Reasons for the shift include boards and promoters increasingly emphasising on experience, cultural fit, and leadership trajectory over academic pedigree. At the same time, IIT-IIM graduates are increasingly branching into entrepreneurship, global roles, or deepening careers in technology instead of focusing on climbing traditional corporate ladders.
As a result, the pipeline of IIT and IIM-educated executives is diversifying, showed the findings of EMA Partners IIT-IIM Leadership Study, shared exclusively with ET.
The survey covered top 200 listed entities in India during 2009, 2015, and 2025, with only full-time MBAs and undergraduate engineering degrees being considered. Data for the study was collected in January 2025.
It reveals a consistent drop in the proportion of MD/CEOs with IIT/IIM backgrounds-from 50% in 2009 to 28% in 2015, declining further to 23% in 2025.
“While educational qualifications and pedigree are important barometers when it comes to hiring at all levels, these days companies are less touchy about it,” said K Sudarshan, MD of executive search firm EMA Partners India. “Secondly, the idea of classic post-MBA careers no longer exists, and people have multiple options in front of them. Today, there exist multiple routes to achieving career success and the data is reflecting that reality.”
Also, over time, many IIT-IIM graduates moved into entrepreneurship, global roles, or in some instances, even opted for early retirement. This has created a natural thinning of the funnel for CEO positions in Indian corporates.
The research also showed that a substantial share of IIT/IIM talent migrated to global markets and roles. Many pursued careers in consulting, investment banking, or technology in the West and have not returned to the Indian corporate landscape, Sudarshan added.
Top sectors employing key leadership with degrees from IITs and/or IIMs are financial services, automotive, and FMCG (fast moving consumer goods).
Among business schools, Indian Institute of Management-Ahmedabad leads in producing CEOs followed by IIM Bangalore, IIM Calcutta and IIM Kozhikode, the study showed.
Among other findings, from only 9% in 2015, public sector undertakings (PSUs) now have 16% of executives with an IIT or IIM background. Multinationals have increasingly absorbed executives with IIT/IIM education, from 22% in 2015, a whopping 60% in 2025 are IIT/IIM alumni, the study showed.