fees of approx. 25lac yielding a high return. They have started a new campus in Delhi in 2020. XLRI accepts XAT Score.

MDI Gurgaon, founded in 1973, offers 2-year full time residential Post Graduate Diploma in Management (PGDM), PGDM-HRM and PGDM-IB. MDI is one of the largest schools in India for training and development of managers. More than 68000 managers have been trained over 39 years by the institute. MDI has an average package of Rs 23.8 LPA with fees of 25 Lakhs which takes ROI after the end of three Years from enrolment very high.

SIBM Pune, founded in 1978, Under Symbiosis International (Deemed) University, offers 2-years Full Time Post Graduate Diploma in Management (PGDM) as its flagship course. It also offers MBA in Innovation and Entrepreneurship (I&E) along with an MBA in Leadership and Strategy(L&S). SIBM has an average package of Rs 23.07 LPA with a fees of 25.5 Lakhs. with a decent RoI post MBA.

IMT Ghaziabad, founded in 1980, offers 2-years Full Time Post Graduate Diploma in Management (PGDM) as Its Flagship Course. IMT also offers PGDM Executive, PGDM Part-Time, PGDM BFS (Banking & Financial Services), PGDM Dual Country Programme (DCP), and Fellow Program in Management (FPM). IMT has an Average Package of 15.28 LPA with fees of approx. 20 Lakhs giving a decent return on investment and a rich peer group.

However, an MBA is not just about returns in monetary terms. Other factors such as Program type, location, curriculum, faculty, industry connect, campus, batch size, etc. also play a major role while deciding upon best management colleges in India ‘FOR YOU’. Hence, it’s up to candidates’ own preference and due diligence to choose a college.

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Written By
Rikhil Lamba
PGPM Class of 2022–23
Great Lakes Institute of Management

Read More: One year MBA or Two year MBA - which one is better?