At IIM Kozhikode, average salaries have shot up by around 30% from last year despite the institute having to place its largest batch till date – 546 students across three programmes. Bhavan’s SPJIMR saw a 23% jump in average salary to Rs 32.05 lakh, with 59% of the offers above or equal to Rs 30 lakh; IIM Indore had a record-breaking average salary of Rs 25.01 lakh.
Highest packages across these campuses also saw an upswing. At MDI Gurgaon, the top offer this time was around Rs 80 lakh for an international role, a nearly 82% jump over last year’s Rs 44 lakh. In IIM Kozhikode, it went up by over 28% to Rs 61.5 lakh (international), up from last year’s Rs 48 lakh. “Placements have been exceptionally good this time; industry is not bothered by the third wave. The appetite for hiring is much higher than the last two years,” says Amit K Gupta, lead-graduate program placesments at MDI, where the average salary is around Rs 25 lakh for the graduating batch. All companies have upgraded salary packages and the institute has had to refuse many firms who were keen to recruit, he says.
Campuses say that not only are regular recruiters hiring in large numbers, but there has also been a significant surge in first-time recruiters. Boston Consulting Group, Bain and Co, McKinsey & Co, Cognizant, Accenture, PwC, Deloitte, Amazon and ITC were among prominent recruiters across campuses.
Placements Reflect Cos’ Push for Digitalisation
“Consulting sector has been on a hiring spree this year. More fintech companies are recruiting and product management is another role which is in big demand,” says Qambar Abidi, placements chairperson at IIM Kozhikode.
As the pandemic accelerated a push towards digitalisation, the placements reflected the new trend.
“While the IT/Analytics domain itself saw a boost in recruitment, even other domains like finance, marketing, operations and strategy are witnessing roles being offered that have a higher digital flavor than ever before. This is representative of the overall shift in industry focus ,” said Himanshu Rai, director, IIM Indore.
The euphoria has spilled over into other campuses as well. IIT Kanpur’s MBA program has had a 22.5% growth in average salary this year, breaking all previous records. Symbiosis Institute of Operations Management at Nashik has also seen a strong run.
Top institutes where placements are yet to wrap up vouch for the same bullishness. “The overall placement trend shows that the hiring market is upward. There is more demand coming from the consulting and product management domains. The CTC levels are expected to be higher for this season and we are also anticipating more hiring numbers per recruiter,” says A Kanagaraj, chairperson, places, XLRI.