Click to play videoNew Delhi: An IIM-Calcutta student bagged an annual pay package of Rs 1.6 crore. Jobs are back as the economy shows sure signs of getting back on track.
The class of 2010 are looking at a revved up job market. But what are the lessons learnt from the recession. Should students look less at the big paying, high profile investment-banking firms?
Should they prefer the stable, more solid companies? Are students in the post-slowdown scenario preferring to turn entrepreneurs? What are experts recommending - higher salaries or company profile?
Indian Institute of Management students are relieved that the worst of the downturn appears to be behind them and green shoots are certainly visible. It's been a bumper placement season for them this year. In just five days, all students at IIMs have got placed. Average salaries are also much higher than last year.
Rs 1.6 crore is the annual pay package offered to an IIM Calcutta graduate by a global investment bank. Two others will be joining investment banks in London with a Rs 1 crore pay package. The good news across business school campuses is that jobs are back. At IIM Lucknow, 60 per cent offers came from IT companies.
Rahul Tom Joseph, Placement Coordinator of IIM Lucknow says: "The one crore figure was topped at IIM Ahmedabad as well. All 270 students of IIM Bangalore have been placed in just five days after 120 companies came calling. Leading the way, with 27% of the offers - banking and finance service companies. Consulting and IT companies came next... marketing offers were much lower. Among global recruiters - Nomura, Temasek and P&G."
PD Jose, Chairperson of Career Development Services, IIM-Bangalore says: "I am glad to report that we had a good placement this year. Certainly better compared to last year. It shows the market is picking up. We had may consulting companies back on campus recruiting larger numbers. PVT equity and financial firms, however, have not come back with the strength we would have liked them to. But it certainly looks upbeat."
Explaining what is the big difference in the campus recruitment scenario at IIM Bangalore between this year and last year, he said, "there is no significant difference except that this year we had more financial institutions, private equity firms & so on."
Could we say that the economic slowdown is well in the past and that job growth, better salaries are back? Jose says: "Good times are back but not as they were in the past. But recession never hit India as badly as it hit the world and thus recovery should have been faster."
Have MNCs have been aggressive this year, or are they still licking their recession wounds or, is the momentum coming mainly from Indian companies this year? "Except for private equity funds & financial institutions which have turned up in small numbers, you would find FMCG companies & big corporates from India are all hiring from IIM-B and top business schools," Jose replies.
Post recession, are you now looking less for the big paying, high profile investment-banking firms and now preferring the stable, more solid companies? "This is a decision that students make. Some are more prone to taking risks and aspiring for greater returns compared to others who would prefer stable industries and careers. So, it is choice students make and difficult to predict and trend," added Jose.
As Companies may still be struggling to come out of slowdown, are more students preferring to turn entrepreneurs right after graduation? "We had about seven students who opted out of placements to pursue their own career last year. And, this year there are around four. Except one of them, none came back this year although they had option of coming back to the placement process again," he further said.
Above 70 new recruiters came at IIM Indore. The average pay on offer Rs 11 lakh is going all the way up to Rs 63 lakh. Sources say there's a 24 per cent hike in salaries at IIM Kozhikode with an average pay of Rs 14 lakh. HUL, Nokia, Bain & American Express are the largest recruiters across all IIMs.
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