Insights Into IIFT: In Conversation with Professor Rakesh Mohan Joshi (Vice-Chancellor of the IIFT)

IIFT, a Deemed to be University was established in 1963 as a private institution under the Ministry of Commerce and Industry, Government of India. As per the NIRF Ranking 2024, IIFT ranked 15th in the ‘Management’ category. The IIFT courses include PGD, MA, MBA and PhD. Go through the article for details regarding IIFT Admissions, the application process, programmes and more.

Careers360: IIFT started as an autonomous institution focused on skill building for the external trade sector of India. It was granted “Deemed to be University” status in 2002 and now the focus is on International Business Management and Strategy. Can you give insights on this journey and why International Business Management?

Prof. Rakesh Mohan Joshi: As you are aware IIFT was established as an institute for capacity building and research for foreign trade by the government of India. It was started with the Ministry of Commerce, which looks after international trade. And it makes IIFT a unique institute, you know, not only in India but probably among the few institutes in the world where the focus was on international trade and exports to carry out research and the training programme.

And as you are aware, in the 70s, after a few years, we started a full-time Postgraduate Diploma programme. Then, we had a Master's programme in International Business before in 2002, when we converted this into an MBA International Business programme. And then our international business programme was so popular.

Our professors were so popular that some of our professors reached a very high level in the government as well. Like Professor Vivek Debra, who was a senior professor, Professor Rajiv Kumar and many others. And then, in 2002, once we had the MBA IB programmes, this programme continued, and then we had the weekend programmes, which is the MBA weekend programme. There was a lot of demand for short programmes, so we had some small short programmes, say a year programme, and we had an Executive Diploma in International Business.

Then we had programmes like the Executive Diploma in International Business. Earlier, we had an Executive Master's in International Business. We also have a lot of certificate programmes, which is a four-month certificate course on Export Management, and some certificate courses on International Logistics Management. We were among the first to internationalise in the whole country. We also had our Dubai centre at that time, where we ran the Executive Diploma in International Business in Dubai for three years , from 2000 to 2003, we used to run it. And then we had a programme in Tanzania that started in 2000.

Till now, I think it was an MBA programme, which was very popular. And over the period, we focused from a trade institute or a trade training institute, we became among the top management institutes in the country. If you look into our ranking, the NIRF ranking for IIFT jumped 12 points this year.

We came from 27th to 15th and in terms of networking, IIFT is No.1 worldwide by the LinkedIn Network Ranking and 51st in the whole world as a Business school. And why I'm talking about the LinkedIn ranking, is because it's very, very empirical based on only data and the profile of the LinkedIn ranking also catches the profile of the students once they pass out of IIFT, how they are placed, and their career progression. So that makes me extremely happy to know from the LinkedIn ranking that our students did not only get a degree from a prestigious organisation, but they did much better in their careers.

Another thing which IIFT specialises in is that, we have focused on, the global economy, and global business, almost everything is international. So it makes them more efficient, or more suitable for the international jobs, more suitable for the companies, the international companies which are coming to India. And therefore, our alumni are in the top positions in most companies. And, as in recent years, you see that the focus is on AI and Data analytics have increased.

In 2023, we started a business analytics programme. So we have an MBA programme in Business Analytics. I think the demand is amazing for these students because the companies require the people, and even the government requires the people who make database decisions.

In 2018, we started M.A in economics, in Trade and Finance and it's a very very specialised programme, very popular programme and it's a high-end programme. In some of the rankings, our M.A economics ranks 7th and 8th in the whole country. So whatever we do, we do a quality thing. Now, another thing is, our progression is we have a campus in Calcutta, we have recently opened a campus in Kakinada in Andhra Pradesh, and we have also opened a campus in Gift City (Gandhinagar). So our expansion is also very impressive.

Careers360: IIFT has AACSB Accreditation and figures amongst the top 900+ Business Schools of the world that have earned this accreditation. Can you explain the significance of this and how it matters to students?

Prof. Rakesh Mohan Joshi: We were among the first few institutes which began this process. First, we got the AACSB accreditation and for the Institute's recognition in the International market and countries, they rely on the international accreditation and therefore it helps in introspection on the processes, improve efficiency and focus more on research-based teaching. So, I am sure that the AACSB accreditation has allowed us to improve.

