A crore and more for IIM grads

The placement process for the Class of 2008 at the three premier business schools in the country – the Indian Institutes of Management at Ahmedabad, Bangalore and Kolkata – ended on Tuesday, with some confusion over which institute’s alumnus had bagged the biggest pay packet of them all.

Sources at IIM-A said their top scorer’s emoluments could vary between Rs 1.12 crore ($ 280,000) and Rs 1.44 crore ($ 360,000) depending upon annual bonus.

In comparison, IIM-C sources maintained their fattest pay package winner had signed on for Rs 1. 36 crore ( $ 340,000). Both the IIM-A and IIM-B biz kids are taking up overseas postings.

IIM-B refused to reveal details about individual emoluments. In fact, IIM-A and IIM-C also refused to name the students with the best pay packages and their prospective employers.

But there was unanimity on one feature. “The worldwide economic slowdown has had no impact on salaries offered to our students,” said Samir Barua, IIM-A director.

More than half the graduates from IIM-A and IIM-B are joining top brands in the financial sector and consultancy services: McKinsey & Co, Deutsche Bank, Barclays, Lehman Brothers, Goldman Sachs, JP Morgan and Merrill Lynch.

For domestic placements, the average annual package for IIM-A students has risen from Rs 13.70 lakh last year to Rs 17.85 lakh this year.