Even as domestic average pay packets in the top B-Schools closed on the Rs 10-lakh mark this year, some students have opted for what they call the ‘right job’ instead of getting attracted by the lure of the lucre.
These students of top management institutes, including the IIMs and ISB(Hyderabad), took an offer that had package differentials to the tune of upto Rs 3 lakh, which translated into a differential of 20-30% of their total pay package.
In the case of the ISB, Hyderabad, whose placement cycle is in its final stages, at least seven students declined offers with a bigger pay packet. The list included Karthik Ramakrishnan, who has opted for a job in the media sector which offered him Rs 3 lakh lower than the offer from a consultancy firm.
According to him, “Although I always wanted to get into consulting, an entrepreneurial offer like the radio offer is hard to come by straight out of B-school. It involved a trade-off, since the consulting offer was higher paying, but for me the thrill of doing something new scores over money anyday.”
Some other students who opted for a lower package for a different job of their choice included - Akshay Singhal who opted for a consultancy over an IT company(differential of Rs 3 lakh), Amit Gupta who opted for consultancy over financial services (Rs 2 lakh) and Bhasker Mehdi who accepted the offer of a medical services company instead of an IT company with a difference of about
At IIM -A at least two students opted for A relatively lower packet within domestic offers, which translated into a differential to the tune of Rs 1-1.5 lakh per annum. These include Ravi Swaminathan and Preeti Patel.
In the case of IIM(Calcutta), which clocked the highest average domestic package amongst all IIMs(Rs 9.81 lakh) this year , the differential was to the tune of Rs 1.5-2 lakh where a student opted for a position in a FMCG company over a bank even though the latter was offering more.
As expected the biggest differentials were accounted for by students who opted for a domestic job over the dollar salaries offered for an international posting. This, however, needs to factor in higher living costs abroad.
These include names like Yashraj Erande of ISB who opted for consultancy firm Boston Consultancy Group(BCG) over a Dallas posting of an IT company, which had a package of $80,000 attached to it. The difference was to the tune of Rs 27 lakhs in Indian currency.
The differentials were again substantial in case of two IIM Calcutta students Abhimanyu Ganesh and Arpit Badjatiya who declined international offers in the Investment Banking space amounting to about $110,000 to opt for management consulting in India.
Two other ISB students also opted for a domestic job even as they had an international offer –– Bhagyashri Shinde settled for an IT company which offered Rs 8 lakh less than the offer from an international investment bank and Simran Khara who chose to forego a similar amount by choosing a consultancy firm in India as against an international offer from a financial services company.
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