Archive for the ‘IIFT’ Category
Salaries surge 7%-20% in non-IIM business schools
Salaries at premium non-IIM management schools in the country, like Faculty of Management Studies (FMS), Management Development Institute (MDI) and XLRI, Jamshedpur, have surged 7-20% this year compared to the previous year. These schools are also getting a greater number of offers from recruiters. For instance, the highest international salary offered at MDI was Rs. 4.3 million per annum and the highest domestic salary was Rs. 2.8 million. The average annual MDI salary has risen by over 14% since last year to Rs. 1.42 million.
XLRI Jamshedpur saw an unprecedented 284 offers made to a batch of 235 students with the average domestic salary at Rs. 1.64 million a year and the median domestic salary at Rs. 1.55 million. Moreover, in line with previous years, global pharmaceuticals major Novartis AG made the highest international offer of $150,000. Same is the case with Delhi’s FMS where, despite the uncertain economic environment, 96 companies made final offers at the largest-ever batch comprising 227 students with the average annual salary rising to Rs. 1.63 million, an increase of 6.1% over last year.
The Indian Institute of Foreign Trade (IIFT) completed 100% placement this year with international offers coming from Singapore, Switzerland, Germany, Dubai, Vietnam, Myanmar and Africa. The highest domestic offer was of Rs. 1.9 million per annum, up 22% from last year, and the overall average salary package was around Rs. 1.21 million a year.
At Mumbai-based NMIMS, the average compensation for the batch of 2012 stood at an annual Rs. 1.30 million, while the highest package offered rose to Rs. 3 million per annum. Out of 121 companies that participated in the process, a stellar 34% of the companies were new recruiters or firms that were returning to NMIMS after a hiatus. “The increased intake did not deter the recruitment process, as the industry was delighted to tap a larger talent pool,” said NMIMS School of Business Management Dean Debashis Sanyal.
Source: The Financial Express, April 4, 2012
Placements dispel worries over new IIMs
An IIM is an IIM, no matter where it is. (Well, almost.) That seems the message from placements at the three Indian Institutes of Management (IIMs) at Raipur, Ranchi and Rohtak that will see their first batch of students graduating this year, with companies offering salaries that are just a little lower than those offered at the handful of B-schools that follow the older IIMs in any listing of India’s top management institutes.
Officials at the three business schools said all their students who sought jobs had received offers in a year that has seen business sentiment dip and the economy slow. That doesn’t seem to have affected the three schools, which still operate from temporary campuses. It wasn’t easy, admits M. Kannadhasan, Chairman (Career Development and Placement Office) at IIM-Raipur (which abbreviates as IIM-Rp). “It was a challenge, but we did a good job,” he said.
IIM-Rp said the average annual salary offered to its students was Rs. 1.25 million; IIM-Ranchi (which abbreviates as IIM-Ra) Rs. 1.32 million; and IIM-Rohtak (IIM-R) Rs. 1.22 million. These numbers (provided by the respective schools) compare favourably with Rs. 1.21 million at the Indian Institute of Foreign Trade (IIFT), although they are lower than the Rs. 1.38 million at Gurgaon’s Management Development Institute (MDI) and Rs. 1.63 million at New Delhi’s Faculty of Management Studies (FMS).
Average salaries offered to the graduating batches at IIM-Ahmedabad (IIM-A), IIM-Bangalore (IIM-B) and IIM-Calcutta (IIM-C) weren’t immediately available, although they are likely to be significantly higher. According to media reports, last year, the average salary at IIM-C was around Rs. 1.75 million. At IIM-A (which follows a stringent reporting standard for salaries), the number, as disclosed by the school, was Rs. 1.63 million.
Next year may be better at IIM-Ra, said a student who will graduate in 2013. “If this is the response for the first batch, then we can expect a better show next year,” said Yash Aggarwal, a student of the second batch at IIM-Ra, who confessed that when his batch joined, they weren’t sure about the school, given its age and location. Such anxiety, the tag of being a “new” IIM, and India’s economic worries were only some of the challenges faced, said P. Rameshan, Director at IIM-R. The school also had to ensure its placement record was befitting of an IIM.
Some firms said they will only consider recruiting from the school in the future, he admitted, but there was no shortage of companies willing to hire students from the first batch. It helped that Rohtak is close to Delhi and its environs, he said. Still, the school took no chances, with the director tapping his contacts from 15 years spent teaching at IIM-Lucknow and IIM-Kozhikode, and also hiring a “specialist recruitment officer”.
