Only 57% students placed so far.
For the first time since its inception, the Indian School of Business (ISB) has extended its placement season indefinitely. Only 250 of the 440 students (around 57 per cent) in the class of 2009 have secured jobs in the placement drive that began in early January.
Placements should have been completed by the end of March, and the campus would have been readying for graduation day in the first week of April. However, the slowing economy appears to have taken a toll on this prestigious B-school, which ranked 15 in the 2009 global MBA rankings released by the Financial Times. Over the years, the placement trends were analysed and results announced by graduation day, scheduled for April 4. This year, that is unlikely to happen. There are already hints of a fall in the annual average salary offers from Rs 18-20 lakh to Rs 13-15 lakh.
In 2007, 581 offers were made to 416 students. In 2008, 657 offers were made to 421 students.
The IT-ITeS, finance and real estate sectors combined made 280 job offers in 2008. This year, all these sectors have been hit by the slowdown. The school had, in fact, sensed this and started inviting new companies for campus recruitment around November this year.
Many students graduating this April will still have access to ISB’s resources and services over the next few months to find a job. The school will be in regular touch with students to help them find a suitable job that fits students’ profiles.
The school, however, has not fixed any timeframe for students to find jobs. “We will continue to explore avenues till all students find the right job in accordance with their qualifications and work experience,” said an ISB spokesperson.
The premier B-school had earlier announced that it would increase enrolments by 560 to 600 for the class of 2010. It did not, however, explain how it would raise the number of job offers if the job market did not pick up.
ISB has six months to plan for the placement of the new batch after collecting the profiles of the students, their preferences for a sector or function, location choices and so on.
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Thursday, April 2, 2009
IIM Bangalore hikes fees by 25000
Indian Institute of Management, Bangalore (IIM-B) has decided to increase the fee for its two-year flagship post graduate management programme by Rs 25,000 to Rs 5.25 lakh for this academic year. The fees will be further hiked to Rs 5.75 lakh for students who begin the two-year course in 2010.
Announcing the fee hike in Bangalore today, IIM-B Director Pankaj Chandra said the institute is increasing the fee as it is bearing additional cost with regard to wage increases brought in place following the Sixth Pay Commission. In addition to this, the institute is also paying increased pension to 200 pensioners.
Chandra said the institute is also taking up construction of building of hostels, class room, staff quarters to accommodate the increase in OBC quota and all these costs are forcing them to increase the fee.
IIM-B is also increasing the number of students on campus to 350 for 2009-10 from the current 270. "We are adding one more section to accommodate the increase," Chandra added. In addition to the flagship MBA program, IIM-B is also taking in 75 student for its executive post graduate management program, public policy programs and fellow programs. "Taking all these programmes, at the end of the admission cycles the total enrollment would be 1,200 students at the end of the ensuing admission cycle from last year's 962," Chandra detailed.
He also added that they are having to increase the fee for the student as during the past five years the Union government has not facilitated any grants. The institute is also adding 14 more faculty for the ensuing academic year.
Announcing the fee hike in Bangalore today, IIM-B Director Pankaj Chandra said the institute is increasing the fee as it is bearing additional cost with regard to wage increases brought in place following the Sixth Pay Commission. In addition to this, the institute is also paying increased pension to 200 pensioners.
Chandra said the institute is also taking up construction of building of hostels, class room, staff quarters to accommodate the increase in OBC quota and all these costs are forcing them to increase the fee.
IIM-B is also increasing the number of students on campus to 350 for 2009-10 from the current 270. "We are adding one more section to accommodate the increase," Chandra added. In addition to the flagship MBA program, IIM-B is also taking in 75 student for its executive post graduate management program, public policy programs and fellow programs. "Taking all these programmes, at the end of the admission cycles the total enrollment would be 1,200 students at the end of the ensuing admission cycle from last year's 962," Chandra detailed.
He also added that they are having to increase the fee for the student as during the past five years the Union government has not facilitated any grants. The institute is also adding 14 more faculty for the ensuing academic year.
