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March 13, 2009

IIM C students shining bright in recession

Kolkata: When the whole world is trying to cope up with the recession, there is enough reason for Indian Institute of Management,Calcutta (IIM-C) students to rejoice.

Recession may have led to loss in jobs and pre-placement offers but IIM-C has witnessed increase of 6pc in placements in finance portfolios in India as well as abroad.

40 pc of the 265 students are recruited as compared to 34 pc last year.

Even though the pay packages have dipped by 23 pc with the domestic average of Rs.12.7 lakh this year as compared to Rs.16.4 lakh per annum last year and the highest domestic offer at Rs.60 lakh per annum compared to Rs.65 lakh last year, but administrators of the management institution say the placements have not been bad at all.

According to Prof. Shekhar Chaudhari, Director, IIM-C, "There was a boom of 20-30pc every year from last few years which was unrealistic. This is a correction, which was overdue. We can say that our institute is very strong in finance, we never expected students getting finance jobs this year but to the contrary more students have got finance jobs this year."

In addition, the international scenario had a surprise. The average international package exclusive of bonus came up to US $ 86,785 with one offer for US $ 1, 30,000 without bonus.

Of the total 54 pre-placement offers, 22 were global and 32 domestic. Placement participation also saw a multifold increase of PSU this year from just one offer last year.

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