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Investment Banking
Highlights
Overview Placement 2000 was special because leading I-banks and the financial institutions from the World, Wall Street to be precise, came to Indian B-schools for recruiting. Goldman Sachs, Lehman Brothers, JP Morgan, Morgan Stanley Deal Witter (MSDW), Standard & Poor (S&P) (infamous for regularly downgrading India in its country's risk ratings), are names which can create frenzy along graduate MBAs at any B-school campus worldwide. Firms like Goldman Sachs recruit only from a handful campuses across globe, sometimes the number being in single digit. Placement 2000 was unique because such assortment of blue-chip names are heard only in the Ivy-league colleges in US, like Harvard, Wharton, Stanford and Kellogg's. Average dollar Salaries jumped to $ 88,500 (IIMA) and $ 83,000(IIMC), up from around $ 70,000 last year. A main reason was that unlike yesterdays, when main overseas recruiters used to be i2 Technologies, and other software/IT Consulting firms paying around $ 65,000 - $ 70,000, this year 8 of the top-10 I-banks appeared on Indian B-schools. Wall Street I-bank, Lehman Bros. offered $ 95,000 ($ 85,000 + $ 10,000 signing bonus) when it first appeared in 1998. As these initial recruits from IIMs excelled themselves on Wall Street, performing as well as any other US MBA, average dollar salaries of Wall Street I-banks increased to around $ 1,00,000 - 1,10,000. Highest dollar salary was $ 1,30,000 at IIMB and IIMC, whereas it was $ 1,42,00 + bonus at IIMA. And it's important to mention here that these salaries are as good as any other offered in US B-schools considering the average work-experience of 4 years of US MBAs and less than 1 year work-experience of most of Indian MBAs. Placement scene was unique at IIMA with 8 of the world's leading top 10 I-banks in fray. And for the first time, students had so much choice. Interesting observation was that unlike yesterday when Dream job was Consultancy for all, virtual galaxy of I-banks gave students a chance to play their dream over other companies (a concept where you play a dream on another company you desire after getting an offer from another firm). Thus, a student getting offer from BCG, played dream on Lehman, another getting offer from Lehman, played a dream on Goldman Sachs, and so on. Thus, placement here mirrored placement scene at US campuses where students are divided between opting for Consultancy and I-banks. IIMA student, Cyrus Driver, had offers from Goldman Sachs and McKinsey, but played a dream on IndoOcean Chase, a venture capital arm of Chase Capital offering Rs 25 Lakhs salary, and got his dream job. As a result, Lehman Brothers made around 11 offers but got only 5 acceptances, as rest of the students managed to get their "Dream Jobs" with other companies. Similarly, Alka Goel, another IIMA student, had offers from BCG and McKinsey but opted for latter. Similarly, at IIMB and IIMC, placement was just as good, if not better. Students had grand choices as Lehman brothers, Deutsche Bank Global, MSDW, JP Morgan vied with Consultancy firms. A student at IIMB opted for Andersen Consultancy, though he had an offer from JP Morgan, US. Therefore, in all, around a third of the batch had offers from Banking/brokerage firms, whereas the corresponding figure was around 20% at IIMA and IIML. Highest was JBIMS , with 39% of offers from Finance companies, whereas for others, it was between 20 and 25% of the offers. SP Jain had less offers from Finance sectors, around 12%, as the placement scene at SP Jain was dominated by IT sector. Bounty hunters At IIMA, ICICI made 34 offers (but got 9) and Citibank made 20 offers (got 4). This tells all. At IIMB also, ICICI and Citibank were star recruiters with 30 and 9 offers respectively. At IIMC, HSBC and Standard Chartered Bank were other major names. ICICI (14 acceptances) and HSBC (5 acceptances) dominated. The students of FMS found favour with the banks as many offers were made by Citibank (6 offers), HSBC and Standard Chartered Bank (7 offers each). Other star recruiters were CRISIl, GE Caps (2 offers each) and UTI (3 offers). At XLRI, ICICI (9 offers) and Standard Chartered Bank and HSBC (8 offers each) led the way alongwith SBI Caps (6 offers). At IIM Indore, HDFC Global Trust Bank was the star. At IMT, finance staged a major resurgence with heavyweights like CRISIL, ICICI, HDFC, IFCI, Power Finance Corporation, Citicorp Securities, First Global, GE, The Associates, etc., making a beeline for the best slots. Similarly, at MDI, CRISIL, ICICI, GE were among prominent names with ICICI Bank topping with 4 accepted offers. At Bajaj, BNP Paribas, ICICI, SBI Caps led the field. IL&FS, CRISIL, HSBC, Standard Chartered Bank, GE Caps were other stars. Citibank led the field with 5 offers. At SP Jain, ICICI (5 offers), Kotak and CRISIL (4 offers each) were star performers.
Note: All the above figuers are in %. CoolAvenues.com Team
Read complete story of Placement 2001 as it happened along with analysis and comparison across the B-Schools and segment-wise analysis.
Read complete story of Placement 200 as2 it happened along with analysis and comparison across the B-Schools and segment-wise analysis. Mail your comments at: webmaster@coolavenues.com |
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