The Narsee Monjee Institute of Management Studies (NMIMS) has established itself as a prominent institution in the field of management studies in India, achieving a ranking of 83 in the esteemed Financial Times Masters in Management (FT MiM) Ranking for 2023.
NMIMS distinguishes itself through its adaptability and industry alignment. Constantly benchmarking against global best practices, the institution actively involves industry partners in curriculum development. Feedback from recruiters and alumni shapes the curriculum, ensuring students acquire practical, job-relevant skills.
NMIMS offers innovative programmes like MBA in Healthcare Management, Law, and Pharmaceutical Management, often featuring industry leaders as guest faculty. Courses focus on cognitive skill development, bridging the gap between theory and real-world application.
Additionally, NMIMS emphasises internationalisation and intercultural competence, preparing students for global business challenges. The Group Process Lab teaches effective teamwork, essential in today's corporate landscape. The USP lies in this blend of academics and industry expertise.
The institution fosters diversity through a merit-based admission process, welcoming students from diverse backgrounds. Gender diversity among faculty and students further enhances the inclusive learning environment.
With valuable insights from Chandrima Sikdar, Assistant Dean of NMIMS School of Business Management, we explore the dynamic realm of NMIMS as a leading management institute.
How is NMIMS advancing in the field of management education in the country?
NMIMS has been in the field of Management education for forty-plus years. Apart from our rich legacy, what sets us apart is how closely we align ourselves with the needs of the industry. Plus, we have religiously maintained a dynamic curriculum. We regularly review our course offerings and, most importantly, we benchmark them against the best in the business, not just nationally but globally. In today's interconnected world, even events halfway across the globe can affect us, so we keep a vigilant eye on global trends and industry practices.
We also actively involve our industry partners in curriculum development. After we've laid the groundwork by benchmarking, we bring our industry partners on board. They are an integral part of our Board of Studies. They validate our curriculum to ensure it aligns with industry needs.
Another crucial aspect is feedback. We constantly gather insights from recruiters. We want to understand what our students excel at and where they may need improvement. This feedback loop helps us fine-tune our curriculum. We also reach out to our alumni, not just the veterans but also recent graduates to know how well their classroom learnings translated into their corporate roles. This feedback-driven approach has helped us evolve our mission, vision, and learning objectives over time.
Recently, during summer placements, an industry partner pointed out a gap in our students' preparation. They needed certain skills to be incorporated into the curriculum right at the beginning of their program. We couldn’t incorporate them into the curriculum in the first trimester but didn't shy away from adapting them. We implemented them in the form of a workshop making it mandatory for all students to attend. I would say our flexibility and responsiveness to industry feedback have been our driving forces, helping us cater to the demands of the business world.
Can you highlight any unique features of NMIMS management programs that distinguish them from other business schools in India, especially the Indian Institutes of Management (IIMs)?
When we talk about our competitors, we're mainly looking at the new players in the field, the new IIMs. The older ones are in a league of their own and work in a slightly different space. We've been very mindful of our competition and what sets us apart.
In our MBA curriculum and across our various programmes, we don't just focus on imparting business knowledge or critical thinking skills. We've been quite innovative in staying relevant in terms of our program offering. For instance, take our recent addition of an MBA in Healthcare Management. We recognised the growing demand in the healthcare sector, especially after the COVID-19 pandemic and swiftly introduced this programme. In that sense, NMIMS has been very innovative and has kept itself relevant to the changing times.
Speaking of niche offerings, we've gone a step further. We have programmes like an MBA in Law and even an MBA in Pharmaceutical Management, which is one of the best in the country. What's unique is that we bring in industry leaders, CEOs, and top professionals as guest faculty for the programme. The curriculum also has electives that are entirely led by industry partners. This blend of academics and industry expertise sets us apart.
Even within our curriculum, we have concentrated on cognitive skill-based courses to support our students’ cognitive development. In our MBA HR programme, for example, we offer courses like Sociology of Work and Organisational Psychology. We have a storytelling course in business which hones the students’ communication skills. These courses are designed to prepare students with practical, hands-on skill sets that they can immediately apply in a corporate setting.
