CEOs Of Top 100 Companies Of India – How Many Did An MBA?

The Fortune 500 Companies is an annual list of the top 500 companies, collated and published by the Fortune magazine since 1955. It is a matter of great pride for an organization to feature in this list.

While the names of the publicly and privately held companies in the original list consist of global & Indian brands, Fortune magazine also releases a list of the top 500 Indian companies annually.

Here, I have compiled a list of the top 100 from Fortune’s List of 2017, along with the names of their business heads as well as their professional qualifications.

This report will attempt to gauge the general trends followed around the qualifications and the alma mater of these men and women.

By the end of this report, we will be able to answer the following questions:

  1. Which B-Schools/graduate colleges produce the maximum number of C-suite Executives in the top-100 companies of India.
  2. How many business leaders haven’t actually pursued a post-graduation and/or graduation course?
  3. What percentage of Executives prefer to do their MBA from abroad than from Indian management institutes?
  • Do you need to be a post-graduate to reach the top?

As illustrated below, 37% of business leaders do not have an MBA or any other form of post-graduation degree. Out of this, Mr Rajesh Mehta of Rajesh Exports has not even pursued an undergraduate degree and is worth $2.6 Billion as of 2017, making him the 61st richest man in the world. Mr Mukesh Ambani, the world’s 18th richest man, is only a graduate. 33 Business leaders in this list do not possess a post-graduation degree.

Therefore, out of every 5 business leaders, 2 do not have an MBA or a post-graduation qualification. Therefore it is clear that an MBA/post-graduation is not necessary to rise to the top.

  • How many business leaders have done their MBAs locally?

Out of the list of business leaders of the top 100 Indian companies, 21 out of 89 CEOs have done an MBA locally and the same number of professionals have pursued their management degrees from foreign institutes. The latter consists of institutes such as the Wharton School of Management, Harvard Business School, Cornell University, London Business School etc. The most preferred programme pursued abroad, apart from an MBA, is the Advanced Management Programme at the Harvard Business School.

It must be noted that 17 of the 89* business leaders in this list have pursued post-graduation degrees other than an MBA.

*(The data for 11 CEOs was not available)

  • Which Indian B-Schools have maximum representation across the top 100 Indian companies?

Unsurprisingly, the holy trinity of IIMs makes up over 50% of the 10 Indian B-Schools’ alumni. JBIMS is at 3rd place in terms of representation, thereby upholding its reputation as the CEO factory of India. Up there with the top-10 B-Schools are management institutes such as TAPMI, SIBM Pune, and IMI New Delhi.

Apart from B-Schools, it must also be noted that 9% of these business leaders are also members of the Insitute of Chartered Accountants of India. 2 of the 100 individuals are also lateral entries from the Indian Administrative Services.

Most of these business leaders hail from some of the most prestigious undergraduate institutes in India and abroad such as IITs, NITs, BITS, St. Stephen’s, SRCC, etc. The IITs lead the pack, the alumni of which account for 14 of the 91* business leaders featuring in this list, followed by NITs (6) and BITS (5).

*(The data for 9 CEOs was not available)

Here is the list of CEOs of the top-100 companies in India, according to Fortune magazine’s list for the year 2017:

(Wherever all three columns contain “NA”, it implies that the company is without a CEO due to arrests and criminal investigation against CEOs, sudden resignation, or re-structuring of management)

