IIM V/S Harvard: Which Is Better In 2024?, MBA Online, Salary

The choice between pursuing a business education at the renowned Indian Institutes of Management (IIMs) or the prestigious Harvard Business School (HBS) is a decision that can shape the trajectory of one's career. Both institutions have carved out illustrious reputations in the field of management education, offering distinct experiences and opportunities to their students. While HBS is internationally acclaimed, IIM has quite a prestige within the borders. 

While Harvard Business School is the most popular and the best considered B-school in the world, the highest package that Harvard offered was less than that of IIM Ahmedabad. Yes! You read that right. In 2017, the highest package offered by Harvard was 178,113 USD while the highest package offered by IIM was 181,863 USD, which was the second highest package offered that year after Stanford’s 195,322 USD package. In the following years also IIM has proven to offer a lot better returns in comparison to its Ivy League competitors with approx 44% ROI as compared to Harvard’s 15%. 

So yes, IIM is no less than Harvard, contrary to popular opinion. Both the institutes have their own merits and demerits. This blog is to bust this popular myth that IIM is no match for Harvard. So, read the following to get a comprehensive knowledge of the differences between the two. 

As prospective students weigh the pros and cons of each institution, it's imperative to delve deeper into the various facets that set IIMs and Harvard apart. This comprehensive comparison aims to provide a detailed exploration of crucial factors, from academic curriculum and faculty expertise to campus life, post-graduation prospects, fee structure, placements, and career opportunities, offering valuable insights to aid in making an informed decision.

Major Differences- IIM v/s Harvard

The table below gives a brief differentiation between the two management giants IIM and Harvard. All these differentiations are then discussed in detail, further in this blog. 

Aspect	IIM	Harvard Business School
Location	India (multiple campuses)	Boston, United States
Global Recognition	Recognised regionally and gaining international recognition	Globally renowned and highly prestigious
Fee Structure
Specialisations	Fewer specialisation options than Harvard	Extensive range of specialisations and concentrations
Teaching Methodology	Case-based pedagogy with a practical focus on Indian business environment	Pioneering case-method approach emphasising critical thinking
Alumni Network	Strong alumni network, particularly in India, with regional industry connections	Vast and influential global alumni network
Entrance Examination	CAT	GMAT/ GRE
Admissions Criteria	CAT exam followed by WAT and GDPI	GMAT/ GRE followed by personal essay & interview
Financial Aid & Scholarships	Available but fewer options compared to Harvard	Extensive financial aid, scholarships, and fellowships available
Industry Connections	Strong connections with Indian industries, particularly in consulting and finance	Extensive global industry connections and partnerships
Career Opportunities	Strong focus on the Indian job market and connections in Indian industries	Global opportunities with access to a wide range of industries worldwide

Reputation & Global Recognition 

• IIM

The Indian Institutes of Management (IIMs) have emerged as stalwarts in the realm of management education, not only within India but also on the global stage. Their sterling reputation is underscored by a track record of producing some of the most accomplished leaders in various industries.

Internationally, IIMs have been gaining recognition for their rigorous academic programs and their focus on grooming professionals who are adept at navigating the complexities of the global business environment. This recognition is further substantiated by their rankings in prestigious global education indices. Several IIMs have consistently featured among the top business schools in Asia, and some have made their mark on the world stage, earning spots in worldwide rankings.

• Harvard

Harvard Business School, synonymous with excellence in management education, is a name that resonates across continents. Its reputation as one of the most distinguished business schools globally is fortified by a legacy of producing luminaries in the corporate, entrepreneurial, and public sectors.

Harvard Business School consistently maintains its position at the zenith of global business school rankings. Its innovative teaching methodologies, coupled with an illustrious faculty and a vast, influential alumni network, contribute to its unparalleled reputation. 

