New million-dollar babies – IIT Vs. IIM

Call them the new million-dollar babies. Barely out of their teens and IIT campuses, they’re the new richie rich of India — graduate at 21, millionaire by 22. IITians are giving their IIM brethren a run for their money as global financial majors put an extra trust premium on the quantitative analytical skills of BTechs graduating from India’s premier technological institutes.

Campus placement drives at various IITs have just begun, but already, a US-based specialty fixed income manager Pimco has recruited three IIT Delhi final-year BTech students with a package of $100,000 for positions in California. That’s in the
league of the Ivy League, and the best in IIT easily compares with the best in
IIMs, India’s best and premier B-schools.

At IITs Bombay and Kanpur, the highest offers came for $90,000 per annum, both from Lime Group, a US-based financial and technology conglomerate. Ditto IIT Madras, where New York-based financial services major Bloomberg is at the top of the heap with a $90,000 per annum offer. Says a cocky 22-year-old who has been offered a job with Deutsche Bank, London: “Only second-rate IITians now go to
IIMs.” And you thought these guys were nerds!

For domestic jobs, oil services major Schlumberger emerged the most magnanimous with offers at a Rs 24-40 lakh range made at IIT Bombay. The company recruited 10 students from IIT-D at an annual package of Rs 32 lakh. On an average, the domestic positions come in the Rs 6-8 lakh range, slightly better than the previous year. Top global names at the campuses so far include Deloitte, Credit Suisse,McKinsey, Google, Deutsche Bank, Shell, UBS, Lehman Brothers, Halliburton and Schlumberger.

For overseas positions, mainly in New York, London and Singapore, salaries on offer so far this year are well above the $75,000 mark. And that’s a trend in the making: financial firms and consultancies elbowing out IT majors, the hitherto leaders of recruitment drives at IIT campuses. Many overseas recruiters have also come up with one-time bonus packages as the icing on the cake.

For instance, at IIT Bombay, the US-based Mercer group has offered a salary of $85,000 with a guaranteed bonus of about 20%. “Students are now keen on financial firms and feel that with their quantitative analytical skills, they can easily command a certain edge,” said Chinmaya Agnihotri, student placement coordinator at IIT Kanpur.

Initial trends also indicate that there is a healthy appetite among
students to go in for core engineering companies. At IIT Madras, deputy
registrar Jayakumar offers a different reading of this early trend: “First week,
we had mostly management consultancies and financial institutions, which tend to
pay more than other sectors. In the coming weeks we will see companies from core
engineering, software, manufacturing and research and development.” Two years
back, bulk recruiters, typically software companies such as Infosys, Wipro and
TCS were given the first slots at IIT Madras.

Last year on, the institute included other parameters such as company’s reputation, salary offered and job profile for the first slot. Now the higher a company’s salary, the earlier it gets to choose, said Mr Jayakumar.

According to students and faculty attached with the placement centres at various IITs, the recruitment season is just catching steam with the coming weeks expected to generate more action. In most institutes only a week has passed since the first recruiter walked in and the process could well go on till February end.

For the moment though, the placement season has come to a halt. The reason: the inter-IIT sport meet has begun (yes, these guys do sports as well). With the top students placed, and the highest paymasters having made their pick, the salaries may not reach the stratospheric levels of early December.

Source : Economic Times

Technorati Tags: , , ,

About these ads

23 Responses to “New million-dollar babies – IIT Vs. IIM”

  1. avinash chourasia Says:

    The IITs have been into existence for long and have been one of the true global brands from india. They have changed the view of India as being the land of snake charmers & monkeys to that of a knowledge powerhouse. IITs have been continuously producing the best technocrates for the world. When the student enters the IIT he is provided with a competitive and learning environment which is very special and makes the IITs unique. Our country if full of talented young minds who do not get the chance to enter the IITs becuse of the limited seats. It is high time that this unique environment be extended and elaborated through new IITs or converting the existing top engineering institutes to IITs.With more IITs more potential candidates can get chances to prove their mettle and will cater the high demand for the talent which is the reason for the steep hike in salaries offered at IITs.

    For a country with population of over 1 Billion, 6 IITs with little over 3000 seats are way below what is required and is only 1 pecent of the total aspirants. The rest of the students with dont get the chance to work in the R&D facilities and Incubation centers established there, under the guidance of experieced faculty. They are left to their own fate.
    According to a McKinsey Global Institute study on the emerging global labour market, India produces a large number of engineering graduates every year, but multinationals find that just 25 per cent of them are employable. Therefore it is absolutely imperative that more IITs be open with all the facilities for the benefit of all the people of india.

    In this era of Information & Knowledge revolution, high salaries are only the side-effects in the quest for knowledge.

  2. ravithesun Says:

    Well said bro :)

  3. Vaishnavi Says:

    hi
    an MBA from any of the IITs… how competitive is it when compared to the other B-schools of the country?

  4. ravithesun Says:

    IITs are better known for technical education.. but now MBA student from IITs also getting higher salaries… like IIMs.. but in my opinion student who study MBA in IITs get better technical edge compare to student who study in IIMs… as IITs r well known around the world for best technical knowledge.. ranked 2rd or 3rd (don’t rem. exactly) after MIT.

    thus… IITians get better knowledge abt technology that provides them competitive advantage over IIMs..

