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Salaries hit the roof at IIM-A
Joydeep Ray in Ahmedabad |
March 16, 2004 09:22 IST
The Indian Institute of Management-Ahmedabad (IIM-A) has set a new placement record this year with Morgan Stanley offering one of its graduates a $100,000 a year job.
The highest salary offered last year was $82,000, by Capital One. The institute's final placements ended on Monday.
Lehman Brothers, which signed up 11 students last year, is again the largest recruiter this year with 12 students. McKinsey has signed up five students at an annual salary of Rs 12 lakh (Rs 1.2 million), while Goldman Sachs has signed up four.
Goldman Sachs and McKinsey had each signed up four students last year. HSBC has hired four students this year, while Deutsche Bank has hired two. Capital One, the highest paying company last year, has signed up two students this time against three last year.
Citibank has offered postings in rare locations like Bahrain and Dubai for hefty pay packets.
"This time there has been a substantial increase in the number of companies coming for recruitment. Also, more and more students this year considered offers from FMCG companies," said Ashley D'Souza, a student who will be joining Hindustan Lever Ltd shortly.
Hindustan Lever, according to sources, has picked up four students this time, while Procter & Gamble has hired 11. Pharmaceutical companies, including Ranbaxy, Dr Reddy's Laboratories, Torrent Pharmaceuticals and Nicholas Piramal, also turned out in large numbers this year.
There were a number of new overseas companies on campus, too. For instance, Transindus Inc, a travel company from the UK, and Temasek of Singapore have hired one student each.
"With the economy picking up, Indian companies also hired a lot of students this year," said a student.
Though the details of the institute's placement offers will be announced at an official press conference here tomorrow, it has been learnt that there are 45-50 foreign job postings this year, compared with around 40 last year.
Indian Institute of Management-Ahmedabad Director Bakul Dholakia and Placement Co-Ordinator Rekha Jain declined to divulge any information on the placement process.