The student fraternity of ISB is very different from that of FMS and IIM Lucknow. ISB requires a minimum of 2 years and an average of 4 years of work experience for admission. Whereas IIM Lucknow and FMS focus more on academics and almost 40% of the batch comprises freshers. Others have 2 or fewer years of experience. 

My answer is divided into 3 parts

If you have work experience of 2 or fewer years:

In this case, you should give up on ISB and totally focus on FMS or IIM Lucknow. Personally, I would suggest you go for IIM Lucknow because of its brand image. Despite the fact that FMS offers high ROI, you can never underestimate the value of an IIM tag.

If you have work experience of 2-3 years: 

This is the toughest decision as you can nearly go for ISB but will be risking a lot including its extravagant fees. But you won’t regret choosing ISB because of its peers, faculty, research orientation, and campus life. It is also the place where all the big consulting firms come for placements. So if you value reputed firms a lot then go for ISB.

If you have above 3 years of experience:

Close your eyes and without thinking choose ISB.

You are advised to choose wisely when it comes to selecting the top MBA colleges. Most of the top colleges have excellent faculty who are experts in their fields and students highly appreciate their teachings. The alumni network is a crucial factor to consider, and it is best to speak to students and alumni of the colleges to get a better understanding.

The top-of-the-line MBA colleges include IIMs A, B, and C, which are considered untouchable at the moment. XLRI stands out for its HR batch, the opportunities it offers, and its excellent course structure.

If you are comparing FMS, JBIMS, and XLRI BM, you can consider your interest and preference. The author is biased towards JBIMS as her husband is from that college and she has close connections with the students and alumni. However, if you get admitted to XLRI BM, it is a great brand to be associated with, especially if you are interested in finance.

When it comes to choosing between JBIMS and FMS, you can opt for JBIMS if you are sure about pursuing finance, else you can choose either. Among the IIMs, the author rates IIM L above JBIMS and FMS and considers JBIMS and FMS above IIM I and K.

It is suggested not to rely on the ROI concept, as the benefits of a good education cannot be gauged in one year and do not follow arithmetic progression rules. Instead, you should look at the opportunities offered by the college and how it fits into your plan. Do not base your decision solely on rankings posted in newspapers and magazines or the highest packages offered during placement.

You can stick to FMS Delhi. It is in the same league as IIM A, B, and C. 

• FMS Delhi ranking is 6 for MBA (by Indiatoday 2021). 
• It offers the best ROI in India. For MBA, FMS changes around INR 1.92 Lakhs. While the average CTC offered during placement 2022 was INR 32.4 LPA.
• It offers great placement opportunities in the core finance domain. Last year around 42-45 students were recruited in the finance sector with a CTC ranging between INR 27-30 LPA.

Before you narrow down your decision, you should consider which sector you want to join, i.e. consulting/core finance/marketing, etc. Go through the placement highlights of both these institutes and see which offers better placement in the sector you are interested in. 

Both FMS and NITIE are renowned management institutes in India. FMS is known for its academic excellence and strong industry connections, while NITIE is known for its focus on operations and supply chain management. It's important to note that IIM ABC, FMS, XL, other old b-schools, and other old IIMs are all great B-Schools and admission to any one of them is a matter of great importance and celebration. All these institutes provide an excellent opportunity for the students to shape their careers in every aspect

It’s up to the students how and to what extent they want to avail the provided opportunities. 

This is exactly why I refrain from commenting on which B-school is better than the other. Nevertheless, here is a comparative table below

You can access the necessary data from official websites alongside considering your medium term and long term goals.

• Placements: While median/average salary is one way to judge placement quality, considering the roles offered at summer and final placements is a more comprehensive way to get an idea of the quality of placements. In terms of finance and consulting firms visiting the campus for summer and final placements, IIM BAC received more diverse offers. MBB firms have begun to visit IIM L as well. 

• International Reputation: IIMs BAC is one of the world's top business schools. Even if IIML is not widely known in the international community, the fact that it is part of the IIM family lends credibility to its name. FMS does not appear in any international rankings.

• Student Exchange: IIMB has over 150 outgoing students and over 90 incoming students. The figures at IIML would be lower, but significantly higher than at FMS.

• Pedagogy: The pedagogy at IIMs is a mix of case studies and class-based theoretical discussions. This provides a more in-depth understanding of various topics.

• Campus Life: Campus life at IIMs is vibrant, whereas it is almost nonexistent at FMS.

• Research: The research output of IIMs at BAC and even L is higher than that of FMS. You could, for example, work with a professor to publish a paper or write a case study as part of your course.