Placements Report only @ CoolAvenues
Comparison of IIMA placements vis-à-vis leading Ivy League B-schools
What does all this tells us?
IIMA has joined the Ivy League
What began as a “beachhead” by advent of Lehman Brothers at IIMA, Placement for Class of 1998 culminated in coming in droves by the leading International corporates renowned world over for their selective recruiting from the elite B-schools. Companies like Goldman Sachs go to around only a dozen campuses for recruiting. Coolavenues team was there on Day 0 of Placement 2000 at IIMA, as we had anticipated that this was going to be a watershed year in the annals of IIMA placement. And we wanted to see the history being made and communicate this to the alumni world over, in the process stopping working on this site for a few days.
Day 0 at IIMA had changed a lot since I passed a couple of years earlier in 1998. It resembled as though a lot of water had flown down the Sabarmati. For a change, placement scene had shifted to “Jobshop”, a term aptly describing the array of AC tents with 10 corridors for 10 Interview panels each, specially constructed at D-16 lawns, a cricket playing ground of students and faculty alike.
And more importantly, the Placement Notice Board boasted of “who’s who” in the International Business World. Day 0 started with premier Wall Street Banks Goldman Sachs, Lehman Brothers, Morgan Stanley Dean Witter, Deutsche Bank besides Regulars leading Consultancy companies like Mckinsey, BCG, MMG, AT Kearney among others. And believe me, this was unlike any other placement season witnessed by me at IIMA in 1997 and 1998. And I was in touch with my Juniors at D-12 in 1999. And this was not winessed in any previous placements.
In the afternoon session on Day 0 were other heavyweights like Standard & Poor, IndoOcean Chase, JP Morgan. This list is as similar as one can find at Ivy League B-Schools. And that is a clear statement that Indian B-schools have arrived.
And we decided to compare IIMA with elite US B-schools world over on certain parametres, And our survey indicated that competition at IIMA is as tough (if not tougher) than any other B-school in the world. And the admission process is certainly one of the toughest across the B-schools. Only the best get to go through HELL - the two years at IIMA. And the average overseas placement has increased from around 20 (1998), 29 (1999) to around 80 (2000). In Placement 2000, around 40% of Class has been placed overseas. Consequently, dollars salaries have also kept the pace with average salary rising from $ 68,000 (1998) to $ 84,000 (2000). The salary in Investment Bank and Consultancy are almost at par with the elite B-schools. Similarly, in the IT consulting, the fact that average work experience at IIMA is significantly lower than elite B-schools world over, the coming of the leading Corporates and Salaries in alignment with elite B-schools is a testimony of the Indian Talent and coming of age of the Graduate Indian MBAs.
Why this sudden rush?
In present walks tomorrow. Today alumni from IIMs have made their presence felt at all the levels in all the Industries across the globe. And IIMA, being the oldest and premier-most position since its inception in 1960s, has today its alumni in the key positions across the crème de la crème of the corporate. And they are respected for their work and the training they have received. And they, through their sheer performance, have forced the elite corporate to source talent from WIMWI (Well Known Institute of Management in Western India, for the uninitiated, as IIMites call themselves). The fact that leading corporate are coming to IIMA bears testimony to the hard work of these alumni over the years as well as recognition of Indian talent and the efforts of the faculty to remain abreast of the changing business world in India and the world. A combination of these three key parametres has helped IIMA in creating an eminent position among leading B-schools across the globe.
How this benefits other B-schools in India?
“In the beginning was one thing. And it led to another.” This statement aptly sums up the situation. This all results in the “trickle down” effect. Lehman Brothers came down to IIMA in 1998. Lehman Brothers’ recruitment program was finalised in 1998 when IIMA Placecom invited them to placement 1998. Since the Recruitment Calender at Lehamn was already finalised, it was left to that particular department to decide for itself. And then IIMA alumni in senior position decided to go their themselves. They picked 4 people for their US operations. Impressed by these, Lehman Brothers came full force in 1999, and Placement 2000 saw them visiting IIMC along with good ol' IIMA.
Similarly, filtering down was seen in case of Mckinsey. Mckinsey started with bang in 1993 when they offered Rs 3 Lakhs, a record then. Mckinsey goes only to selected campuses, but faced with increased competition from the Wall Street I-banks and the growth requirements, Mckinsey, for the first time, took a look at students other than from IIMs, and selected 2 people from XLRI.
And not to speak of companies like Infosys, Wipro - the BSE & Nasdaq darlings, who did not get a chance at IIMA along with HSBC and numerous other companies like UTI, Planetasia and the dot coms. All these companies will have to move down the value chain to fulfill their requirements. And this is how everyone benefits from the new order at the leading Indian B-schools.
Numero Uno in Asia is IIMA
Asia Incorporated in its Sept. 1995 and 1997 carried a survey of leading B-schools in Asia and Asia-Pacific region. Asia Inc. ranked IIMA as the best school in Asia and 3rd in the Asia Pacific region. Le Figaro, leading French paper also carried a lead story on IIMA in 1997 summer, classifying it as one of the best B schools across the globe.
And the survey by CoolAvenues has tried to bring the contrast to the uninitiated. The leading competitor, apart from other IIMs is Asian Institute of Management, Manila (though we believe that Other IIMs are any day better than AIM).
The admission process at IIMA is more rigorous than AIM. And the leading corporates like Goldman Sachs, Lehman Brothers, BCG, Warburg Dillon Read, Standard & Poor are not seen at AIM campus.
Alumni Speak: What makes IIMA a force?
Ask any of the alumni what was most memorable about the IIMA experience, and the reply is likely to be...
At IIMA, you will be surrounded by some of the brightest and most interesting people you will ever meet. Classes over the years have included a software engineer, a Vet, IIT toppers, a DJ, an accountant, a finance manager, plantation manager, rocket engineer, an MBBS, a economist, an arts graduate, an ISRO scientist, an entrepreneur and an LSE alumni. With such a broad range of personal achievements and diverse backgrounds, you will not just learn from your professors but also from your friends, peers. There is no business school like it.
And to get as to about what life at IIMA is like, we would recommend you ”Snapshots from Hell” by Peter Robinson. It’ a perfect illustration of the trails and tribulations at IIMA. And I can assure you that there is nothing like an IIMA experience.
CoolAvenues Research Cell
Read complete story of Placement 2001 as it happened along with analysis and comparison across the B-Schools and segment-wise analysis.
Read complete story of Placement 2002 as it happened along with analysis and comparison across the B-Schools and segment-wise analysis.
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