Bangalore: Finance and consulting jobs were the top picks of the class of 2010 at the Indian Institute of Management, Bangalore (IIM-B), where the final placements process concluded in just half the time it took last year at the B-school.
Of the 270 accepted offers made by 120 companies, 27% were in finance and 22% in consulting, according to details provided on Tuesday by IIM-B. Information technology and systems made up for 20% of the offers, marketing 12%, general management 9% and the public sector 4%. Private equity and emerging sectors accounted for the rest.
Out of the 270 students, 132 were hired in the final placements. Seventy-two received pre-placement offers post summer internships and 66 got hired through the lateral placement process, meant for candidates with a minimum work experience of 22 months, which took place in January-February.
The final placements lasted five days, compared with the 10 it took last year in the aftermath of the domestic economic slowdown following the global financial crisis. Job and salary offers at the IIMs had dropped in 2009 as many traditional recruiters stayed away from campus hiring.
Attesting to a recovery in the economy, at least 10 companies—among them US-based financial services firm Bank of America-Merrill Lynch and Japan’s Nomura Holdings Inc.—returned to the campus after a year’s gap.
“Things are looking much better,” said P.D. Jose, associate professor and head of career development services at IIM-B. The B-school does not disclose salary offers to students in line with a policy instituted in 2007.
The number of offers made in Slot Zero, B-school jargon for the initial two days of placements when the most sought after recruiters are invited, jumped 41% to 90.
“People waited for the jobs they wanted,” said Praveen Gopalakrishnan, a first-year student of the flagship post-graduate programme in management and a member of the media cell at IIM-B, on the sidelines of a press conference held on Tuesday to announce the conclusion of the final placements. “Last year the economy was bad and there was a lack of choices.”
The IIMs at Kozhikode and Indore also say the placement season at their campuses reflected improved job prospects. Apart from regular recruiters returning, average salaries have climbed and better posts are on offer.
Regular recruiters such as consulting firm Deloitte Touche Tohmatsu, consumer goods maker Procter and Gamble Co. and real estate developer K Raheja Corp. returned to campus, said Akshat Trivedi, a member of the placement cell and a second-year student at IIM, Indore. Trivedi said average salaries were up 40%.