It is subjective and the choice is ultimately yours. It all depends on your goals, preferences, and any other constraints you have. So, choose wisely. Below is a table showing and comparing both these colleges on different and important criteria;

Ultimately the choice is yours. So, choose wisely, all the best!

Based on the available data and rankings, SIES is a better choice than PUMBA in terms of academic excellence, campus infrastructure, faculty, and placements. SIESCOMS is accredited by the National Board of Accreditation (NBA) and has been ranked among the top 100 B-Schools in India by NIRF (National Institutional Ranking Framework). 

SIESCOMS is known for its strong industry interface and focus on research. PUMBA may not be suitable for experienced professionals, as it is said to be a place for freshers. The learning experience at PUMBA may also not be as rigorous as some of the top B-schools in India. It’s especially true if a student is looking for top-notch placements and a rigorous learning experience, which is why SIES is the better option out of the two.

I believe IIFT offers an MBA only in International Business. It is a government institute and has a brand. 

Mumbai-based SPJIMR is a top business school. The institute provides several management programs, including a two-year full-time MBA in Finance. SPJIMR's MBA Finance program teaches students finance fundamentals and career skills. Students learn real-world problem-solving abilities through classroom lectures, case studies, and simulations.

However, for MBA in Finance you should go for SPJIMR. It is in the same league as IIFT and also has the same advantage in terms of location.

IIM Indore and SPJIMR are top Indian business institutions with great finance MBA programs. Choosing between the two depends on personal preferences, career ambitions, and location.

IIM Indore, in Indore, Madhya Pradesh, is noted for its rigorous academic curriculum and industry-oriented approach. The finance department offers Capital Markets, Investment Banking, and Corporate Finance courses. Every year, top finance recruiters visit the school, helping the institute's placement record.

SPJIMR, in Mumbai, Maharashtra, is also noted for its academic quality and industry-focused curriculum. The institute's finance program includes Financial Markets and Institutions, Investment Management, and Corporate Valuation. Top recruiters like Goldman Sachs, JP Morgan, and Citibank often hire from the college.

Both IIM Indore and SPJIMR provide outstanding MBA in finance programs.

NMIMS is a reputable business school, and they are one of the few places in Mumbai that offer a 2-year part-time MBA program. The college is well organized, and facilities are at par, you will get to learn from the best people in the business.

Generally also to specialize in finance and banking, NMIMS Mumbai is a great option. It has a great Finance faculty. In general NMIMS placements are better. During the recruitment drive for 2022, students got a CTC of about INR 23.07 LPA on average. CRISIL, HDFC Bank, EY, Goldman Sachs, and other big companies often send recruiters to the college drive. Because the class sizes are small, every student gets a good chance during placements.

Trying to make sure my answer is as objective as possible, I have mentioned the pros of both institutes namely SPJIMR and IIM Indore. The final decision can be made by choosing the one whose benefits appeal to you the most and matches your inclinations.

SPJIMR

• Small batch size of 250-300 students makes it possible to develop good bonding between peers. There is almost a family-like feeling. The small batch size also reduces the level of competition and increases proximity to faculty
• The average package was pretty decent this year and stood at INR 26.06 LPA
• A major USP of SPJIMR is its Rural internship called DOCC and GFT(global fast track program). These offer a unique experience of rural India as well as the foreign market in the same year.
• Another distinguishing factor of SPJIMR is the minors offered n other specializations like Analytics, Consulting, etc. This is like a secondary specialization for backup in the future.
• The culture at SPJIMR is friendly mainly because of the unique selection process

IIM Indore

• The main USP is the IIM Tag
• Huge batch size resulting in a larger stronger alumni base
• You do not have to choose a specialization at the time of admissions. Specializations are chosen after a year and still, the degree awarded is that of a General MBA only. So if you are not sure of your specialization and want to explore various aspects of Management, then IIM Indore is a better option for you.