RETRENCHMENT AND PLACEMENTS
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No banking on finance, IIMs get safer options
Published on Wed, Nov 19, 2008 at 12:36, Updated on Wed, Nov 19, 2008 at 12:56 in Business section
Tags: Financial Crisis, Iim , Ahmedabad
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Ahmedabad: At IIM-Ahmedabad, the summer placements this year seem to indicate a shift in preferences of students.
The financial sector is no longer the top draw for management aspirants and many of them are shifting to other sectors like marketing.
Missing among the list of recruiters was Lehman Brothers who picked up 15 students last year.
“Barring Lehman's Brothers, all other companies have come back for placements, but the number of offers has certainly gone down,” says IIM-A director, Sameer Barua.
This year only 32 per cent students opted for the finance sector, as opposed to the 57 per cent in 2007.
Otherwise all the 300 students who appeared for summer internships got placed and 90 of them were international offers.
However, these figures do not reflect the rough side. Like in IIM-Bangalore, the number of recruiting companies this year went up to over 100 from last year’s 66. But most of them had come on invitation.
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“The condition were tough but we are proud of what we achieved. A total of 110 firms came to camps,” says IIM-A Director Sameer Baruah.
The IIMs know that more of such reaching out would be required in March, when the final placements are made.
IIM-A director Sameer Barua says that effects of the economic meltdown in terms of salary packages will be known only about five months from now, when the final placements happen.
The bright patch for the IIM students is that new sector companies from media entertainment and event management are coming up with offers.
Last year, 57 per cent of students opted for summer placements in the finance sector, which reduced to 32 per cent.
All the 300 PGP students and 21 PGP in Agri Business Management students were available for the two-month long summer placements, which concluded on Tuesday.
Of the PGP students, 90 accepted overseas summer placements and 210 accepted domestic placements.
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