Sunday, March 22, 2009
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.
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.
Friday, March 20, 2009
CAT enrolment sees 20% rise, GRE, Toefl fall 30%
The global slowdown is taking a toll on the number of takers for international education training programmes. Enrolments for the Common Admission Test (CAT) at MBA test-preparing institutes, however, are in full swing.
Institutes confirm that student enrolment numbers for international education training programmes such as the Graduate Record Examination (GRE) and Test of English as a Foreign Language (Toefl) have fallen around 30 per cent so far. Enrolments for Graduate Management Aptitude Test (GMAT) have been stagnant.
The only exam to see a 20 per cent rise in the number of registrations is CAT — the gateway to Indian B-schools. CAT enrolments in test-preparing institutes continue till early September (the exam is held in November), but GRE and TOEFL tests are held round the year.
At the Hyderabad-based Triumphant Institute of Management Education (TIME), for instance, CAT contributes over 50 per cent to annual revenues. The institute also runs the popular Campus Recruitment Training (CRT) programme. “One would think stiffer competition would make more people enrol for programmes like the CRT or the GRE, but that is not the case,” said Jaideep Singh Chowdhary, senior manager-corporate planning at TIME.
“With people perceiving fewer opportunities, they are putting even their preparations on hold. This could explain the dip in enrolment numbers,” he added.
Delhi-based Career Launcher estimates that enrolments for GRE at the institute have seen a 20 per cent drop. “We will have to wait another quarter and see how the numbers pan out. So far we have seen some slowdown in the international education segment,” said Managing Director Nikhil Mahajan.
US-based ETS (Educational Testing Service), which conducts GRE and Toefl among other examinations worldwide, says that historically, it has seen increases in GRE during economic slowdowns and expects the same this year. However, David Payne, vice-president and COO, higher education, ETS, agreed that GRE volumes in India dropped in 2008.
Payne, however, is optimistic that GRE will have a robust year “because interest in graduate school increases due, in part, to the economy”.
Institutes confirm that student enrolment numbers for international education training programmes such as the Graduate Record Examination (GRE) and Test of English as a Foreign Language (Toefl) have fallen around 30 per cent so far. Enrolments for Graduate Management Aptitude Test (GMAT) have been stagnant.
The only exam to see a 20 per cent rise in the number of registrations is CAT — the gateway to Indian B-schools. CAT enrolments in test-preparing institutes continue till early September (the exam is held in November), but GRE and TOEFL tests are held round the year.
At the Hyderabad-based Triumphant Institute of Management Education (TIME), for instance, CAT contributes over 50 per cent to annual revenues. The institute also runs the popular Campus Recruitment Training (CRT) programme. “One would think stiffer competition would make more people enrol for programmes like the CRT or the GRE, but that is not the case,” said Jaideep Singh Chowdhary, senior manager-corporate planning at TIME.
“With people perceiving fewer opportunities, they are putting even their preparations on hold. This could explain the dip in enrolment numbers,” he added.
Delhi-based Career Launcher estimates that enrolments for GRE at the institute have seen a 20 per cent drop. “We will have to wait another quarter and see how the numbers pan out. So far we have seen some slowdown in the international education segment,” said Managing Director Nikhil Mahajan.
US-based ETS (Educational Testing Service), which conducts GRE and Toefl among other examinations worldwide, says that historically, it has seen increases in GRE during economic slowdowns and expects the same this year. However, David Payne, vice-president and COO, higher education, ETS, agreed that GRE volumes in India dropped in 2008.
Payne, however, is optimistic that GRE will have a robust year “because interest in graduate school increases due, in part, to the economy”.
Sunday, March 15, 2009
CAT may not go online this year
The Common Admission Test (CAT) this year too may remain a paper-pencil test. Last December, the Indian Institutes of Management (IIMs) had floated a tender and shortlisted four companies to conduct CAT 2009 online. These companies include ETS Prometric, Pearson VUE, Eduquity Career Technologies and Mumbai-based Attest, a wholly-owned subsidiary of Aptech.
