This paper delineates the best practices that are commonly followed by world class management schools in their governance and pursuit of scholarly activities. It tries to highlight the processes required to become a world class institution and draws implications for schools in India that aspire to become world class. The paper is based on visits to a number of such schools around the world and discussion with faculty and administrators at these schools. It also discusses issues like autonomy, research, governance, compensation and financial independence which are critical for academic development of institutions in India.