IIMB is a public institution of national importance that is autonomous, standalone management school and not part of any university. It was established in 1973 by the Government of India through the creation of an IIMB Society which is the legal entity behind the institution. The school works within the national policy guidelines established by the Ministry of Human Resource Development, Government of India. A Board of Governors oversees the management of the school and provides strategic directions. The school is led by a Director, who is the head of the institution, and two Deans.
The school excels in teaching and research. It is amongst the top management schools in India and Asia according to several rankings. For the sixth consecutive year IIMB has been nominated the Best School in Central Asia region by Eduniversal, and retained its 'Five Palmes' status as a 'Universal Business School with Major Influence' in 2013.
IIMB is the only Indian B-school in GNAM list that features Yale, LSE, INSEAD and other top B-schools in the world. The Global Network for Advanced Management (GNAM) fosters substantive ties among the world's leading business schools, providing opportunities for faculty to exchange ideas and for students to experience the complexity that will characterize any environment in which they will lead.
IIMB is ranked No.1 in the 'Business and Management' category of a Stanford study on Indian social science research. The study was done by Professor Sharique Hasan of Stanford University, Graduate School of Business, who based the rankings of Indian universities and institutes on productivity in social science research. The grading is based on a limited set of variables, namely the number of peer-reviewed journal articles produced by an institution and the number of citations these articles received.
In the Business Today 2012 rankings, IIMB has come out in top position. The Institute received the NCPEDP-Mphasis Universal Design Award 2012 for pioneering work in the field of promoting Accessibility and Universal Design and ensuring life of equality and dignity for disabled people. IIMB's Career Development Services team won 'Best Placement Cell' for helping in implementing of education and development in the India Today Aspire Education Summit 2012.
In June 2010, IIMB received European Quality Improvement System (EQUIS) accreditation by the European Foundation of Management Development (EFMD). The EFMD awarded the EQUIS Re-accreditation to IIMB in 2014.
IIMB is the first B-School in Asia to sign an agreement with Harvard Business Publishing (HBP) to distribute faculty teaching cases. IIMB has also entered into a partnership with Richard Ivey School of Business to co-brand and distribute faculty-authored cases globally.