You must have seen people dreaming about IIMs and going gaga over it. Every year, we see lacs of aspirants prepare for the CAT exam and only a few get an opportunity to become a part of the coveted IIM brand. And among the ones who miss the bus, many of them don’t give up so easily. They get themselves ready to give another shot at the CAT exam.
You must have also heard people bragging about their life at IIM, job and package. This would have definitely made you think if an MBA from IIMs really worth it. While I was preparing for the CAT exam, there were times when this thought crossed my mind. Now that I have completed my MBA, I feel, I should answer this question for the benefit of others.
So, the answer is disputedly, yes!
I will tell you why.
- Brand Name: You agree or not, but the brand name matters! The moment your CV reads IIM, the people’s perception of you changes positively. I have experienced this. When I told people that I pursued my Engineering from IET DAVV (neither IIT nor IIM), people usually ignored me, but now when I tell the same people that I pursued MBA from IIM, it surprises them. Their perception of me sounds positive. See, brand matters!
- Whopping Packages: People can dispute on this point stating that ROI is not that great, but the fact that most of the people get a good package (an average of 15 LPA) is no joke. Had you been continuing in your job, it would have taken you, on an average, around 5 years, to reach that salary amount.
- Exposure: When you pursue an MBA from an IIM, you experience myriad things every day, and you get exposure to multi-domain knowledge which is unparalleled. MBA from IIM widens your horizon of knowledge and awareness.
- Network: It is said that Network is your net-worth. Indeed! Pursuing an MBA from IIM manifolds your social network which you can leverage sooner or later for mutual benefits. Sounds good, no?
Note: This article does not talk about any particular IIM. I think the worthiness of pursuing an MBA from a particular IIM will vary on a case by case basis.