New Delhi: Corporates will now have to shell out more to hire IIM graduates. Country’s premier management institutes after hiking the course fees, are now looking forward to hike their placement fees as well.
In a decision taken by IIM-Kolkata’s Board of Governors, firms that recruit management grads from the campus will have to shell out more money to hire the creamiest lot. Top-notch companies that queue up at the campuses, used to pay Rs 30,000 as the participation fee and Rs 40,000-50,000 per student on recruitment. Now, they will have to pay even higher.
"We are trying to raise funds not just by hiking the fees. We must also increase the placement fee and a suggestion was that there should be no subsidy element, keeping in line what we can charge at the end of the two-year programmes from the companies that recruit," Director, IIM-Kolkata Prof Shekhar Choudhury said.
IIM-Kolkata increased its annual fees this year from Rs 1.75 lakh to Rs 2 lakh per annum for the Post Graduate Diploma in Business Management programme. The institute intends to use funds to develop infrastructure and the quality of education.
The institute claims that it spends around Rs 4 lakh per annum on each student, even after subsidizing the education. To cope with this expenditure, the institute has decided to pass on some of the financial burden on recruiting companies.
On the reservation issue and increasing students intake, IIMs still await orders from the HRD Ministry.
Placement Fee at IIM-Kolkata
Participation fee/student: Rs 30,000
Recruitment fee/student: Rs 40,000-Rs 50,000