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Top B-schools see up to 15% rise in salaries from last year

Companies are offering 10-15% more salaries than the previous year as the summer placement season in business schools began on a positive note with some of the top schools completing the process in less than four days.

B-schools said more companies are showing interest in campus hiring, with consulting, sales and marketing, consumer durables, and financial firms leading the pack. Schools like Indian Institutes of Management (IIMs) at Lucknow, Kozhikode, XLRI Jamshedpur, Indian Institute of Foreign Trade (IIFT), Birla Institute of Management Technology (BIMTECH) in Greater Noida and Fore School of Management at New Delhi said they witnessed strong demand for their students.

“This has been a good year for summer,” said Uday Damodaran, a professor and chairperson of placement at XLRI. He said consulting firms are a key driver of XLRI’s campus placement with some hiring more than 10 students. Boston Consulting Group was the top recruiter with 13 offers.

Harkirat Singh, a professor in charge of placement at IIFT in New Delhi, concurred. “The placement season shows a lot of promise. Despite our batch size growing by 15%, we saw good response from top recruiters and it is a good sign before the final placement begins in a couple of months.”

IIM-Lucknow, which placed 445 students in 140 companies as part of its summer placement, said it is becoming a destination for hiring talent for consulting, marketing and financial roles. Sales and consulting alone comprise half of total offers made at the business school.

Though summer placement at the B-schools does not reflect the overall jobs scenario in India, it is indicative of the hiring sentiment among recruiters. To be sure, a bigger picture about campus hiring will emerge by the end of October when most of the top schools end their summers. Mint reported on 12 September that India’s top five software services companies including Tata Consultancy Services Ltd and Infosys Ltd added 24,047 people in the June quarter, compared with the 13,772 net additions in the same period last financial year.

At IIM-Lucknow, some of the top recruiters include Accenture Management Consulting, McKinsey & Co., Aditya Birla Group, Amazon, Hindustan Unilever Ltd and ITC Ltd.

At IIFT, IIM K said other than consulting and e-commerce giants, financials like Citi, Goldman Sachs, JP Morgan, and Axis Bank were the top recruiters.

Rajneesh Chauhan, head of placement at Fore School of Management, Delhi, said while 20 companies have already visited his school for summer placements, 50 more are scheduled to arrive over the next few days. He said a robust summer placement indicates better final placement season.

Harivansh Chaturvedi, director at BIMTECH said both companies and B-Schools are taking summer placement seriously as it gives companies time to evaluate candidates to hire them permanently. “Instead of coming for interviews again and again - it works as a spring board for assessing capability of a candidate for jobs on offer.”