Wednesday, February 21, 2007

Thinking of an MBA? Try IIM-A India - Salary touches a whopping $300,000

When salaries scale new heights at IIMs, records tumble like ninepins. The Indian Institute of Management, Ahmedabad has broken all records posted by Indian B-schools. An international firm has offered $300,000 a year (Rs 1.35 crore) to a ‘post-graduate programme in management for executives’ (PGPX) student at the premier institute in Ahmedabad.

This betters the previous best posted by ISB-Hyderabad — Rs 1 crore a year. It is also around 62% higher than the highest offer made to PGP candidate at IIM-A last year. What’s more, offers made by domestic companies to PGPX candidates has touched the Rs 50-lakh-a-year mark. This is claimed to be the highest domestic offer on an Indian campus.

The positions offered are those of senior management in merger and acquisition as well as strategy formulation division. So far, over 30 students in the batch of 60 have been placed. Seven have already accepted the offers. “For the first time, an international company other than an investment bank or a consulting firm has made an offer of $300,000,” a placement official said. The average domestic salary offered so far at the institute is Rs 23 lakh a year.

Around 50 companies have visited the campus — the total number of offers is expected to reach 200 in coming month. This year, the companies visiting the campus for PGPX placements include Mckinsey & Co., Booz Allen Hamilton, Arcelor Mittal, Olam international, Deutsche Bank, Bain Consulting, BCG, Bharat Matrimony, Reliance Industries, ADAG, Unilever, Infosys, Microsoft, RPG, Thermax and ING.

The average work experience of the first PGPX batch at IIM-A is over nine years and the average international work experience is over three years.

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