Photo: Mint
Photo: Mint

Hiring at B-schools off to a flying start with more offers, better pay

  • Sectorally, consulting firms are top recruiters at management schools
  • The number of offers given to students of the Indian School of Business (ISB) went up by 46% compared with last year

Final placements of students of top management schools, including some of the Indian Institutes of Management (IIMs) have started on a strong note, with some institutions even saying that they have completed placing all students ahead of time.

The B-schools said the average salary offered to its students and the number of offers has inched up this year, indicating better hiring sentiment at campuses. These schools said that consulting, information technology, and banking and financial sectors have shown greater interest in hiring from B-Schools.

The number of offers given to students of the Indian School of Business (ISB) went up by 46% compared with last year and some students have bagged up to three offers, it said.

“The average salary at ISB as of now is 25.08 lakh this season as against 23.4 lakh the previous placement season," said Chandan Chowdhury, associate dean at the B-school. ISB, in its two campuses at Hyderabad and Mohali, has 886 students, who got a total of 1,192 offers, said Chowdhury. About 92% of the students have accepted the job offers, while the others are waiting for better ones through a rolling campus placement process that continues till March, he said.

IIM Kozhikode has completed placing all its students, according to Debashish Chatterjee, the director of the institute. Consulting firms are the top recruiters at the campus this year, he said.

The institute witnessed a 16% increase in the average salary from last year. “The mean salary increased from 17.8 lakh per annum in 2018 to 20.6 lakh per annum in 2019. The top 50% of the students bagged an average salary of 23.73 lakh per annum," the B-school said.

At the Indian Institute of Foreign Trade, all 279 students were placed in 98 companies. The average remuneration at the Delhi-based institute had risen from 19.23 lakh per annum last year to 20.7 lakh per annum this year.

“The bigger message the industry is giving is that if your students are good, we are ready to hire. It also reflects the bigger picture that companies are maybe willing to hire more this year at least from top business schools," said K.K. Krishnan, professor and head of placement at the Birla Institute of Management Technology in Greater Noida.

The institute has placed most of its students and could close the process by early February, Krishnan said. “The final tally is yet to emerge, but the average salary so far has gone up by 10% and the number of offers by 12%, from last year," he said.

Other top B-schools, including XLRI Jamshedpur, SP Jain Institute of Management and Research in Mumbai, Great Lakes Institute of Management, Chennai, and the new IIMs, said the hiring sentiment looks strong this year. IIM Rohtak said the final hiring process is smooth and it has placed a majority of its students, despite the batch size going up by more than 100 students. IIM-Bangalore said it will start final placements on 12 February but added that students have bagged 150 pre-placement offers (PPOs) or job offers based on their internship ahead of the final campus hiring. IIMs at Ahmedabad, Bengaluru and Kolkata generally start their placements in February.

Sectorally, consulting firms are the top recruiters. Both at ISB and IIM Kozhikode, 30% of the job offers came from consulting firms. IIM Bangalore said most of the PPOs are from consulting firms and banks, while a few are from consumer durable and manufacturing firms. Information technology, as well as banking and financials, also showed good growth.

Across campuses, financials such as Citi Bank, HSBC, JPMorgan Chase & Co, ICICI Bank, Microsoft, Wipro, McKinsey & Co, BCG, and Bain & Co were some of the top recruiters.