The Hindu : National : IIMs: India remains preferred destination for students

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Sunday, Mar 16, 2008
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IIMs: India remains preferred destination for students

Indrani Dutta

Top investment banks hire more IIM-C students; record 22 new companies take part in placements

Many seem to be wary of taking up posting in the U.S. or Europe
Leading international domestic bank offers salary of Rs.70 lakh per annum

KOLKATA: With the placement process coming to a close for most of the Indian Institutes of Management, the emerging trend shows that India remained the preferred destination for a majority of the students with many choosing to stay here and participate in the India growth story.

The overseas job locations accepted by the students cut a wide swathe across the globe with assignments in the U.K., the U.S. and the Asia-Pacific region comprising the bulk of the offers. Companies with presence in West Asia picked quite a few students, but many students seemed to be wary of taking up posting in the U.S. or Europe amid fears of an impending recession.

A source said that notwithstanding the downturn in the financial sector worldwide, IIM Calcutta was able to leverage its brand equity in the finance domain with some top investment banks scooping up its students.

The highest offer on the campus was Rs. 1.36 crore by a leading international bank with multiple offers crossing the Rs.1 crore mark.

According to Parijat Tewari, recruitment coordinator, the strong show by IIM Calcutta has laid to rest all fears of the global downturn affecting recruitment, with both consulting and investment bank and firms hiring in good numbers.

The average domestic salary is Rs. 16.4 lakh per annum while the highest domestic salary has been in the range of Rs. 65 lakh to Rs. 70 lakh per annum, offered by a leading international domestic bank.

Management consultant Mckinsey offered the profile of an associate to a student, which is higher than what is normally offered at IIMs.

However it is not as if only investment banks and financial sector outfits walked away with all the IIM graduates. An interesting part of the placement scene this year was the number of new companies.

A record 22 new companies were part of the placement process this year, which is testimony to the fact that the managerial talent of students of IIM Calcutta is widely recognised, according to S.D. Moitra chairperson of the placement committee of the institute. Marketing giants like P&G (Procter and Gamble) and HUL (Hindustan Unilever Ltd), besides Nokia, ITC, Nestle and Asian Paints also recruited in good numbers.

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