Company Name of CEO/Chairman/MD MBA/Post-Graduation Graduation College
Indian Oil Corporation Sanjiv Singh NA IIT Roorkee
Reliance Industries Mukesh Ambani Stanford (Discontinued) UDCT
State Bank of India Arijit Basu JBIMS Mumbai IIT Delhi
Tata Motors Guenter Butschek NA Baden-Württemberg Cooperative State University
Rajesh Exports Rajesh Mehta NA NA
Bharat Petroleum D. Rajkumar IIM Bangalore IIT Madras
Hindustan Petroleum Mukesh Kumar Surana Data Unavailable Data Unavailable
Oil & Natural Gas Corporation Shashi Shanker  IGNOU ISM Dhanbad
Coal India Sutirtha Bhattacharya Indian Administrative Services Presidency College, Kolkata
Tata Consultancy Services Rajesh Gopinathan IIM Ahmedabad NIT Trichy
Tata Steel T.V. Narendran IIM Calcutta NIT Trichy
ICICI Bank Chanda Kochhar JBIMS Mumbai Jai Hind College, ICAI
Larsen & Toubro S.N. Subrahmanyan SIBM Pune Kurukshetra University
Hindalco Industries Satish Pai NA IIT Madras
Bharti Airtel Gopal Vittal IIM Calcutta Madras Christian College
HDFC Bank Aditya Puri ICAI Panjab University
Mahindra & Mahindra Anand Mahindra Harvard Business School Lawrence School, Lovedale
NTPC Gurdeep Singh IIM Ahmedabad Data Unavailable
Vedanta Kuldip Kumar Kaura London Business School BITS, Pilani
Infosys Salil Parekh Cornell University IIT Bombay
Maruti Suzuki India Kenichi Ayukawa NA Osaka University
Essar Oil Lalit Kumar Gupta NA Jiwaji University, Gwalior
HDFC Keki Mistry ICAI Mumbai University
Wipro Abidali Neemuchwala IIT Bombay NIT Raipur
Axis Bank Shikha Sharma IIM Ahmedabad LSR
JSW Steel Sajjan Jindal NA MS Ramaiah Institute of Technology
Punjab National Bank Sunil Mehta Wharton School of Management CAIIB
Bank of Baroda P.S. Jayakumar XLRI Jamshedpur Madras University
GAIL (India) B.C. Tripathi NA MNNIT Allahabad
Canara Bank Rakesh Sharma IGNOU Chaudhary Charan Singh University
HCL Technologies C Vijaykumar NA PSG College of Technology
Bank of India Dinabandhu Mohapatra Data Unavailable Data Unavailable
MRPL M. Venkatesh NA MIT, Manipal
Steel Authority of India P.K. Singh NA IIT Roorkee
ITC Limited Sanjiv Puri Wharton School of Management IIT Kanpur
Vodafone India Sunil Sood IIM Calcutta, Harvard Business School IIT Delhi
Motherson Sumi Systems Vivek Chaand Sehgal NA Delhi University
Union Bank of India Rakiran Rai Gundaydka NA University of Agricultural Sciences
Grasim Industries Dilip Gaur Harvard Business School Data Unavailable
Idea Cellular Himanshu Kapania IIM Bangalore BITS, Mesra
Kotak Mahindra Bank Uday Suresh Kotak JBIMS Mumbai Sydenham College
Hindustan Unilever Sanjiv Mehta Harvard Business School Data Unavailable
Sun Pharmaceuticals Dilip Shanghvi NA Bhawanipur Education Society, University of Calcutta
IDBI Bank Balasubramanyam Sriram AIMA,St. Stephen’s College Data Unavailable
General Insurance Corporation of India Alice G. Vaidyan Harvard Business School Kerala University
Tech Mahindra C.P. Gurnani NA NIT, Rourkela
Reliance Infrastructure Lalit Jalan Wharton School of Management IIT Kanpur
Hero MotoCorp Pawan Munjal NA NIT Kurukshetra
Bharat Heavy Electricals Atul Sobti IMI New Delhi, IIM Ahmedabad Data Unavailable
Tata Power Company Praveer Sinha NLSI, IIT Delhi IIT Delhi
Chennai Petroleum Corporation Limited S.N. Pandey Data Unavailable Data Unavailable
Central Bank of India Rajeev Rishi NA Panjab University
Power Finance Corporation Rajeev Sharma FMS Delhi IIT Roorkee
Power Grid Corporation of India I.S. Jha NA NIT Jamshedpur
Syndicate Bank Melwyn Oswald Rego SIBM Pune Data Unavailable
UltraTech Cement KK Maheshwari ICAI University of Mumbai
Petronet LNG Prabhat Singh NA IIT Kanpur
Rural Electrification Corp. Dr. P.V. Ramesh Indian Administrative Services Christian Medical College & Hospital
Jet Airways (India) Vinay Dube University of North Carolina Knox College, IIinois
Bajaj Finserv Sanjiv Bajaj Harvard Business School University of Pune
