India’s B-schools are seeing higher salary packages for graduates — and it’s not just IIMs
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- India’s management schools have this year breached the mark of average salaries for MBA graduates at ₹ 2 million.
- Several non-IIMs including SP Jain Institute of Management and Research and Xaviers School of Management have also been paying over ₹2 million average salaries.
- University Business School (UBS), Punjab University (PU), recorded the highest package at ₹5.3 million this year.
During the recent placement season, several B-schools — including Indian Institute of Management (IIM), Kozhikode, Indian Institute of Technology (IIT), Bombay, Management Development Institute (MDI), Gurgaon, Indian Institute of Foreign Technology (IIFT), Delhi and Tata Institute of Social Sciences (TISS) — reportedly offered packages of more than ₹2 million to MBA batches.
The highest packages were reported at more than ₹3 million, compared to the average at nearly ₹2 million.
According to a Campus Salary Hiring and Employment 2018 report by Mettl, the average salary for MBA graduates last year was recorded as ₹930,000 per annum, which has increased to more than a million this season.
The trend clearly indicates business school graduates are now commanding better starting pay. As many as 55 companies breached the average salary mark for MDI this year, for instance, according to ET report.
And not all are from the prestigious IIMs.
In fact, the highest-paid graduates this year are reportedly from the University Business School (UBS), Punjab University, where the highest package was recorded at ₹5.3 million this year. However, the average remuneration has been at ₹1.17 million for the 2018-19 batch.
The average starting salaries for graduates of tier one colleges was recorded as ₹1.5 million, and tier two colleges at ₹534,000, annually, reports ET.
The rise in pay may be because companies are now striving to hire quality talent with certain calibre and command, said Ketan Kapoor, Mettl. Startups, consulting firms and multinationals often chase the talent that they apparently find in premium business schools, he added.
According to last year stats, the salary packages fetched by participating students crossed ₹2.4 million at the top three IIMs — Bangalore, Ahmedabad and Calcutta. However, several non-IIMs including SP Jain Institute of Management and Research and Xaviers School of Management also have a track of over ₹2 million average salaries by recruiters.
Consulting firms have been paying the highest to the fresh graduates, ET reported citing a senior official at IIM. However, banking and financial services sector also topped the charts this year during placements.
Over 30% job offers at top B-schools came from the consulting sector, with students bagging over three offers across various roles.
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