MHRD NIRF MBA Rankings 2019 – Analysis And Review | How Much Sense Do These Rankings Make?

The Ministry of Human Resource Development (MHRD), since 2016, has undertaken a project of establishing rankings for educational institutes in India under the National Institutional Ranking Framework (NIRF) at the graduation and post-graduation level, including management institutes. Recently, the NIRF MBA Rankings 2019 have also been released by the MHRD.

But how much sense do these rankings make? How accurate are they in representing the true picture of India’s top business schools?

The NIRF’s MBA Rankings 2019 are based on 5 major factors – Teaching & Learning Resources, Graduation Outcomes, Outreach & Inclusivity, Perception, and Research & Professional Practice. For the purpose of this analysis, we will consider 2 out of the 5 factors germane to MBA aspirants, i.e., Perception and Graduation Outcomes.


  1. Overall Rankings
  2. Perception
  3. Graduation Outcomes
  4. Do Rankings Matter?

Overall Rankings

The overall rankings are calculated by merging the 5 factors that MHRD considers for its rankings. Each factor is assigned a weight, and a weighted average is calculated based on these weights. The following are the weights for the 5 factors:

  • Teaching, Learning & Resources (TLR) – 0.30
  • Research and Professional Practice (RPC) – 0.30
  • Graduation Outcomes (GO) – 0.20
  • Outreach and Inclusivity (OI) – 0.10
  • Perception (P) – 0.10

For example, consider two MBA institutes – FMS Delhi (ranked 35th) and VGSoM IIT Kharagpur (ranked 6th). Here is how these institutes got their overall rank:

Rank TLR
VGSoM, IIT Kharagpur 6th 57.85 67.03 87.58 71.1 45.52 66.642
FMS Delhi 35th 49.87 8.44 96.16 65.83 49.9 48.298

If only GO, P and TLR were considered, with equal weights, then the following would be the results:

Teaching & Learning Resources
Graduation Outcomes (0.2) Perception
VGSoM, IIT Kharagpur 57.85 87.58 45.52 63.65
FMS Delhi 49.87 96.16 49.9 65.31

Clearly, the MHRD NIRF rankings are majorly influenced by the Teaching & Learning Resources available at the institutes, and the Research and Professional Practices – these make up 60% of the total weight. But is this a fair assessment of MBA institutes?

MHRD NIRF MBA Rankings 2019 | Top 50 Indian B-Schools | Overall Rankings
Rank Institute Score (Out of 100) Rank Institute Score (Out of 100)
1 IIM Bangalore 81.34 26 IMI New Delhi 52.17
2 Ahmedabad 80.61 27 IIM Ranchi 51.02
3 Calcutta 79.05 28 NITIE 50.96
4 Lucknow 67.29 29 Kalinga Institute of Technology 50.95
5 Indore 67.01 30 IIFT Delhi 50.56
6 VGSoM IIT Kharagpur 66.64 31 IIT Dhanbad 49.94
7 XLRI Jamshedpur 65.33 32 TAPMI Manipal 48.55
8 IIM Kozhikode 64.82 33 Jamia Millia Islamia 48.42
9 DoMS IIT Delhi 62.89 34 FMS Delhi 48.29
10 SJMSoM IIT Bombay 62.74 35 LIBA Chennai 48.26
11 DoMS IIT Roorkee 62.11 36 PSG College of Technology 47.58
12 MDI Gurgaon 61.89 37 FORE School of Management 47.44
13 IIM Udaipur 60.79 38 BHU 47.27
14 IIM Trichy 59.15 39 Nirma University 47.22
15 DoMS IIT Madras 58.4 40 IMT Ghaziabad 46.81
16 SPJIMR Mumbai 55.67 41 Alliance University 46.53
17 NIT Trichy 55.57 42 Anna University 45.75
18 GLIM Chennai 55.09 43 Xavier University 45.7
19 IIM Raipur 53.86 44 IMI Kolkata 45.44
20 SIBM Pune ; NMIMS Mumbai 53.56 45 VIT 45.13
21 IIT Kanpur 53.37 46 IFMR 45
22 IIM Rohtak 53.11 47 Panjab University 44.99
23 IIM Shillong 53.01 48 Amity University 44.93
24 IIM Kashipur 52.76 49 Goa Institute of Management 44.72
25 ICFAI 52.74 50 IRMA 44.13

Observations That Stand Out

Some questions that arise after looking at the overall rankings are – why is there such a disparity in the weights assigned to the 5 factors? Why is the inclusivity of a B-school less important than the quality Doctoral programmes offered by a B-school? Why must B-school perception have such little influence on rankings?

