Average salaries dip for IIM-Ahmedabad grads
Management post-graduates from the country’s most prestigious B-school had to settle for an average placement offer of Rs 12.17 lakh per annum. Prasad Nichenametla reports.Updated: Mar 06, 2009, 01:50 IST
The economic slowdown has hit the Indian Institute of Management, Ahmedabad (IIM-A) hard.
Management post-graduates from the country’s most prestigious B-school had to settle for an average placement offer of Rs 12.17 lakh per annum. The figure was Rs 17 lakh last year. This is a significant dip of more than 25 per cent.
With the economic crisis hitting most-preferred recruiters such as Lehman Brothers and Merrill Lynch, a number of first time recruiters went back with IIM graduates in their kitty.
First time recruiter Union Bank, for instance,made 18 offers this year.
Jaypee Capital, another first-time recruiter, hired 12 students from IIM-A.
Despite a decline in the number of jobs offered, the finance sector still led the field with 39 per cent of the job offers.
The drying up of offers was also reflected in an unusually long nine-day placement period. Before this year, IIM-A graduates were snapped up within five days, on an average.
Prof Saral Mukherjee, chairperson, placements, gives another explanation: “We had more recruiters this year. As many as 109 firms recruited in final process.”
Barring seven students from PGP in Management, who opted out of recruitment to start their own ventures, all the remaining students have been placed, Mukherjee said.
Though the offers are not satisfactory students are happy about the roles offered. “Companies have offered senior positions to IIM-A graduates across verticals — giving them a good opportunity to perform and move on,” said Mihir Lal, a student placement coordinator, who has bagged a job with a finance firm.
Keeping the downturn in mind the IIM, in fact wrote to several companies to participate in the placements this year. It even proposed to waive/ discount the participation fees for some smaller companies.