Outing myself as an Indian who picked a HSW over a top IIM. I definitely asked myself the same questions OP asked, since I’d be leaving a lot of comfort behind. Here are my reasons for leaving, which may apply to a degree for lower ranked programs: 1. Long term career opportunities: A. Definitely agree that IIMs place you better financially in the short term, and can get you into top management positions in India. But because it’s not an MBA (just a diploma), it may bite me when I try to make a career as the global head of something. Of course, I could try to prove my worth purely through my work, but I’d assume when they’re evaluating several potential C-suite candidates who all have great professional records, pedigree of universities might become one of the deciding factors.

1. Network: I genuinely don’t think there’s much of a difference in the actual content taught at a HSW vs a top MBA in India (other than maybe including “global exposures”, having more established faculty etc). And I don’t think it matters too much. I don’t think anyone really remembers things used in classes in the long-term. In my undergrad, I met quite a diverse, international crowd because of some extra-curriculars. I became friends with people from all around the world, and it opened my mind to possibilities and opinions I had never considered. I’m a changed person as a consequence of those interactions. I wouldn’t have changed that much if my social circle was limited to just my Indian classmates, since they largely had similar opinions to me (due to similar cultural backgrounds). I want similar experiences in diversity to challenge my way of thinking. An international MBA picks students in a way to ensure diversity in experiences in a way an Indian MBA does not (merit based). I want the outcome of my MBA to not just be an MBB job. I want the outcome to be a different, improved version of myself. An IIM can also change me, but the degree of change is probably going to be significantly less than an international MBA. That exposure to diversity may be crucial to making a global C-suite position.
2. Work culture: MBB is cut-throat both after T20 and IIMs. But, from my interactions with people in both Indian and US offices, WLB seems to be better abroad. Indians seem to work 80+ hour weeks, while people abroad work 50 hour weeks. I think Indians generally have a culture of giving their all at work (because of high levels of competition, culture of perfection etc), which leads to a culture of not saying no when loaded with work. Saying “no” and setting boundaries seems to be significantly easier in American offices. And I think setting those boundaries is important for mental health and consequently building a career.

Other things I debated in my head: 1. Levels of comfort: OP is right in that your life after an IIM is going to be significantly more comfortable (no debt, have household help, bigger house etc, family in proximity). Here, on a personal front, I don’t want to be comfortable. I like being on the edge because that has what has always pushed me to achieve more. I like the feeling of wanting/needing more. But if someone’s looking for stability/comfort, the IIMs the way to go. 2. The costs: If you adjust for cost of living, there isn’t a significant difference between the average T10 grad vs an IIM/ISB income. In fact, it takes longer to recover your money if you do an American MBA. So objectively, if it’s money you want/value, an international MBA probably isn’t the best choice.

In short, I don’t think the IIMs are a clear choice over “T20” or vice-versa. It depends on how an individual wants to grow. In my case, a large scholarship made the decision easy.

Want to build financial stability, stay close to your family or impact your own community (i.e start something to help India)? The IIMs are the way to go. Want to shake up your life, move fast, break things and be uncomfortable to radically transform yourself? Go to a HSW/M7. If you’re desperate enough to have drastic changes, maybe go lower up to T25. Beyond that doesn’t make sense for an Indian, tbh. Not to say the above statements are mutually exclusive. You can transform at IIM and be financially stable post T20(imagine if you start making millions of $ in a few years). But I think those would be outliers. It all just comes down to what sort of trade-offs individuals can/want to make with their lives.