ICFAI Business School (IBS), Mumbai

Overview

IBS Mumbai is located in the financial capital of the country, and uses its location and robust curriculum to produce highly qualified MBA graduates. ICFAI Business School Mumbai is part of the IBS group, which has nine campuses in India’s most prominent cities, with a total of more than 8,500 students and 66,000 alumni, over its quarter century of existence. IBS Mumbai has impressive rankings, with Business Today ranking it #20 among the best MBA colleges in India (Private), Business India and the Business Standard giving it A++ and A4 ratings respectively, and Careers 360 ranking it #7 among all MBA colleges in the West Zone. It has been recognized for its ability to produce management leaders and consultants, while churning out top quality research.

ICFAI Business School Mumbai is highly ranked primarily because of its strong placement record. In the 2023 placement season, 98% of all students in the outgoing batch were placed successfully. The average salary was INR 8.17 LPA, with the highest salary going up to INR 18.8 LPA (national) and INR 11.13 LPA (international). This was not an isolated incident, with the top 10% of students receiving job offers with packages exceeding INR 13.3 LPA. The top companies in each industrial sector were among the recruiters from IBS Mumbai, including top Financial Services firms (HDFC Bank, Tata Capital), Consulting Firms (Deloitte, EY India, KPMG Global Services), Business Analytics Firms (Morgan Stanley, Modak Analytics, SG Analytics),  e-commerce majors (Naukri, Oyo Hotels), and Marketing / Advertising firms (Nielsen, Spykar Lifestyles, ET Edge).

Highlights

Fees

The total tuition fee for PGDM students of ICFAI Business School Mumbai is INR 9.09 Lakh; this is for the entire two year program. In addition, students must also pay a one time security deposit of INR 10,000 at the time of admission. This will be returned when they graduate on the condition that their behavior is good and no damage is caused to Institute property.

There is no hostel on the IBS Mumbai campus. Therefore, most students opt to stay in private accommodations near the college. Students must therefore budget for rent and food costs every month, which are relatively higher in Mumbai than in any other Indian city. However, travel costs are lower in Mumbai due to the well developed public transport system.

Admissions

The eligibility criteria for admission to the PGPM program at ICFAI Business School Mumbai are as follows:

• The student should hold an undergraduate degree in any discipline with a minimum of three years’ duration, with a total of at least 15 years of education (12 years of school + UG).
• The aggregate performance during all years of the UG degree must exceed 50%.
• The medium of instruction in the Bachelor’s degree must be English. Failing this, candidates must submit TOEFL or IELTS scores to qualify for admission.
• Students in the final year of a Bachelor’s degree may also apply, provided that they submit all their transcripts by November 1 of the year in which the PGPM degree starts.

During the application and admission procedure, ICFAI Business School Mumbai accepts any one of the following test scores:

• IBSAT (conducted by the IBS management for admission to any IBS campus).
• GMAT
• NMAT
• CAT
• XAT

The test score is a qualifying criterion, and candidates who have valid scores are considered for the further selection process. There are two rounds in the final screening: Group Discussion (GD) and Personal Interview (PI). After all rounds are completed, the final merit list is prepared based on past academic record, GD and PI performance (the qualifying entrance test score is not considered for the final ranking). Candidates who receive an offer of admission must confirm their acceptance by paying the registration fee on the prescribed date. If any of the candidates on the merit list choose to give up their seats, students in the waitlist will be given a chance to join the PGPM program at IBS Mumbai.

Placements

IBS Mumbai has displayed consistently strong placement records, ensuring that it maintains its position in the top 10 Business Schools in the West Zone. Some highlights from the 2023 placement season are as follows:

• Highest package offered: INR 18.8 LPA.
• Percentage of students successfully placed: 98%.
• Median salary of all students: INR 8.17 LPA.
• Top 10 percentile average salary: INR 13.3 LPA.
• Top 25 percentile average salary: INR 11.01 LPA.

Both national and international firms took part in the placement procedure, with the top international package exceeding INR 11 LPA. The process has multiple steps, starting with mandatory internships (which must last for 14 weeks, much longer than in many other Business Schools) between the first and second years, and regular live projects during the semester to ensure that students have opportunities to develop and strengthen their CVs. Finally, in the second year, companies visit the campus to give pre-placement talks and conduct workshops, after which applications are gathered and the shortlisted students take part in the final placement interviews. Finally, job offers are issued by companies, which must be accepted before the end of the placement season.

Over a hundred companies took part in the hiring process at IBS Mumbai in 2023, with  significant overlap with the best MBA colleges in India. Some of the major firms were:

• Public and Private Banking majors: HDFC, Kotak Mahindra, DBS Bank, Bank of America (KPO), IDFC First, ICICI.
• Financial Services firms: Kotak Securities, Juno Finance, Datamatics Financial Services, Nomura, National Stock Exchange, Deloitte Tax Services.
• Real Estate conglomerates: Mahindra Lifespaces, Lodha Group, Manglam Builders.
• Industrial giants: Reliance Jio, Wipro, Zytech Solar.
• Consulting firms: Deloitte, KPMG, EY India.
• Business Analytics corporations: Modak Analytics, SG Analytics, Cians Analytics.

