The Telegraph
Since 1st March, 1999
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B to C, IIM grads get a salary high

Calcutta/Bangalore, March 12: Bangalore got the record, but Calcutta too was full of smiling faces.

Gaurav Agarwal of the Indian Institute of Management, Bangalore, has bagged the mother of placements: a $193,000 (about Rs 85 lakh) offer from Barclays Capital for a position in London ' the highest ever for any IIM student.

At IIM Calcutta, where only Slot Zero and Slot One of the placements are over, the highest international salary was $160,000, up from $123,000 last year. The highest domestic salary rose from Rs 16 lakh to Rs 21 lakh, plus bonus.

Seventeen companies made 84 offers, including lateral offers (for those with previous work experience), in Slot Zero, held before the official recruitment programme.

Slot One saw 27 companies making 140 offers ' ICICI Bank coming up with three for its London office ' with an average salary of Rs 10.2 lakh.

The number of candidates for recruitment this year is 249. With 170 already placed in slots Zero and One, IIM Calcutta seems confident that Slot Three will not be required.

“While Slot Two is yet to start, we are extremely optimistic that the remaining students will be recruited in that period. We don’t think that we will have to schedule Slot Three,” said Gurvesh Sanghera, the institute’s placement co-ordinator.

The big names that have arrived on the Joka campus to scout for talent are Sun Group and DSP Merrill Lynch, each offering pay packages of Rs 16 lakh.

As usual, financial institutions and investment banks were the dominant recruiters. Bloomberg, Lehman Brothers and Merrill Lynch all made their presence felt, with Bloomberg picking up three students last week.

“IIM Calcutta has an extremely good reputation among the consultancies and investment banks,” said a first-year student.

Other first-time global recruiters include Ameriprise, a financial consulting company, Sun Group and Diamond Cluster, all having chosen IIM Calcutta as their only recruiting campus among B-schools in India.

In Bangalore, the record-setter wasn’t over the moon with the pre-placement offer made to him during his internship.

“It’s a job to be done and this is what they pay out there in London. The offer was made earlier and it stands as the final offer. There was no bargaining involved ' (the) bargaining was only in terms of responsibilities,” Agarwal told reporters yesterday, the first day of the annual placements.

Agarwal, who will work as an associate with Barclays’ Global Financial Risk Management team, said his offer in rupee terms was similar (factoring in the difference in cost of living) to the highest domestic placement at his institute. That went to his classmate, Venkateshan Shankaraman, who confirmed an offer for Rs 30 lakh a year for an Indian placement by a company.

The placement cell was unwilling to reveal the company’s name, but sources said it was McKinsey. Shankaraman had already left the campus in Bannerghatta Road to celebrate.

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