IIM-R was the first of the three new IIMs to complete its placements, according to Rameshan. At least 27 companies participated in the process and made 58 offers to a batch of 47 students. Several students received domestic offers exceeding Rs. 2.5 million a year, said the B-school’s website. IIM-Rp said it will release details next week. At IIM-Ra, 30 recruiters made 65 offers to 43 students, and the highest salary on offer for a job in India was Rs. 2.3 million.
The recruiters will “measure the performance of the first batch”, said Bharat Gulia, senior manager of education practice at audit firm Ernst & Young, and base their hiring next year on that. Still, “achieving 100% placement with no permanent campus and an economic slowdown on is noteworthy”, he added.
Until the early 1990s, India had four IIMs (at Ahmedabad, Kolkata, Bangalore and Lucknow). In 1996, it added two more, at Kozhikode and Indore. In 2007, it added one at Shillong. IIM-R, IIM-Ra and IIM-Rp started operating in 2010, and in 2011, IIMs at Tiruchirappalli, Udaipur and Kashipur admitted their first batch of students.
Source: Mint, April 3, 2012
Scorching summer for consulting at B-schools
From real estate to reverse supply chain management and from carbon credit to risk management, these are some of the consulting profiles being offered at B-schools during summer placement this year. While IT and banking, financial services and insurance are present on campuses, it’s the consulting sector which is increasing its penetration for summer internships this year.
“This year witnessed a rise in the number of consulting companies recruiting in good numbers,” says Yash Gandhi, a member of the placement committee at Jamnalal Bajaj Institute of Management Studies (JBIMS). “Accenture Management Consulting offered high-end roles to students in various projects. Some of the niche profiles included carbon consulting and real estate consulting by companies like Emergent Ventures and Jones Lang LaSalle (JLL),” says Gandhi and adds, “Fresh as well as popular profiles like reverse supply chain management and treasury consultancy are also being offered for internships.”
“About 35% of the participants opted to intern at FMCG companies, followed by IT (15%) and banking (13%),” says Abbas Ali Gabula, Deputy Director, External Relations and Placement Co-ordinator at SPJIMR. “Consulting (9%) and Investment Banking (6%) were prominent choices. Compared to previous years, consulting has been growing considerably during summer internships. Earlier, consulting was more prevalent during final placements. That does not seem to be the case today,” adds Gabula.
For the first time, Indian Institute of Foreign Trade (IIFT) has also seen consulting companies coming down to its campus from as far as Switzerland. At the Xavier Institute of Management, Bhubaneswar (XIM-B), it is not only the current financial scenario but also the growing need for strategic planners and consultants that has led to the growth of the sector, says Sabita Mohanty, faculty coordinator, Placements. “This year at XIM-B, too, the consulting sector has seen an increased presence,” says Mohanty.
Source: Business Standard, November 3, 2011
India to establish foreign trade institute in Uganda
As part of the US$ 5-billion package Prime Minister Manmohan Singh announced for Africa last month, India will support Uganda in building a foreign trade institute at Kampala, the country’s capital. To be named India Africa Institute of Trade, it is slated to function through the aegis of the Indian Institute of Foreign Trade (IIFT) in the initial years. “The idea will be to develop trade capacities in Africa, for international and intra-Africa trade,” said K. Rangarajan, Head, IIFT, Kolkata. He will head implementation of the project and said the institute will host a pan-Africa campus, the primary purpose of which would be to provide a world-class trade policy research facility to the continent.
The trade institute is slated to begin operations by November this year and will initially be housed in Kampala University. In the beginning, the campus would house 100 students, to be expanded to 1,200 over the next five years, within which time the independent campus would become fully operational.
Besides the trade institute, slated to require $20 million of investment, an information technology institute and a logistics institute would also be established as part of the package.
When Prime Minister Manmohan Singh visited Africa last month, he had announced that India would provide Africa with support worth $5 billion over the next three years under lines of credit. He said the package had been announced to aid Africa in the achievement of development goals, offering an additional $700 million toward the development of new institutions and training programmes.
In his address to the Ethiopian legislature, Singh had said there was a new world order in place, making globalisation a reality. “India and Africa have to work together to make global interdependence work for the benefit of all people and particularly for the millions who live in the developing world. This is our next project,” he had stated.
