Every year, lots of management students dream about going to an Indian Institute of Management (IIM). But with limited seats and extreme competition, a huge number of students miss out on other great business schools that give you the same or even better chances, placements, and ways to learn.
Mumbai, which is the financial capital of India, has awesome non-IIM MBA colleges. They mix different focuses, work with companies, and teach you things you can actually use.
This guide tells you about the top 5 non-IIM MBA colleges in Mumbai that you should check out in 2025. Doesn’t matter if you want a program that pays off well, many program choices, or B schools that take different entrance exams, these colleges help you get a good and high-paying job.
What Non-IIM Means
Non-IIM means private business schools that are on their own, schools linked to universities, and PGDM colleges in Mumbai that are approved by AICTE.
- MBA (Master of Business Administration) degrees come from universities, like JBIMS (University of Mumbai).
- PGDM (Post Graduate Diploma in Management) programs come from independent schools like SPJIMR and NMIMS, which are big on teaching you what the industry wants.
Companies respect both MBA and PGDM programs. The big difference is how much freedom the schools have and how flexible the classes are.
Why Non-IIM Colleges in Mumbai Are a Good Choice
- Money Back (ROI): Non-IIM colleges don’t cost as much, but they still get you good average salaries and job offers.
- Access to Industry: Because Mumbai is in a good spot, students can get to India’s major companies, banks, and new businesses. Internships and real projects with great companies happen all the time.
- Variety and Being Flexible: These colleges get students from all sorts of backgrounds and often let you take different entrance exams like CAT, NMAT, MAH-CET, or GMAT.
- Lots of Choices: From HR to Finance and Marketing to Business Analytics and Design Thinking, Mumbai’s non-IIM colleges let you focus on what you want, which fits with what’s happening in the business world.
Criteria for Selecting the Best Non-IIM MBA Colleges in Mumbai
To find the best non-IIM MBA colleges in Mumbai, we looked at these things:
- Job placement numbers (average and highest salaries)
- Working with companies and internship chances
- NIRF and other business school rankings
- Program costs and how well they pay off
- Entrance exams, they take and the scores you need
- Classes and the different focuses they offer
Top 5 Non-IIM MBA Colleges in Mumbai (2025 Edition)
1. M.K.E.S. Institute of Management Studies and Research (MKESIMSR)
Type: Private | Program: MMS (Affiliated to University of Mumbai)
Entrance Exams: MAH-CET, CAT, CMAT, ATMA
Fees: ₹7–8 lakhs (approx.)
Average Placement: ₹7–9 LPA
Highlights: Located in Malad (West), M.K.E.S. Institute of Management Studies and Research is one of Mumbai’s rising management institutions. The college aims to prepare experienced managers and offers experiential learning, live projects, and mentorship programs.
Strengths:
- Affordable fees and strong ROI
- Dedicated placement cell with connections to BFSI, IT, and FMCG sectors
- Emphasis on practical learning and real-world problem solving
Specializations: Finance, Marketing, Human Resources, Operations, Business Analytics
2. SP Jain Institute of Management and Research (SPJIMR)
Type: Private Autonomous | Program: PGDM
Entrance Exams: CAT, XAT, GMAT
Fees: ₹24–27 lakhs
Average Placement: ₹33 LPA | Highest: ₹81 LPA
Highlights: SPJIMR is known for its values-based leadership model and innovative pedagogy. The PGDM Program is designed to tackle academic and social issues simultaneously and serves socially sensitive clients, especially with the “Development of Corporate Citizenship” (DoCC) initiative.
Strengths:
- Exceptional placement network with top consulting and FMCG firms
- Global exposure via partner schools in Europe and the US
- Highly reputed Marketing and Operations programs
Weaknesses:
- Intense competition and limited seats
Specializations: Marketing, Operations, Finance, Information Management, and Supply Chain Management
3. Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
Type: Deemed University | Program: MBA & PGDM
Entrance Exam: NMAT by GMAC
Fees: ₹22–27 lakhs
Average Placement: ₹17 LPA | Highest: ₹67 LPA
Highlights: NMIMS has a business-focused way of teaching and lots of different courses. The School of Business Management (SBM) is one of the first private business schools in Mumbai.
Strengths:
- Strong industry partnerships across the BFSI and FMCG sectors
- State-of-the-art infrastructure and experienced faculty
- Focus on case-based and experiential learning
Weaknesses:
- High competition in NMAT cutoffs (often above 210)
Specializations: Finance, Marketing, Operations, Human Resources, Business Analytics
4. Jamnalal Bajaj Institute of Management Studies (JBIMS)
Type: Public (University of Mumbai) | Program: MMS
Entrance Exams: MAH-CET, CAT, CMAT
Fees: ₹6–9 lakhs
Average Placement: ₹28 LPA | Highest: ₹35 LPA
Highlights: JBIMS, sometimes called the “CEO Factory,” is both affordable and has a great reputation. Many of its former students are now big bosses at companies like ICICI Bank, HDFC, and Accenture.
