Dollar dreams crash at IIM-C; investment banks dumped

The economic recession has hit the campus recruitment at IIM-C,Joka with lesser number of “blue-chip” companies turning up to pick management graduates this year.

Written by Shiv Sahay Singh | Kolkata | Published: February 27, 2009 2:38 am

The economic recession has hit the campus recruitment at IIM-C,Joka with lesser number of “blue-chip” companies turning up to pick management graduates this year.

At the end of the phase-I of campus recruitment at IIM-C from February 21 to 24,only 49 companies participated,making 207 offers that included students who got multiple offers. This means the actual number of placement offers so far is well below 200 in a batch of 265 students.

 Last year only,the premier B-school had 107 companies lining up for recruiting the students. The authorities involved in the placement process accepted that even if one takes into consideration the phase-II of the placement process,in which about 30 companies can turn up,the number of recruitment is going to be far less than the last year.

 Last year,over 240 offers were made to a batch of 290 students before the final placements process started. Around 90 of them were pre-placement offers (PPOs). This year,only 56 PPOs were made to the students. While 45 firms had made 153 offers in lateral placements last year,this year only 25 companies have come forward for lateral placements this year.

Besides,with the economic recession,marketing giants like Hindustan Unilever,Procter & Gamble along with ITC and Nokia have became preferred companies replacing the foreign investment banks,which used to rule this prestigious slot called “Slot Zero.”

While the average salaries offered used to go up by 18 -20 per cent every year,the salary structure has been the same in the first round of placement this year,indicating stagnation.

Of the 207 offers made this year,students have got 33 international offers. Many students,anticipating HIB visas complications and having location preferences,rejected a few PPOs. Last year,the international offers were far more,numbering over 50.  

“The placements this year have been a great challenge. I am still having sleepless nights as nearly 65 students are yet to be placed,” said placement in-charge at IIM-C,Prafull Agnihotri. “Things are not as good as last year,but the process is on track. We hope all our friends get placed in the final phase,” said a final-year student.

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