Cut-Offs

The cut-offs for the three main stages of the admission procedure to the PGPM program at ICFAI Business School Mumbai are as follows:

• Undergraduate academic performance: At least 50% is needed as aggregate across all UG semesters.
• Qualifying entrance examination: No cut-off is announced ahead of time. Instead, the top candidates are shortlisted based on the number of applicants. The final cut-off is different for each MBA aptitude test (e.g. CAT, GMAT, IBSAT).
• Final selection: Each candidate is given a score based on academic record, GD performance, and PI performance. This score is used to prepare the merit list, and the cut-off is not made public.

Faculty & Alumni

ICFAI Business School Mumbai is home to 45 highly qualified core Faculty Members. Most Faculty members hold MBA, PGDM, or PhD degrees, with a few Finance experts having CA and M.Com. degrees. Together, they specialize in the different fields offered by IBS: Finance, Marketing, Operations, Organizational Behavior and Human Resource Management. They are also responsible for ensuring practical exposure to industry standards, thereby indirectly preparing them for the placement season. Faculty members use the case study method while teaching, and more than 100 corporate leaders work as visiting faculty members.

All alumni activities of ICFAI Business School Mumbai are coordinated by the umbrella IBS Alumni Federation (IBSAF), which connects all 66,000 alumni of the Business School across all campuses. This organization was formed in 1997, when the first batch of PGDM students graduated, and primarily seeks to facilitate professional networking among graduates of the college. It also organizes events, like the annual IBS Alumni Meet and Workshops on various topics that are of interest to both alumni and current students (e.g. Stock Market Trading). According to the latest statistics, alumni of IBS Mumbai work in more than 900 renowned companies across the world.

Scholarships

There are two main categories of scholarships for students of ICFAI Business School Mumbai:

1. Admission Scholarships: These are awarded to four categories of students:

• Top performers in the annual IBSAT entrance examination. The criteria will be determined each year according to the overall performance of all the students who appear for the test.
• Children or wards of defense and paramilitary personnel. Both active and retired service members are considered.
• Physically challenged students. The criteria are determined on a case by case basis.
• Children or wards of alumni of IBS, from any of the nine campuses.

The amount of each scholarship varies, and will be decided by the management every academic year.

2. Student Assistantships: Students of IBS Mumbai who are skilled in digital and social media marketing can apply for Digital Marketing Assistantships. These are paid live projects that can be used by students to partly finance their studies, while also enabling them to learn on the job and strengthen their CVs.

In addition, IBS Mumbai helps students with education loans wherever necessary.

Preparation & FAQs

The first round of selection for IBS Mumbai depends on the entrance test score. Aspirants must appear for any one of the main national MBA aptitude tests, or IBSAT. IBSAT tests six main skills: quantitative techniques, data interpretation, data adequacy, vocabulary, analytical reasoning and reading comprehension. Most students choose to attend classes for their chosen entrance test, in addition to working out sample papers and mock examinations.

After qualifying via the entrance test score, candidates must also prepare for the in-person rounds: Group Discussion and Personal Interview. These test the applicant’s ability to talk coherently about his/her academic and professional experience. In addition to preparing short introductory speeches about each section of their CVs, candidates should also improve their communication skills in English through classes or group sessions with friends.

Frequently Asked Questions (FAQs)

Q. Which is the best Business School in Mumbai?

ICFAI Business School, Mumbai, is one of the top MBA colleges in Maharashtra, and is expected to be a contender for best Business School in Mumbai. It is ranked #74 in the 2023 IIRF Rankings of top MBA colleges in India - Private.

Q. Does ICFAI Business School Mumbai help students with summer internships?

Summer internships (SIP) at IBS Mumbai are an important part of the curriculum, and the Faculty members are closely involved in the process of allocation and selection. The SIP lasts for 14 weeks, and performance is monitored by the IBS authorities, thereby ensuring that there is extensive practical exposure.

Q. How does IBS Mumbai ensure international exposure for its students?

In addition to globally accomplished Faculty members and MNCs present in the recruiting process, IBS Mumbai also organizes one week international trips for its students. For example, in November 2023, students of IBS Mumbai and Gurugram flew to Paris and Italy for international business exposure.

Q. What international level facilities are available for Finance students at IBS Mumbai?

ICFAI Business School Mumbai is one of the few B-Schools in India to have a Bloomberg Finance Lab, with 12 Bloomberg Terminals to ensure that Finance students can gain practical exposure to cutting edge technology used across the world. Top financial services firms also recruit from the Business School.