Editor's Note: The article below talks about Business Today B-school Ranking of 2006, not 2007, but is given here so that the readers, namely MBA aspirants, get a real insight in the ranking process and understand finer aspects of some rankings or rather flaws of that.

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The annual media ritual has started. Like earlier years, Business Today (July 16, 2006 Issue) has come out with the Annual B-school Survey Ranking... It is called "perception survey" based on AC Nielsen ORG-MARG BEI (Brand Equity Index) model.

In 2003, when BT had decided to do away with facts and rely on perceptions - and had adapted this methodology, it had explained: -

"It is based on AC Nielsen's trademarked Brand Equity Model, and it involves a perceptual survey of (list of dimensions, etc.)... By not depending on questionable factual information, and focusing exclusively on subjective information, the BT survey ends up being most objective of them all."

Yes, you read it correctly.

This year, the survey results come with a 'word of caution'. The survey, to quote, is: -

"Based on the perceptions of B-school stakeholders, comprising recruiters, functional heads, MBA wannabes, MBA students and young executives... the survey works like an exit poll - the B-school ranks reveal how our 526 respondents voted on each of the 30 schools. Unfortunately, that also means some high-decibel B-school advertisers end up garnering higher salience, while some others (better schools, but not as aggressive advertisers) rank lower on popular perception..."

One surely appreciates this candidness, and the appeal to reader's rational caution... Reminds one of the statutary warning on the cigarette packets.

This warning about the validity of results is even more appreciated, since the shortlisted Top-30 "Best" B-schools of India also include at least two "high decibel" advertisers...

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Prof. Madhukar Shukla is M.A. (Psychology) from University of Lucknow and Ph.D. (Psychology) from IIT Kanpur. He is currently Professor of OB & Strategic Management at XLRI, Jamshedpur. Prior to joining XLRI, he taught at Administrative Staff College of India at Hyderabad, and had worked as Consultant (HRD) with National Productivity Council, India. During 1993-94, he was a visiting Professor at ESADE, Barcelona, Spain.