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Programs Offered 

Both IIM (Indian Institutes of Management) and Harvard Business School offer a range of programs catering to different educational levels and professional needs. Here are the programs typically offered by each institution:

Indian Institutes of Management (IIMs)	Harvard Business School (HBS)
Post Graduate Program in Management (PGP/MBA) This is the flagship program offered by IIMs, providing a comprehensive education in management. It is typically a two-year full-time program.	Master of Business Administration (MBA) Harvard's MBA program is a highly prestigious two-year full-time program providing a comprehensive education in management.
Executive MBA (EMBA) EMBA programs are designed for mid-career professionals seeking to enhance their management skills without taking a break from their careers. They are typically part-time or weekend programs.	Doctoral Programs (Ph.D.) Harvard offers Ph.D. programs for those interested in pursuing advanced research and academia in business-related fields.
Fellow Program in Management (FPM/Ph.D.) FPM programs are doctoral-level programs designed for those interested in pursuing advanced research in management. They typically span several years.	Executive Education Programs Harvard offers a wide range of executive education programs, including customised programs for organisations and open-enrollment programs for individuals.
Post Graduate Program for Executives (PGPX) PGPX programs are one-year full-time executive MBA programs designed for experienced professionals looking to accelerate their careers.	Joint/Dual Degree Programs Harvard offers joint/dual degree programs in collaboration with other Harvard schools, allowing students to earn two degrees simultaneously (e.g., MBA/MD, MBA/JD).
Management Development Programs (MDPs) MDPs are short-term programs, workshops, or seminars designed for executives and managers looking to enhance their skills in specific areas.	Global Initiatives Harvard has global initiatives and partnerships with other institutions, offering opportunities for international exposure and learning.
Certificate Programs IIMs often offer specialised certificate programs in areas such as data analytics, digital marketing, finance, and more.	-

 

It's important to note that specific program offerings and names may vary between individual IIMs, and Harvard Business School may introduce new programs or modify existing ones over time. Prospective students should refer to the official websites of the respective institutions for the most up-to-date information on program offerings.

Online Programs 

Both IIM (Indian Institutes of Management) and Harvard Business School offer online programs designed to cater to a global audience and provide accessible education in management and related fields. Here are some details about their online programs:

Indian Institute of Management (IIM)	Harvard Business School (HBS)
Online MBA (2 years) IIM Raipur is the 1 IIM that offers the complete 2 year MBA program in the online mode. There are no other IIMs yet that offer the full 2 years online MBA course.	Online Programs Harvard Business School offers a range of online courses and programs through their online platform, Harvard Online. These programs cover a wide array of business topics, including leadership, finance, strategy, marketing, and more.
ePGP (Executive Post Graduate Program) The ePGP is a two-year, online executive MBA program offered by some IIMs. It is designed for working professionals who want to enhance their managerial skills without leaving their jobs. The program includes virtual classes, group discussions, assignments, and exams.	CORe (Credential of Readiness) CORe is a foundational program designed to introduce students to key concepts in business, including Business Analytics, Economics for Managers, and Financial Accounting. It provides a strong foundation for further business studies.
Online Certificate Programs IIMs offer a variety of online certificate programs on topics such as data analytics, digital marketing, finance, leadership, and more. These programs are typically shorter in duration and provide specialised knowledge in specific areas.	Online Executive Education Harvard offers executive education programs in an online format, providing professionals with the opportunity to engage with Harvard's renowned faculty and network with other experienced leaders from around the world.
Executive Education Programs IIMs may also offer executive education programs in an online format. These programs are designed for mid-to-senior level professionals looking to enhance their skills in specialised areas.	Blended Programs Some of Harvard's programs combine online learning with on-campus components, providing a more flexible format for professionals looking to balance work and education.
-	Online Certificates and Credentials Harvard offers various online certificates and credentials in areas like business analytics, leadership, negotiation, and more. These programs are designed to provide specialised knowledge and skills.