  5. Buddhadip Says:

    Students of IIMs who have commanded astronomical salaries have mostly been products of IITs. Perhaps it would not be a bit too far fetched to say that IIMs have been doing a ‘repackaging’ of the brilliant products of IITs who reach the hallowed portals after clearing the IIT-JEE that has an acceptance score much less even when compared to the best IVY league universities. IITs are true global brands for India and the Dilbert’s cartoon is no surprise at all. In terms of being a world class B-school IIMs are still not in the gobal top 50 and in terms of research they are even poorer. So if IITs become the finishing school for their own products by offering them an integrated MBA at the SOMs (thereby saving a year or so), its no surprise that they can give their cousin IIMs a run for money. Besides with big players like ISB (even though its not for the freshers) in the block, IIMs really need to pull up their socks. In terms of interdisciplinary exposure and total peer experience (read in-campus knowledge sharing) IITs offer a much much better exposure than IIMs!

  6. Ram Says:

    If IIT’s are getting the fat salaries they are, then they deserve it. For years a degree from IIT meant very little in itself. Almost always the next step for the elite IIT stud was to hop on to a US university for an MS or PHD degree and then get a wel paying job either in industry or academia. These days if IIT’ians are getting good $$ straight out of school, more power to them.

  7. abhijeet Says:

    Hi,I am Abhijeet i need to know what are future prospects in terms of job, work in IEM ( Industrial engg. & Mang.) since I had got seat in IIT kHARAGPUR this year for M.Tech. Problem is since new this field and myself basically from Aeronautical background presently working for last 2.5 years in Software firm in Bangalore not able to make the Decision wether I should Quit the job and go for persuing my M.Tech at IIT Kgp.
    Kindly help by suggesting based on your Experience and information you may have regarding IEM Course.

  8. sachith Says:

    have an Consulting role for IIM and IIT..
    SEND cv to sachith@recruiseindia.com

  9. Baby Names » New million-dollar babies - IIT Vs. IIM Ravi-TheSun Says:

    […] Get more information about this from the author here […]

  10. Songs and Names » New million-dollar babies - IIT Vs. IIM Ravi-TheSun Says:

    […] Get more information about this from the author here […]

  11. Lohit Says:

    hihihaahaaha ..
    2nd or 3rd .. in global rankings !! after MIT !! .. u’d surely not remember my friend as this is false. Clean your sources.

    Lohit.

  12. Ryan Says:

    It must be nice to have such great opportunities offered to people at such a young age. It’s unfortunate that it is not offered here in the United States. I only see a major pat of the population struggle to survive and barely make it. Maybe someday the US will get it right.
    Ryan
    Maine

    http://www.freedom.ws/joneserrr

  13. mahesh Says:

    I think that if we are really capable to compete this fast growing technological world ,it does not matters whether he/she is from IIT or IIM but only matters is his/her stuff . we can’t expect all the students in IITs and IIMs to perform well and get high pays,it again depends upon the individual who is having the urge to learn and fire to rule this world with his intellectual. If not so , then why don’t all the students in IITs and IIMs get high salaries.
    “THINK ABOUT THE ABOVE SOLUTION.”

  14. mahesh Says:

    I think that if we are really capable to compete this fast growing technological world ,it does not matters whether he/she is from IIT or IIM but only matters is his/her stuff . we can’t expect all the students in IITs and IIMs to perform well and get high pays,it again depends upon the individual who is having the urge to learn and fire to rule this world with his intellectual. If not so , then why don’t all the students in IITs and IIMs get high salaries.
    “THINK ABOUT THE ABOVE STATEMENT.”

  15. Rohit Says:

    can anyone tell wat is the avg package of a M.Tech degree holder from any IITs……………..??

  16. ert999 Says:

    does m.tech in computer science from iit offer package more than 8 lakhs per annum?

  17. Lammeki Andrew Diengdoh Says:

    I plan to do my Masters form IITs preferably IIT Bombay and last Guwahati….
    Somebody out there would be resourceful enough out of the 1 billion + population country to educate me about the challenges and placement packages from IIT bombay to guwahati…

  18. Lammeki Andrew Diengdoh Says:

    I plan to do my Masters in computer sc. form IITs preferably IIT Bombay and last Guwahati….
    Somebody out there would be resourceful enough out of the 1 billion + population country to educate me about the challenges and placement packages from IIT bombay to guwahati…

  19. sisiradasan Says:

    i completed my b-tech in kerela ,want would be better if i go for MBA in IIM or M-TECH from IIT

  20. pratik matlawala Says:

    wht is the avg and highest packages in IIT for m-tech students

  21. swapnil jadhav Says:

    PLEASE ANYBODY TELL ME WHAT IS THE SALARY RANGE THAT THE STUDENTS GET AFTER DOING M.Tech in CSE from IIT BOMBAY…..?
    I HAVE TAKEN ADMISSION IN IIT BOMBAY FOR MTECH IN COMPUTER SCIENCE AND ENGINEERING, THIS YEAR………….


Comments are closed.

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: