Hi Santhosh,
An MBA application is evaluated through multiple perspectives - academic history, professional experience and extracurricular activities.
In your case, you are within the range in terms of number of years of professional experience, although I would have to know more about your field to analyze your profile in greater detail.
You seem to have some extracurricular activities too, but in college. If you showed more recent ones where you can demonstrate impact, it would help to distinguish your profile better, especially since you belong to a subgroup that is common at MBA programs, i.e. an engineer from India.
Moving on to your main question on academic history, I don't believe that not graduating from IIT will hamper your chances. Your GPA is sufficient as well, considering that it is one of multiple components being assessed for your admission. If there are any doubts about your academic potential, a high GMAT will help mitigate them. From my experience with helping with MBA admissions, I don't think you need to worry on the academic front.
MBA programs look for a well-rounded candidate, which includes strong professional experience, varied activities, a good academic history, as well as the ability to communicate all of that in the application and the interview. Compared to Indian programs, there is a lot more emphasis on soft skills and community involvement. Focus on developing strong essays, obtaining relevant letters of recommendation, having a polished resume, and ensuring you can perform well in the interview. At My
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