The Common Admission Test (CAT) this year too may remain a paper-pencil test. Last December, the Indian Institutes of Management (IIMs) had floated a tender and shortlisted four companies to conduct CAT 2009 online. These companies include ETS Prometric, Pearson VUE, Eduquity Career Technologies and Mumbai-based Attest, a wholly-owned subsidiary of Aptech.
The Common Admission Test (CAT) this year too may remain a paper-pencil test. Last December, the Indian Institutes of Management (IIMs) had floated a tender and shortlisted four companies to conduct CAT 2009 online. These companies include ETS Prometric, Pearson VUE, Eduquity Career Technologies and Mumbai-based Attest, a wholly-owned subsidiary of Aptech.
Tuesday, March 10, 2009
IIMs to review placement plans
The falling job market is forcing the premier Indian Institutes of Management (IIMs) to review their placement strategies. The options include doing away with Day Zero and reducing placement fees.
Day Zero is the name given to the day placements begin at IIMs. Day Zero and Day One are reserved for top companies like investment banks and consulting firms that confirm participation on campus.
The placement fees are higher on these first two days — each company pays Rs 1 lakh as participation charge and Rs 1 lakh as recruitment charge. These charges drop to between Rs 80,000 and Rs 50,000 each for participation fee and recruitment charges on the next few days.
OUT OF PLACE
* Day Zero could go
* Placements could be spread over a week or even a fortnight
* Placement fees could be reduced
* Special strategy being devised to attract government-owned companies
In good times, most students are placed by Day Zero and Day One, which means many of the smaller companies that come to campus later leave empty-handed.
To cope with what one IIM official described as “the madness around Day Zero”, the B-schools are exploring ways of extending the placement process to over a week or fortnight so that all companies have a better chance.
“We are going to re-examine the entire placement process, including the Day Zero strategy and look into what needs to be done for a long-term relationship with companies. So far, we concentrated on a very narrow segment and pool of recruiters,” said Samir Barua, Director IIM Ahmedabad (IIM-A), the oldest and most prestigious of the IIMs.
IIM-A finished its placements last week and recorded a 32 per cent dip in its salary packages. IIM Bangalore (IIM-B) and IIM Calcutta (IIM-C), which have also completed placements, will make the results public on Tuesday.
IIM Bangalore (IIM-B), too, said it will re-examine its placement strategy in the next few days. “We know that the present placement system is an imperfect system. But among all imperfect systems, this is the perfect system,” said Sourav Mukherji, placement chairperson, IIM-B.
The institute has decided to rename its placement cell “career development and placement cell” and will recruit a new person dedicated to look at placement and career development-related activities and liaison with companies.
The IIMs will also look at a reasonable placement fee. This year, many domestic and foreign companies in banking and financial services, consulting and consumer goods had written to the IIMs, requesting them to waive or lower participation and recruitment fees. IIMs said they charge placement fees from companies to meet scholarship and other educational needs on the campus, since the fees for the flagship management programme is heavily subsidised.
Day Zero is the name given to the day placements begin at IIMs. Day Zero and Day One are reserved for top companies like investment banks and consulting firms that confirm participation on campus.
The placement fees are higher on these first two days — each company pays Rs 1 lakh as participation charge and Rs 1 lakh as recruitment charge. These charges drop to between Rs 80,000 and Rs 50,000 each for participation fee and recruitment charges on the next few days.
OUT OF PLACE
* Day Zero could go
* Placements could be spread over a week or even a fortnight
* Placement fees could be reduced
* Special strategy being devised to attract government-owned companies
In good times, most students are placed by Day Zero and Day One, which means many of the smaller companies that come to campus later leave empty-handed.
To cope with what one IIM official described as “the madness around Day Zero”, the B-schools are exploring ways of extending the placement process to over a week or fortnight so that all companies have a better chance.
