IIM-A student bags Rs 1.6 crore package | india | Hindustan Times
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IIM-A student bags Rs 1.6 crore package

india Updated: Mar 10, 2010 23:56 IST
Prasad Nichenametla
Prasad Nichenametla
Hindustan Times
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An Indian Institute of Management-Ahmedabad student has bagged a record offer of nearly Rs 1.6 crore from Deutsche Bank, on par with the package an IIM-Calcutta student had secured on Tuesday.

The IIM-A authorities, however, declined to confirm the offer. “We do not want to comment on individual salaries, but the investment bank might have offered almost the same amount (as in Calcutta) here,” a student associated with the placement process told HT on Wednesday.

IIM-A recorded an average domestic salary jump of 22.5 per cent from last year’s Rs 12.17 lakh per annum to Rs 15 lakh this year, signaling that the worst is over for the job market.

The average overseas salary also jumped by 33.5 per cent during the four-week-long placement process, which ended on Wednesday. The placement process for Post-Graduate Programme Agri Business Management, which began on the same day, is still on.

In 2009, average salaries saw a dip of more than 25 per cent (compared with 2008) in the wake of the global economic slowdown. But with the world economy showing signs of improvement, the average domestic offer has increased to Rs 14.94 lakh this year.

Even the average international offer went up by 33.5 per cent from $83,000 last year to $110,750 this year.

Cluster-Week one, termed as an acid test by the placement office under its new system, saw 42 offers, which was also marked by the return of global majors.

“Compared to last year that saw almost no presence of investment banks for final placements, we saw I-Banks extending offers both through PPOs and final placements. While Morgan Stanley, Goldman Sachs, UBS, Deutsche Bank and Citigroup were among the major recruiters to extend offers through the

PPO route, JP Morgan, Merrill Lynch, HSBC and Nomura participated in the finals process,” Mansi Chitalia, student representative on the placement committee said.