IIM Amritsar IPMAT Launch: Exclusive Interview with Dr. Chitre

Overview: Uncover the vision driving the IIM Amritsar IPMAT Program in this unique interview with Chairperson Dr. Chetan Chitre. Also, know the complete details of this groundbreaking initiative.

As we all know, IIM Amritsar has recently launched its IPM program, leaving many of us curious about this unique offering.

In a quest to answer questions, Supergrads top mentors, Mr Rahul Vaswani and Mr Anil Sable, are here to unpack the innovative side of this IPM by introducing Dr Chetan Chitre in an exclusive interview.

Read more about the IIM Amritsar IPMAT program's vision, opportunities, and why it's a game-changer for aspiring trailblazers.

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Who is Dr. Chetan Chitre?

Dr. Chetan Chitre is an Assistant Professor of Economics and IPM Chairperson at IIM Amritsar.

With ten years in finance and a PhD from IIM Bangalore, Chetan Sir shares the insights, prospects, and distinct advantages of this specialized IIM Amritsar IPMAT program designed for mathematically inclined innovators eager to reshape the future of finance and economics. 

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Checkout the full IIM Amritsar IPMAT program conversation here:

Interviewer (Rahul):

Could you explain the rationale behind this program and the type of student you're targeting?

Spokesman (Chetan Sir):

To answer your question, yes, this is a specialized program. We're targeting students who are interested in mathematics, problem-solving, and higher-level math and who want challenging options outside of engineering to apply these skills. Today, outside engineering, there's hardly any undergraduate program where a math-inclined student can utilize their abilities, including statistics and related fields.

So, we wanted to cater to that group. As for the vision, the undergrad education space is buzzing with talent, but the opportunities at this level are limited, given the size of the student base. We thought launching a challenging undergrad program outside engineering would address this gap. We'll dive into more details as we go along!

Read: IIM Amritsar IPMAT Eligibility Criteria 2025

Interviewer (Rahul):

Why a BS in Quantitative Finance and Economics and not a normal BBA? Isn't it an immensely passion-driven career, and won't students avoid this course unless they're interested in these core areas?

Spokesman (Chetan Sir):

Yes and no. Yes, it's a focused program for students passionate about finance, economics, and applying mathematics, statistics, and computing in that domain. But we also considered the avenues it opens. One is the straightforward path: complete the BS QF&E and move into a regular MBA program, which is still an option for those aiming for leadership roles in corporates-a common track for engineering, BBA, or BCom students.

One issue we've faced in MBA classrooms-most IIM professors would agree-is the 'Two States' movie scenario: you have an Alia Bhatt-type economics graduate with strong conceptual understanding but lacking problem-solving or numerical skills, and an Arjun Kapoor-type engineer with excellent math and stats skills but unfamiliar with the language of finance, economics, and marketing in the initial years. We wanted a program that blends both-a strong math-stats background with management-related skills.

In a data-driven world-machine learning, analytics, AI modeling-mathematical modeling and statistical techniques are imperative for leadership positions. Finance is a prime domain for applying these tools: algorithmic trading, high-frequency trading, risk management, stress testing in banking-all require heavy math, stats, and computing skills. That's why we chose finance and economics as the go-to domains."

Interviewer (Rahul):

What kind of opportunities will this unlock for students? I saw that the University of Washington runs a similar program, and it opens doors to investment banking. Can you shed light on that?

Spokesman (Chetan Sir):

You're right-worldwide, these degrees are in high demand. The University of Washington and NUS have strong quantitative finance programs; closer to home, ISI runs an MSQE (Masters in Quantitative Economics). These skills are sought after in investment banking, asset management at a corporate level (e.g., managing a multinational bank's portfolio), risk management, actuarial sciences, and economic research units in major banks. These are high-paying roles, as you noted, which we'll discuss more in the placement section.

Interviewer (Rahul):

Are you planning to open more tracks in the future for students, or is it too early to ask?

Spokesman (Chetan Sir):

It's a bit early. Right now, we offer a BS Quantitative Finance and Economics plus MBA dual-degree program. Internally, we're contemplating options for when the first batch reaches the MBA phase. Since they'll have covered basic statistics, math, finance, accounting, and economics in their undergrad, we're considering a research track-perhaps a four-year exit with a BS Honors with Research-or advanced courses in finance or economics. These are still under consideration.

Interviewer (Rahul):

When students hear 'IPM,' they immediately think of IIM Indore, a well-known program. Can you state the similarities and differences between the IIM Amritsar IPMAT Program and IIM Indore's IPM in layman's terms to give students a clear picture?

Spokesman (Chetan Sir):

Thank you for asking this-it's a common confusion we're seeing in student emails. Both fall under the broad umbrella of Integrated Programs in Management, bundling an undergraduate degree with a postgraduate management degree. Our MBA offering will be similar to IIM Indore's, other IIMs', and our own MBA program.

