As an IIM alumna I can safely observe that while a lot of our batch-mates were from middle class parentage; iy was not uncommon to come across people who have risen from humbler backgrounds and have made it to the Institute. The fact that at end of the day it cost just a Rs 1000 form and your hard work which goes on decide you place in the merit list; not you connections et al.
Even for sons and daughters of CXO's is was an honor to be able to make it past an IIM. One such students told me that me that his family was full of people who had done their MBAs from assorted US Universities; but he was the first child in a generation to secure an admission to an IIM. I guess another student whose father was a traveling salesman would have been proud of his achievements; but this guy who was born with silver spoon in his mouth was even prouder for having done something which was considered impossible within family.
Now compare this with ISB (no questions about it's innovative teaching pedagogy and international exposure); at end of the day this is a place where rich and filthy rich go on to get their MBAs before uncle can come and hire his favorite nephew/ niece without feeling guilty.