Although, an institute like IIFT is sufficient for domestic students, when it comes to internationalisation AACSB matters. When it comes to our students getting international jobs AACSB matters, when it comes to students taking professor or academic positions AACSB matters and we are also looking for other accreditations such as AMBA accreditation and EMFD accreditation.

We are constantly trying to improve the quality of our academic inputs. I think AACSB accreditation is a testimony to the rigorous academic quality, the planning, and the teaching methodology and it gives us recognition especially while internationalising.

We are also planning to open a campus in UAE, in Dubai and the honourable Commerce minister has announced that IIFT is opening its campus in Dubai. We already have an MoU with the expo city in Dubai. We are in the process of taking regulatory approvals from the UAE government and will be fully operational in 2025.

Careers360: IIFT is known for its MBA programmes. Can you elaborate on the admission process and what IIFT looks for during selections?

Prof. Rakesh Mohan Joshi: Earlier IIFT used to hold its own, you know, admission test. But now I think given the cumbersomeness of the admission test and the differences in the various parameters we have adopted taking the students through the CAT test only.

After the CAT test, we have some group discussions and interviews, wherein, our focus is more on not only the score on the CAT score but his past academic performance and normally his ability to face the challenges in today's world, and today's academic environment.

But more than that, we have got some writing tests also group discussion and the team skills and their understanding of the concepts and especially his understanding of the global environment may not be the business environment but the global technological environment and whatever the subject he has studied, he needs to have that inclination to learn something which is cross country or international.

Careers360: Can you give insights on both MBA International Business and MBA Business Analytics? How should students choose between the two?

Prof. Rakesh Mohan Joshi: Both are excellent programmes. MBA Business Analytics is extremely good because they need to know more about data analysis. But, what makes the MBA International Business very unique is that their skill level in International Management, skill level in cross-country management, their skill level in International Trade management is extremely good. So, in case a student thinks that they need to focus only on the job that involves more of the data skills and AI skills, especially Business Analytics or International Business, I think both the programmes are good.

Careers360: IIFT’s AP campus in Kakinada offers a 5 years Integrated Programme in Management (BBA in Business Analytics & MBA in International Business). This programme is after class 12. Can you give insights on the programme, eligibility, selection etc?

Prof. Rakesh Mohan Joshi: IIFT Kakinada programme (5 year) is absolutely excellent because from the beginning after 10+2 , we try to inculcate them managerial skills which are oriented to the international market. It's a 5 year programme, so if a student takes an admission into the Integrated Programme in Management, that makes the student have more hands on experience and knowledge especially in managing international trade and business. The faculty of the IIFT is the same and travels across all campuses and I highly recommend the students who do not incline engineering or general BA degree to choose a 5 year integrated degree as it is extremely good.

Careers360: How is the MBA programme structure designed? Please describe.

Prof. Rakesh Mohan Joshi: IIFT curriculum is very dynamic. I think there will be a few business schools, which work so closely with the industry the way we work.

We work very closely with the industry, we work very closely with the government. We have got a centre for research in International Trade under IIFT, which has a separate centre for WTO studies and a separate centre for investment in trade and law. We keep on providing very regular input to the government of India, not only to the Department of Commerce, but I think across all ministries, all state governments, and even to the foreign governments.

So, IIFT's research is very close to the industry. We follow the ACCSB process. For our teaching, the rigour in teaching, we follow, scholarly academic prescriptions for the faculties prescribed and we do follow that. Besides that, our curriculum review is very dynamic and every professor who is taking a class has some flexibility to design that course. But otherwise, we do have a curriculum review that we exercise periodically, wherein we invite experts from the industry and experts from the faculty, not only from IIFT but from outside. It's a very rigorous, continuous, ongoing strengthening process.

Careers360: IIFT also offers MA (Economics – Specialisation in Trade and Finance) at both Delhi and Kolkata. In your opinion, who should opt for this course? What kind of job roles and industries do these students go into?

Prof. Rakesh Mohan Joshi: MA Economics is an outstanding programme because we specialise in international trade. Those who want to work in the area of International Trade and International Finance. These people are in high demand with the big four. Also, they are in high demand by the government.

