9 MBA Myths Busted: What They Don’t Tell You About IIM Life

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One of the holy grails of Indian education—an admission to a top B-school like the IIMs. If you're reading this, you’ve either crossed that line or are fiercely eyeing it. Congrats—or all the best!

Either way, welcome to the world where myths about life in a B-school float more freely than Wi-Fi in the dorms. (That’s true—Wi-Fi at my IIM Lucknow campus really sucked. Heard the same from friends at other colleges.)

From friends warning you that you’ll never sleep again to pseudo-LinkedIn influencers making it sound like a sure-shot ticket to crores, there’s a lot of noise out there.

Consider me your friendly neighborhood MBA grad, here to debunk some of the most common misconceptions.

Let’s dive in, shall we?

Myth 1: MBA is All About Getting a Job

Reality:
Let’s not kid ourselves—a shiny new job offer with a hefty paycheck is definitely a perk (and the reason many pursue an MBA). But to say that’s all an MBA is about? That’s like saying pizza is just about the cheese.

Yes, an MBA equips you with the arsenal of skills and the network to seriously up your career game. But beyond the placement reports, you’ll learn how to think critically, solve complex problems, and make decisions that could actually impact the world (not really but would certainly help maximize the shareholder value up to a certain extent).

An MBA is more about getting the right job for you (it certainly helps you prepare for it). But you have to take complete ownership of your learning while in B-school, and the choices you make shape the eventual outcome—placements. But not everything is about placements.

Some people use the time to upskill or explore what they actually want to do (trust me, that’s common). I've seen folks learn new instruments, play a sport for the first time, start ventures, or go crazy at parties.

So, placements is just the last chapter in a book called MBA. 

Myth 2: You Must Have Work Experience to Do an MBA

Reality:
While having some professional work experience definitely adds context and maturity to your MBA journey (you'll have real-world examples to draw upon during case discussions, trust me), it's absolutely NOT a non-negotiable golden ticket.

Some companies, like the FMCG giants, prefer freshers over experienced folks since they bring a fresh perspective. Or a commerce graduate might get preference in a finance shortlist over an engineer with two years of IT experience. Having worked with both freshers and experienced peers, I can say: Younger teammates do bring energy and a unique lens that benefits the team.

Myth 3: Life at IIMs Is All About Studies

Reality:
Sure, there’s a lot of studying—case studies, pre-reads, and surprise quizzes that humble even the brightest. But it’s just one part (academic slice) of the IIM life. While academics are undeniably a core part of the IIM experience (you are paying a hefty fee, after all!), to believe that your life will solely revolve around case studies and late-night cram sessions is—a bit naive.

Think of an IIM campus as a vibrant ecosystem buzzing with activity:

• Clubs for everything imaginable—finance, marketing, gaming, nature walks
• You'll find yourself participating in heated debates, organizing massive events, and competing in business competitions that will test your mettle.
• And maybe even showcasing your hidden talents at cultural nights (trust me, you'll discover talents you never knew you had!).

These extracurriculars aren’t just for show—they are integral to your holistic development. They teach you teamwork, leadership, and time management (you'll become a master of squeezing 25 hours into a 24-hour day!) and help you build a network that will be invaluable throughout your life. 

So yes, you'll study hard, but you'll also live a pretty darn full life.

Myth 4: Once you’re in, Life is Sorted

Reality:

Welcome to the Hunger Games. You're now in a batch full of toppers, national-level achievers, and top percentilers. If you thought CAT was the hard part… surprise!

Stepping into an IIM is like entering a gladiator arena… but with more presentations and fewer actual swords (mostly!). You're surrounded by some of the brightest minds in the country — all fiercely ambitious and incredibly talented. The competition is REAL.

The internal grading systems often foster a healthy (and sometimes slightly terrifying) sense of rivalry. One slip-up, one bad presentation, one underperforming assignment, and you might find yourself sliding down the ranks. Maintaining an average academic performance requires consistent effort, even for the seemingly effortless geniuses around you.

Last-minute prep? Yeah, that worked in undergrad. Here? Not so much.

So, while getting into an IIM is a monumental achievement, it’s just the beginning of a new, challenging, and ultimately rewarding journey. Sorted life? Not quite. Sharpened life? Absolutely.

Myth 5: You Don’t Get to Sleep in an IIM

Reality:
Let’s be dramatic for a second: if you believe this, you might picture IIM students as perpetually sleep-deprived zombies fueled solely by late-night Maggi and caffeine.

While there will definitely be nights (and maybe even weeks) where sleep feels like a distant memory, the blanket statement that you never sleep is simply not true.

