Financial Services: the new buzz word in IIT placements
By siliconindia | Thursday, 30 November 2006, 06:00 Hrs
Bangalore: Move over IT, IITs have found a new taker. December announces the placement season at the elite IITs where financial and banking services have replaced IT companies as the favorite among students, reports The Economic Times.
Ever year, around 240 to 300 firms recruit from the 1,000 odd engineers graduating in the seven IITs and this year salaries expected to go up by 15-20 percent.
Financial, analytics and banking sector, as well as companies in their corebranches have emerged as the new picks. âLehman Brothers, Goldman Sachs, UBS, McKinsey Consulting, and banks like Deutsche Bank are coming to recruit. Apart from the attractive packages offered, students who plan to go in for an MBA later prefer to join these firms,â said professor Kushal Sen, professor-in-charge, training and placement, IIT Delhi.
âIn the past 3-4 years, IT companies would recruit in bulk from the campus. A mechanical engineer would take on a coding job with these companies. But now this is changing and students are looking for employment opportunities with their core companies,â said Professor Rajiv Sinha, professor-in-charge,
training and placement, IIT-Kanpur adding that they held various career workshops to convince students about their core subjects and working in their area of expertise.
But the trend is only emerging as IT companies retained their position as the highest recruiters in IIT Kharagpur and IIT Madras, last year. âNearly, 45 percent of the students in IIT Madras were recruited in IT companies, with 28 percent in core companies and 5 percent in the financial and banking
sector,â says Dr BBSSS Prasad, advisor, training and placement, IIT Madras.
The highest salary last year at IIT Kharagpur was 16.75 and is expected to grow higer. âThis year we expect the average to go up by nearly 20 percent from last years Rs 4.23 lakh,â said Professor Gautam Sinha, professor-in-charge, training and placement, IIT Kharagpur.
âHowever, technology companies that offer profiles in development of interface and networking, among others, interest students more than programming profiles. These are very popular,â says Prof A Subash Babu, professor-incharge, training and placement, IIT Bombay.