Increased participation by firms, high-profile jobs, and rise in average salary marked this year's placement drive in Tamil Nadu's premier B-schools.
Riding on India's growth wave, Tamil Nadu's premier business schools have recorded better placements this academic year with the participation of more firms from traditional sectors and many firms from new sectors pushing the average salary up from 10 to 15 per cent.
At the Department of Management Studies, Indian Institute of Technology, Madras (IIT-M), the average salary rose by 13.50 per cent to notch Rs. 9.25 lakh per annum in 2011. The percentage of companies that visited the institute increased by 32 per cent from last year. And the highest salary offered was Rs. 16.67 lakh per annum. IT consulting and operations topped the pie-chart with 47 per cent of placements followed by finance, analytics, IT systems and marketing streams contributing to another 43 per cent.
“It has been 100 per cent placements since the inception, even when the market was lull during global recession,” says Prof. C. Rajendran, Head, DOMS, IITM. “Only the package fluctuates. This year, the position was better for negotiations,” he adds.
In his opinion, India was as hardly affected by the global recession. “We may not sneeze if the United States catches cold,” he says. Stating that U.S. was yet to recover fully which was reflected in the budget cut towards education sector, he said the Central government was very positive in funding higher education and therefore the mood was also positive.
“This year we witnessed high-profile job placements in the financial sector such as investment and treasury banking. These job profiles require not only MBA graduates but market-ready change agents who are capable of creating new knowledge for tomorrow's business needs,” says Fr. Christie, director, Loyola Institute of Business Administration (LIBA).
The average salary package of Rs. 8.33 lakh per annum is higher by about 12 per cent from last year. Marketing as a function topped with 45 per cent of placements. It also saw many new firms from sectors like pharmaceutical and online venture companies. The batch also saw three students opting out of placements to start their own firm, treading on the path of entrepreneurship.
At the Institute of Financial Management and Research (IFMR), the average salary this year was Rs. 7.25 lakh per annum with the highest package at Rs. 11 lakh per annum. “The banks, consultancy firms, IT and MNCs have recruited. About 42 companies participated in the placement drive. ICICI was a major recruiter,” says Prof. G. Balasubramanian of IFMR.
“Nearly, 30 per cent of the MBA class have an IT background. They take to management studies to expand their knowledge base and for a diversified career,” he notes.
“The 26th batch succeeded in getting the desired profiles and good compensation packages for most students,” says N. Bala Baskar, director, Bharathidasan Institute of Management (BIM), Tiruchi.
The average salary package rose by 10 per cent from last year. A total of 55 companies keenly participated, with 36 companies making offers to 119 students of the batch with an average salary of Rs. 8.79 lakh per annum with the highest at Rs. 10.76 lakh per annum. “Finance, marketing and systems accounted for 93 per cent of placements,” says Prof. M. Sankaran, placement chairman.
In Coimbatore, the B-schools did fairly better than last year. According to C. Parameswaran, director, Corporate and International Relations, Amrita School of Business, Procter & Gamble, Muscat, offered the highest package at Rs. 10.5 lakh per annum. For an Indian company, Payoda offered the highest of Rs. 8.5 lakh. The average this year was Rs. 5.4 lakh. At the PSG Institute of Management, the average salary package was Rs. 4.8 lakh per annum, registering a marginal increase over last year's average. “The highest offer was Rs. 7.8 lakh. It has been 100 per cent placements every year,” says R. Nandagopal, director, PSGIM.