The Indian Institute of Management was established in 1961 with two of its most reputed institutes – Ahmedabad and Calcutta becoming operational. Over the years, the number of IIMs increased to six. Between 2008 and 2015, fourteen new IIMs were launched to cater to the aspirations of young India. The 20 IIMs together offer a range of degree, diploma and certificate courses. In this article, you will read all about the IIMs established in and after 2008 and third generation IIMs established in and after 2015. They are also called new IIMs or baby IIMs.
Are the new IIMs as good as the old IIMs?
To put it straight and simple, it is a very unfair comparison. The older IIMs will always have the advantage of having an established brand that started decades ago (IIM A/C – 1960s, IIM B-1970s, IIM L-1980s, IIM I/K-1990s), a strong alumni network that already exists in the industry, state-of-the-art infrastructure, best-in-the-industry faculty, international student exchange programs and last but not the least – very good placement records. In fact, you will find variations in perceptions even between an IIM A and an IIM L for example – but does that make IIM L a bad choice for management aspirants?
The new or baby IIMs may not match the reputation of older IIMs – but in reality, how many other non-IIM B-Schools can really claim to have matched the same. What we only need to analyze is whether these new/baby IIMs are on their way to being centres of excellence – with processes, faculty, infrastructure, student clubs & committees, events, exchange programs and industry recognition on their way to catching up with the older IIMs (to a large extent if not completely). As the new/baby IIMs have the unique advantage of being mentored by the older IIMs – we should not be surprised if the new/baby IIMs catch up sooner than expected.
What are the alternatives?
Reject a B-School only when you have a better option. There are about 4000+ B-Schools in India and the baby IIMs will rate better than most of them, simply because of their IIM tag. There are only a handful of non-IIM B-Schools that you may prefer over the new/baby IIMs – ISB, JBIMS, XLRI, FMS, S.P.Jain and MDI, to name a few. A better option could also be continuing with your job or taking up a job– if you strongly believe you can improve your CAT scores or your profile or both by waiting for another year, or if you believe you already have a profile better than what you are likely to get from the new/baby IIMs. In any case – do not reject a new/baby IIM before the selection process is even complete. Go for the WAT-PI, get selected – and then take a decision to join or not based on the alternatives that you have.
The baby IIMs
A quick word about the IIMs started around 2015 (IIM Nagpur, IIM Amritsar, IIM Sirmaur, IIM Bodh Gaya, IIM Sambalpur and IIM Visakhapatnam): If you join these IIMs, you are sure to face a whole lot of teething problems as you will only be the initial 5-7 batches graduating from these institutes. But if you are someone who wants to be a part of the institute building process, and you do not have a better alternative then you must surely consider joining these institutes. These institutes are also being mentored by the older IIMs (IIM Nagpur, for example, is being mentored by IIM Ahmedabad – and this fact by itself should give you a lot of confidence about graduating from here)
Baby IIMs: Fee Structure, Seats, Packages
Name of IIM
Tentative Fees for 2021 Admissions
Seats Intake for 2021
Rs. 10.50 Lakhs
IIM Bodh Gaya
Rs. 10.60 Lakhs
Rs. 13.75 Lakhs
Rs. 13.30 Lakhs
Rs. 10.34 Lakhs
Rs. 10.50 Lakhs
Rs. 13.80 Lakhs
59 to 61+
Take the decision of joining or not joining a baby IIM only after you have carefully evaluated your own profile and the options that you have otherwise. I am sure that a baby IIM will be a good option for most MBA aspirants and they would be well-advised to join any of these institutes, if they do get selected. Even within the baby IIMs, there are some which are really good while others need to catch up to them. Before deciding upon whether to pursue MBA from any of these colleges, it is important to talk to the alumni and the students studying over there. There are facebook groups and pages of these colleges from where more information could be extracted. Also, a record of final placements and summer internship opportunities will help one to identify what sort of opportunities lie in the offering.