As a result of weights that appear to be disproportionate, institutes such as ICFAI, IITs, Kalinga Institute of Technology, LIBA, TAPMI and Jamia Millia Islamia are ranked higher than FMS Delhi;  VGSoM is better than most of Tier-1 management institutes, including IIM Kozhikode, SPJIMR and MDI Gurgaon, and a reputed institute like IRMA is ranked 50th.

Second generation IIMs are made to look like second-class MBA institutes, although from the Graduation Outcomes factor it is clear that these are a part of the Top-20 MBA institutes of India.

Bearing this in mind, another confusing aspect of the rankings is the layout of the rankings themselves. While the scores of each B-school in each of the 5 categories is mentioned clearly, there is no factor-wise ranking available, as was the case till last year, making the overall rankings even more confusing.

MHRD NIRF MBA Rankings 2019 – Perception

The MHRD NIRF MBA Rankings 2019 evaluate Perception by taking into account public perception, perception of employers, perception of academic peers, and perception of the general public.

But what does ‘Perception’ generally mean, when it comes to B-school rankings?

‘Perception’, in simple terms, refers to brand equity of an institute, i.e., what kind of an impact does a B-school brand have on its desirability. Perception is a sub-conscious confluence of factors such as placements, infrastructure, location, popularity etc.

Rank Institute Perception Rank Institute Perception
1 IIM Bangalore 100 26 IIM Udaipur 25.08
2 IIM Ahmedabad 96.32 27 IIT Dhanbad 25.08
3 IIM Calcutta 94.02 28 IRMA 22.61
4 IIM Lucknow 69.57 29 BHU 22.24
5 IIM Kozhikode 69.22 30 SPJIMR Mumbai 21.13
6 IIM Trichy 62.38 31 MDI Gurgaon 21.13
7 Bharathidasan Institute of Management 54.21 32 IIM Rohtak 21.13
8 DoMS IIT Madras 52.11 33 Great Lakes Institute of Management 20.37
9 IIM Indore 51.93 34 IIM Raipur 18.8
10 FMS Delhi 49.9 35 VIT 18.8
11 XLRI Jamshedpur 46.56 36 IMED Pune 16.76
12 VGSoM IIT Kharagpur 45.52 37 NITIE Mumbai 16.34
13 SJMSoM IIT Bombay 43.37 38 Kalinga Institute of Industrial Technology 15.92
14 DoMS IIT Delhi 43.37 39 Panjab University 15.49
15 Anna University 42.02 40 NMIMS Mumbai 15.06
16 IIM Ranchi 39.92 41 DoMS IIT Roorkee 14.17
17 PSG College of Technology 38.2 42 TAPMI Manipal 14.17
18 LIBA 36.41 43 IIM Kashipur 13.73
19 IIM Shillong 35.62 44 IMI Kolkata 13.73
20 IIFT Delhi 32.87 45 Goa Institute of Management 13.28
21 BIT Ranchi 29 46 IMI Delhi 12.82
22 SIBM Pune 28.69 47 IMT Ghaziabad 12.36
23 XUB 28.69 48 ICFAI 10.45
24 NIT Trichy 28.05 49 BIMTECH 9.97
25 IIT Kanpur 25.76 50 Jamia Millia Islamia 7.95

“Hey bro. I am so happy for you. I mean, landing calls from FMS Delhi, IIM Indore, XLRI Jamshedpur, IIM Shillong, SIBM Pune, IIFT Delhi…phew! Which one are you joining?”
“Bro. The choice is clear. I’ll be joining Bharathidasan Institute of Management.”
“Great choice bro!”

