The IIMs are the epitome of educational standards not only in India but also the world over. The premier institutions produce a fresh crop of students year after year who are battle ready to take up some of the most ambitious jobs available at the corporate. In India, this has resulted in a sheep like following of the “IIM dream” by the students, the parents and the educationists, which may render the students’ incapable of seeing other opportunities. In the field of business education, there are many avenues available to the students, who may want to look beyond IIMs at other CAT accepting colleges in India. The students may also attempt other management examinations for the business schools and consider tests such as IBSAT for ICFAI Business School.

Why not IIMs?

• Scoring well in CAT alone does not automatically guarantee a seat at an IIM. Since the IIMs in their selection criteria also considers other things such as past academic performance, gender and educational diversity in their prospective student batch, this sometimes means that you may not get a call from a top IIM even after scoring well in the CAT.
• IIM Ahmadabad, IIM Bangalore and IIM Calcutta have traditionally been and are currently the top management colleges in India. There are other B-schools which rank almost as high while the other IIMs are a little behind when it comes to MBA/PGDM/PGPM college ranking.
• It can create a difference in students’ packages and placements after their management education has been completed. A lot of business schools today can match the kind of offers their students receive with the prestigious IIMs.

A substitute of IIMs

• Many private and government run business schools provide an excellent educational experience and make for a great developmental journey both inside and outside the classroom.
• Management education is dependent more on the practical aspect of developing the students’ knowledge and skills rather than a very theoretical and by the book idea of the studies.
• The critical differentiator is the right kind of environment for the students to flourish and many business schools apart from the IIMs can provide this through stimulating the intellectual curiosity and provide meaningful challenges.

A business education is made with exposure

• Summer internships, business projects, case studies, research projects and many more are methods by which the top B schools in India provide their students an opportunity to work upon live business problems.
• Business schools are required to have powerful ties and liaison with the industry to create the scope of work for the students and facilitate the industry integration of their education flawlessly. Many business schools apart from IIMs excel at this aspect of their education which makes it a meaningful and pragmatic learning experience.
• At some top business schools such as ICFAI Business School, the students are exposed to various aspects of their campus life such as college events, group discussions, co-curricular activities and much more. This prepares them for the leadership roles and challenges that they might face in the years to come.

Looking at the bigger picture

• There is no shortage of CAT accepting colleges in India. The Indian business school aspirants have been getting quite disillusioned with the hype that is created around the IIMs, simply because how difficult it is to get admitted in one.
• The quality of education provided at many B Schools today matches and in certain areas exceeds the IIMs. Some of the business schools further excel in a field of management, such as Human Resource Management, Marketing, General Management and many others where students can shape their careers.
• The primary reason for the hype around IIM had started because the management education was a costly affair in India and IIMs were known to have discounted fees. This is no longer the case since the IIMs are some of the most expensive business schools available for the students.

It is true that the IIMs are prestigious institutions which have a reputation in the wider world of providing world class education. It is also true that many top Business schools today can effectively match the educational offering that is being provided by the IIMs. Top B schools of India such as ICFAI Business School are quickly bridging the gap in the education provided at their campuses and IIMs. The shift in opinion of industry and students reflects the higher value that is being provided by the non-IIM business schools. With international accreditation and industry acceptance, the students are gaining confidence in going forward without the IIM badge on their shoulders.