Institute releases placement data audited by CRISIL

“Such reports have become a necessity in times when it is alleged that many business/management institutes give misleading figures. In such scenarios,what is the actual cost to company or CTC and what is being projected by institutes,becomes a matter of concern. Also,business school fees are high,so it makes sense to give students the actual picture and not keep placement figures under wraps,” said a senior academician.

IIM Ahmedabad was the first institute in India to release its audited placement reports last year. The two audited reports of SPJIMR,released on Monday,covers the 2011 final placements for the two-year,full-time postgraduate diploma in management (PGDM),and one-year postgraduate programme in management (PGPM). The report includes details of sector-wise,functional-wise and location-wise classification of domestic and international salaries.

“It gives complete transparency to the placement process and helps students and companies make an informed decision. This is an international practice and we hope that more institutes come forward and adopt this practice. It puts everything in black and white and leaves no scope for any ambiguity,” said Prof Abbasali Gabula,deputy director of external relations and administration at SPJIMR.

For the PGDM programme,177 students were part of the final placements in 2011. Under domestic salary details,the components have been classified as basic salary,additional guaranteed cash components,one-time cash payments and maximum earning potential. Each category has detailed statistics. For instance,basic salary has been further divided into maximum (Rs 8,36,000),minimum (Rs 1,80,000),median (Rs 4,15,620) and mean (Rs 4,48,860). Similar information was audited for international salary,which includes USD 24,774 for basic salary and USD 1,906 for additional guaranteed cash components.

For each sector,including banking,financial services and insurance (BFSI),consulting,consumer goods,manufacturing,telecom and pharma/healthcare etc,the audit gives a detailed salary break-up. The location-wise classification of salaries covers Bengaluru,Hyderabad,Mumbai,Pune,Delhi NCR and rest of India.

The PGPM report too has reviewed and audited domestic and international salaries offered to 64 students who sought campus placement in 2011 by dividing them into sectors,locations and functions.

According to CRISIL,the audit process involved validating the information in the placement report given by SPJIMR with respect to remuneration,job function and location of the placement,through communication received from recruiters.

“Following IPRS represents an important transition within the Indian management education sector. It changes the evaluation metrics of management education from the excessively focused ‘highest salary paid’ to a more realistic understanding based on comprehensive compensation data covering a large proportion of the batch,” Akash Deep Jyoti,head of CRISIL Ratings said.