IIM-L placement session ends, average salary drops 25%

The Indian Institute of Management Lucknow completed its placement exercise with average salary figures dropping by as much as 25%, though the PSU sector and government banks bailed out the students from the otherwise grim job market scenario. The PSU sector was the highest recruiter at IIM-L which saw total number of international and domestic offers dropping drastically.

Though the IIM-L did not reveal the salary figures, Prof Sushil Kumar, Chairman Placements at IIM-L, said that the salary level has seen a decline. He pointed out that the decrease for the 2008-10 batch has been in the same proportion as has been witnessed in the other IIMs.

Sources at the IIM-L said that the tough job market scenario saw the placements exercise being extended, which could only be completed well after the annual convocation ceremony. Despite bearing the brunt of the global downturn, finance came out as the winner once again with 40% of the students opting for it as compared to only 31% last year. Sales and marketing also witnessed a larger number of students being placed, up from 18% last year to 31% for the batch of 2008-10. A total of 284 offers as compared to 496 last year, were made to 267 students of the graduating batch along with 25 pre-placement offers.