Should you drop IIM Indore for SPJIMR?
Dropping IIM Indore for SPJIMR is a legitimate call, not a downgrade, if finance or Mumbai is your goal. The ₹32 LPA average at SPJIMR beats IIM Indore's ₹25 LPA average by ₹7 LPA, and in finance roles that gap can widen further.
The Numbers Side-by-Side
| Metric | IIM Indore | SPJIMR |
|---|---|---|
| Fees | ₹16.5L | ₹26.5L |
| Average placement | ₹25 LPA | ₹32 LPA |
| CAT cutoff | 97+ percentile | 95+ percentile |
| Batch size | ~550 | ~220 |
| Programme | 2-year PGP | 2-year PGDM |
The fees gap is real at ₹10L, but at ₹7 LPA higher average salary, you recoup that difference within 18-24 months. Don't let the sticker shock decide this for you.
Where SPJIMR Wins
Finance is the clearest case.
SPJIMR's Mumbai location gives you direct proximity to the Dalal Street and BKC BFSI ecosystem, and the recruiter depth reflects that. Bulge-bracket banks including Goldman Sachs, Morgan Stanley, and JP Morgan recruit actively from SPJ's finance track, with placements that rival IIM A, B, and C in this domain.
That claim sounds bold, but placement reports back it up. The smaller 220-student batch also means you are not competing against 550 peers for the same roles.
The international immersion component adds a credential that IIM Indore's standard PGP does not match. If your target employers are global financial institutions, that matters at the resume-screening stage.
Where IIM Indore Wins
The IIM brand still carries weight outside India and in consulting. If you are targeting McKinsey, BCG, or Bain for general management consulting, IIM Indore's established name and broader recruiter base across sectors works in your favour.
The ₹10L savings is also genuinely meaningful if you are funding this with loans.
SPJIMR is a private institution without the IIM tag, and in some government, PSU, or international contexts that distinction matters.
IIM Indore also sends candidates to HUL, Marico, and top FMCG firms in larger numbers given its general management strength.
Who Should Make the Switch
This choice is straightforward once you know your target
- Finance as primary goal: SPJIMR, no debate
- Consulting or general management: IIM Indore has a slight edge
- Loan-funded, cost-sensitive: IIM Indore saves you ₹10L upfront
- Mumbai career base: SPJIMR, the alumni and recruiter network compounds over time
The Honest Verdict
Both are "no regret" outcomes for a strong profile, and the Reddit commentary saying people drop Indore for SPJ is accurate. This is not a prestige step-down.
The mistake is treating the IIM tag as universally superior when your target industry is concentrated in one city and one sector. At the same time, do not romanticise SPJIMR's finance reputation if you are unsure about finance as a long-term path.
Sector clarity should drive this decision, not ranking tables.
If you finish either programme in the top 20% of your batch, the gap between the two colleges becomes nearly invisible to a McKinsey, Goldman, or HUL recruiter two rounds into the interview process.
Pro Tip: Before deciding, email five alumni from each college who are in your target role at your target firm and ask them directly which campus gave them better access, their answers will tell you more than any placement brochure.