IIM-A placements 2011: Deutsche Bank makes Rs 1.5 crore offer to student
Keeping a record it set in 2010, Deutsche Bank is the top paymaster at this year’s campus recruitment at the Indian Institute of Management, Ahmedabad.
The prestigious investment banking unit will pay the equivalent of Rs 1.3-1.5 crore ($285,000-330,000) as annual salary to a student it is hiring for its London office, IIM-A sources said. This astronomical amount includes an annual bonus and a variable that will depend on the individual’s performance and market conditions.
This year placement offers at most overseas locations is crossing the Rs 1 crore mark. Other foreign banks that made offers are Morgan Stanley, UBS and Nomura are said to be paying Rs 1-1.3 crore, with pay packages at overseas locations easily topping Rs 1 crore.
The salary structure offered by investment banks includes two components- a base salary and a bonus. In some cases, the bonus could be equal to base salary. So if the base salary is Rs 60 lakh, the total package could be around Rs 1.2 crore in a good year.
This is the third week of placements at the prestigious IIM-A. So far almost 60 companies have hired nearly half of the 314-strong batch. Among those who have made job offers are McKinsey, The Boston Consulting Group, JPMorgan, Unilever, Procter & Gamble, EXL Services and Reliance Industries.
IIM-A students are very happy with placement season this year and call it as one of the best placements till now. If compared with last year, most companies have given at least a 20% hike. The Boston Consulting Group has made 11 offers and McKinsey 10, including pre-placement offers. US-based IT company EXL and consumer products firm P&G have hired 10 graduates each.
Usually B-schools do not disclose the salaries offered to its students during campus placements. This year breaking away from tradition, IIM-A will reveal the highest, lowest and average salary figures at the end of the placement process. IIM-A says it wants a standard method for pay calculation across B-schools and end attempts by institutes to show inflated salary packages.
The prestigious B-school has started a ‘cohort-based’ system where companies from similar sectors are grouped together to provide a level playing field to recruiters. Further, cohorts from diverse sectors offering similar roles and positions come under one cluster. The first cluster consisted of four cohorts — international investment banks, global strategy consulting firms, global niche consulting providers and private equity/venture capital firms.
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