hi abraham:
why dont you visit the IIM Web Sites first? most of ur queries are answered in their FAQs on FPM... especially, the FAQ listed by IIMB is quite informative..
to answer your last question.. well, in addition to the monthly stipend (might vary from Rs. 6000 to 10000), you might get chances to work with the faculty on their ongoing projects...avenues for which are plenty, provided you are pro-active.
work ex is not a must for applying for FPM, but they do give lots of weightage to people with good work ex... you need to have a vey good academic background.. people with good CAT scores and decent shows in GD/PI, without much acads, might get into PGP.. this is not true for FPM...
and you need to be very clear about your Goals, especially why FPM and not PGP? what do you plan to do after FPM?
by the way, are you an applicant for this year?
about me... i have applied to all the four IIMs offering FPM.. and gearing up for the next version of CAT 03
i am a post graduate electronics engineer, with over 9 years of ex in R&D and industry in the areas of information systems... presently working in a US based ICT Firm... obviously, am aspiring to do an FPM in Information Systems...
regards
roy