Slowdown affects placement at IIM, Ahmedabad

Ahmedabad, Mar 6 (ANI): Global economic slump affects placement process at Indian Institute of Management (IIM) in Ahmedabad, which has marked a 25 percent decline in average salaries of students this year.

This year, the nine-day long placement witnessed over 109 companies across sectors, out of which 95 firms recruited in the final placements process out of 265 students despite the meltdown.

Addressing a press conference Sameer Barua, Director, IIM, said, "Given the economic downturn, we are sort of happy to report that we have been able to place the entire batch and that's something is really a big plus as far as the institution is concerned."

Compared with previous years, the institution saw less number of foreign companies recruiting IIM, graduates and more and more students opting for domestic firms.

"IIM graduates are very much in demand overseas. But this time domestic banks have recruited in large numbers. Although a few overseas banks came they also hired fewer. So next year, we are hopeful that more overseas banks would come," said Nidhi Prasad, a student.

However, a few students opted out of placements to start their own venture.

Krishnakant, a PGP student, plans to open a career consulting firm to prepare students for competitive exams.

"It's challenging thing for me and I agree to it. I feel this is an opportunity for me at this point of time as jobs have slackened. But the fact remains that people still want job and there is a fight for it, a heavy competition and I hope I will fit in to serve them," said Krishnakant.

Approximately 34 percent of the batch has been placed on the slot zero firms that include international banks and consulting firms. However, the finance sector recruited the highest number of students with 39 percent followed by consulting 24 percent and marketing 13 percent.

The highest number of offers on campus was made by the Union Bank of India.

Among the first time recruiters were Jaypee Capital, which recruited 12 students for managing their operations in finance and capital market. Other prominent recruiters include Bain and Company, Mc Kinsey and Co., TAS andfirst time recruiter Frost and Sullivan.

The process also saw participation from Unicon Securities, Indian Oil Corporation Limited (IOCL), Spices Trading Corporation Limited (STCL), Bank of Baroda, Securities and Exchange Board of India (SEBI), Bharat Petroleum Corporation Limited (BPCL), IFCI and Information and Credit Rating Agency (ICRA). By Ami Sharma (ANI)