Indian School of Business (ISB), a premier business school based in the south Indian city of Hyderabad, is offering a Fellow Programme in Management (FPM) with a view to churning out high-quality faculties.

The program, which will also provide students with an annual stipend of up to 700,000 rupees ($15,000), will start in September 2011.

FPM would be equivalent to any PhD program (in management) worldwide... The programme would be fully-funded and students would receive a stipend of up to 700,000 rupees every year,” Indian newswire Press Trust of India quoted ISB dean Ajit Rangnekar as saying.

The FPM full-time program, which will help the Hyderabad business school to focus on creating research-focused people, will be for a duration of four years to six years.

The program, which incorporates knowledge and best practices from global business school INSEAD, will also help students qualify for faculty positions in top business schools.

The ISB expects to have 10 to 15 students in the first batch of the FPM that will include areas of Accounting, Financial Economics, Information Systems, Marketing, Operations Management, Organizational Behavior, and Strategy.

Good scores in GMAT or GRE exams besides an excellent academic record are among the pre-requisites for the FPM. Graduates, post graduates and those without any work experience can also apply, according to Sanjay Kallapur, senior associate dean of ISB.

The academic year for the programme will be divided into five terms, each having a duration of two months.

The ISB expects to spend $438,000 to $657,000 towards payment of stipend and salaries to teachers for the FPM, Rangnekar said.