The older Indian Institutes of Management (IIMs) at Ahmedabad, Bengaluru, and Kolkata have completed their placement season on a robust note with IIM-A on Monday announcing a successful end to its campus hiring season.
The IIMs said consulting and financials sectors were the lead recruiters and the placement season this time saw better response than the previous edition. IIM-A and IIM-Bangalore do not disclose their average salary as a matter of principle before auditing the placement report. IIM-Calcutta has said its outgoing batch received an average salary of a record ₹28 lakh per annum, at least 10% higher than in the last hiring season.
“We are pleased with the outcome of our final placement process that placed the entire batch within the planned time. Given the economic scenario, we were apprehensive about the results. However, the outcome has been more positive than expected and better than previous years," said Amit Karna, chairperson of the placement committee at IIM-A.
The apprehension of B-schools, including IIM-A, was not unfounded as India’s economic growth of 4.5% in the September quarter is a six-year low. The Centre for Monitoring Indian Economy reported a 9.7% urban unemployment rate in January 2020.
On Monday, IIM-A said 153 companies had offered jobs to their entire outgoing batch of around 400 students. Firms that made the most offers on campus included McKinsey & Co., Boston Consulting Group (BCG), and Tata Consultancy Services (TCS).
IIM-A said key recruiters in the investment banking and larger financial space included Citi, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, American Express, and Bajaj Finserv. In the consumer goods and services segment, the firms included Airtel, Asian Paints, Dabur, ITC, Lenovo, Wipro, Nestle, Procter and Gamble, and Samsung.
At IIM-Calcutta, 136 firms offered 492 jobs to its 439 outgoing students. The average annual package of the entire batch was ₹28 lakh, while the salary of the top 10% and best quartile of the outgoing batch averaged an all-time high of ₹54.5 lakh and ₹41.8 lakh, respectively, the premier B-School said.
IIM-C said consulting firms were the largest recruiters with 31% of the total offers. BCG, McKinsey & Co, Bain & Co, PricewaterhouseCoopers, and Accenture were the top recruiters. Finance and private equity–venture capital firms gave 83 offers (17% of the total). Among them, Bank of America Merrill Lynch, Barclays, Goldman Sachs, Gaja Capital, and JP Morgan Chase made the best offers.
At IIM-B, 428 students received 518 job offers with a sizable portion (147) coming from top consulting firms. U. Dinesh Kumar, professor and head of career development services at IIM-B, said it received a 6.14% increase in the total number of jobs offered compared to the previous year.