IIM-B median salary at Rs 7 lakh, up 15%

Indian Institute of Management-Bangalore has registered a record number of companies making the highest offers in the history of the institute after its placements for this year. The median annual compensation package for the 209 graduating students (including 15 accepted foreign offers) was Rs 7 lakh (Rs 6.11 lakh last year). The offers ranged from Rs 4.75 lakh to Rs 12 lakh.

According Ganesh N Prabhu, associate professor and chairperson-placement, IIMB, "The Indian compensation packages varied marginally with prior work experience of the graduating students. For 33 students with no prior work experience, the average salary was about Rs. 6.23 lakh. Ten students with less than one year work experience got an average salary of Rs 6.72 lakh, 68 students between one and two years work experience were offered an average salary of Rs 7.07 lakh."

Prof Prabhu added that an average salary of Rs 7.28 lakh was offered for 63 students between two and three years work experience and Rs 7.32 lakh for 20 students with over three years of work experience.

The known annual gross compensation packages for the 15 students accepting jobs abroad ranged from $29,000- $78,500 equivalent for positions based in Singapore and UK.

A total of 352 offers were made from the 101 participating organisations to 209 post-graduate and doctoral students who wanted to be placed through campus placement. This compares with 232 offers from 68 organisations for 169 students last year. Interestingly, "slot four", which was scheduled for 19 March, had to be advanced for 18 March, owing to non-availability of students.

Ganesh N Prabhu, associate professor and chairperson-placement, IIMB, said "The highlight of this year is the record number of companies that have visited IIMB. During this year, we had 140 students with work experience as against 40 last year. As a result, a highest number of later placement offers were also made. Though the last day of placement was on March 19, we had to call some companies on March 18 as there were no students available. Infact, many students got multiple offers simultaneously."

Final Placements for graduating students at IIM Bangalore started in late 2003 with 15 organisations making 29 PPOs (Pre-Placement Offers). This compares with 18 PPOs last year. During this year, the PPOs were from Citibank (2 offers), GE Capital (3), HLL(2), HSBC Investment Bank UK (1), J&J Medical (1), KSA Technopak (2), Lehman Brothers(1), Marico (1), Maruti (2), National Kidney Foundation Singapore (3), P&G Singapore (1), Siemens (2), Simulex Inc, USA (3).