The Indian Institute of Management-Calcutta (IIM-C), which completed its placement process for this year in 10 days, saw around 23 per cent drop in its average domestic salaries, compared with last year. The number of job offers, too, went down by 10-20 per cent. However, according to the institute’s press statement, if the bonus is calculated, the compensation packages have increased when compared with last year.
A total of 86 companies visited the campus this year, compared to 107 last year. IIM-C placed a total of 265 students over 10 days to ensure that the students got roles in sectors they preferred. By not declaring the day when the placement process would terminate, there was a continuous flow of companies for students to choose from.
The average pay packages at IIM-C this time saw a dip from last year. The domestic average salary this year was Rs 12.7 lakh per annum, while the highest offer was Rs 60 lakh per annum. The international scenario, though, threw in a surprise. The average international package, exclusive of bonus, came up to $86,785 per annum, while the highest touched $130,000.
While IIM-C students had received 39 international offers last year, the number was 29 this time.
According to Prafulla Agnihotri, placements chairperson at IIM-C: “While the average salary fell by around 23 per cent this time, the firms that visited the campus last year did not lower their packages this year. The intake per company has come down, resulting in the fall in package. Although the recession has affected placements this year, the statistics exceeded expectations set before the process concluded. The move by the placement cell to extend the number of days for placement shifted bargaining power back to the students. The average domestic salary was way higher than what was expected and fell by only 23 per cent in a market where jobs are now hard to come by.”
A major shift witnessed this year was the students’ faith in public sector units (PSUs), which offered an average salary of Rs 7 lakh per annum. Around seven PSUs, including IOCL, NTPC, Coal India and Andrew Yule, turned up this year against only one last time.
A large number of international offers in locations like Hong Kong, London, Singapore and New York were made by banking and consulting firms.
| RECESSION HITS PLACEMENTS | |||
| 2007-08 | 2008-09 | % drop | |
| Batch strength | 291 | 265 | - |
| Final placement process | 4 days | 10 days | - |
| Pre-placement offers | 90 | 56 | 38 |
| Average domestic package | Rs 16.4 lakh per annum | Rs 12.7 lakh per annum | 23 |
| Highest domestic package | Rs 65 lakh per annum | Rs 60 lakh per annum | 8 |
| Highest international package | Rs 130 lakh per annum | Rs 67 lakh per annum | 48 |
| Source: IIM-C official figures | |||
Around 40 per cent of the 265 students chose finance portfolios, both in India and abroad. Some of the major recruiters for finance this year were Jaypee Capital, ICICI Lombard and ICICI Prudential, Futures First, Allegro Financial Services and Edelweiss Capital.
Other big recruiters this year were Boston Consulting Group, Bain & Company, AT Kearney, Accenture, Deloitte and Cognizant Business Consulting.
