For instance, some B-schools like the Management Development Institute (MDI) Gurgaon and SP Jain close their application process in December itself, before CAT results are announced, necessitating wasteful expenditure.

Respondents selected B-schools on the basis of their placement history, corporate linkages, position of B-Schools in various rankings and government approvals and faculty, rather than specialisations offered or location.

MBAUniverse.com has categorised six types on MBA institutions in India: IIMs and IIT B-schools; 300 autonomous PG Diploma in Management (PGDM); government/ministry promoted MBA institutes like IIFT; private university MBAs; public university departments (centre and state); and independent schools like ISB.

The country has 500 stand-alone B-schools, PG Diploma in Management (PGDM) programmes; and nearly 3,000 MBA departments, offering 350,000 seats in a year.

"Regulation, policy and accreditation is a key challenge for Indian B-schools. Faculty shortage was also escalating the crisis," said Jagdish Sheth, professor of marketing at Emory University, U.S. and author of 73 management books.

"The curriculum on branding taught today has become irrelevant as what is needed is grounding in social media and digital marketing but the faculty has no clue about these subjects," added Sheth.
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