An IIT or IIM degree no longer gives the CEO a right to the corner office in India. A mere 23% of CEOs and MDs in 2025 BSE 200 firms come from these premier institutions, down from 50% in 2009, according to a new study. This is a radical change in the direction of corporate leadership in India.
The EMA Partners IIT-IIM Leadership Study of the top 200 listed companies in 2009, 2015, and 2025 discovers a consistent decrease in IIT-IIM leadership: from 50% in 2009 to 28% in 2015 and to 23% in 2025. The study was done only on full-time MBAs and engineering undergraduate degrees and took place in January 2025.
This shift is primarily because of the desire of companies for professional experience, leadership abilities, and culture alignment rather than education. IIT and IIM students are also opting for alternate careers—like becoming entrepreneurs, taking up global assignments, or creating technology careers—instead of corporate leadership positions.
EMA Partners India MD K Sudarshan explained that companies are not so fussy about credentials anymore. With more career opportunities in today's era, fewer IIT-IIM graduates enter the corporate chain, and therefore, their numbers are few in CEO seats.
The survey also found that a large number of IIT/IIM graduates have migrated overseas to work as investment bankers, consultants, and technologists, particularly in the West. They have not returned to the Indian corporate world, contributing that much to the leadership pipeline.
Sector-wise, auto, financial services, and FMCG have the largest proportion of IIT/IIM-educated top executives. IIM Ahmedabad tops the list of CEOs generated, followed by IIM Bangalore, IIM Calcutta, and IIM Kozhikode.
It is also interesting to note that PSUs experienced an increase in IIT/IIM leadership—9% in 2015 to 216% in 2025. Multinationals, however, have an ever-growing percentage of IIT/IIM graduates holding senior positions, increasing from 22% in 2015 to 60% in 2025.
