SPJIMR Mumbai releases CRISIL-audited employment data
The SP Jain Institute of Management & Research (SPJIMR) has released the final placement report for two courses - Post Graduate Diploma in Management (PGDM) and Post Graduate Programme in Management (PGPM) for 2012. As the auditor for the placement data, CRISIL played a key role in the release of the SPJIMR report by checking the data with actual offer letters and ensuring the presentation of the data is in alignment with the Indian Placement Reporting Standards (IPRS).
CRISILs audit process involved validating the information in the placement report shared by SPJIMR with respect to remuneration, job function and location of the placement, through communication received from recruiters. This audit exercise covered robust data set of over 90% of the placements made through the institute in 2011. This enabled the arrival of an accurate median salary amount, which candidates would have garnered through the placements.
Says Akash Deep Jyoti, Head, CRISIL Ratings, We believe that following the 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. The extent and quality of the data, therefore, is critical to reliability of the report. CRISIL is pleased to be associated with this initiative of SPJIMR.
SPJIMR is the second institute in India that has published CRISIL-audited placement related information under the IPRS, an initiative pioneered by the Indian Institute of Management Ahmedabad (IIM-A) in September 2011. IPRS is a framework aimed at standardizing reporting of placement statistics and is freely available in the public domain for voluntary adoption by other business schools.
Dr. M.L. Shrikant, Dean, SPJIMR explained, The IPRS initiative would only enhance transparency within the placement process if institutes and recruiters present 100% data for audit. It is very crucial for audit agencies to verify whether all the students are placed or not and capture this in their report. Hence, acknowledging its proven credibility and independent stance, CRISIL has been chosen as the auditor for our placement report.
IPRS specifies the standard format in which the aggregate statistics will be reported across function, sector, and location. The aggregate statistics to be published include minimum, maximum, median and average salaries across every parameter. The framework envisages a clear demarcation of performance linked compensation from fixed salary, thus enabling a more realistic understanding of compensation offered on campus. The standards also require that employment data be audited by an independent auditor.
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