IIM salary offers on par with top B-schools in US

AHMEDABAD: The Indian Institutes of Management (IIMs) at Ahmedabad, Bangalore and Calcutta have truly come of age. They are now directly competing with their counterparts in the US in terms of work profile and salaries offered.

Investment banks are today offering higher positions even to IIM freshers for the first time. What‘s more is that these graduates are being offered salaries in the range of Rs 1 crore per annum, which is in line with the salaries offered to a graduate from a top B-school in the US.

Deutsche Bank has been the first to break the tradition across the three IIMs by offering the associate position instead of an analyst position to freshers and graduates with some experience. Their salaries match those of the associates recruited from any US B-school.

An IIM fresher and most graduates with work experience have so far been offered only an analyst position and it would take nine months to two years to reach the associate level. Now, this is set to change. Already, across the three campuses, Deutsche Bank has made 10 offers of an associate position including six to IIM-A. The average salary is also higher, in the range of £10,000 a month — much higher than the average salary of £7,500 a month for an analyst’s position.

“This should have a ripple effect. Other I-banks who visit the campuses during the placement season may start offering associate positions to fresh graduates from next year onwards,” says Vivin Hegde, placement co-ordinator, IIM Calcutta.

I-banks such as Goldman Sachs, BNP Paribas, Barclays Capital, Merrill Lynch, Lehman Brothers, ABN Amro, UBS, JP Morgan and HSBC have all made pre-placement offers this year, but no associate-level offers have been made to any fresher so far. “It is an indication that I-banks are now equating graduates from any US business school to a graduate from the IIMs,” says Jatin Mamtani, placement committee member, IIM-Ahmedabad.
 
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