Ashok Leyland Vinod Kumar Dasari J.L. Kellogg School of Management University of Louisville
Reliance Communications Gurdeep Singh NA BITS, Pilani
Bajaj Auto Rajiv Bajaj University of Warwick, UK College of Engineering, Pune
Adani Enterprises Vinay Prakash NA Institute of Engineering & Technology
Indian Overseas Bank R. Subramania Kumar Data Unavailable Data Unavailable
IFFCO U.S. Awasthi University of Agricultural Sciences IIT(BHU)
Corporation Bank Jai Kumar Garg Data Unavailable Data Unavailable
NABARD Harsh Kumar Bhanwala IIM Ahmedabad Data Unavailable
New India Assurance Co. Ltd. Gopalan Srinivasan NA University of Madras
Jindal Steel & Power N.A. Ansari Wharton School of Management, INSEAD Aligarh Muslim University
Andhra Bank NA NA NA
Oriental Bank of Commerce Mukesh Kumar Jain Delhi School of Economics Data Unavailable
Ambuja Cements Ajay A. Kapur The Wharton School St. Xavier’s, Mumbai
Yes Bank Rana Kapoor Rutgers University SRCC, Delhi University
Allahabad Bank Data Unavailable Data Unavailable Data Unavailable
Tata Communications Vinod Anand Kumar NA BITS, Pilani
Interglobe Aviation (IndiGo) Rahul Bhatia NA University of Waterloo
IndusInd Bank Romesh Sobti Data Unavailable Data Unavailable
UCO Bank Ravi Krishan Takkar NIBM Pune SRCC, Delhi University
Future Retail Kishore Biyani NA HR College, Mumbai
Asian Paints K.B.S. Anand IIM Calcutta IIT Bombay
Indian Bank Kishor Kharat Data Unavailable Data Unavailable
Lupin Vinita D. Gupta Kellogg School of Management University of Mumbai
Reliance Capital Jai Anmol Ambani NA Warwick Business School, UK
UPL Jaidev Shroff NA Mumbai University
Gitanjali Gems NA NA NA
PTC India Ashok Haldia Data Unavailable Data Unavailable
Aurobindo Pharma N. Govindarajan IIT Bombay Annamalai University
Max Financial Services Mohit Talwar Oberoi School St. Stephen’s College
Cipla Umang Vohra TAPMI, Manipal MSRIT, Bangalore
Dr Reddy’s Laboratories G.V. Prasad Purdue University Alagappa College of Technology
CESC Aniruddha Basu NA Aniruddha Basu
Bhushan Steel Neeraj Singal NA Panjab University
EID Parry (India) S. Suresh Data Unavailable Data Unavailable
Siemens Sunil Mathur NA ICAI
Citibank Pramit Jhaveri Simon Business School, Rochester Sydenham College
LIC Housing Finance Vinay Sah Lucknow University Data Unavailable
Vijaya Bank R.A. Sankara Narayanan Data Unavailable Data Unavailable
MRF Rahul Mammen University of Michigan Business School St. Stephen’s College
Jaiprakash Associates Manoj Gaur NA BITS, Pilani

The limitation of this report are:

  • The complete educational qualification and data for 20 business leaders was not available via secondary research. This reduces the sample-set from:
  1. 100 companies to 89 companies in the column titled “MBA/Post-graduation”, since data for 11 business leaders was not available.
  2. 100 companies to 91 companies in the column titled “Graduation Institute”, since data for 9 business leaders was not available.
  • The undergraduate stream cannot be ascertained accurately with the data available online, so the extent of the influence of a person’s graduation stream cannot be determined.

I will also be making a list of the top start-up CEOs of the country and their educational qualifications.

If you have any suggestions to improve this report, let me know in the comments below.

Chirag Shukla

Aspirant. Writer.

Comments

6 comments

Utkarsh Singh

Considering the degree of business owners like Mukesh Ambani should not have been considered. You should have only considered degree of people who became CEO despite not of having family help for it.

Chirag Shukla

I agree. While making this, that’s the first thought that occurred. But unfortunately its very difficult to determine this for a lot of CEOs. Distant cousins, or family ties etc. may be responsible for them getting the position. But since it cannot be determined, I have just assumed that there is no nepotism.