1) What is MBA

Management is nothing but loads of planning and organizing to make people do things for you or well, that is the cloud surrounding the hype for doing an MBA. Getting a Masters of Business Administration is almost every Indian student’s dreams. With an MBA degree, you can enter any financial service, healthcare, rural market, any business or industry management and even administration of public enterprises. MBA program has great value in India and also throughout the world. When you are looking for an MBA or equivalent degree from India, the IIMs are the best in the country.

2) Why IIMs

In less than a half decade, the IIMs have made a name for themselves in India and throughout the world because of the quality of leaders that they have produced.

  1. The alumni network of IIMs is rich and includes the who’s who of the business world.
  2. These institutes are known for their teaching, research work, industry exposure and also have the best standards in management education.
  3. There is no doubt that the students who go to IIMs come out with the brand association and pride of a premier institute.
  4. Students, faculty members and alumni of IIMs work in various areas in both public and private sectors like agriculture, energy, health, rural development, education etc.

3) Location of IIMs

The IIM was set-up by the Indian government and was initiated by the then Prime Minister of India, Mr. Jawaharlal Nehru. There are 13 currently functional IIMs as of 2015. 

  1. The first IIMs were opened at Ahmedabad and Calcutta way back in 1961.
  2. After that, IIMs were set up in Bangalore, Lucknow, Kozhikode and Indore.
  3. Most recently, IIMs were also opened at Shillong, Rohtak, Ranchi, Raipur, Tiruchirappalli, Udaipur, Kashipur and at Nagpur.

There has been a proposal to set up 6 IIMs in 2015 and 1 later. This would make the total count of IIMs to 20 which is good for students as they have more opportunities. Most students might prefer to go to the old IIMs as they are well established but very soon all the IIMs will be at par with each other. IIMs are autonomous and are financed by India’s Central Government.

4) Academic degree from IIMs

A lot of people do not realize that the degree that you get from the IIMs is not exactly an MBA. It is an equivalent degree called post-graduate diplomas in management and you can graduate with a specialization.

  1. Most programs are two year programs.
  2. There are also part time MBAs and shorter training courses but these vary from each IIM to the other.
  3. Apart from these MBA equivalent programs, IIMs also have fellowship programs in management and these are equivalent to doing a PhD in management.

All IIMs carry our research to help various industries and in turn help boost the Indian economy greatly.

5) Admission Process

So, what does it take to get into the prestigious Indian Institute of Management? The first step to get into an IIM is to take the CAT or the Common Admission Test. This exam is conducted by the IIMs and is highly competitive. CAT has sections on verbal ability, quantitative ability, reading comprehension and data interpretation etc. Every year, nearly 2 lakh students take this exam for just 1200 seats available in all IIMs put together. This means they have an acceptance rate of hardly 6%. To appear for CAT, the student should have a bachelor’s degree. The admission will be based on:

  1. Academic score in undergraduate,
  2. Scores in competitive exams like CAT and GMAT,
  3. Group discussions and
  4. Personal interviews.

The final students are shortlisted after a lot of filtering and it is definitely not easy to get into IIMs. Every IIM has some seats reserved for Scheduled castes and tribes students.

6) Ranking and fee structure

  1. There is no fixed ranking or order that lists an IIM better than the other but generally people feel that IIM Ahmedabad is the best. It is followed by IIM Bangalore, IIM Calcutta, IIM Lucknow, IIM Kozhikode and then IIM Indore. This is general perception and is not necessarily true.
  2. The fee structure of IIMs varies only slightly and Ahmedabad charges 18.5 lakh for the two year post graduate diploma programs.

7) Careers after IIMs

There is no need to worry about getting a job as IIM graduates are always in demand in every field. Their salary package is also quite high. It varies from each company to another and also by location and previous work experience of the student. All the IIMs are a brand in itself and a name to reckon with. If you want a degree in management, IIM is the place to be.