 

Comparison

• Harvard does not offer a complete 2-year online MBA program. Among the IIMs also, only IIM Raipur offers this 2-year online MBA. However, there are many other prestigious universities in India and abroad that offer this complete 2-year online MBA course. Since it is very difficult to find each one of them, the best way is to go to the website of College Vidya. Here you will find the complete list of govt. approved universities offering the online MBA program in the world. You will find each and every detail about these colleges in a highly organised manner so there will be no room for any sort of confusion.  
• Both IIM and Harvard Business School offer online programs, but they may have different emphases and structures. IIMs often focus on executive education and specialised certificates, while Harvard provides a broader range of online offerings, including foundational courses and executive education.
• The online programs from both institutions are designed to provide accessible education to a global audience, allowing students to learn at their own pace and schedule.
• Harvard's global recognition and extensive alumni network may provide additional advantages for students participating in their online programs.

Curriculum & Teaching Methods 

• IIM

The Indian Institutes of Management (IIMs) are renowned for their rigorous and comprehensive curriculum that equips students with a multifaceted understanding of business and management. The curriculum is designed to be dynamic, adapting to the evolving needs of the business landscape. At its core, IIMs emphasise a holistic approach to management education, integrating theoretical knowledge with practical applications.

One hallmark of IIMs' teaching methodology is the extensive use of case studies. Through these real-world scenarios, students are challenged to analyse complex business problems, make informed decisions, and develop strategic insights. This hands-on approach not only hones critical thinking skills but also fosters a deep understanding of the nuances of business operations.

Collaborative learning is another cornerstone of the IIM experience. Group projects, discussions, and presentations are common, encouraging students to work in teams and learn from diverse perspectives. This collaborative environment mirrors the dynamics of the modern workplace, preparing students for effective teamwork and leadership.

• Harvard

Harvard Business School's curriculum is distinguished by its pioneering case-method approach. This methodology places students at the centre of the learning experience, immersing them in real-world business situations and compelling them to grapple with complex decisions. Through in-depth case analyses, students develop the ability to think critically, solve problems, and formulate strategic solutions.

The Harvard Business School curriculum is designed to be flexible, allowing students to tailor their educational journey to their specific interests and career goals. This adaptability empowers students to delve deep into areas of specialisation and explore interdisciplinary perspectives.

Beyond the classroom, Harvard places a strong emphasis on experiential learning. Opportunities for internships, global field immersions, and consulting projects provide students with practical exposure to the challenges and opportunities facing businesses in diverse contexts.

Faculty Expertise 

• IIM

IIMs boast a faculty that is characterised by a rich blend of academic prowess and industry experience. Professors at IIMs are often accomplished scholars in their respective fields, and many faculty members have extensive practical experience gained from working in various industries, enriching their teaching with real-world relevance.

In addition to their academic credentials, IIM faculty members frequently engage in consulting, executive education, and research collaborations with businesses and government organisations. This dual exposure to academia and industry enables them to offer a well-rounded educational experience, imparting both theoretical knowledge and practical insights.

• Harvard

Harvard Business School's faculty is a constellation of luminaries, comprising leading experts, accomplished researchers, and seasoned practitioners. The faculty members at Harvard are at the forefront of their respective fields, actively contributing to the global discourse on business, economics, and management.

What sets Harvard's faculty apart is their ability to seamlessly integrate their research findings into the classroom experience. This ensures that students are exposed to the latest developments and emerging trends in the business world. Additionally, many Harvard professors are sought-after advisors, consultants, and board members for major corporations and organisations, further enhancing their credibility and relevance.

Furthermore, the diversity of expertise within the faculty body at Harvard enables students to explore a wide spectrum of disciplines, from finance and strategy to entrepreneurship and social enterprise.

Eligibility Criteria 

• IIM

IIMs have specific eligibility criteria for their various programs. While these criteria may vary slightly from one IIM to another, there are some commonalities. 

• Typically, candidates applying for postgraduate programs, such as the Master of Business Administration (MBA), are required to have a bachelor's degree in any discipline from a recognized university or institution. 
• Additionally, candidates must meet certain minimum academic performance standards, which may include a specified minimum percentage or grade point average (GPA).
• For executive programs and fellowships, IIMs may also consider candidates with significant work experience. In such cases, a minimum number of years of work experience may be required to be eligible for admission.
• Standardised test scores, such as the Common Admission Test (CAT), are often a crucial component of the eligibility criteria for many IIM programs. Candidates are typically required to achieve a minimum score in these tests to be considered for admission.

