The global economic slowdown has affected IIM graduates with plum jobs and big bucks at the IIMs. A placement season at the B-school campuses with IIM graduates has settled for fewer job offers and smaller pay packages. Usually a three or four day affair, placements this year stretched on for weeks.
Everyone is talking about Dismal pay packages. The worst hit being IIM-Ahmedabad where it dipped by 30 per cent to Rs 12. 5 lakh a year.
The average salary at IIM Calcutta this year was Rs 14 lakh down by 12 per cent over last year. On some campuses students are drumming up some joy. PSUs made a comeback at IIM Calcutta, hiring 34 students this year, but their take home salaries would be as low as Rs 7 lakh rupees.
The situation is much worse in lower rung B schools. Some students of lower rung B schools said, “When we joined the college, we were told by our guest lecturers that India’s on a roll, you’ll get fantastic placements and today we’re being told that take whatever comes your way and don’t make a fuss.”
Tier two and tier three B schools that have managed placements are also worried. Some have registered salaries as low as Rs 1.5 to 2 lakh per annum. The Grade B and C level schools are badly hit. Many of them are just unable to do anything for their students.
With the job market unlikely to recover in the coming months, the B school dreams of many like them will be put to test.
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