“We are going to re-examine the entire placement process, including the Day Zero strategy and look into what needs to be done for a long-term relationship with companies. So far, we concentrated on a very narrow segment and pool of recruiters,” said Samir Barua, Director IIM Ahmedabad (IIM-A), the oldest and most prestigious of the IIMs.
IIM-A finished its placements last week and recorded a 32 per cent dip in its salary packages. IIM Bangalore (IIM-B) and IIM Calcutta (IIM-C), which have also completed placements, will make the results public on Tuesday.
IIM Bangalore (IIM-B), too, said it will re-examine its placement strategy in the next few days. “We know that the present placement system is an imperfect system. But among all imperfect systems, this is the perfect system,” said Sourav Mukherji, placement chairperson, IIM-B.
The institute has decided to rename its placement cell “career development and placement cell” and will recruit a new person dedicated to look at placement and career development-related activities and liaison with companies.
The IIMs will also look at a reasonable placement fee. This year, many domestic and foreign companies in banking and financial services, consulting and consumer goods had written to the IIMs, requesting them to waive or lower participation and recruitment fees. IIMs said they charge placement fees from companies to meet scholarship and other educational needs on the campus, since the fees for the flagship management programme is heavily subsidised.
Friday, February 27, 2009
Slowing economy may end IIM placements boom
The economic slowdown has finally reached campuses of the premier Indian Institutes of Management (IIMs).
This year, IIM Ahmedabad (IIM-A), the largest and most prestigious of the institutes, has seen a 50 per cent slowdown in placements on the coveted "day zero" (the first day), probably for the first time since the dotcom bust in 2000.
Sources said only 18 to 20 out of 250-odd students were placed on day one yesterday, compared to 40 to 50 in a good year. Last year, when the economy was booming, more than 65 per cent (161 students) were hired by 25 firms on slot zero.
IIM Ahmedabad may have missed regulars like Lehman Brothers and Merrill Lynch on day one of its final "placement week," but new companies from other sectors might save the day for the institute .
The placement procedure is expected to continue till late night on Thursday and sources maintained that sectors like general management, market research, FMCG and pharma will be among the new participants on day one. There is less enthusiasm from foreign firms this time, and it's the domestic ones that are more prominent.
This year, IIM-A has kept the placement development under wraps. According to Samir Barua, director of IIM-A, "There has been speculation in media about the placements. We are only into a day and a half of the placements and it is too early for us to comment."
Last year, 90 firms participated, offering an average domestic salary of Rs 17.85 lakh and an average international salary of $119,000. The highest domestic acceptances ranged from Rs 50 lakh to Rs 70 lakh last year and the highest international acceptances from $280,000 to $360,000. The number of companies visiting campus on day zero this year could not be ascertained.
"It is evident that the economic downturn has affected placements this year. Nevertheless, it has opened up opportunities for organisations in newer sectors like market research and pharma. Investment banks and consulting firms did come on day zero as usual, but so did companies in the newer sectors," said a source familiar to the development.
Meanwhile, IIM Bangalore begins its final placements on Friday and students are keeping their fingers crossed. “The institute has had a subdued response to its lateral placements this year and says there is a lot of uncertainty over the number of companies that will participate in placements,” said a placement official.
The number of participating companies on the campus would come down to around 70 from about 100 last year. In 2008, investment bankers including McKinsey, Lehman Brothers, Boston Consulting, Goldman Sach and Merrill Lynch were leading in terms of placement offers. Most of these companies are not participating in the final placement this year.
About 250 students will sit for placements this year. IIM-B's summer placements were also not all that successful this time. Only 55 students of the 2009 graduating batch have managed to get pre-placement offers as compared to 110 students of the 2008 graduating batch.
Also, unlike previous years when each student managed to get at least four or five offers on an average, this year it might not be the case.
Although all the IIMs have contacted a number of new companies to increase the pool, they are hoping that there is no overlap of offers. “In over-lapping, a student accepts only one offer, the rest get cancelled and go waste. We are hoping this does not happen this year,” said a placement chairperson from one of the IIMs who did not wish to be quoted.