“For India, the establishment of the African institute would mean a networking benefit. IIFT will ultimately benefit Africa by helping in the formulation of a better trade policy regime in the continent,” said Rangarajan. The institute would function within the framework of the higher education system in Uganda. “The government of Uganda will make amendments to the set laws if needed to facilitate student movement, helping make the institute truly pan-Africa,” Rangarajan said.
According to estimates for the project, the best trade education infrastructure is presently in South Africa, Tanzania, Kenya and Uganda.
Source: Business Standard, June 21, 2011
>For laterals, IIM pay packets take vertical route
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IIMs across the country have reported up to a 25% increase in salaries offered to experienced professionals this year. The highest salary in the lateral placements process so far this year is Rs. 70,00,000 (US$ 150,000), offered to a student at the Indian Institute of Management, Kozhikode (IIM-K), by commodities trading company Olam International. Olam has also offered this salary to students at IIM-Bangalore, IIM-Calcutta and the Indian Institute of Foreign Trade (IIFT). In some cases, lateral placements, which mark the beginning of the placements process at IIMs every year, have also reported up to 75% increase in the number of offers this year, over 2010.
Although the older IIMs — including the top three of Ahmedabad, Bangalore and Calcutta — declined to share figures, the biggest gainers as of now appear to be the new institutes. IIM-K, for instance, has reported an increase of 20-25% in the average salary being offered by companies across sectors such as consulting, FMCG, financial services and IT. The highest domestic package on offer is Rs. 3 million, up from Rs. 2.8 million last year, while the highest international package is Rs. 7 million. Several firms such as Fujitsu, Lenovo, Thomas Cook, SunTec, EXL and the Manipal Group have offered senior managerial positions to candidates with as little as three years of experience.
“With the economy looking up, placement offers have been much better this year,” IIM-K Placements Committee Member Nikhil Rawat said. “Students have been able to secure profiles of their choice, and salaries have been significantly higher.” ICICI Bank and Deloitte Consulting have hired 16 students each from IIM-K this year, while Cognizant Business Consulting has picked up 13. Deloitte’s Chief People Officer Dhananjay Bansod said the company is offering 10-15% higher salaries at the IIMs this year, which works out to anywhere between Rs. 1 million and Rs. 1.3 million. The firm is looking to increase its manpower to 15,000 this year, about 3,000 more than the March 2010 headcount. “We expect a growth rate of 15% in India this financial year,” he added.
“This year 85% of the companies will be hiring fresh, according to our survey. This means there is a renewed competition amongst companies to get the best of talent from across institutes, on the back of a revived economy. They have to even compete with international companies for candidates. It’s natural for them to offer competitive such salaries,” says Shamita Chatterjee, business leader, information products and solutions, Mercer India.
IIM-Indore has seen a 10-25% rise in salaries for experienced candidates this year, with pay packets ranging between Rs. 1 million and Rs. 2.5 million. Consulting and IT have been major recruiters with firms such as Deloitte Touche Tohmatsu, PwC, Cognizant Business Consulting, Infosys, Wipro Consulting, HCL and TCS picking up candidates. Besides these, companies such as Reliance Power, L&T, RIL and Adani Group have also recruited from IIM, Indore.
Salaries across IIMs had plunged by 25-30% after the global economic crisis hit the world in 2008-09. However, 2009-10 onwards, salaries started recovering by 10-20%. At IIM-K, for instance, average salary in 2007-08 was Rs. 1.48 million, which fell to Rs. 1.01 million in 2008-09 and rose to about Rs. 1.2 million in 2009-10.
IIM-Calcutta, which is just a month into the process, has already received 225 offers, including pre-placement ones. This is an increase of 75% from last year. “With more than 50 firms participating in the process this year, international companies such as Barclays, Olam International, McKinsey & Co, BCG, Bain & Co, AT Kearney, Google, Microsoft and Amazon have notched up an unprecedented number of hires.
Some of them had hired very few people, or given the institutes a complete miss during the slowdown,” said IIM-C External Relations Secretary Abhijeet Kamath. IIM-Bangalore, with a batch size of 348, has already received 96 offers from 31 companies. IIM-B career development services head Sapna Agarwal cautioned that though the number of lateral offers is higher this time than during the corresponding period last year, this could also be because of a larger batch size.
Source: The Economic Times, February 16, 2011
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