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Does IIM tag really help?

I remember asking my manager once
“Why did you hire me?”

He smiled & said ” We had 2 final candidates for the role you applied for, but we chose you because you are a Postgraduate from an IIM”
His answer left me surprised because there was no mention of my skills.

The job before that I was selected for a leadership role, after I joined, I later got to know that the specification given to the consultant was an MBA from an IIM is mandatory.

The job before that my senior from MBA decided to hire me because he knew me:)

When I became an entrepreneur one of my first few clients was my alum from my B school.

I got several opportunities just because of my IIM tag.

The ROI of my MBA came out right in my first job after MBA within the first 5 months. But the caveat is those days MBA’s were cheap.

Now the ROI may take 3-7 yrs depending on your yrs of exp & past salary, assuming you go to the top 10 B schools in India

But there are exceptions

The cheapest ranked B school in India is FMS, Delhi University where the summer internship can get you the ROI from the MBA

The halo effect of the IIMs still holds
The network is strong too
It is India’s top IQ talent as per CAT

Does the IIM brand still sell?
Is it unfair?