IIM Calcutta, which held the first phase of its final placements process between February 21 and 24, saw 207 offers to 265 students. Out of the 207 offers, 33 are for international locations with assignments in the US, UK, Europe and Asia-Pacific. India still remained the preferred destination most of the students. Around 56 offers are pre-placement offers (PPOs), made to students based on the summer internships. Some PPOs were rejected owing to the expected curb on H1B visas by the US and location preferences.
The institute said it has seen an increase of around 20 per cent in its salary level so far. Last year, IIM-C recorded the highest salary at $340,000 (Rs 1.36 crore). The institute will resume placements on March 2 after the final examinations.
This year, IIM Ahmedabad (IIM-A), the largest and most prestigious of the institutes, has seen a 50 per cent slowdown in placements on the coveted "day zero" (the first day), probably for the first time since the dotcom bust in 2000.
Sources said only 18 to 20 out of 250-odd students were placed on day one yesterday, compared to 40 to 50 in a good year. Last year, when the economy was booming, more than 65 per cent (161 students) were hired by 25 firms on slot zero.
IIM Ahmedabad may have missed regulars like Lehman Brothers and Merrill Lynch on day one of its final "placement week," but new companies from other sectors might save the day for the institute .
The placement procedure is expected to continue till late night on Thursday and sources maintained that sectors like general management, market research, FMCG and pharma will be among the new participants on day one. There is less enthusiasm from foreign firms this time, and it's the domestic ones that are more prominent.
This year, IIM-A has kept the placement development under wraps. According to Samir Barua, director of IIM-A, "There has been speculation in media about the placements. We are only into a day and a half of the placements and it is too early for us to comment."
Last year, 90 firms participated, offering an average domestic salary of Rs 17.85 lakh and an average international salary of $119,000. The highest domestic acceptances ranged from Rs 50 lakh to Rs 70 lakh last year and the highest international acceptances from $280,000 to $360,000. The number of companies visiting campus on day zero this year could not be ascertained.
"It is evident that the economic downturn has affected placements this year. Nevertheless, it has opened up opportunities for organisations in newer sectors like market research and pharma. Investment banks and consulting firms did come on day zero as usual, but so did companies in the newer sectors," said a source familiar to the development.
Meanwhile, IIM Bangalore begins its final placements on Friday and students are keeping their fingers crossed. “The institute has had a subdued response to its lateral placements this year and says there is a lot of uncertainty over the number of companies that will participate in placements,” said a placement official.
The number of participating companies on the campus would come down to around 70 from about 100 last year. In 2008, investment bankers including McKinsey, Lehman Brothers, Boston Consulting, Goldman Sach and Merrill Lynch were leading in terms of placement offers. Most of these companies are not participating in the final placement this year.
About 250 students will sit for placements this year. IIM-B's summer placements were also not all that successful this time. Only 55 students of the 2009 graduating batch have managed to get pre-placement offers as compared to 110 students of the 2008 graduating batch.
Also, unlike previous years when each student managed to get at least four or five offers on an average, this year it might not be the case.
Although all the IIMs have contacted a number of new companies to increase the pool, they are hoping that there is no overlap of offers. “In over-lapping, a student accepts only one offer, the rest get cancelled and go waste. We are hoping this does not happen this year,” said a placement chairperson from one of the IIMs who did not wish to be quoted.
IIM Calcutta, which held the first phase of its final placements process between February 21 and 24, saw 207 offers to 265 students. Out of the 207 offers, 33 are for international locations with assignments in the US, UK, Europe and Asia-Pacific. India still remained the preferred destination most of the students. Around 56 offers are pre-placement offers (PPOs), made to students based on the summer internships. Some PPOs were rejected owing to the expected curb on H1B visas by the US and location preferences.
The institute said it has seen an increase of around 20 per cent in its salary level so far. Last year, IIM-C recorded the highest salary at $340,000 (Rs 1.36 crore). The institute will resume placements on March 2 after the final examinations.
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