MHRD has had erroneous rankings in the past but this time they have outdone themselves. In terms of perception as a business school, BIM-Trichy has outdone some of the top management institutes of the country. MDI Gurgaon, SPJIMR Mumbai, IIM Udaipur, IRMA, IIM Rohtak, SIBM Pune, are all rated significantly lower than colleges such as PSG, LIBA, BIT Ranchi and Anna University. Vellore Institute of Technology (VIT) and IMED are ranked higher than NITIE Mumbai, while IMT Ghaziabad and IMI New Delhi are almost peripheral in these rankings. It appears that in terms of location, infrastructure, average CTCs offered, Alumni network etc., every single institute B-school has been disproportionately ranked.

For instance, compare LIBA with management institutes below it that would conventionally feature in the Top-15 of any MBA rankings:

B-School Location Average CTC Highest CTC Year Established
LIBA Chennai 9,00,000 17,00,000 1979
IIFT Delhi NCR 20,07,000 1,00,00,000 1963
MDI Delhi NCR 20,13,000 40,79,000 1973
SPJIMR Mumbai 22,90,000 25,00,000 >= 1981
IIM Shillong Shillong 16,79,000 28,00,000 2008
SIBM Pune 17,48,000 29,00,000 1978
NITIE Mumbai 20,19,000 46,50,000 1963

Location, Placements, and expected Alumni base – in all aspects, LIBA is inferior to the institutes in the aforementioned table. This trend can be applicable to every single disproportionately ranked MBA institute in the MHRD NIRF MBA Rankings 2019.

The only rankings more ludicrous than these belong to The Economic Times, where Amity University rivals the likes of Harvard and Dartmouth.

An observation, though unconfirmed, is that it appears that MHRD’s “online survey” to garner Public Perception scores appears to be flawed, and seems to be more inclined towards B-schools in Southern India that may not necessarily have a very strong standing as brands in the minds of MBA aspirants and other relevant stakeholders in other parts of the country. Could it be that, by the rule of weighted averages, a large number of survey takers may have been residents of Southern India, thereby majorly influencing their personal (and valid) preferences for B-schools in close proximity?

One thing, and perhaps the only thing that these rankings based on Perception seem to have gotten right is the unwavering Indian obsession with the ‘IIT’ brand. This is consistent with the rankings released by InsideIIM where SJMSoM, IIT Bombay and DoMS, IIT Delhi have outranked even the second generation of IIMs and other top institutes such as MICA.

To test these rankings based on ‘Perception’, I suggest that you as a reader take a look at InsideIIM’s MBA Rankings – 2019, compare it with the MHRD NIRF Rankings 2019 mentioned above, and ET Rankings 2019 and honestly decide which rankings are more authentic and unequivocal.

You can register your response in the form below. Once you have filled the survey, click on ‘See Previous Responses’ to check what others have to say.

You can also ask any questions that you may have around the MHRD NIRF rankings here.

MHRD NIRF MBA Rankings 2019 – Graduation Outcomes

The MHRD NIRF MBA Rankings evaluate Graduation Outcomes of a B-school, which is measured by the %age of students placed through campus placements, Median salary, %age of students passing the University examinations, etc.

This is perhaps the most important aspect to consider for MBA aspirants, since these rankings clearly delineate which business schools are better bets than others when it comes to the final outcome of the 1-year/2-years spent at a B-school.