 

• Harvard

Harvard Business School sets specific eligibility criteria for its MBA program. 

• Candidates must have completed a bachelor's degree from a recognized institution. While there is no specific field of undergraduate study required, candidates are expected to have a strong academic record. 
• Additionally, candidates are required to submit standardised test scores, such as the GMAT or GRE, as part of the application process.
• Work experience is also an important consideration for admission to Harvard's MBA program. While there is no strict minimum requirement, candidates with a few years of relevant work experience are often preferred. The admissions committee looks for candidates who have demonstrated leadership potential and a track record of impact in their professional roles.
• Harvard also places a strong emphasis on candidates' personal qualities, such as leadership potential, interpersonal skills, and a commitment to making a positive impact in their communities.

Entrance Exam IIM v/s Harvard

The entrance exams for IIM and Harvard Business School are different, reflecting the distinct education systems and requirements of each institution.

• IIM (Indian Institutes of Management)

1.  Common Admission Test (CAT)

• CAT is a highly competitive entrance exam conducted annually by one of the IIMs on a rotational basis.
• It is the primary entrance exam for admission to various postgraduate management programs offered by the IIMs and other top B-schools in India.
• CAT assesses candidates in areas such as Quantitative Ability (QA), Verbal Ability (VA), Data Interpretation (DI), and Logical Reasoning (LR).

2.  Other Exams for Specialised Programs

• Some IIMs conduct their own entrance exams for specialised programs, such as the GMAT for executive programs or the Research Aptitude Test (RAT) for Fellow Programs.

 

• Harvard Business School

1.  GMAT (Graduate Management Admission Test) or GRE (Graduate Record Examinations)

• Harvard Business School accepts either the GMAT or GRE scores as part of the application process.
• These standardised tests assess a candidate's readiness for graduate-level business education.

2.  TOEFL or IELTS (for Non-Native English Speakers)

• Non-native English speakers are typically required to submit scores from either the Test of English as a Foreign Language (TOEFL) or the International English Language Testing System (IELTS) to demonstrate proficiency in English.

3.  Other Application Components

• In addition to standardised test scores, Harvard's application process includes components like essays, letters of recommendation, a resume, and an interview.

Comparison

• The CAT is specific to the Indian context and is primarily used for admissions to management programs in Indian institutions, including the IIMs.
• The GMAT and GRE are internationally recognized standardised tests accepted by a wide range of business schools worldwide, including Harvard Business School.
• While CAT primarily assesses quantitative, verbal, and logical reasoning skills, GMAT and GRE assess a broader range of skills including analytical writing and critical thinking.

Admission Procedure 

It's important to note that while the standardised tests listed above are a crucial component of the application process, they are just one aspect of a comprehensive application. Admissions committees also consider factors like academic achievements, work experience, leadership potential, essays, interviews, and letters of recommendation when evaluating candidates.

• IIM:  The admission process for the IIMs typically involves several stages, including an initial application, followed by a written test, group discussions, and personal interviews. Additionally, candidates are evaluated based on their academic performance, work experience, and standardised CAT scores.
• Harvard:  The application process typically includes submitting transcripts, standardised test scores (such as the GMAT or GRE), letters of recommendation, and a resume detailing work experience. Additionally, Harvard places a strong emphasis on the personal essay and interview stage, aiming to gain insights into the candidate's motivations, aspirations, and ability to thrive in a collaborative learning environment.

Fee Structure & Financial Considerations 

• IIM:  The tuition fees for programs at the IIMs can vary based on factors such as the specific campus, program duration, and level of degree. Generally, IIMs offer a range of programs, including postgraduate diplomas, executive programs, and doctoral degrees. It's important for prospective students to carefully review the fee structure of the specific program they are interested in.

