Despite a steady flow of bad news like severe stock market correction, subprime meltdown, a slowing US economy, the collapse of Bear Stearns, news of lack of investments banking and private equity job placements at US business schools, the IIMs and other Indian B-school have managed to keep their boat steady. There were reports of 30% increase in median salaries, entire batches getting placed in 72 hours and foreign postings.
However, all was not good at Indian-B schools as well. The signs of what happened at B-schools came out in those much-delayed data-anorexic press-releases (this was in stark contrast to established practices) laced with adjectives, quotes and everything else under the sun, barring any useful data.
So, here are some of the snippets from Placements 2008 as they happened -
·Placements at IIM Ahmedabad continued to show growing preference for Indian firms and locations. (We don’t know whether it was love for India or worry about being fired six-months later, since international recruiters have demonstrated their capability to withdraw offer / fire within six-months, depending on overall economy scenario, as it is the norm internationally. E.g., i2 Technologies withdrew its offer in 2001 leaving students high and dry. Fortunately, Indian corporate are yet to follow their international counterparts in taking back offers / firing whole batch of recruits, and probably this led to more passion for a stable secure Indian job than for those unstable insecure USDs.)
·At IIM Ahmedabad, average reported domestic salary was Rs17.85 lakh per annum while lateral average salary was Rs18.3 lakh per annum with a mere gap of just Rs45,000 per annum. So it seems it does not pay to have prior work experience in IIM-A.
·Interestingly, it seems that corporate India pays more to a fresh campus recruit compared to an experienced manager with 3 years of experience from same college. So inverted logic or freakonomics???
·At ISB Hyderabad, the average salary paid to women managers was Rs16.4 lakh per annum while average salary for whole batch was Rs19.0 lakh per annum. So, it seems women managers are paid much less than their male counterparts. So is this the case of glass-ceiling/ discrimination, or different class profile?
·ISB Hyderabad also chose to take higher path where its dean, M. Rammohan Rao, claimed, ”We believe that announcing the CTC of a handful of students, out of a large Class of 450, does not give a clear and fair picture of the entire class’s performance. In keeping with the tradition followed by international B-schools, we will henceforth share the information that is representative of the student body.” But probably the buck stopped there, as unlike their foreign counterparts, ISB chose to give average salary rather than median salary. International business schools provide median salary, not average salary, since average salary figures can be quite misleading.
·IIM Bangalore reportedly created history with a large number of international placements in Slot Zero and Slot One. However, there was not much visibility about the companies that were part of Slot One, except ICICI and UAE Exchange. So probably Middle East is becoming a preferred destination at IIMs, or is this just a sign of challenging times?
·IIM Lucknow, which is always so much in sync with MHRD, focused on the nation in times of placements. Read this: “With the economy on a high, these students are bound to make the best out of it and lead the way towards a progressive nation,” and, “If the trend continues, IIM Lucknow students are bound to leave their foot-marks on the global landscape and make the nation proud.” However, they chose to keep all data with themselves, as what has some statistics to do when it comes to the matter of nation?
·”A mélange of profiles of every possible kind across all sectors and a plethora of offers to choose from, are few of the factors that led to the path-breaking placements for the outgoing batch - precisely the goal we set out to achieve as the Placement Committee at JBIMS.” JBIMS emerged tops on providing well-drafted press-releases with quotes, adjectives and quotes, though the pendulum swung in other direction when it came to sharing of actual data.
Overall, all placements related press releases this year have a unifying theme of its dean / placement chairman expressing deep satisfaction / joy on being able to make the nation proud or getting better job-profiles or continuing to surpass all previous placement records. We don’t know whether it was on that account or having the satisfaction of at least placing the batch in these difficult times. Whatever the reason be, we also share the same relief and joy, and hence, placements ahoy!!!