What is a better option during this time of covid19, a job at an MNC or an MBA from IIM/IIFT/XLRI?

You should take up a job at this point in time. Due to covid-19 many companies have frozen their recruitments and the campus placements are not happening as earlier. Even if you pass out from the premier Management institute there is tough competition this year.

• Since a lot of companies and other financial institutions are not visiting the campus for placements.
• Even if you do not get a job in a big MNC try searching for jobs in other companies and take any job that suits your profile.
• Getting a job in a pandemic situation is not easy. If you want to prepare for CAT or other competitive examinations then you can do it along with your job rather than wasting one full year in preparation.

You should focus on building good networks in various organizations. You should also focus on developing your knowledge base, technical skills, and aptitude skills which are necessary for getting a good job.