IIM students: Give us desi jobs

BANGALORE: Dollar salaries and international postings are no longer the flavour at Indian Institutes of Management (IIMs). Even as the final placement season is on in full swing, ‘desi’ offers have emerged as the hot favourite. 

Collapse of the Wall Street and global investment banks - who were big campus recruiters - is the major reason. Also, global recession has made Indian placements look more secure. Mismatch in locational preferences whenever global postings have been offered, is another. 

Last year, the talk was all about the eight figure salaries offered by investment banks with London, New York postings. This year, the scene is dramatically changed. IIMs said a few students have rejected lucrative international offers in favour of local jobs. An IIM-Kozhikode student said, "People with similar offers, one international and one local, opted for the latter. About seven students rejected global offers.'' 

While foreign investment banks didn't come, a few domestic investment banks visited the campus. "This year the offers made by the investment banks are 50% less compared to last year,'' a student said, adding that there's drastic decline in number of offers made so far. 

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A fact corroborated by Prof Sushil Kumar, chairman (placements) IIML, who said, "The placement will continue till March 12-13. But what we are noticing this time is the individual requirement from companies has gone down drastically.'' 

At IIM-Calcutta some students have said ‘No’ to international offers. An IIM-C student said one of the reasons could be the US government's decision to ask companies who are beneficiaries of the bailout to hire US citizens. 

External Relations Secretary of IIM Calcutta, Paul Savio, said some students have rejected international pre-placement offers due to the curbs on H1-B visas proposed by the US government and in a few other cases due to differing location preferences. The international offers were made by banking and consulting sectors. Last year there were 70 international offers. 

However, it isn't as if all international offers are being rejected. At IIM-Bangalore only one has said ‘No’ so far while in IIM-Lucknow, no foreign offer has yet been rejected. Saurav Mukherjee, chairperson, IIM-B placements said this was due to location preference. "Otherwise most people who were offered have taken it,'' he added. 

The IIM insiders feels that in the present scenario students are being extra cautious about international offers with strict due diligence being conducted on the prospective company. All's not lost. "The offers made at IIMs are mostly by big MNCs with strong global presence so there is job security for students,'' a faculty member said. 

Interestingly, international media reports that highlighted Indians returning from the US, put down the phenomenon to ‘growing demand for their skills and shining career opportunities back home'. This was cited by 79% of Indians who also put the lure of being close to family and friends as another major influencing factor.