Student life at IIMA involves academic rigour, extra-curricular activities involving numerous student clubs, festivals, tournaments and events, and student exchange programmes. The Students' Affairs Council (SAC) is the key student governing body. The Placement Committee was set up in 1964, one of the first of its kind, and has since then, developed a tremendous reputation in India. While 'general management' roles have been a prized career choice for many students, there have been phases dominated by firms recruiting in marketing (until the 1990s), finance (until the 2010s), and the consulting sectors. Students have also embarked on entrepreneurial journeys upon graduation or later in their careers.

Those who have graduated from IIMA and many participants of IIMA management development programmes collectively form IIMA's alumni base running into the tens of thousands. The alumni are an integral part of the IIMA community and a source of strength for the Institute. Their immense contribution to society spans an array of sectors, including business, government, entrepreneurship, social development, education, agribusiness, and public systems, both within the country and globally. The IIMA Alumni Association was formed in 1967, and has chapters in many cities or regions. The Institute maintains a strong relationship with its alumni through its magazine The WIMWIAN (earlier known as IIMA Alumnus), first introduced in 1969; a portal which offers a variety of services to the alumni; and regular alumni reunions.

Special Interest Groups of alumni create learning and growth opportunities for alumni, students and the faculty. This engagement creates alumni connect with teaching and research activities at IIMA and works towards advancement of knowledge in specific areas relating to management.