SPJIMR Mumbai Versus MDI Gurgaon – Which B-School Is Right For You?

MDI Gurgaon and SPJIMR Mumbai are two of India’s premier management institutes. Located in two of the major cities of the country, the institutes provide excellent management education and are counted amongst India’s top-15 management institutes. So, do these institutes live up to the hype that surrounds them? If yes, what is it that makes these two institutes stand out from the rest? How do they fare against each other, and most importantly, should you buy into the hype and join either of these institutes? This B-school comparison on SPJIMR Mumbai vs MDI Gurgaon aims to give an in-depth comparison between two institutes, and the objective is for this comparative report to serve as a guideline for aspirants to conduct their own research and establish which B-school would be the right choice for them.

SPJIMR Mumbai vs MDI Gurgaon – Flagship Programmes, Scores Accepted

B-School Programme Offered Programme Duration Scores Accepted
SPJIMR Mumbai PGDM 18 months CAT, XAT, GMAT
MDI Gurgaon PGPM 18 months CAT

SPJIMR Mumbai offers a 2-year PGDM programme that is equivalent to an MBA. In the first year, the curriculum provides a holistic focus on the fundamental components of management and business administration. In the second year, the focus switches to the specialisations (Operations & Supply Chain, Finance, Marketing, Information Management) chosen by the students during the commencement of the programme. Read more about the PGDM programme here.

MDI Gurgaon offers a 2-year PGPM programme that is equivalent to an MBA. Like SPJIMR, the core courses are covered in the first year, with students opting for a maximum of two specialisations in the second year. Read more about the PGPM programme here.

SPJIMR Mumbai vs MDI Gurgaon – Rankings

B-school rankings are not an ideal way to compare two business schools. However, they do provide a starting point to compare two institutes with similar repute and popularity. The table below comprises B-school rankings on InsideIIM (based on perception and brand equity), as well as rankings by MHRD’s NIRF (based on Graduation Outcomes).

B-School InsideIIM MBA Rankings 2019 InsideIIM MBA Rankings 2018 MHRD NIRF MBA Rankings 2019 MHRD NIRF MBA Rankings 2018
SPJIMR Mumbai 9th 11th 4th 4th
MDI Gurgaon 13th 13th 7th 6th

As is clear, both these institutes are consistently amongst the top-15 management institutes of the country and based on graduation outcomes, amongst the top-10 of the country. SPJIMR appears to have an advantage across rankings by MHRD as well as InsideIIM, but the rankings are close, i.e., not enough to be a deal-breaker if you are keen on joining MDI.

SPJIMR Mumbai vs MDI Gurgaon – Placements, Return on Investment

One of the most important factors to consider while comparing two B-schools is the Return on Investment. This is, surprisingly, not very important to aspirants because there is a certain expectation that has been set, as is clear in this report as well. However, once you graduate, the reality of loan repayment strikes you. There is a reason why some individuals leave IIM Ahmedabad for FMS Delhi. In the table below, placement figures are juxtaposed with the fees to give a clear idea of what to expect in terms of RoI.

B-School Fees Highest CTC Average CTC Median CTC
SPJIMR Mumbai Rs. 16 lakhs Rs. 22.90 lakhs p.a. Rs. 22 lakhs p.a.
MDI Gurgaon Rs. 21.34 lakhs Rs. 40.79 lakhs p.a. Rs. 20.13 lakhs p.a. Rs. 19.82 lakhs p.a.

In terms of absolute figures, SPJIMR appears to have better placements for its students, with higher median and average CTCs for the recently graduating Class of 2019. In terms of Return on Investment, in terms of both median and average CTC, SPJIMR has better RoI as compared to MDI Gurgaon. Data for the highest CTC at SPJIMR was not available.

Placements At SPJIMR Mumbai – Class of 2019

  • 111 companies participated in the recruitment process, including 28 first time recruiters. 239 students of the PGDM Class of 2019 participated in the process at SPJIMR. A total of 78 PPOs were handed out to the Class of 2019.
  • 21.5% of the total number of offers were equal to or greater than INR 25 LPA.
  • 74.9% of the total number of offers were equal to or greater than INR 20 LPA.
  • 95.1% of the total number of offers were equal to or greater than INR 16 LPA.
  • Top brands on campus included McKinsey & Company, The Boston Consulting Group, Goldman Sachs, Tata Administrative Services, Hindustan Unilever, P&G, Amazon among others.

Placements At MDI Gurgaon – Class of 2019

  • 106 companies participated in the process (including 36 new recruiters), and 138 students received Pre-Placement Offers (PPOs).
  • BFSI was the most sought after sector at MDI for the PGPM Class of 2019, with 26% of the batch opting for roles in this sector. BFSI recruiters on campus included Goldman Sachs, JP Morgan, Amex, HSBC, Axis Bank, BNP Paribas, Avendus, and ICICI Bank among others.
  • Consulting was the second most sought-after sector, with 23% of the batch opting for roles in this sector. Consulting recruiters on campus included EY, Deloitte, PwC, KPMG, and Infosys amongst others.
  • Other top companies on campus were Amazon, Uber, Nomura, Flipkart, AB InBev, P&G and Asian Paints amongst others.

SPJIMR Mumbai vs MDI Gurgaon – Student Exchange Opportunities


For its PGDM students, SPJIMR has a programme called the Global Fast Track (GFT). “The GFT is an intense, three-week course towards the end of the third semester. The *partner B-schools include (but are not restricted to): Michigan State University (Eli Broad College of Business), Cornell University (Johnson School of Management), Carnegie Mellon University (Tepper School of Business) and schools in Europe and Asia.” Additionally, students have an opportunity to spend one term at a leading B-school abroad as a part of the student exchange programme.

