When it is said that the IITs, IIMs owe their eminence entirely to students, not to faculty, it is implied that they do not add value. True or false?
Well, an IIMB director answered this effectively a few years ago when some in the corporate world had made similar statements. He made an offer: he would make public the admissions list the moment it was finalised. Corporates could come and recruit anybody on the list right away. If the IIMs did not add value, neither the students nor the corporates should have a problem doing this. There were no takers. The companies' bluff had been called.
There is another way of responding to the contention that faculty do not contribute. The IITs and the IIMs admit a small fraction of applicants. An IIM would call for interview around 1000 students. Anybody familiar with the admissions process would know that there is very little difference in terms of the CAT score between a student ranked 800 and a student ranked 2500 in CAT. The former may make it to an IIM; the latter is left out and goes to some other B-School. If the difference in student quality, that is, the input is negligible, how come there is such a huge difference in output or outcome? How is it that the IIM student is hugely sought after while the non-IIM student is not? Ditto for the IITs. QED.