A summer many would like to forget
One of the top 10 B-schools was finding it a challenge to place its students. Previous years, they had 100 per cent placements by Day-3 of the placement calendar. In 2009, things were different. Many of the large companies, which used to pick up students in large numbers, either did not come or when they came, took one or two students, more like a token gesture. It is in this context, the students took the initiative to invite a team from our company to counsel and assist them in getting placements at appropriate levels.
I spent two days with over 100 students on a one-toone basis as well as in groups. One of my tasks was to educate/convince them that the market realities are different. They may have to take salary cuts (compared to what they were earning even before entering B-school). Also, chances of them shifting careers from software programming to other industries were remote in 2009.
Many of the students found it difficult to digest. However, when we gave them facts and figures they were convinced. We told them to look for jobs in interiors of India. For instance, Ahmedabad, Vadodara, Ludhiana, Coimbatore, Mysore had jobs, may be not of the highpaying kind, but still good for them to learn and grow.
We found IAS/IPS officers who had resigned their government jobs to pursue the MBA programme. One of them (a lady) was regretting her decision. Another was a project manager in on-site project in the Mid-West region of USA. He left his job where he was earning $100,000 approx (Rs 48 lakh) per annum for the MBA programme. Without us telling him, he had checked with his previous employer and he was told that there are no openings right now with them.
We also met a young person from the financial services domain from Mumbai. His last compensation including bonus was Rs 35 lakh. This candidate was willing to go for a Rs 12 lakh per annum job.
The summer of 2009 has been a bad summer for most MBA students across India. A summer which many would like to forget.
Kris Lakshmikanth is Founder CEO & MD, The Head Hunters India
