Should I pursue an MBA from Tier 2/3 B-School? 
This is another common dilemma being faced by current cohort of MBA aspirants.
First of all, there is no one-size-fits-all answer to this question. So, I would ask you to evaluate based on your situation and make an informed decision.
YOU SHOULD GIVE ONE MORE ATTEMPT:
If you have the luxury of giving one more attempt (by carefully considering all factors e.g., personal, financial, professional) then, by all means, please repeat and aim for Tier 1 B-school
If you have done your UG from a Tier-1 college or have a very strong profile
If you are getting any college below Tier 3 or not in the Top 50 (refer to the ranking of B-schools by coaching institutes)
IF YOU HAVE TO TAKE ADMISSION THIS YEAR ITSELF AND YOU ARE NOT GETTING ANY TIER-1 B-SCHOOL:
Decide based on the following:
Ranking of B-School and How Old They Are: An older B-school will have a more extensive industry connection and alumni network than a newer one.
For example, I would personally prefer GIM over many baby IIMs given the current market scenario.
Specializations being offered and reputation of various programs: Look at whether your desired specialization is being offered by that B-school or not.
For example, in SCMHRD, for the past 2 years, they have not run the Operations specialization as the minimum number of students required to run that course is not being fulfilled. Likewise, MICA is specialized in marketing, so it won’t be a fit if you want to get into HR.
Placement Stats: Look at the placement figures of that institute for each specialization — median CTC, types of company visiting for respective specializations, roles being offered, career trajectory of past alums etc…ROI is an important deciding factor.
A word of caution: 100% placement claims are a myth, and placement statistics are somewhat inflated by most B-schools. So, please confirm the real placement scenario from the current graduating batch.
Batch Size: In a tough market, it is very difficult to get 100% of the students placed. So having a smaller batch size helps in cases where two colleges are at comparable levels, e.g., NMIMS & IMT-G are very good colleges, but their batch size is huge.
Access to Corporate Case Competitions: e.g. SIBM/SCMHRD has greater access to case competitions as compared to many new and baby IIMs.
NOTE: For this, you can go to Unstop and see eligibility criteria for colleges in different case comps from previous years.
Talk to alums of colleges: Understand their career trajectory, challenges that they faced, etc.
Fees: A private B-school will have higher fees than a govt. college. So, in case of comparable colleges, a govt. B-school should be preferred.
Location of the B-School: In case of two comparable B-schools, one which is located around a metro/industrial hub will have a location advantage and hence should be preferred.
PS:
-
Don’t take anyone’s advice at face value… It is your career and life, so make a final call based on careful consideration of all the above factors and your ambitions… Do seek advice from mentors/career counsellors, wherever needed.
-
Today, the world is changing so fast and opportunities are immense, nobody can predict the future with 100% certainty…Also, eventually, the heights you will scale, to a large extent, depend on your capabilities and effort.
Hope it helps!
Best wishes! 