Many prospective MBA students may not be aware of one aspect of the Indian School of Business (ISB): after completing the school’s flagship one-year programme, which would cost them more than Rs16 lakh, they will not get an MBA degree or its equivalent postgraduate diploma in management (PGDM, which is now synonymous with MBA).
The law of the land allows only a society or trust to give a professional degree. ISB is neither. It is registered under the Companies Act (though under section 25, which prohibits it from making a profit). Perhaps to keep itself on the right side of the law, ISB chose to change the nomenclature of its one-year programme, which is a certificate programme. It gives a certificate to the graduates, not a degree. So technically, an ISB graduate can’t be called an MBA.
Curious to know why ISB is still on the “hit list” of the All India Council for Technical Education (AICTE), I spoke to a senior official of the board recently. The official claimed to have as evidence, advertisements by ISB, which clearly state that it is running a postgraduate degree programme. This, he said, was clear contempt of law on ISB’s part as it is registered under the Companies Act.

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