Rank Institute Graduation Outcomes Rank Institute Graduation Outcomes
1 IIM Bangalore 98.35 26 TAPMI Manipal 85
2 IIM Ahmedabad 98.1 27 Great Lakes Institute of Management 84.93
3 XLRI Jamshedpur 98.07 28 LIBA 84.84
4 SPJIMR Mumbai 96.64 29 IFMR Chennai/SriCity (KREA University) 84.73
5 FMS Delhi 96.16 30 IRMA 84.63
6 IIM Calcutta 96.07 31 FORE School of Management 84.4
7 MDI Gurgaon 94.59 32 IMI Delhi 84.01
8 SIBM Pune 94.47 33 KJSIMSR 83.38
9 IIM Kozhikode 93.89 34 IMT Ghaziabad 81.61
10 IIM Indore 93.21 35 Alliance University 81.38
11 IIM Lucknow 93.01 36 BIMTECH 79.44
12 IIM Shillong 92.23 37 DoMS IIT Roorkee 78.97
13 IIM Ranchi 91.02 38 Goa Institute of Management 78.31
14 NMIMS Mumbai 90 39 ICFAI 78.18
15 IIM Raipur 89.98 40 DoMS IIT Madras 77.8
16 XUB 89.04 41 Kalinga Institute of Industrial Technology 76.73
17 IIM Rohtak 88.61 42 NIT Trichy 76.4
18 IIM Trichy 88.47 43 BHU 75.94
19 SJMSoM IIT Bombay 88.26 44 Panjab University 74.01
20 VGSoM IIT Kharagpur 87.58 45 PSG College of Technology 73.8
21 Bharathidasan Institute of Management 86.37 46 Jamia Millia Islamia 72.93
22 NITIE Mumbai 86.24 47 Nirma University 72.15
23 IIM Kashipur 85.9 48 DoMS IIT Delhi 71.84
24 IIFT Delhi 85.76 49 IMED Pune 71.04
25 IIM Udaipur 85.01 50 IMI Kolkata 70.92

Observations That Stand Out

When it comes to Graduation Outcomes, the rankings appear to be somewhat familiar. According to the NIRF Rankings, 2 of the holy trinity of IIMs are positioned right at the top when it comes to the final outcome of the 2-years spent at a B-school. IIM Bangalore has stood out at the top, which is also consistent with its global perception as a management institute, having been ranked higher than IIM Ahmedabad in the Financial Times’ Global MBA Rankings for 2019.

It must be noted that relatively new IIMs such as IIM Ranchi, IIM Raipur, IIM Rohtak and IIM Trichy are positioned amongst the Top-20 B-schools with regard to the final outcome of the PGP courses offered by these institutes. This is a testimony to the fact that most of the burgeoning second generation IIMs are highly appealing options to pursue management education.

Somewhat confusing is the position obtained by IIFT Delhi and NITIE Mumbai, two of the top MBA institutes in India with higher than average placements year-on-year. However, one must also bear in mind that Graduation Outcomes also comprise factors other than median salaries at B-schools, which is where perhaps NITIE Mumbai and IIFT Delhi missed out.

SIBM Pune must be lauded for attaining a rank above 4 out of the 7 old IIMs and all of the second generation IIMs.

It is interesting that when the rankings for Graduation Outcomes and Perception are tallied, there is utter incongruence, which implies that perhaps MHRD’s survey was not directed to the right audience, i.e., those with some knowledge of Indian MBA institutes.


The NIRF rankings have been questioned by multiple reputed universities and institutes, including IIFT Delhi that questioned its 81st position when the NIRF first came out with its rankings in 2016, and IIT BHU which questioned it in 2017.

When it comes to the NIRF MBA Rankings 2019, the only element that cannot be double-checked and verified for veracity is ‘Perception’, and that is exactly where the rankings begin to crumble and become irrelevant, even though it has the lowest weightage out of all the 5 factors that MHRD considers. However, it does contribute 10% of the total weight and therefore is quite important to the overall rankings.

The rankings based on Graduation Outcomes appear to be accurate, more-or-less, and present a relatively true picture of the top MBA institutes in the country.

Overall, if it were up to me, I would assign weights to Graduation Outcomes, Teaching & Learning Resources, Outreach & Inclusivity, and Perception in the ratio 3:3:2:0 respectively for these rankings in particular, considering the rankings based on Perception are a clear aberration.

Do Rankings Matter?

Yes, they do. But crucial career decisions are not contingent on rankings alone. Rankings must be treated as a basis for establishing a general idea of desirability and priority because after all, there is bound to be some truth to the rankings that are released by credible organisations, thereby also putting the onus on them to get it right.

