1) It assumes that if you are good in analysis or quantitative you are a better manager.
2) CAT does a good job of eliminating large set of people but a poor job of selecting the right candidates.
3) The obsession with numbers doesn't necessarily translate into a successful businessman. Many marwaris and other business men are better managers than our CAT students.
4)you can take coaching for 6 months on the CAT and crack it with a good score. Inherently it is an exam that you can train for.
5) Most IIM grads are not smart but over-smart which effectively means that they have skewed personalities.