The average fee for the MBA program at the top IIMs is within the range of INR 18-25 lakhs. The newer IIMs have a lesser fee structure of around INR14-20 lakhs. 

While the tuition fees at IIMs are competitive compared to many international counterparts, students may also have to factor in additional expenses for accommodation, books, materials, and living costs. However, IIMs often provide various financial aid options, including scholarships, grants, and fellowships, to support deserving students in their pursuit of education.

• Harvard:  Harvard Business School is known for its high-quality education, and this is reflected in its tuition fees. The cost of attending Harvard, including tuition, fees, and living expenses, can be substantial. It's important for prospective students to carefully consider their financial resources and explore available options for funding their education.

The tuition fee for the 2-year full-time MBA program at Harvard is approx USD 149,820. This is just the tuition fee, there are several other expenses including accommodation, living expenses, cost of study material and books, healthcare cover, etc. So, on an average the total fee of an MBA at Harvard is approx USD 236,804 which is just a little less than 2 crores in Indian Rupee (INR).  

Harvard Business School is committed to providing financial aid to admitted students, with the aim of ensuring that financial constraints do not hinder access to education. The school offers a range of scholarships, fellowships, and loan options to support students in their academic journey.

Additionally, students at Harvard have access to various resources for financial planning and budgeting, and the school strives to work closely with students to help them navigate the financial aspects of their education.

Alumni Network & Industry Connections 

• IIM

IIMs boast a robust and expansive alumni network that spans various industries, both in India and globally. Graduates of IIMs have made significant contributions to diverse sectors, including finance, consulting, technology, and entrepreneurship. This extensive network provides current students with invaluable opportunities for mentorship, networking, and career advancement.

Many IIM alumni take an active role in supporting their alma mater, often participating in guest lectures, workshops, placements, and industry events. This symbiotic relationship between the institutes and their accomplished alumni ensures that students have access to a wealth of knowledge and insights from seasoned professionals.

Furthermore, IIMs maintain strong ties with the corporate world through collaborations, industry partnerships, and recruitment drives. This facilitates direct interaction between students and representatives from leading companies, fostering a seamless transition from academia to the professional realm.

• Harvard

Harvard Business School's alumni network is a formidable force in the global business community. With a vast and influential community of graduates spanning continents, Harvard alumni hold leadership positions in a wide array of industries, including finance, healthcare, technology, and more.

The Harvard alumni network is renowned for its willingness to engage with current students and fellow graduates, offering mentorship, career guidance, and networking opportunities. This network is not only a source of professional support but also a platform for fostering lifelong connections with like-minded individuals who share a passion for business excellence.

In addition to its alumni, Harvard Business School maintains deep-rooted relationships with industry leaders and organisations worldwide. These connections open doors for students to engage in internships, experiential learning opportunities, and recruitment initiatives with some of the most prestigious companies across industries.

Placement Packages & Career Outcomes 

• IIM (Indian Institute of Management)

The Indian Institutes of Management (IIMs) have a strong track record of achieving impressive placement outcomes for their graduates. The average placement packages can vary depending on factors such as the specific IIM, the program, and the level of experience of the graduating class. Graduates from IIMs are highly sought after by a wide range of industries, including consulting, finance, technology, and FMCG (Fast-Moving Consumer Goods).

The highest domestic salary package at IIM in the last academic year was achieved by IIM Calcutta of INR 1.15 Crore per annum followed by IIM Indore with INR 1.14 Crore per annum. The average package recorded at the top IIMs was approximately INR 20-35 LPA. 

• Harvard

Harvard Business School consistently achieves impressive placement outcomes for its MBA graduates. The average salary packages and signing bonuses offered to Harvard MBA graduates are among the highest in the world. Graduates from Harvard are recruited by a wide range of organisations, including top consulting firms, investment banks, technology giants, and leading companies in various industries.

According to the latest data, the median base salary received by the MBA graduates at Harvard was USD 175,000 which is equivalent to approx 1.45 Crore in Indian Rupees (INR). 

