Going by the manner in which multi-nationals are thronging the campus recruitment session of IIM-C, it is as though the spectre of an economic meltdown is not hanging over the world.
After crossing the Rs 1 crore-salary mark last year, students of Indian Institute of Management, Calcutta (IIM-C) are well on their way to upgrade the record this year. The highest salary offered so far this year is Rs 1.36 crore, and with two days to go for final placements to wind up, the figure may well climb further.
The salaries have shot up significantly this time with multiple offers crossing the Rs 1 crore mark. The Rs 1.36 crore offer was made by a leading international investment bank to one student. The highest salary in 2007 was of Rs 1.1 crore per annum, also paid by an investment bank.
The placements for the slot zero companies — that is, the companies most preferred by the students and which traditionally make the highest offers — was conducted on March 8 and 9.
Realistically, the record may not be bettered, since it is now the turn of slot 1 and slot 2 companies to continue the recruitment process. However, since “this year a record number of companies, which includes new set of companies are scheduled to come on campus over the next few days and there are chances that this Rs 1. 36 crore mark is crossed,” said chairperson of the Placement Committee at IIM-C, Professor S Moitra.
“We are expecting a 18-22 per cent hike over last years salary figures,” he added.
The final placement process for this year’s batch of IIM Calcutta has generated an overwhelming response from the corporate czars — from both India and abroad — with close to 100 students already placed in the firms of their choice after day zero. The positions too are global — Singapore, Hong Kong, Bangkok, London, New York, New Jersey and West Asia.
The class of 2008 at IIMC will also be the first to send students from campus to companies such as Goldman Sachs, Morgan Stanley and AD Little. In fact, only Kolkata is the only IIM to send students to Morgan Stanley, London.
Strategic consulting roles were much in demand, with major consultancies like BCG, Bain, McKinsey, AT Kearney and AD Little hiring over 40 candidates at the end of the first day of placements. “Over 100 companies are scheduled come on campus this year, some of them from West Asia. The long-term relationship that we have nurtured with companies has meant that recruitment at IIMC has always been exceptional,” said Moitra.
Investment banks were the other area of interest, with the likes of Goldman Sachs, Morgan Stanley, Lehman Brothers, JP Morgan, ING, Merrill Lynch and Credit Suisse visiting IIMC.
The number of offers for students with previous work experience has also shot up, with 153 offers being made in lateral placements, held a few weeks back. This coupled with almost 90 pre-placement offers (PPOs) has meant that over 240 offers having been made to the 290 students well before the final placement process began.