Getting job is a tough task for IIMs grads

New Delhi: The Indian Institutes of Management, the country’s best business colleges, have a tough task at hand: getting jobs for their students.

The global recession is squeezing India—the country’s economy grew at its slowest annual pace in almost six years in the December quarter—and IIMs are feeling the heat too. Placements season this year is not looking quite as promising as it had during the growth years.

The number of job offers at IIMs in the first round of placements have fallen 50 percent from last year. Salaries on offer are also sharply lower, and only around 10 percent of the students have been placed this year. The figure was 40-50 percent last year.

IIM Ahmedabad seems to be the worst hit. Only 10 companies turned up on the first day of placements and made 15 offers. On the first day last year, 30 companies made 90 offers. Also, the highest salary offered this year has been Rs 25 lakh per annum, compared to against Rs 1.44 crore last year.

Other IIMs are reporting gloomy news too IIM Calcutta has placed 207 of its 265 students in the first phase of placements but this number pales against the 250 students placed in this time last year.

Only 76 companies turned at IIM Calcutta up this year, compared to 108 last year. IIM Calcutta graduates have taken a hit on the salary front as well. The highest salary offered was Rs 30 lakh compared to Rs 90 lakh last year.

Placements at IIM Bangalore begin on Friday. Only six companies are expected on the first day, instead of the 30 who dropped in on the first day last year.

Not just in number the sectors represented this year also seem to have narrowed. Financial services and consulting companies like Deloite, McKenzie, and Morgan Stanley are circling the wagons Companies like L&T Nokia, and P&G have also made an appearance, but not in great force.

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