Campus Life & Student Experience 

• IIM: IIMs offer a vibrant and enriching campus life that goes beyond the confines of the classroom. Each IIM is characterised by a unique cultural ethos, with a diverse student body representing various regions, backgrounds, and experiences. This diversity fosters a dynamic learning environment where students have the opportunity to engage in rich discussions and exchange perspectives.
• Harvard: Harvard Business School offers a dynamic and intellectually stimulating campus environment set against the backdrop of one of the world's most renowned universities. The student experience at Harvard is characterised by a strong sense of community, with students from diverse backgrounds coming together to form a tightly-knit network of peers.

Pros & Cons- Which is Better, IIM or Harvard? 

Studying at either IIM (Indian Institutes of Management) or Harvard Business School comes with its own set of advantages and considerations. The "better" choice depends on individual goals, aspirations, and circumstances. Indian students seeking to establish their careers primarily in India may find the local relevance and strong network of IIMs highly beneficial. However, if the goal is to gain a more global perspective and work in international settings, Harvard Business School may offer a broader platform.

Here are some pros and cons for each institution to help you weigh your options:

	IIM	Harvard
Pros	Cost-Effective: Tuition fees at IIMs are generally more affordable compared to international institutions like Harvard, making it a more cost-effective option for many students. Local Relevance: IIMs have a deep understanding of the Indian market and business environment. They often have strong connections with Indian industries, which can be beneficial for job placements. Strong Alumni Network in India: IIMs have a vast and influential alumni network in India, providing valuable connections and mentorship opportunities for students. Government Recognition: IIMs are government-recognized institutions with a long-standing reputation for producing high-calibre graduates in the Indian business landscape. Cultural Familiarity: For Indian students, studying at an IIM offers a culturally familiar environment, which can be advantageous for adapting to the academic setting.	Global Prestige: Harvard Business School is renowned worldwide and carries immense prestige in the global business community. A Harvard degree is widely recognized and respected. Diverse Network: Harvard attracts students and faculty from all over the world, providing an incredibly diverse and international learning environment. Extensive Specialisations: Harvard offers an extensive range of specialisations and concentrations, allowing students to delve deep into their areas of interest. Innovative Teaching Methods: Harvard's case-method approach is highly regarded and promotes critical thinking, problem-solving, and decision-making skills.
Cons	Limited Global Exposure: While IIMs are gaining international recognition, they may not offer the same level of global exposure and opportunities as an institution like Harvard. Narrower Program Specialization: Depending on the specific IIM, the range of specialised programs and concentrations may be more limited compared to a global institution like Harvard. Competitive Admissions: Admission to IIMs is highly competitive, with a rigorous selection process that may require high test scores and a strong academic record. Fewer Financial Aid Options: While some financial aid is available, IIMs may have fewer scholarship and fellowship opportunities compared to international institutions.	High Tuition Costs: Attending Harvard Business School can be significantly more expensive than studying at an IIM, and the cost of living in the U.S. can be substantial. Competitive Admissions: Harvard has an extremely competitive admissions process, and gaining entry requires exceptional academic achievements, leadership, and professional experience. Cultural Adjustment: For international students, adapting to a new cultural and academic environment can be challenging. Less Local Industry Insight: While Harvard has global recognition, its direct connections to specific local industries in countries like India may be limited compared to IIMs.

Remember, both institutions are highly respected in their respective contexts, and the decision should align with your long-term career vision. Additionally, consider seeking advice from professionals in your field and speaking with alumni or current students from both institutions to gain further insights.

Conclusion 

In the pursuit of a business education, the choice between the esteemed Indian Institutes of Management (IIMs) and the illustrious Harvard Business School is a pivotal decision that hinges on various factors. Both institutions offer unique strengths, and the decision ultimately depends on individual aspirations, career goals, and personal preferences.

Ultimately, whether one chooses to embark on the transformative journey at an IIM or at Harvard Business School, the experience promises to be a pivotal chapter in one's professional growth. Both institutions have a track record of producing leaders who shape industries, drive innovation, and create meaningful impact in the world of business.