No, I don't think the new IIMs should be preferred over a well-established institute like IMT Ghaziabad. I have seen many instances wherein people forgo offers from new IIMs to join IMT Ghaziabad.

The IIM brand has failed to convince students to join the new IIMs for a diploma. A cursory glance at the low placement figures last year at some of the relatively newer IIMs (Raipur, Rohtak, Ranchi, Kashipur, and Udaipur) when compared to their older counterparts, too, tells its own story.

Another important issue for management aspirants is that even if they are okay with the lack of infrastructure, full-time faculty members, and alumni, they cannot ignore the delayed start to the sessions at the new IIMs. While faculty members think that this time gap in starting operations can be bridged easily, students feel that they might lose out on their summer internships.

To understand this better, let’s discuss the pros and cons of both institutes and then draw an opinion.

Pros of SBI PO

• Fewer fees
• Growth at a steady pace
• Certainty of job
• Experience 

Cons of SBI PO

• Lower median packages when compared to NMIMS Mumbai
• Sometimes you might get a rural posting
• The pace of growth is slower than a corporate job
• Crowd quality is average

Pros of NMIMS 

• The packages offered are better in terms of pay and roles 
• You will experience great exposure here
• Larger peer group thus a bigger alumni network
• You get to live in Mumbai, the city of dreams for 2 years.

Cons of NMIMS 

• You become a slave to the corporate world and have zero time for yourself
• The fees and accommodation costs are very high 
• The job security is weaker in comparison to SBI PO

My personal opinion is that if you are in the initial stage of your career, SBI PO is a better option but if you are 3-4 years into your career and are looking for an MBA to open more opportunities, then NMIMS is for you.

The younger you are, the more opportunities you will receive. So don’t let the age factor discourage you. It’s highly possible that the old IIMs did not consider you. Think of the bright side. You are young and you have multiple CAT opportunities.

What you can do is work somewhere and gain experience. This might upgrade your profile. Inculcate extracurricular skills and prepare yourself well for the next batch of CAT aspirants. Keep trying till your dream comes true.

Before dwelling on the details and explanations, let me give you a simple answer. 

• You should go for a 2-year MBA program if you are open to switching domains in the future. One of my friends was in a similar situation with around 4 years of experience in EPC Project Management. After great anticipation, she decided to go for IIM. Visakhapatnam which is a relatively new IIM. But it happened to be one of the best decisions of her life. She realized her inclination toward Finance and ended up with a role in the financial planning department of her company. She says that the MBA program changed her perspective and broadened her career spectrum which would not have been possible if she had taken an Executive program.
• You can go for the Executive program if you want to upscale your career prospects in the same field. Or you want a certificate that can get you a better job at a better company. This is a viable option if you are not open to switching domains and want to stick with your current field.

Now that I have talked about both scenarios let’s clear some misconceptions about the new IIMs. Frankly, they are not yet anywhere near the older IIMs but that does not change the fact that they have been developing at a speeding rate and are bound to do more so in the future. Through various interactions with the alumni, I have inferred that they were glad they joined the new IIM which provided world-class facilities and a breath of fresh air.

If you have already decided to settle abroad, investing your time and money in the new IIMs is useless. You should start looking for the top B Schools in your preferred country. Moreover, the IIMs, even the older ones, have a non-existent international scope. 

So why invest so much money in something that will not improve your chances of settling abroad? To make it easier I have listed a few Canadian Business Schools that are the most preferred ones.

1. University of Toronto
2. University of Western Ontario
3. York University
4. University of British Columbia
5. McMaster University

It’s amazing that you have been shortlisted for 2 of these amazing universities. I suggest you go for them instead of IIMs.

If you are looking just for a brand name and high ROI, then your options are

• IIM Udaipur 
• IIM Trichy 
• IIM Ranchi 

If you are looking for legacy, established alumni, and faculty with decades of experience within the same institute, your options are 

• IIFT Delhi campus
• MDI 

Now let me further elaborate on the last 2 colleges. 

IIFT: This institute is a good option for people who wish to get into International business. I can any day prefer IIFT over the new IIMs.

MDI: MDI specializes in Marketing so anyone interested in this sector can go for MDI.

So it eventually depends on you and the specialization you want.

If your reason for joining the Ivy League is to launch a startup, then the main factor to be considered is how good your startup idea is and how much you are willing to achieve it. Being an MDI graduate, you can contact your alumni for funding or other assistance.

Once the seed stage is over, you might have Ivy League graduates lined up to fund you provided you really are an excellent prospective Entrepreneur. Moreover, by saving the fees of Ivy League which is around 30 Lakhs, you can use this money to build your venture’s MPV, grow, pay freelancers, buy basic fixed assets, and support your family during this lean period. If you are successful at building a great startup, the same Ivy colleges you were desperate to go to will offer you a more customized course that suits your profile perfectly. This will make you both a successful entrepreneur and a successful leader.