They become great researchers and they are also in demand in academics as well. They focus right from taking admission in the trade theories to data analysis, trade data analysis and policy formulation. So, I am sure that those students who have got interest in working in an international organisation and those who have an interest in working in the international trade area, I think they should take admission in MA Economics.

You see the kind of students who have already passed our MA Economics programs, who are alumni of MA Economics are doing much better. They work in multilateral organisations and they are also at a very senior faculty position in highly reputed universities in India and abroad.

Careers360: What is the IIFT Exchange Programme?

Prof. Rakesh Mohan Joshi: Our exchange program is very strong and as you are aware that we have got tie-ups with almost 46 universities across the world, almost 60-70 students from IIFT go abroad every year. And, you know, similarly, we have students from the foreign universities. Our collaborations are from Europe and America. So I think our students go there.

They not only learn new things, they stay for a trimester or a semester or two semesters. We have a system of credit transfer so whatever they study there, they have to appear for the exam in their university system.

But we have mutual credit recognition. So when their students come here and the marks we give, their university recognises what they give, we recognise their degree. So it's excellent. And more than the exchange programme, we have a system of port visits.

Our students go to ports across the world. They go to Singapore, Dubai, Hong Kong, Vietnam, Rotterdam, and Antwerp. So, you know, we also sometimes take students to Geneva, WTO and some UN forums. It's completely based on international learning and practical learning.

Careers360: Practical training and knowledge is a crucial aspect especially when it comes to management studies. How is this incorporated in the programme? Please give details.

Prof. Rakesh Mohan Joshi: Summer internships, as you are aware that all our students are in demand. On average they get from two lakh to four lakh rupees, the internship stipend. The companies find their input or the report they make very useful to the company. And summer internship is an integral part of our whole process.

We have to submit a report. We allot them a mentor from the faculty. So with that, they work closely. They are interviewed after they do summer internships. So we have a robust process in summer internships. When it comes to placements, last year we had an average package of Rs 27 LPA and the highest went up to Rs 85-86 LPA. It speaks of the quality of the student and their demand in the job market.

Careers360: Alumni are strength factors for any good institute. How do the IIFT alumni contribute to their alma mater?

Prof. Rakesh Mohan Joshi: I think it's a relevant question, we have active alumni associations. This year 2024, we have alumni meets in more cities in India and we have different chapters such as Calcutta chapters, Bangalore, Hyderabad, Chennai and Bombay other than Delhi. We have 4 chapters abroad which are London, Singapore, Dubai, Toronto and New York USA.

We have alumni meets every year and we have a system of alumni council. Our alumni are connected in terms of helping the students in project work, mentoring the students and helping them prepare for jobs. We have a strong, active, vibrant alumni network.

Careers360: If you had to advise students, what would your message be?

Prof. Rakesh Mohan Joshi: My message is when they are in the institute, they need to work hard. They need to understand more than going to classes, they should be serious in the classes. And as well as they have to be serious in all other activities, which are an integral part of their personality development. We have got various clubs, we have got clubs for trade, we have got clubs for finance, marketing, literature, culture.

They have to be very active in that. And more than that, you know, they need to work very closely with the industry, with their projects, with the internship. We have got the leadership talk series and a lot of talk series, wherein I think the top industry leaders and the government leaders keep on visiting the institute. So, I think they need to work hard and whatever they learn, they also need to know its applicability in the market and that I'm very sure would make them a highly successful manager.

About Professor Rakesh Mohan Joshi

Prof. Joshi is a gold medallist from IIFT and has received his education and training from Harvard Business School, Boston; IIFT, Rajasthan University and National Dairy Research Institute

He authored highly popular books from Oxford University Press and has been the Editor of the prestigious quarterly journal of IIFT, Foreign Trade Review (FTR). Prof. Joshi has extensive transnational exposure and has been associated with several multilateral organisations, such as the World Bank, the Asian Development Bank etc.

He had been the Chairman of the ‘UGC Committee for Framing the Regulations for Foreign

Educational Institutes’ and Chairman of the Expert Group for “Development of Educational

Framework for Global Citizenship in Higher Education Institutions” 2021.

Presently, he is also the Chairman of the Business Services Sectional Committee, Bureau of Indian Standards, Government of India. He is also on the Council of Management, All India Management Association (AIMA).