Strengths:
- Exceptional ROI and industry exposure
- Central location near Nariman Point, the business hub of Mumbai
- Frequent guest lectures by top corporate leaders
Weaknesses:
- Limited infrastructure compared to newer private institutes
Specializations: Finance, Marketing, Operations, and Human Resource Management
5. KJ Somaiya Institute of Management, Mumbai
Type: Private Autonomous | Program: PGDM
Entrance Exams: CAT, XAT, CMAT, NMAT, GMAT
Fees: ₹16–18 lakhs
Average Placement: ₹14 LPA | Highest: ₹23 LPA
Highlights: KJ Somaiya gives you a great MBA education with hands-on learning and real-world business stuff. Plus, the Vidyavihar campus is huge and super lively – one of the best in Mumbai.
Strengths:
- Balanced curriculum with equal focus on academics and personal growth
- Excellent placement support and international exposure opportunities
- Accepts multiple entrance exams
Weaknesses:
- Slightly lower brand recognition compared to JBIMS and NMIMS
Specializations: Finance, Marketing, HR, Data Science, International Business
Comparison Table: Top 5 Non-IIM MBA Colleges in Mumbai
| College |
Avg. Fees |
Avg. Package |
Entrance Exams |
ROI Rating |
| SPJIMR |
₹25L |
₹33L |
CAT/XAT/GMAT |
★★★★☆ |
| NMIMS |
₹23L |
₹17L |
NMAT |
★★★☆☆ |
| JBIMS |
₹7L |
₹28L |
MAH-CET/CAT |
★★★★★ |
| KJ Somaiya |
₹17L |
₹14L |
CAT/XAT/CMAT/NMAT |
★★★★☆ |
| MKESIMSR |
₹8L |
₹8L |
MAH-CET/CAT/CMAT |
★★★★☆ |
ROI Rating: Based on the ratio of average placement to total program cost.
How to Select the Ideal College That Matches Your Needs
Besides, if you want to explore options that are not limited by CAT or any other national exams, you need to grab our comprehensive guide on MBA Colleges without Entrance Exam.
While deciding on the MBA college, it is advisable to look beyond rankings. Weigh the factors stated below to make a decision that is in harmony with your objectives:
- Budget and ROI: Do the average placements for the batch cover your fees within two years? Both JBIMS and MKESIMSR are performing really well in this respect.
- Entrance Exam Scores: If your CAT percentile is remarkable, then SPJIMR or JBIMS might be the perfect colleges for you. On the other hand, NMAT or CMAT applicants can go for the likes of NMIMS and KJ Somaiya.
- Specialization Preference:
- Marketing: SPJIMR, NMIMS.
- Finance: JBIMS, MKESIMSR.
- Analytics: KJ Somaiya.
- HR: WeSchool (alternative option).
Still confused about which specialization to choose? Thoroughly going through our blog on the Best PGDM Specializations to Choose in 2025 will certainly help you place your bets correctly.
- Location and Networking: Being close to the corporates in Mumbai will surely give you an edge in landing internships and part-time projects.
- Alumni Network: Look up on LinkedIn for the alumni strength, as this is the element that indirectly influences your opportunities and provides easy access to mentorship.
Conclusion
Mumbai remains one of the major educational and business centers in India. These five non-IIM MBA colleges are SPJIMR, NMIMS, JBIMS, KJ Somaiya, and MKESIMSR, offer affordability, global exposure, and the best placement either in Mumbai or India.
If an MBA in Mumbai is on your mind, give yourself a bit of time to delve into the curriculum of each college, alumni networking, and your compatibility with each. A correct decision right at the outset can be the rocket fuel to your career journey, besides opening up avenues of leadership roles in different sectors.
FAQs – Top 5 Non-IIM MBA Colleges in Mumbai
1. What are the top Non-IIM MBA colleges in Mumbai?
The top Non-IIM MBA colleges in Mumbai include SPJIMR, NMIMS, JBIMS, KJ Somaiya Institute of Management, and MKES Institute of Management Studies and Research (MKESIMSR). These institutions provide good placements, wide specializations, and good ROI for management seekers.
2. Is an MBA from a Non-IIM college in Mumbai worthwhile?
Yes. Other than IIMs, Mumbai has good quality colleges providing great industry exposure and economical fees. Since Mumbai is India's business hub, students get access to the best recruiters, internships, and network opportunities.
3. Which Mumbai Non-IIM college has the best placement?
SPJIMR takes the lead with an average package of ₹33 LPA, followed by JBIMS (₹28 LPA) and NMIMS (₹17 LPA). These colleges have top recruiters like Deloitte, HDFC, Accenture, and Amazon, providing great career prospects.
4. Which entrance exams are accepted by Non-IIM MBA colleges in Mumbai?
Best Non-IIM MBA colleges in Mumbai accept more than one exam:
- SPJIMR: CAT, XAT, GMAT
- NMIMS: NMAT
- JBIMS: MAH-CET, CAT, CMAT
- KJ Somaiya: CAT, XAT, CMAT, NMAT, GMAT
- MKESIMSR: MAH-CET, CAT, CMAT, ATMA
5. Which Mumbai Non-IIM college provides the best ROI?
Jamnalal Bajaj Institute of Management Studies (JBIMS) has the best ROI with low fees (~₹7–9 lakhs) and high average placements (~₹28 LPA). MKESIMSR also gives good ROI with low fees and regular placement assistance.
