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No more ‘bottom fishing’ for desi brokers

Stock brokers, known for their traditional approaches, appear to have woken up to the need for trained talent, reports BS Srinivasalu Reddy.

business Updated: Mar 12, 2008 23:05 IST
BS Srinivasalu Reddy

While the odd topper at India's elite IIMs were bagging crore-plus starting salaries, there were some low-profile recruiters who were busy snapping up talent - Indian stock brokerages.

Stock brokers, known for their traditional approaches, appear to have woken up to the need for trained talent.

Angel Broking has recruited 16 IIM graduates this season, perhaps the biggest IIM hiring-spree by an Indian broking house so far. The offers averaged Rs 17 lakh, with a high of over Rs 20 lakh per year.

A surprising number of IIM grads appear to have taken the bait. “Nine out of the ten offers to IIM-A graduates were accepted. They were convinced by our retail focus and the process we have put in place for ensuring their career prospects,” said Dinesh Thakkar, CMD of Angel Broking. The brokerages has put its IIM recruits on a fast-track, six-montly review path.

Not bad for a desi brrokerage going heel-and-toe with the likes of Goldman Sachs and McKinsey.

But why IIMs? “Experienced people are available in the industry. But as it grows, there is a need for new mindset and understanding of issues. Fresh minds without old baggage will be in a position to bring this balance that is the need of the hour,” Thakkar added.

They are not the only ones. ASK Group has picked four from SP Jain campus in Singapore last year for manning their wealth management business. “We are planning to pick 8-10 candidates during the current season, including from ISB,” said a source who wished not to be quoted.