Research Methodology

The objective of this research is to arrive at a list of top business schools offering full time management courses - including two-year courses in India. The research had 3 major modules i.e. Desk Research, Factual survey & Perceptual Rating survey. Post collection of data a methodical analysis was done to rate the various B schools that participated in the study and rank them accordingly.

The survey was executed during 1st week of January to 2nd week of February 2020.

The ranking process in the current year, imbibed a holistic research module involving an objective study and a perceptual study. While the objective study is done to capture a true reflection of what exists, the perceptual study on the other hand is deemed important to comprehend how the different actors and the stakeholders perceive the B schools. Thus, these two modules in tandem help to make the ranking process more robust.


In order to get robust data, the study was completed in the following phases –


Secondary Desk research – Listing of B Schools across the country for the Survey

The first module was secondary research. Using various sources like the internet, magazines and publications, a comprehensive list of B-schools was generated. The following sources were used for the same –
  • List of ranked institutions from previous surveys
  • Secondary review of published information across various sources
  • Secondary review of published information across various sources
Diligent attempts were made to ensure that a comprehensive list of B-Schools was derived at. In order to achieve the same, we had the option of adding any new school name in the survey form if any respondent, during the perceptual survey mentioned any school name outside our list. Once in effect, this ensured that every B- School had a chance of getting covered in the survey if their name was mentioned by the respondents.

In totality, a list of 135 B-Schools along with their contact details was generated. It was ensured that all schools in the list fulfilled the above-mentioned criteria.


Factual Data Collection

The second module was factual data collection. This was done in order to garner the perception of the upper management of the B-Schools and their views on the functioning of the B schools, their infrastructure and the facilities they provided. The following information areas were delved into –
  • Selection Process
  • Affiliation/ accreditations / collaboration
  • Learning Components
  • Curriculum
  • Faculty
  • Pedagogy
  • Future Orientation
  • Global exposure
  • Industry Interface - Interaction/ live projects/ corporate internship
  • Potential to network/ alumni outreach
  • Infrastructure and living experience
  • Facilities provided
  • Extracurricular activities
  • Fee structure
  • Placements
A dedicated team under the direct supervision of a senior researcher was put on job. Their tasks entailed sending regular emails and rigorous follow ups in the form of telephonic calls for timely participation and achieving completeness of information.


Perceptual Survey

The third module was a perceptual survey which was conducted amongst a selected set of respondents including HR professionals, faculty, young management executives, management students, aspiring students, parents of current students & parents of aspiring management students through structured questionnaires. This was done to arrive at a ranking and rating of all the listed B schools as well as any others that they are aware of.

The sample selection was done using convenience sampling method. However, the sample was spread out geographically to get better representation. This was done by selecting multiple starting points spread across the cities.

This sample survey of 1000 was conducted across 10 cities viz Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Ahmedabad, Kochi, Pune and Lucknow.


The findings from the 3 modules were combined to get a ranking of the most prominent B schools functioning across the country. Equal weightage was given to factual and perceptual scores. The final ranking was given basis a combination of both theses scores.

The following steps were followed to reach to the same –

Calculation of Perceptual Score

The perceptual scores were derived in stages by following the below mentioned methodology -
  • Ratings on various parameters for each B- School
  • Calculating importance of various parameters to arrive at weights for each parameter – regression model was used to arrive at the importance of various parameters
  • Calculation of raw scores and weighted scores for each parameter
  • Calculation of overall score for each B- School using importance weightage

Calculation of Factual Score

The factual scores were derived in stages by following the below mentioned methodology -
  • Collecting information corresponding to similar parameters as in the perceptual survey
  • Developing a detailed scoring system for each parameter
  • Post assigning scores to each parameter, calculating the raw scores
  • Measuring raw scores by their importance to arrive at weighted scores

The final score for a B- School was weighted average of Perception Score and Factual Score - equal weightage given to both.

Post assigning ranks, a list of top 100 B schools was given in alphabetical order at an overall level and zone wise and the list of institutes who have not shared factual questionnaire, but are ranked high basis perceptual score was shared in alphabetical order.


  • Best efforts were made to reach maximum B- School’s and their participation was called for
  • A thorough review of the instruments and parameters was undertaken by Senior Researchers and the experts in their fields.
  • B- schools participated and shared the desired information with us.
  • While computing the objective scores it was ensured that data was normalized on the basis of students.
  • The B- Schools that did not send complete “Fact-Sheet” within the allotted time were listed separately based on perception scores
  • The schools who have not shared the factual questionnaire and have explicitly stated their unwillingness to participate in the ranking survey have been excluded from this survey.
  • Relatively newer B- School’s which have shown noteworthy developments in the field of management education and have less than 5 batches graduated out of the B- School were included in Emerging B- School List.
  • The institutes, who have shared their factual questionnaire, were asked to give self-attestation on genuinety and authentication of the information.
  • The represented rankings are based on shared information. Market Xcel undertook reasonable measures to get complete and accurate information. However, any lapse or concealment of information or any part thereof that would have impacted results in any way is beyond the control of Market Xcel. Hence, we assume no responsibility towards the said.

  • Disclaimer- Present survey has been exclusively conducted by an independent Research Agency named Market Xcel Data Matrix Pvt. Ltd. using stated methodology for arriving at given rankings. The publication house and its affiliates/employees/authorized representatives/group companies are not responsible/ liable for the above rankings. Readers are advised to take an informed decision before acting upon the survey rankings.