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Sunday, March 14, 2010

IIMs' high salary: The true story has a twist

Bangalore: As 2010 placement session of all the seven IIMs draws to close, it is being witnessed that the role offered to these graduates are more or less traditional and the salary packages are different than the packages which were making the buzz, reports Economic Times.

Following the placement session getting over, the debate started across the corner that which institute managed the best offer? An IIM-Ahmedabad student was tipped to have bagged an offer for Rs 1.4 crore two weeks ago, which has reportedly been breached by the Rs 1.6 crore offer made by a British investment bank at IIM-Calcutta.


But seeing these eye-popping numbers that have dominated headlines for some weeks, Saral Mukherjee, Placement Chief at the IIM-A said, "The truth is that the readers are being fed garbage" said Saral Mukherjee, Placement Chief at IIM-A.

This year, it has been totally different scenario, as the average salary offered by international banks at the IIM campuses are in the range of Rs.12-20 lakh per annum, while that offered by private sector banks is at just over Rs.9 lakh for IIM graduates. The top 30 percent were offered packages of Rs.12-15 lakh, the next 40 percent get salaries in the range of Rs.8-12 lakh and the remaining 30 percent get offers between Rs.5-8 lakh.

Supporting the range of salary being offered, K Ramkumar, Executive Director at ICICI Bank said, "For a person with less than three years of experience, whoever is paying more than Rs 15 lakh is doing a disservice to their organization." ICICI Bank has picked up 50 students from various IIMs so far this year.

It looks really bad to see that how wide is the gap between the lucky few with 'Rs.1 crore-plus' salaries and the rest of the crop from the same elite campuses who are stuck with salaries of Rs 50,000 per month.

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