We understand that critical thinking is important, but we want to help our students understand how their minds work, how psychology influences work, and how practical implementation of skills matters in the corporate world. It's all about bridging the gap between theory and real-world application.
We are also clear about the internationalisation of our courses while developing our course outlines. That's why we offer courses on intercultural competence and communication, skills that are highly valuable in today's global business environment. Hearing out what the industry needs, and understanding what it takes for a professional to really do well in today’s competitive job market has been our key differentiator.
Moreover, recognising the fact that in a corporate set-up, you don’t work in silos, and collaboration is vital, we have a special course called the "Group Process Lab." In this workshop, we teach students how to work effectively in teams and handle challenges.
We're focused on developing skills that truly set our programmes apart.
In which specific areas of management would you say NMIMS excels?
I think the earlier question answers a large part of this question. Basically, we are focused on combining technical skills (like understanding business concepts) with soft skills (like teamwork and communication). We give our students a simulated corporate world. Like, one of the things we deliberately do when they come in is divide them into diverse groups, giving students a taste of the complexities they'll face in their careers. Our goal is to prepare students for the real corporate world and make them ready for success.
What is the unique selling point (USP) of NMIMS? What innovative teaching methods or approaches does NMIMS employ to enhance the learning experience for students?
Our location is a significant USP for us. We have strong industry partners who have been loyal not only in terms of recruitment but also in supporting us with our curriculum. They actively participate in discussions, brainstorm with us, and provide valuable input on what kind of programme offerings we should introduce. Our industry partners even serve on our Board of Studies, where discussions can stretch for hours. We have this kind of collaboration multiple times a year, and it's a unique advantage we have.
I must mention our We Care programme as another one of our USPs. Under this unique experiment, students spend three weeks working with NGOs compulsorily. This experience sensitises them to the societal context and the real challenges faced by people on the ground, giving students a unique perspective of life. I must reiterate that it's not just an add-on; it's an integral part of our curriculum.
Besides that, we are committed to incorporating ESG (Environmental, Social, and Governance) concepts throughout our programmes. They are embedded in almost all our courses while a few courses have highlighted sections on ESG. In fact, this dedication to ESG is a part of our programme mission and vision. We aim to nurture socially responsible and ethical professionals and our seventh Program Learning Goal is solely dedicated to ESG. All our courses and curriculum are mapped with this goal and we have a dedicated centre for this at NMIMS – the Jasani Centre for Social Entrepreneurship and Sustainability Management.
We are proud to mention the Innovation of the Year Award we received during the second round of accreditation for the prestigious AACSB ranking.
How does NMIMS ensure a diverse and inclusive learning environment for its students?
Diversity is a big part of NMIMS’ identity. Right from the time we are onboarding students, we are mindful of the fact that our classrooms should reflect diversity. We look beyond just their academic background and welcome students from various educational backgrounds, even if they don't have a strong foundation in certain subjects. Our aim is to create a classroom with diverse perspectives. Over the years, we've transformed our classroom demographics from having 95% engineers to now having only 65% engineers.
Being a private institution without reservation of any kind has in itself ensured a lot of diversity on our campus. Our admissions are solely based on merit. As you know, we have a wide range of programmes and some of them attract more girls. So, our classrooms have always had a significant number of female students, and we are proud of that. As the Student Council heads, our leadership positions in student cells have mostly been girls. You can see gender diversity among senior faculty too. In fact, as per the latest Financial Times Global Ranking, the NMIMS MBA programme has featured amongst the top 15 globally and 2nd in India on gender diversity among faculty.
In your view, do students actively choose NMIMS over IIMs, and if so, why?
I'd like to reiterate a point I made earlier. Certainly, no one going to the older and more established IIMs will want to come to NMIMS. We are realistic about it. However, when it comes to the new IIMS, there's a significant number of students who choose us over them. They chose NMIMS because we are in Mumbai, because of our rich legacy, and because of our strong alumni network.
When our students return from their summer internships, we often have feedback sessions with them. It has been quite clear that many industry partners hold NMIMS in higher regard than many of the new IIMs in terms of job offers or pre-placement opportunities they give. And, this industry connection that NMIMS enjoys is a result of our continuous efforts over the years to build extensive networks. So, many students choose us because they are aware of our standing in this regard.