The major difference is in the first three years-the undergraduate part. Most IIMs, including Indore, offer a general management program (BA Foundations in Management, BMS, BBM, etc.), while ours is focused on finance and economics, with quantitative and computing tools as the backbone. We've made mathematics compulsory because, over three years, students will take six to eight subjects exclusively in mathematics and statistics, applying these concepts to finance and economics. The first two years build a foundation in math, stats, computing, finance, and economics, with the third year specializing further. That's a key difference from other programs.

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Interviewer (Rahul):

What's the total seat intake for this program?

Spokesman (Chetan Sir):

We're starting small compared to other IIMs, with a batch size of 60. We may consider increasing seats in the future based on student response.

Interviewer (Rahul):

I saw a foreign immersion program on your website. Is it a foreign exchange or immersion program? What's the difference, and can you elaborate?

Spokesman (Chetan Sir):

For our MBA students, we currently have a dual-degree program with KEDGE Business School in France. After term four of the MBA, students spend time at KEDGE, earning credit equivalence, and within six to nine months, they complete an MBA from IIM Amritsar and a degree from KEDGE. That's what we're offering now, and it'll be available to IPM students when they reach the MBA stage.

We're also in talks with HSE in Russia (a leading School of Economics and Finance) and the University of Maryland, but these are still in the discussion phase for both MBA and IPM students. Regarding KEDGE specifically, their two-year Masters program is condensed to about nine months with credits from here, split between India and Marseille, France.

Read: IIM Amritsar IPM Placements 2025

Interviewer (Anil):

The admission policy says 60% weightage is given to the math section from the IPMAT Indore scorecard, which has two math sections and one English section. Does the 60% apply to the collective marks from the two math sections? Also, will you have sectional cutoffs like Indore, or just an overall cutoff for shortlisting students for interviews?

Spokesman (Chetan Sir):

The 60% weightage is split as 30% for the first math section, 30% for the second, and 40% for verbal skills. As for cutoffs, we don't have fixed sectional or overall cutoff numbers in mind. We'll take all applications, find the maximum and minimum scores in our pool, and scale everyone on a range (e.g., 10 for the top score, 1 for the bottom). This scaling is universal across categories.

Then, we calculate a scaled score for each component multiplied by its weight (e.g., 10 in verbal gets 40% weight). Based on that scaled score, we'll set category-wise cutoffs for shortlisting-separate cutoffs for general, SC/ST, etc. There's no strict sectional cutoff, just sectional weightage.

Interviewer (Anil):

IIM Indore offers diverse curricula in its UG program. IIM Amritsar IPMAT Program includes trending languages like R and Python, econometrics, data analytics, economic analysis, critical writing skills, creativity, social involvement, and projects. What's the objective behind this 360-degree pedagogy?

Spokesman (Chetan Sir):

You missed one component-we're also offering subjects in other management disciplines. The idea is to create well-rounded, highly skilled finance and economics professionals for the undergrad part. The emphasis on Python, computing, math, and stats is to make you a strong finance and economics professional, as these tools will be key differentiators in the future.

Additionally, these students will enter organizations with HR policies, marketing needs, and production (services or goods). Beyond finance, they need some understanding of general management, so we include introductory courses in marketing, HR, and operations management to prepare them for leadership roles.

Interviewer (Anil):

Did any institute inspire this program's pedagogy, or was it created through discussions at IIM Amritsar? Did you draw inspiration from institutes abroad or in India?

Spokesman (Chetan Sir):

We looked at the undergrad education space and saw a gap that needed filling. The immediate inspiration was ISI's MSQE program, but we also noted MS Finance and quantitative finance courses abroad. We aimed to equip commerce students for strong finance roles beyond chartered accountancy or CS. While economics curricula exist, we thought combining it with finance works well.

Interviewer (Anil):

Shaheed Sukhdev College of Business Studies in Delhi runs a BBA in Financial Investment Analysis. How does your program differ from theirs?

Spokesman (Chetan Sir):

Our program goes beyond financial analysis with a strong economics component. Understanding macroeconomic dynamics, global trade, bond markets, stock markets, government policies, and their impacts-like stress testing in financial systems-requires a grasp of how shocks perpetuate in an economy. We're creating finance professionals with a quantitative focus and a solid understanding of national and global macroeconomic environments, which is a key differentiator.

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Interviewer (Anil):

IPM students will be 17-18 years old and passionate about sports and extracurriculars from school. Will these be part of the curriculum at IIM Amritsar IPMAT Program?

Spokesman (Chetan Sir):

Not as part of the curriculum, but we have a vibrant student community. Our annual fest, 'Artha,' and sports fest, 'Kshetra,' are entirely student-managed, with star performances and inter-IIM meets. IPM students will join this community, and I assure prospective students there'll be no dearth of excitement.

Interviewer (Anil):

Can you tell us about the campus?

Spokesman (Chetan Sir):

We've started phased occupation of the campus. The academic block is operational, and by June 2025, second-year MBA students will be fully on-campus in hostels. IPM students will start lectures on campus from day one, but accommodation might be temporary off-campus initially, shifting as construction progresses. Whether on or off-campus, our hostels are well-managed and equally good.

