Kolkata: The average salary offered to the 2008-10 batch of students at the Indian Institute of Management Calcutta (IIM-C), that concluded its final placements on Wednesday, has seen an increase of 20% compared to last year.
According to a report released by the institute of Friday, the average domestic package offered by companies to final year students at IIM-C was Rs15.32 lakh per annum excluding year-end bonuses. “With the economy on a recovery path, salaries were expected to go up and it has,” IIM-C said in the report. Even the highest domestic package offered to a student this year has risen around 23% to Rs75 lakh.
Also, the average international salary offered to IIM-C students this year was $123,450 per annum, exclusive of bonuses, up 42% from last year.
Though the salaries offered this year have been better than last year, they have been marginally lesser than the pre-recession period of 2008 when the average salary offered at IIM-C was Rs16.4 lakh.
With companies going on a hiring spree and a recovery in the economy, IIM-C was able to place all its students in merely five days from the date of commencement of final placements, which is half the number of days taken to complete the final placement process last year. Around 113 companies came on campus this year up from only 87 last year.
Though the number of pre-placement offers IIM-C students received stood at 36, which is 20 less than last year, the deficit was made up by the substantially higher number of offers made by companies on campus during slot zero, which stood at 91, as against 39 last year.
Student showed a preference for the finance sector once again, with 36% of them joining a financial services company, while 27% opted for consulting firms, and the remaining took up general management and marketing jobs.
Yes Bank Ltd was the biggest recruiter at IIM-C this year, having recruited 13 students across functions. “The overwhelming response for Yes Bank across business schools, including IIM-A and IIM-C where we were one of the largest recruiters, reinforces the entrepreneurial opportunity that the bank provides,” said Rana Kapoor, managing director and chief executive officer, Yes Bank.
The other major recruiters included Accenture, ICICI Bank, Tata Administrative Services, among others.
Chairman of career development and placements at IIM-C, Prrafulla Agnihotri added that the performance of the institute in this year’s final placements had “exceeded expectations.”
“We are happy that students could get quality jobs across diverse profiles,” he added.