For instance, those unaware of the top management institutes outside of India will have no clue where to even begin applying since there is no basis for even knowing which B-schools are desirable, let alone prioritising one B-school over another. This is where rankings such as Financial Times’ Global MBA Rankings and QS World Rankings come into the picture. Rankings by MHRD, ET, InsideIIM, Business Today, The Week, Mint play a similar role for Indian B-school rankings.

Therefore, it is a good idea to look at all rankings, gather the general opinion about the Top-20 B-schools, and then begin primary research to actually understand which B-schools will be the right fit for your career ambitions.

Otherwise just join Bharathidasan Institute of Management. It’s better than the best IIMs, you know.

 MHRD NIRF MBA Rankings 2019 – Top 50 MBA Institutes
Rank Teaching & Learning Resources Graduation Outcomes Outreach & Inclusivity Perception
1 IIM Bangalore 92.85 IIM Bangalore 98.35 ICFAI 77.56 IIM Bangalore 100
2 IIM Ahmedabad 90.74 IIM Ahmedabad 98.1 IMED Pune 75.4 IIM Ahmedabad 96.32
3 IIM Calcutta 90.14 XLRI Jamshedpur 98.07 IFMR Chennai/SriCity (KREA University) 74.46 IIM Calcutta 94.02
4 XLRI Jamshedpur 87.21 SPJIMR Mumbai 96.64 IIM Raipur 73.19 IIM Lucknow 69.57
5 IIM Lucknow 85.37 FMS Delhi 96.16 IIM Bangalore 73.09 IIM Kozhikode 69.22
6 IIM Indore 83.11 IIM Calcutta 96.07 IIM Udaipur 71.99 IIM Trichy 62.38
7 Great Lakes 81.04 MDI Gurgaon 94.59 IIM Calcutta 71.52 Bharathidasan Institute of Management 54.21
8 IIM Kozhikode 80.83 SIBM Pune 94.47 VGSoM IIT Kharagpur 71.1 DoMS IIT Madras 52.11
9 MDI Gurgaon 79.5 IIM Kozhikode 93.89 SPJIMR Mumbai 71.08 IIM Indore 51.93
10 IIM Trichy 79.3 IIM Indore 93.21 LPU 70.36 FMS Delhi 49.9
11 IIM Udaipur 78.26 IIM Lucknow 93.01 IIM Indore 70.21 XLRI Jamshedpur 46.56
12 IIM Shillong 76.57 IIM Shillong 92.23 NMIMS Mumbai 70.06 VGSoM IIT Kharagpur 45.52
13 Nirma University 76.19 IIM Ranchi 91.02 Jamia Millia Islamia 69.86 SJMSoM IIT Bombay 43.37
14 IIM Kashipur 75.23 NMIMS Mumbai 90 Great Lakes 69.56 DoMS IIT Delhi 43.37
15 SIBM Pune 74.85 IIM Raipur 89.98 IIM Ranchi 68.32 Anna University 42.02
16 SPJIMR Mumbai 74.15 XUB 89.04 IIM Ahmedabad 68.12 IIM Ranchi 39.92
17 NMIMS Mumbai 74.13 IIM Rohtak 88.61 BIMTECH 67.87 PSG College of Technology 38.2
18 Kalinga Institute of Industrial Technology 73.95 IIM Trichy 88.47 Goa Institute of Management 67.44 LIBA 36.41
19 IIT Dhanbad 72.05 SJMSoM IIT Bombay 88.26 Kalinga Institute of Industrial Technology 67.43 IIM Shillong 35.62
20 ICFAI 70.43 VGSoM IIT Kharagpur 87.58 IMI Delhi 67.38 IIFT Delhi 32.87
21 IIM Raipur 70.36 Bharathidasan Institute of Management 86.37 SIBM Pune 67.17 BIT Ranchi 29
22 IMI Delhi 69.42 NITIE Mumbai 86.24 TAPMI Manipal 66.75 SIBM Pune 28.69
23 IMI Kolkata 69.19 IIM Kashipur 85.9 IIM Rohtak 66.21 XUB 28.69
24 Alliance University 69.11 IIFT Delhi 85.76 LIBA 65.88 NIT Trichy 28.05
25 LIBA 68.95 IIM Udaipur 85.01 FMS Delhi 65.83 IIT Kanpur 25.76
26 LPU 68.43 TAPMI Manipal 85 DoMS IIT Delhi 65.12 IIM Udaipur 25.08
27 DoMS IIT Madras 68.33 Great Lakes 84.93 Alliance University 65.11 IIT Dhanbad 25.08
28 FORE School of Management 68.16 LIBA 84.84 Amity University 64.68 IRMA 22.61
29 UPES Dehradun 67.99 IFMR Chennai/SriCity (KREA University) 84.73 Nirma University 64.67 BHU 22.24
30 IMED Pune 67.14 IRMA 84.63 NIT Trichy 64.25 SPJIMR Mumbai 21.13
31 IIT Kanpur 66.41 FORE School of Management 84.4 IMT Ghaziabad 63.96 MDI Gurgaon 21.13
32 KJSIMSR 66.18 IMI Delhi 84.01 MDI Gurgaon 63.77 IIM Rohtak 21.13
33 BHU 66.13 KJSIMSR 83.38 FORE School of Management 63.73 Great Lakes 20.37
34 IIFT Delhi 65.64 IMT Ghaziabad 81.61 IIM Trichy 63.49 IIM Raipur 18.8
35 IIM Ranchi 65.06 Alliance University 81.38 DoMS IIT Madras 63.04 VIT 18.8
36 BIMTECH 64.79 BIMTECH 79.44 IMI Kolkata 62.92 IMED Pune 16.76
37 Jamia Millia Islamia 64 DoMS IIT Roorkee 78.97 UPES Dehradun 62.7 NITIE Mumbai 16.34
38 IFMR Chennai/SriCity (KREA University) 63.63 Goa Institute of Management 78.31 XLRI Jamshedpur 62.24 Kalinga Institute of Industrial Technology 15.92
39 PSG College of Technology 63.56 ICFAI 78.18 IIM Kashipur 60.66 Panjab University 15.49
40 SJMSoM IIT Bombay 62.77 DoMS IIT Madras 77.8 DoMS IIT Roorkee 60.18 NMIMS Mumbai 15.06