Here’s the reality: some people prioritize sleep, and they manage to get a decent amount. Others choose to juggle academics, extracurriculars, case competitions, and maybe even a social life — and sleep often takes a backseat. It’s usually a trade-off.

You’ll see students pulling all-nighters before deadlines, but you’ll also see plenty of folks heading to their dorms at a reasonable hour. It’s about your priorities and how you manage your time.

So, while you might not be clocking in 8 hours every night, rest assured — the human body demands sleep, and most IIM students eventually succumb to its call. Plus, those early morning case discussions are brutal on zero sleep. Trust me.

Myth 6: You Won’t Make Friends

Reality:
While you might not become best buddies with all 500+ people in your batch (that's just statistically unlikely!), you will forge deep and meaningful connections with a core group of people.

These will be your study buddies who taught you last-minute accounting, hostel friends who saw you cry when you cracked your dream internship, people from your clubs, and lastly — my favorite ones — your partners in crime for case competitions.

You might not end up with 50 best friends, but you will definitely find your tribe — those 2-3 (or maybe more!) individuals who will become your lifelong confidantes and allies. These are the bonds forged in the fires of shared assignments, placement anxieties, or the ones you got drunk with — and they are incredibly strong.

Myth 7: Your Previous Background Doesn’t Matter

Reality:
It does — and it doesn’t.

Your undergrad degree or work experience might influence the kind of roles you’re eligible for. For example, consulting loves diversity, but some product management roles will want engineers. FMCG might prefer freshers, while most companies won’t discriminate.

And not just across domains — even within a single domain, your previous grades, the brand names of companies you worked at, the reputation of your UG college, and everything you did previously might influence your shortlist to a certain extent.

What’s also true is that an IIM education is designed to level the playing field — to an extent. During case discussions, your background will influence how you analyze situations and contribute to the conversation.

Your peers from different backgrounds will bring fresh perspectives, and you'll learn just as much from them as you do from the professors. So, while your past isn’t irrelevant, it doesn’t define your potential in an IIM. Be open to learning from everyone, embrace the diversity, and leverage your unique experiences to stand out.

Myth 8: You’ll Start Making Strategies from Day 1 of Your Job

Reality:
Your MBA will focus on building a strong foundation in core business concepts. You’ll learn the fundamental frameworks and tools that underpin strategic thinking. You’ll analyze countless case studies to understand how real companies make decisions.

While there will be a lot of learning during your MBA, much of it is still theory. Don’t expect all eyes on you as you enter your job and get asked to help the CEO with business strategy.

Well, after all, most of them are MBAs, too — but they’ve learned everything from the ground up and certainly know more than you.

In your first year on the job, if you’re in a conglomerate, you’ll be doing stints across functions. In FMCG, don’t expect to create advertisements for a new product launch — initially you’ll probably be running across small towns, meeting retailers or distributors.

As a consultant, you’ll be supporting your team — and certainly not whispering to the client CEO on how to run his company.

A lot of the initial period will be spent learning and executing. While you may fast-track depending on the industry and firm size, much of your time as a new joinee will be spent as an individual contributor.

Myth 9: Everyone Ends Up with High Packages

Reality:
Ah, the elephant in the room.

The placement reports are undoubtedly a major draw for MBA aspirants. However, the reality is a bit more nuanced than “everyone gets a sky-high package.”

Individual packages vary significantly depending on factors like specialization, prior experience, sector choice, and market conditions. The competition during placements is intense, and not everyone will land their dream job or salary on Day 0.

You’ve probably already seen those reels telling you the reality of inflated CTCs — and that’s the truth. And here’s a hard fact: yes, a few students go unplaced, and those at the bottom of the pyramid might earn similar (or lower) salaries than top engineering college grads.

That’s why you must stay ahead of the curve, work on your CV and personal development, and make smart choices for your career. Trust me — campus placements are way easier than job hunting off-campus, even for the crème de la crème.

Key Takeaway

So, there you have it — a little dose of reality to temper those expectations and hopefully ease some of those pre-IIM jitters.

The journey ahead will be challenging, demanding, and at times, utterly chaotic. But it will also be incredibly rewarding and transformative and will equip you with the skills and network to achieve amazing things.

Embrace the uncertainty, be open to learning, connect with your peers, and don't forget to occasionally step back and enjoy the ride.

And yes — in hindsight, if I were given a chance to live my life again, I’d still do an MBA for what it’s given me in terms of personal growth, career trajectory, and countless memories.

Want to learn directly from the mind behind this article? Connect with Vaibhav Sharma on Unstop for personalized 1:1 mentorship, expert guidance, and more!

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