New Delhi: Rs 1 crore a year is not enough a pay package for young IIM grads!
IIM-Ahmedabad student Vineeta Singh, who had landed a 'more than Rs 1 crore per year' offer from Deutsche Bank to join as an associate from next year, has turned down the offer and instead opted to go for her own enterprise.
All of 23, Vineeta was probably the luckiest one of her batch to bag a job profile that till recently went only to graduates with work experience and to the top international business schools. In fact, Deutsche Bank had offered associate-level posts to as many as six IIM-A students with the salary package. Till now, investment banks used to offer jobs to IIM-A freshers at the level of analyst, IIM-A officials said.
The Deutsche Bank has so far offered associate positions to 10 students across IIM Ahmedabad, Bangalore and Calcutta. The salaries being offered for the post is in the range of Rs 8 lakh to Rs 1 crore.
Initially, Vineeta was very excited about the offer. “I am very happy, it is the first time freshers are being offered this profile,” she had told CNN-IBN on Monday.
"This offer is at par with the offers made to graduates of top-level business schools like Harvard. This is an acceptance of IIM-A as top B school of the world," an IIM-A official said.
But on second thoughts, Vineeta decided to go for her own business in India itself. In fact, Vineeta is not the only one who has turned down the offer. Six other IIM-A graduates have turned down similar offers to start their own enterprise.
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Devashis Chakrobarty, one among the six, said he would like to do something on his own. "We want to start our own business and that is the reason we declined the offer," news agency PTI quoted him as saying.
Chakrobarty and Singh along with two other batch mates have decided to start production and retail outlets of women's innerwears. "We plan to open our retail outlets in the four metros. However, we have not decided on the place where our production base will be," Chakrobarty added.
Last year only Barclays Capital offered associate position to IIM graduates but this year Deutsche Bank and Lehman Brothers are also offering this profile.
A number of investment banks recruit from IIMS every year. Colleges say that by offering higher positions and salaries these companies are trying to do better than their competitors. Not only are the companies offering associate position to freshers for the first time, the number of these offers have also gone up this year.
IIM-A officials said the students' declining the job offers also proved that IIM-A grads would not just like to be top executives, but also become entrepreneurs.
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