Wednesday, April 04, 2012

Salaries surge 7%-20% in non-IIM business schools

Salaries at premium non-IIM management schools in the country, like Faculty of Management Studies (FMS), Management Development Institute (MDI) and XLRI, Jamshedpur, have surged 7-20% this year compared to the previous year. These schools are also getting a greater number of offers from recruiters. For instance, the highest international salary offered at MDI was Rs. 4.3 million per annum and the highest domestic salary was Rs. 2.8 million. The average annual MDI salary has risen by over 14% since last year to Rs. 1.42 million.

XLRI Jamshedpur saw an unprecedented 284 offers made to a batch of 235 students with the average domestic salary at Rs. 1.64 million a year and the median domestic salary at Rs. 1.55 million. Moreover, in line with previous years, global pharmaceuticals major Novartis AG made the highest international offer of $150,000. Same is the case with Delhi’s FMS where, despite the uncertain economic environment, 96 companies made final offers at the largest-ever batch comprising 227 students with the average annual salary rising to Rs. 1.63 million, an increase of 6.1% over last year.

The Indian Institute of Foreign Trade (IIFT) completed 100% placement this year with international offers coming from Singapore, Switzerland, Germany, Dubai, Vietnam, Myanmar and Africa. The highest domestic offer was of Rs. 1.9 million per annum, up 22% from last year, and the overall average salary package was around Rs. 1.21 million a year.

At Mumbai-based NMIMS, the average compensation for the batch of 2012 stood at an annual Rs. 1.30 million, while the highest package offered rose to Rs. 3 million per annum. Out of 121 companies that participated in the process, a stellar 34% of the companies were new recruiters or firms that were returning to NMIMS after a hiatus. “The increased intake did not deter the recruitment process, as the industry was delighted to tap a larger talent pool,” said NMIMS School of Business Management Dean Debashis Sanyal.

Source: The Financial Express, April 4, 2012
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