Click to play videoNew Delhi: The global economic slowdown has caught up with plum jobs and big bucks at the IIMs.
A dismal placement season drew to a close at the B-school campuses with IIM graduates settling for fewer job offers and smaller pay packages. Usually a crisp 3 or four day affair, placements this year stretched on for weeks.
Student, IIM Bangalore Saurav Mukherji said, “Many of the regular recruiters have refused to participate because they are undergoing recruitment freeze.”
Dismal pay packages is what everyone's talking about. The worst hit being IIM-Ahmedabad where it dipped by 30 per cent to Rs 12. 5 lakh a year.
The average salary at IIM Calcutta this year was Rs 14 lakh down by 12 per cent over last year.
On a few campuses though, students are drumming up some joy. PSUs made a comeback at IIM Calcutta, hiring 34 students this year, but their take home salaries would be as low as Rs 7 lakh rupees.
Meanwhile, others have decided to buck the recession trend on their own.
Ashwini Agarwal from IIM Lucknow is one such young entrepreneur who sees an opportunity in school uniform retailing.
Ashiwini Agarwal said, “The current industry is a lot more fragmented and unorganised and I want to get into that start consolidating.
But the situation is much worse in lower rung B schools.
Student, Jaypee Business School Dhananjay said, “When we joined the college, we were told by our guest lecturers that India's on a roll, you'll get fantastic placements and today we're being told that take whatever comes your way and don't make a fuss.”
In fact, tier two and tier three B schools that have managed placements also have reasons to worry. Some have registered salaries as low as Rs 1.5 to 2 lakh per annum.
Chairman, IKYA Human Capital Solutions Marcel Parker said, “The Grade B and C level schools have been pretty badly hit. Many of them are just unable to do anything for their students.”
With the job market unlikely to recover in the coming months, the B school dreams of many like them will be put to test.
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