Top 5 Non‑iim Business Schools In India

By Author: sakshi
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When aspirants speak of "Best MBA colleges in India", IIMs immediately spring to mind. But did you know that several non‑IIM institutes consistently deliver world-class education, placement opportunities, and ROI? Whether you're CAT‑bound or exploring alternate routes, here are five top-tier business schools that deserve your attention.

1. XLRI – Xavier School of Management, Jamshedpur

Founded in 1949, XLRI is India’s oldest B‑school, known for its dual PGDM offerings: Business Management (BM) and Human Resource Management (HRM).

Rankings: NIRF 2023 placed it 9th among management schools in India.
Placements: Average CTC around ₹29.9 LPA; highest domestic offer reached ₹75 LPA in 2023.
Why it stands out: Known for its values-based curriculum, ethical leadership focus, and a tight-knit alumni network. It's a top choice for HR aspirants and those seeking a rigorous, holistic MBA.
2. SP Jain Institute of Management & Research (SPJIMR), Mumbai

Established in 1981, SPJIMR combines innovation, industry linkages, and global outlook.

Rankings: NIRF 2024 ranked ...
... SPJIMR at No. 20, but it consistently tops private B‑school lists including Business Today and others.
Placements: Average CTC approx ₹33 LPA; highest package near ₹74–77 LPA.
Key highlights: A stand-out for its mandatory international immersion, strong emphasis on experiential learning, and holistic student selection beyond scores.
3. Faculty of Management Studies (FMS), Delhi University

An elite government‑run MBA program with ROI that’s hard to beat.

Rankings: Frequently placed among the top 5 non‑IIM institutions.
Placements: Average salary in the ballpark of ₹25–34 LPA; highest in 2023 around ₹62.5 LPA.
Why choose FMS: Rock‑bottom fees (approx ₹2 lakh total) and stellar placements, making it a value king. Only drawback? Very limited seats and high competition.
4. IIT Bombay – Jamnalal Bajaj Institute of Management Studies (SJMSOM)

Combining IIT Bombay’s tech prestige with management education, SJMSOM delivers a strong blend of analytics and business acumen.

Rankings: NIRF April 2024 placed it at No. 10 among non‑IIM B‑schools
Placements: Average salary around ₹28 LPA, highest reaching ₹72 LPA in recent years.
Strengths: STEM-heavy students thrive here. Great for operations, analytics, consulting ambitions, and backed by IIT’s brand.
5. IIT Delhi – Department of Management Studies (DMS IITD)

Technically part of a premier technical university, DMS IIT Delhi offers rigorous MBA shaped for tech‑savvy leaders.

Rankings: Ranked 4th among non‑IIM B‑schools in NIRF 2024 .
Placements: Average CTC around ₹24–26 LPA; top offer above ₹41 LPA .
Why it matters: With low fees (~₹12 lakh), IIT’s network, and tech‑driven curriculum, it offers excellent ROI for CAT aspirants with analytics bent.
Why This List Matters

These institutes were highlighted in GCETL’s blog (~“Top 5 Non‑IIM B‑Schools of India”) — and they consistently surface across multiple rankings and aspirant discussions. To add depth and authority, I pulled recent placement figures, rankings, and key strengths from leading sources to build this updated narrative.

What makes a really good non‑IIM B‑school?

High placement outcomes & top recruiters across sectors
Strong ROI relative to fees
National/international accreditations and global exposure (e.g., AACSB or foreign immersion programs)
Balanced curriculum: case‑based learning, electives, actionable projects
Brand pull & alumni support across top companies
All five schools here check nearly every box—whether you're looking for ROI, niche specialization, analytics, prestige, or global experience.

Choosing the Right Fit: A Strategic Approach

Here are tailored profiles to help narrow your best fit:

Candidate Profile

Ideal School(s)

You want lowest fees with rock-solid ROI

FMS Delhi

You aim for top HR careers or social values

XLRI Jamshedpur

You want global immersion or holistic learning

SPJIMR Mumbai

You come from a STEM / analytical background

SJMSOM (IIT Bombay) or DMS (IIT Delhi)

You want tech + management synergy

DMS IIT Delhi or SJMSOM IIT Bombay

Real-world Aspirant Insights

Across Reddit’s r/CATpreparation, aspirants frequently place these schools in the top tiers just after IIMs. One user remarks:

"Old IIT B‑Schools (SJMSOM, VGSOM, DMS, DoMS) – Good for analytics, ops, and consulting roles."

And another breakdown presents them as:

“Tier‑2: IMT Ghaziabad, XIMB, New IIMs… Third cohort: NMIMS, Symbiosis, Welingkar…” – clearly placing IIT B‑schools ahead in the stronger Tier‑2 bracket

That matches how these institutes stack up in weighted aspirant opinion and placement reality.

Final Words: Invest Smart, Choose Well

While IIMs will always be top‑line aspirational targets, these five non‑IIM B‑schools offer compelling alternatives—especially if you want ROI, innovation, prestige, or a niche‑focused program.

FMS Delhi = ROI king
XLRI = values, HR and holistic leadership
SPJIMR = innovation, global exposure, brand
SJMSOM / DMS = IIT‑led rigor in analytics, tech, consulting
If you've read the GCETL blog and wondered “Is this up‑to‑date?”, this optimized version reflects placement stats, ranking updates (2023–24), and aspirant sentiment — giving you a clearer, fresher guide to evaluate.