Salaries of management graduates jump 22% this year: Report
The concerns on slowdown in global economic growth seem to have had little impact on hiring of management graduates in the country, with the average salary offered this year jumping 22 per cent and many offers coming from financial sector, says a report."Across top 20 campuses, the average salary offered this year is about 22 per cent more than what was offered last year," said a report prepared by MBAUniverse.com, a management portal.
Among the institutes surveyed, IIM-A saw the biggest salary hike of 30 per cent while Indian School of Business (ISB) witnessed a jump of about 19 per cent.
The average domestic salary of the IIM-A graduates stood at Rs 18.75 lakh per annum, making it the highest. This year IIM-A has had an average international offer of $109,000.
In terms of offer, banking and financial services were the biggest recruiters across the management institutes.
The MBA Placement Report 2008 was prepared after analysing the placement analysis of final placement trends from Top 20 B-schools, including IIMs and ISB.
Other institutes included in the survey are Indian Institute of Technology (IIT) Business schools, Xavier Labour and Relations Institute, Jamshedpur (XLRI), Management Development Institute (MDI), Gurgaon and Mumbai-based S P Jain Institute of Management & Research (SPJIMR).
Financial sector accounted for about 45 per cent of the job offers in IIM-A, 40 per cent in IIM-B and 34 per cent in IIM-C.
Further, offers poured in from consultancy firms Goldman Sachs, Lehman Brothers, Morgan Stanley, JP Morgan, Merrill Lynch. The consulting sector lured nearly 31 per cent of IIM-A graduates and another 37 per cent students from IIM-B, the report showed.
The presence of international financial services firms and increased number of candidates eligible for lateral placement helped fetch higher salaries, the report said.
"Entry of high profile international financial services and consulting firms into the Indian recruitment markets too helped in rising salaries," the report said.
Another factor for high salaries is that majority of candidates in B-schools have work experience "leading to more negotiation power and lateral placements," it added.
Most of the management schools have witnessed high lateral placements and such candidates got 10-15 per cent higher average salaries as compared to regular ones.
Lateral placements are open to candidates who have about 18 months of prior work experience.
For instance, the number of eligible candidates for lateral recruitment at IIM, Ahmedabad, jumped to 112 this year as against 89 last year.
In addition, the average salary for such a candidate stood at Rs 18.3 lakh per annum. Similar trends were also seen at IIM Calcutta, Kozhikode and XLRI, among others.
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