Interviewer (Anil):

How will a day in the life of an IIM Amritsar IPM student look?

Spokesman (Chetan Sir):

It'll be a mix of hard work and fun. You'll have about four hours of classroom sessions, four to five hours of schedules, and then group or individual assignments-case studies, take-home work-taking two to three hours, often done with friends. If you're in a photography or sports club, you'll spend time organizing or enjoying those. With a good campus and grounds, there's space for games, jogs, or runs. It's a rigorous brain workout with fun and physical activities.

Interviewer (Anil):

Your website promises placement assistance. What kinds of jobs will IPM students get after five years? Are you assuring good ROI and job security?

Spokesman (Chetan Sir):

Our placement record is public, and aspirants can see it-100% of our MBA batches have been placed. For IPM students, beyond the MBA's summer internship after the first year and final placements, they'll get an additional 8-10-week summer internship after their third year (undergrad completion) if they continue to the MBA. This gives them corporate exposure before the MBA starts.

Interviewer (Anil):

Is there an option for a PPO (Pre-Placement Offer) after the third-year internship?

Spokesman (Chetan Sir):

This option is only for students continuing to the MBA. A PPO could be considered, but with two years of MBA left, I'm unsure if corporates or students would opt for it. IPM students will also do a social internship after their second year and another around term five, plus regular industry interactions-seven to eight conclaves (finance, marketing, operations, analytics) with CXO speakers. These opportunities will be open to IPM students too.

Interviewer (Anil):

What are your plans for student clubs and committees? Will they extend from PG clubs or be a new foundation for IPM students?

Spokesman (Chetan Sir):

With a small initial batch of 60, standalone IPM committees might not make sense. Initially, they'll join the campus-wide student council and 10+ interest clubs-entrepreneurship cell, social work cell (Sculpt), finance and economics club, analytics club, marketing club, photography club, and a laughter cell organizing standups and open mics. It's a vibrant culture. As the program grows to 180 students across three years, we could consider independent IPM clubs, but we're open to student imagination and enthusiasm.

Interviewer (Anil):

The admission process gives weightage to personal interviews. What kinds of questions can students expect?

Spokesman (Chetan Sir):

We assess what you've done and how well you've done it-your 11th/12th curriculum, general awareness (focused on finance and economics, e.g., the budget), and HR questions like 'Why IPM?' We also evaluate extracurriculars-district/state-level tournaments, hobbies like classical music certifications-to discuss your interests and achievements.

Interviewer (Anil):

Any message for students unsure about this specialized IIM Amritsar IPMAT Program -e.g., a JEE aspirant with 90 percentile, unhappy with NIT options, good at math but unsure about switching to BSQFE?

Spokesman (Chetan Sir):

First, follow your passion. Every domain-engineering, management, chartered accountancy, even innovative careers like culinary arts-has scope. If engineering is your calling, pursue it. But if you're good at math and stats, love computing and coding, and want options beyond engineering, consider finance and economics. Many realize mid-engineering it's not for them. This specialized program opens multiple tracks: regular MBA, MS Finance, economics research, and data analytics-avenues a BBA might not fully prepare you for.

Interviewer (Rahul):

What's the fee structure, and will there be scholarships?

Spokesman (Chetan Sir):

We'll announce it on the website by mid-March or later, pending administrative approvals. Fees will be comparable to other IIMs' undergrad programs. Scholarships are under consideration. Our MBA has merit-based and corporate-sponsored scholarships, and we hope to replicate this for IPM as the program establishes itself, especially with finance and economics corporations stepping forward.

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Interviewer (Rahul):

Any final thoughts on the IIM Amritsar IPMAT Program?

Spokesman (Chetan Sir):

Thank you for having me. This platform helps me connect with prospective students. Congratulations again for disseminating the right information to help students make well-informed decisions. I'd be happy to continue this association.

We hope the idea behind this unique IIM Amritsar IPMAT Program is clear to you now and how it unfolds lots of opportunities for you in the future.

Key Takeaways

• Specialized Student Profile – The IIM Amritsar IPMAT program caters to enthusiastic students about mathematics, statistics, and problem-solving, providing a demanding option beyond engineering.
• Unique Curriculum – The BSc in Quantitative Finance and Economics integrates mathematical, statistical, and computational techniques with management concepts to bridge the engineering and business studies gap.
• Career Pathways – The BSc in Quantitative Finance and Economics combines mathematical, statistical, and computational methods with management principles to connect engineering and business education.
• Global Relevance – Comparable programs at leading institutions around the globe, like the University of Washington and ISI, demonstrate a strong industry need for quantitative finance and economics skills.
• IIM Amritsar IPMAT Future Expansion Plans – Presently offering a dual-degree structure, the institute is investigating advanced research avenues and a possible four-year exit option that may result in a BSc (Honors) with Research.