In India, the traditional career choices were to become Engineer, Doctor, and Chartered Accountant etc. With the dynamism in the business environment the students started looking at management education for leading them towards a successful career. The need to have skilled resources to manage the challenges of the modern day business has seen a splurge in Institutes specializing in management education. There are an estimated 1,300 approved Management institutes in the county churning out over 1,25,000 full time and about 1,50,000 part time or distance learning management students every year. As per a study done by the Associated Chambers of Commerce and Industry (ASSOCHAM, 2013) [1] on the B-schools and Engineering Colleges in India, the campus placements have decreased by 40% in the year 2012. This in turn has led to decrease in the number of admissions subsequently and thus, over 180 schools have closed down in the major cities Mumbai, Delhi NCR, Kolkata, Lucknow, Dehradun etc.