IIM-Ahmedabad students face heat of slowdownMarch 3rd, 2009 - 5:01 pm ICT by IANS
Ahmedabad, March 3 (IANS) In yet another example of the shrinking job market, 50 final year post-graduate students at the Indian Institute of Management-Ahmedabad (IIM-A) are yet to get any job offers even seven days after this year’s placement session started on the campus.
Unlike previous years, this time there is no rush to recruit students from India’s premier business school even as entry-level salaries have come down sharply, IIM-A officials said.
In most cases, the students are grudgingly accepting offers from companies which had been their second-rung choices till last year, they added.
Consulting groups like McKinsey, Boston Consulting Group and Booz and Co. have picked up IIM-A students till Tuesday, a senior faculty, who did not want to be identified, told IANS.
Other major recruiters are: Qatar Airways, Singapore Airlines, ICICI Foundation, UAE Exchange, Small Industries Development Bank of India (SIDBI), Standard Chartered Bank and the Securities Exchange Board of India (SEBI).
Some lesser-known domestic manufacturing firms are also present on the campus to recruit students.
Last year, when the global economy was booming, all students in the final year PG batch got campus placement with high salaries. Last year’s average domestic salary was Rs.1.78 million per annum and about 25 big companies had come to the campus, compared to 10 this time.
The IIM-A management is not disclosing the salary levels companies offer this year.
According to sources, Gujarat-based small and medium enterprises (SME) have shown interest to hire students in the salary package of Rs.700,000-1.2 million per annum, they added.
Kalol-based Varun Radiators Pvt Ltd, a manufacturer of heat exchangers and copper-brass radiators, has already interviewed students for the post of the chief executive.
The sources said all students from agri business management got good offers.
IIM-A director Samir Barua could not be reached for comments.