Hike at average salaries offered at B-Schools

Average salaries offered during placements at top B-schools in Mumbai have witnessed an increase this year

The average salary offered was about Rs. 18 lakh/annum in some top management colleges such as Jamnalal Bajaj, Narsee Monjee and SP Jain, while the avf salary stayed below Rs. 10 lakh per annum at other institutes. Analysis conducted on the average salaries offered at five institutes show an increase of approx 3% over last year. On the other hand some high-paying banking, financial services and insurance (BFSI) companies continued to dominate the placements, while the e-commerce sector has slowed down.

For a majority of the institutes, the average package couldn’t swell beyond 5%. The colleges have offered a variety of explanations for this trend. “Our batch-size has almost doubled compared to last year. In such a scenario, it was difficult to maintain the average salary,” as said by  a professor from Narsee Monjee Institute of Management Studies (NMIMS).

Contending that the salaries are a product of the market conditions, a placement committee member from Jamnalal Bajaj Institute of Management Studies,, Anisur Rahman said “While it appears that the average salary has not increased significantly, the trends vary if you consider individual offers. In any case, one can’t expect packages to rise every year,”.

Placement official from Welingkar Institute pointed out that the compensations offered by BFSI sector, the largest recruiter of management graduates, have remained ceased for some years, bringing down the overall average package.

Nevertheless, the BFSI companies continue to offer the highest CTC in most of the institutes, even as other sectors such as consulting and IT/IT enabled services are catching up. This year, approx 30% offers have been made from companies belonging to financial sector.

Meanwhile, the recruitments from e-commerce companies have diminished gradualy. By a rough estimate, the offers made by the online ventures have halved over the one year period