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