In keeping with its reputation of being the favourite hunting ground for head-hunters from the most sought-after corporates of the country and the world, the Indian Institute of Management, Ahmedabad once again pipped other elite b-schools by bagging the heftiest salary packages for the 255 outgoing students of its two-year PGP programme.
While the highest salary package this year touched a dizzy Rs 1.44 crore per annum (or $360,000 inclusive of bonus as an average component) compared to the IIM Kolkata’s highest of Rs 1.36 crore and its own highest of Rs 1.17 crore last year, even the average salaries offered saw a gravity defying rise of around 20% over last year’s packages. The adverse market conditions across the globe were not a dampner and salaries offered to the batch of 2008 exceeded all expectations. The average domestic salary amongst the accepted offers this year is Rs 17.85 lakh, a stunning 30 per cent jump over last year’s average figure of Rs 13.7 lakh while on the international front, the average salary offered is $ 1,19,000 which again is a significant jump from previous years. The highest domestic acceptance was in the range of Rs 50 lakh to Rs 70 lakh.
Addressing the media, IIMA Director Samir Barua said that the sub prime crisis and the slowdown of the US economy had not impacted the placements at the IIM (A). “The institute continues to be a most preferred destination for recruitment as reflected not only in terms of the diversity of organizations that participated but also by the offers that have been made,” he said.
Dispelling the notion that global economic cues were impacting India’s placement scenario, Dr Barua claimed that “the acceptances indicate that there is an increase in the acceptances by students in the Asia Pacific region as compared to Europe and the US. Thisis indicative of the balance of economic power shifting from the West to the East.”
This is clearly indicated by the fact that while 76 percent of the students preferred to work in India, 11 percent chose Asia pacific region for employment only 7% opted for Europe and 4 percent looked at US for career destination.
The biggest recruiter of the season remained the financial sector in spite of the markets being the red for a while now. Out of 255 students, 113 students have been inducted into the sector this year. Major banks like Goldman Sachs,