MDI Gurgaon

MDI Gurgaon claims to have the “largest international exchange programme in India”, and partners with only the top-5 management institutes of any country. Students at MDI have an opportunity to study 1 term abroad as a part of the SEP. MDI Gurgaon has international collaboration with approximately 80 institutes across the globe, and each year, 1 in 5 PGP students get an opportunity to spend a term abroad.

SPJIMR Mumbai vs MDI Gurgaon – Batch Size And Diversity

B-School Batch Size
SPJIMR Mumbai 238
MDI Gurgaon 239

The batch sizes of the two institutes are nearly identical. It is important to note that the total batch-size of MDI Gurgaon is 359, but only 239 students from the total are pursuing PGP in Management, while the rest 120 are pursuing other courses. If a large batch-size is interpreted as more competition, students of both SPJIMR and MDI have an advantage when compared to most of the first generation IIMs, where the average batch-size hovers close to 450 students.

In terms of gender diversity, SPJIMR is ahead of MDI, with women making up nearly 40% of the PGDM batch. In comparison, MDI Gurgaon has an estimated 32% women in the PGPM Class of 2019. In terms of academic diversity, approximately 28% of the Class of 2020 at both institutes are non-engineers, which is amongst the highest across the elite management institutes of the country.

SPJIMR Mumbai vs MDI Gurgaon – Alumni Network

Both SPJIMR Mumbai and MDI Gurgaon have strong alumni networks and have dedicated committees for alumni relations.

SPJIMR has a highly active alumni association, and also has a dedicated alumni committee (Alcom) that arranges alumni meets across various cities. The committee also organises SPandan, the annual alumni event to recognize the achievements of SPJIMR alumni and one of the biggest events of the calendar year at the institute. Additionally, in 2017, SPJIMR launched an app for the alumni network as well.

Each year, approximately 250 members join MDI Gurgaon’s PGPM alumni association and an additional 450 members join the association for other programmes. The MDI-G alumni network is 7000 strong, and counting. Like SPJIMR, MDI has a dedicated Alcom that organises meets across the country. Additionally, MDI Gurgaon also has a quarterly e-newsletter called the MDI Chronicles that allows alumni to stay abreast with the happenings at the institute.

SPJIMR Mumbai vs MDI Gurgaon – Location

When it comes to recruiters on-campus, both institutes have a distinct advantage over most other management institutes (including some in the top-15) because of their location. SPJIMR Mumbai is located in the finance capital of the country, while MDI is located in the National Capital Region – both are corporate hubs and have headquarters of top companies across various industries, giving the two institutes a distinct advantage during placements.

When it comes to culture and living standards, both cities have their pros and cons. The NCR region, especially Gurgaon, has a plethora of eating joints, malls, and other places to hang-out after college. All locations are a metro ride away, which can be a boon due to the shambolic bus and e-rickshaw systems of transportation, as well as the traffic. A major concern is the safety of women, the extreme temperatures that the region experiences, as well as the noticeably bad air quality.

Mumbai is one of the most happening cities in the country. Like Delhi, Mumbai has a plethora of malls and eating joints, though street-food is limited unlike in Delhi. The local trains, buses and taxis make up the backbone of the well-established transportation system of Mumbai. Compared to NCR, traffic is a major issue in Mumbai. The city does not experience extreme temperatures, though summers can be very humid and monsoons can lead to minor flooding, wrecking the well-established transportation system Mumbaikars enjoy. Safety of women is less of a concern in Mumbai when compared to Delhi.

SPJIMR Mumbai vs MDI Gurgaon – Conclusion

Taking all factors into consideration, it becomes clear that both institutes are at par when it comes to factors such as alumni network, location, student exchange opportunities, batch size, and academic and gender diversity. SPJIMR appears to have a slight advantage in terms of the Return on Investment, due to the 5½ lakhs extra that PGPM students at MDI have to pay. The institute is also ranked higher by both the government and InsideIIM, though the difference is hardly significant.

There are many other important factors to be considered that, unfortunately, cannot be backed by data-points and objective information such as campus life. However, what becomes clear is that if you receive an admission offer from either of the two institutes, the decision to join is a no-brainer. To find out more about this, visit the Life At SPJIMR Mumbai and Life At MDI Gurgaon archives to get a clear picture of what it means to be a ‘SPartan’ or a ‘Mandevian’.

You may also be interested in reading this comparison between IIM Indore and MDI Gurgaon, as well as many other B-school comparisons on InsideIIM.

Have suggestions on how this comparative report can be improved? Discrepancies in data? Let me know in the comments below!

Chirag Shukla

Writer at InsideIIM.com



Chirag Shukla

Hi Keyur. For MHRD, the rankings I have taken are based on Graduation Outcome (GO). So it may be different from the overall ranking.


A well-reasoned article – agree on the conclusion that SPJIMR offers a better deal in terms of graduation outcomes and RoI. However, there are a few factual errors:
1. Programme duration for SPJIMR is 24 months (2-year flagship PGDM course)
2. The specialisations are selected by SPJIMR candidates during the application process, and not at the commencement of the programme as mentioned.
3. No mention is made about the selection of minors at SPJIMR. One can select from a wide variety of minors in the second year, including Consulting, Analytics, Marketing, Finance, Operations and Information Management.
4. This may be a little subjective, but street food in Mumbai is comparable to any other city in India (and perhaps even better!)