While IIM Ahmedabad (IIMA) continues to hold the top spot in domestic rankings like the NIRF – and will likely do so in the upcoming NIRF 2026 – last week’s Financial Times Masters in Management (FT MiM) 2026 rankings present a different picture. IIM Bangalore (IIMB) retained its position as India’s highest-ranked B-school, jumping seven places to 21st globally. Meanwhile, Mumbai-based SPJIMR (SP Jain Institute of Management & Research) surged to 26th globally, leapfrogging IIMA (27th) to take the second spot in India.
Education analysts said this divergence is because of ranking design – while domestic rankings place heavy emphasis on infrastructure scale, capital expenditure, and regional perception, the FT MiM measures long-term career progression and structural student outcomes.
“The NIRF measures institutional size, domestic prestige, and physical inputs, which favours a legacy giant like IIMA,” said a former IIM director. “The FT ranking, on the other hand, asks a simple question: What did the institute actually deliver for the graduate three years after leaving the campus? That is where IIMB and SPJIMR are pulling ahead.”
The salary paradox
As far as weighted salaries are concerned, Indian institutions have absolute dominance. Driven by purchasing power parity (PPP) adjustments, seven of the top eight highest weighted salaries globally belong to Indian B-schools. IIMA leads globally with an average weighted salary of $199,706, beating the world’s overall top B-schools such as St Gallen Switzerland ($150,490), HEC Paris ($137,760), Shanghai Jiao Tong University ($135,354), and Insead France ($120,995).
Yet, despite topping the world in graduate pay, IIMA sits at 27th overall. This paradox highlights where Indian legacy institutes fall short: high salaries alone cannot offset lower scores in student support, alumni engagement, and classroom diversity.
IIMB and SPJIMR
A key reason for IIMB’s rise from 41st in 2024 to 28th in 2025 and 21st in 2026 is career delivery. The institute had a high Careers Service rank (eighth globally) and Alumni Network strength (19th globally). Prof U Dinesh Kumar, director-in-charge at IIMB, noted that benchmarking curriculum and outcomes against global standards has translated into transformational career value for graduates.
SPJIMR’s performance represents an even bigger disruption. The private B-school outperformed all Indian peers in crucial functional metrics, ranking second globally for Careers Service and sixth globally for Alumni Network, while also leading India in Value for Money and ESG & Net Zero Teaching.
“This year’s ranking reflects sustained gains across the metrics that matter most to our participants: career outcomes, alumni engagement, and the value our programme delivers,” said Varun Nagaraj, dean, SPJIMR. “We remain focused on strengthening every dimension of the participant experience, from placement support to the depth of learning we build into the programme.”
“What SPJIMR and IIMB have mastered is alumni lifecycle management and dedicated career support,” the former IIM director noted. “SPJIMR ranking second globally in Career Service is a massive statement, and proves that private agility and hyper-focused placement assistance can outperform traditional public brand momentum on global parameters.”
A broader global footprint
The shift comes amid an expanding global footprint for Indian management education, with 14 Indian B-schools making the FT Top 100 this year, up from 11 in 2025. Among them, IIM Kozhikode climbed 15 places to 54th globally, propelled by placement support and classroom diversity, leading Indian institutes with a 55% female student cohort.
The 2026 rankings show that while brand legacy and pay packages sustain domestic prestige, global recognition increasingly favours institutions prioritising student support systems, alumni activation, and sustainable governance.