What do you think of this analysis? Which points do you agree with the most, and which points didn’t make even a bit of sense?

Let me know in the comments, and I will try and attempt to improve my analysis!


MBA rankings are just one part of the game. What matters most is preparing for CAT and cracking the exam! Here are some guides and preparation kits that may help you crack CAT in 2019, and will also help you in the post-CAT admissions process – 

Chirag Shukla

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Mubarak Ali

Don’t agree a bit with the MHRD rankings. I don’t know what are the metrics and formula they apply to make the rankings.

Top 20 B-Schools are:

Mubarak Ali

Yeah, right, maybe IIM Shilling can slot in after Sjmsom, because only factor with IIM Shilling compared to SJMSOM is IIM tag, otherwise location, ROI and even placements at SJMSOM are slightly better than IIM-S

Raman Sharma

Some what okay but you should keep 2 of the old IITs(Delhi and Kgp) above all the new IIMs because of many factors including established alumni, brand recognition, average and median salaries, support from larger IIT ecosystem, faculties and facilities and finally ROI so no rankings is honest if they don’t place the three IITs (SJMSoM, VGSoM and DMS(iit delhi)) in top 20.

Mubarak Ali

I did placed the SJMSOM above new IIM’s
And with IIT KGP, I felt very few will chose VGSOM IIT-KGP if they got acceptance letter from maybe IIM Trichy. IIT Delhi can come equivalent to New IIM’s in ranking, but again IIM brand matters and these IIM’s are now 7-8 years old, almost all have permanent campus and infrastructure and placements are getting better each YoY.


XIMB should have been there ahead of the new IIMs like Kashipur and Raipur. XIMB is way ahead of these institutes in terms of alumni base as well as the average packages.