Every year more than 3 lac Indian Students sit for CAT to pursue their dream degree MBA, and no doubt their dream colleges are IIMs, ISB, FMS, XLRI, MDI IMT and many more. Some get through top colleges and others have to satisfy themselves to mediocre ones. But what if you have done exceptionally well in your written test and interviews (be it CAT GMAT, etc ) and you have a choice between top business schools. Let us say between IIMs and ISB. Then which one is better. Which one should you go for and invest your valuable time and money so that you have a brighter and more secure future.
1) ISB is a one year program. And it is not recognised by Govt of India and any public sector organisations like (BHEL, HPCL, IOCL, etc ) and banks ( SBI, UBI, BOI and so on.) So you are closing your chances of even been considered for a job in these organisations. And even if you are given job here, that will be based on your previous degrees like (BSC, B.Tech.)
2) Money matters. ISB is way too costly if compared with IIMs with absolutely no scholarship programs even if you come from a humble background. I would say that IIMs are also a bit on the costlier side but they are still a huge value for your money. Just imagine, after passing out from ISB even if you get a job with INR 15 lacs CTC you will take atleast 5 to 6 years to completely pay of your education loan of INR 20 lacs. And you will take more time if you are having home loan or car loan EMIs.
3) Credibility of ISB is down. Whenever you say ISB to someone the first thing you hear is , ohh the college whose dean was involved in India’s biggest corporate fraud. And he is not the only person associated with ISB who is involved in scams. There are many more everyday coming to news.
4) Attitude of ISB Authorities – Had they complied with government of India, and helped themselves get Accreditation, things would have been different. Imagine ISB, an MBA college in India, and not yet recognized by India. And government has the authority of telling ISB to just pack their bags and leave India.
5) Finance companies don’t prefer ISB graduates in general unless they are from IIT background. top finance majors like Morgan Stanley, Goldman Sachs love to go for IIM guys. I am not saying that finance firms won’t visit ISB campus. But they are looking out for IIT grads, not for the others (Don’t mind)
6) IIMs are IIMs. They are an aura. A craze among friends and family. Something that will add an instant value to your resume. Girls drool over this degree graduates and marriage prospects are highly improved ( on the lighter side) and the corporate world bows in front of you.
So in my opinion, not only in IIMs, even if you get admissions in FMS, XLRI, Jamnalal Bajaj or MDI, Indian School of Business is worth giving a miss. You might think initially that you could have saved one year had you gone to ISB, but in the long run you will cherish that extra year in your career as well as personal life.
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