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Salary Package at Indian Institute of Management
March 12th, 2010

It is very common for media to report how management graduates from Indian Institute of Management are able to get higher salary in comparison of others. Even this year there have been reports of IIM Ahmedabad student getting an offer for Rs 1.4 crore and a student of IIM Calcutta got Rs 1.6 crore offer which was made by a British investment bank. However, according to the latest report by The Economic Times the average salary offered by international banks at the IIM campuses is in the range of Rs 12-20 lakh per annum, while that offered by private sector banks is at just over Rs 9 lakh for IIM graduates. Citibank, StanChart offer packages of Rs 10-20 lakh. In fact, top 30% students were offered packages of Rs 12-15 lakh, the next 40% get salaries in the range of Rs 8-12 lakh and the remaining 30% get offers between Rs 5-8 lakh. Two major foreign recruiters Citibank and StanChart offered packages in the range of Rs 10-20 lakh this year, while average salaries this year by a top FMCG companies is around Rs 14 lakh. HUL, reportedly made the highest number of across IIMs, have offered a package of Rs 15 lakh-plus, with P&G and Marico close behind at between Rs 13 lakh and 14 lakh. Nokia has offered around 8-10 lakh. In fact, the story of high salary becomes more sordid when someone goes through the details of the salary breakup. There are many companies which include joining bonuses, which are paid in a staggered manner or after a certain time and are forfeited, training cost, sometimes companies also include the smallest expenses in the salary package. According to Economic Times There is an extreme instance of a couple of years ago, when an investment bank factored the cost of the office space occupied by the individual into his package. The bottom line is you cant make big money by just joining the IIMs. The kind of money 60 percent of the IIM graduates earn can be easily made by anyone without any sort of Management Degree. Any individual who is full of entrepreneurial attitude and aptitude easily makes more than Rs 10 lakh per annum, thanks to the fast paced growth of the Indian economy. Dont forget that most of the top level first generation industrialists were very ordinary in their academics; to be frank many of them were not even graduate. Right now for getting an MBA from IIMs cost around Rs 10 lakh in fees and one must add the opportunity cost of unpaid two years spent at IIM, the total cost of studying in IIM can easily reach around Rs 20 Lakh. For those who are able to get placement of Rs 10 Lakh plus the whole venture of studying at IIM could be okay but the bottom 40 percent are not better than most of their counterparts from other lesser known institutes.
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