New IIMs vs Old IIMs
Indian Institute of Management, Popularly known as IIM, is among the top business schools across the country. In India, IIMs are the best institute for any individual who aspires to get a management degree. Getting into any of the IIMs is the dream of all the MBA Aspirants across the country.
Students are admitted into IIM, based on their performance in the Common Admission Test (CAT) Examination. Currently, IIMs are present in 20 cities in India.
However, with time things are changing. Consider, the situation a decade ago, when IIMs were considered as the best business school across the country, however, with an increase in the number of IIMs across India, Is the situation still the same? New IIMs vs Old IIMs?
In 2009, Several IIMs were opened across the country. It all began with IIM – Rohtak, and then was followed by more, at places like Ranchi, Trichy, Udaipur, Kashipur and six other cities. This could be looked from a positive aspect, stating that the aspirants have a higher chance of selection, however, this has resulted in the erosion of the brand of IIM.
The standards of the new IIM are not up to the level of the older IIMs, taking into consideration several aspects, which makes the IIM, what it is, and therefore adding brand value to its name, which makes it the top priority for all the MBA aspirants across the country. Several parameters of new IIMs, such as the quality of Students or faculty, infrastructure, and most importantly, the ability of the institutes to attract several companies, for placements.
IIM was not just known for its excellent faculty and providing a higher quality of education, to its students, but also have been valued for the high paying jobs, that the students would fetch after completing their MBA. As a result, aspirants had the same type of expectations from the newer IIMs as well, but how far the newer IIMs have been able to live up to the expectations of the students.
The actual situation is quite different.
Generally, Management graduates are hired for two important roles, in any company, i.e. Strategic Roles and Functional Roles. Strategic Roles are considered as a prestigious role, by many, as compared to the functional roles like marketing, sales, supply chain, etc. The top three IIMs, which is IIM – A, B, and C, used to attract a lot of strategic roles, thereby making it the top priority list for several candidates. Besides, high paying jobs in the financial sectors, such as Investment Banking, Private Equity, Fund Management, etc. were also fetched by students from these 3 top IIMs.
Professionals in such strategic roles are paid more than the functional areas. However, this important factor which used to make the IIIMs the priority for students is been lacked by the newer IIMs. The newer IIIMs have not been able to attract such roles, or to be precise, have not been efficient enough to get recruiters, as compared to the older IIMs. In certain ways, we can say that the new IIMs, has created a gap between the lower tier B-Schools, and the Prestigious IIMs.
However, the new IIMs which have been formed, are trying to reduce the gap, and establish a good position as its counterpart, still, they have a long way to go.
The newer IIMs are doing their bit, so as to build a brand name, and reputation, as the older one, they need to focus on the below-mentioned aspects :
1. Reputation :
The Brand name of the college plays quite an important role, in attracting companies and recruiters. Companies prefer students from a reputed institute, Older IIMs are of a different league in this aspect. The newer ones will need to work its way out, to reach that level.
2. Relationship :
It is important, that the newer IIMs retain a healthy relation, with the top industry professionals, as it becomes important for these institutes to be aware of the current happenings across several sectors & help students be more industry ready rather than just academically building knowledge, and also Relationships is what would help in increasing the overall placements of its students.
3. Self – Sufficient :
The IIMs need to be able to earn sufficient so that they are able to manage all its expenses and hence is able to keep itself away from government influences. Being Self- Sufficient provides the institutes to operate on its own, without being dependent on the government for any kind of help.
4. Infrastructure :
The newer IIM should need to keep in mind the importance of infrastructural development and must work on building its infrastructure, so as to make sure that students are able to learn and nurture in the environment.
5. Alumni :
Alumni play an important role in an institute, as they play a great role in building up networks. The institute should focus on building up an efficient network of Alumni, who have influential positions in the corporate world, which in turn, would end up building the brand name, as they would represent the college.
The newer IIMs, are still among the top Business schools, of the country, however, comparing it with its older counterpart, it still has a long way to go, so as to reach that level.