Bangalore: Having lost their jobs abroad, approximately 300 students from the premier Indian Institutes of Management (IIMs) are requesting their institutes to help them with placements again.
Confirming the development, a professor from IIM-Bangalore said, "We have received placement requests from some students from the 2006-08 batch. We are trying to approach companies at a personal level and help these students get placed." A purely informal arrangement, the institute will do this without charging placement fees, reported Business Standard.
IIM Calcutta also admitted to receiving such applications. The institute, however, added that some students have managed to find jobs on their own in India. "Before we could help the students, they told us they have secured new jobs," said Prafulla Agnihotri, professor in marketing and chairperson career development and placement at IIM-C.
Last year, out of a batch of 255 students from IIM Ahmedabad, around 24 percent were placed at international locations. Major international companies that recruited students included Goldman Sachs, Lehman Brothers, Morgan Stanley, JP Morgan, Merrill Lynch, Deutsche Bank and Barclays among others. At IIM Bangalore, from a batch of 256 students, over 50 percent of students accepted overseas offers.
Besides requesting for placement, many of these students are asking their institutes for a teaching post. Others are now back in India hunting for a job, attempting to float their own ventures, waiting for the market to get better or have decided to change their field from finance to marketing.
Dinesh Mohan, a graduate from IIM-C's 2006-2008 batch, is back in India, and hunting for a job. "I had interned with an international bank in Europe and was offered a job later. But barely four months into the job, the bank asked me and another friend to leave," says Mohan, adding: "The problem is most of these companies are common recruiters from IIMs. So the students have suffered."
Besides, many of his friends from other IIMs have joined him in this hunt, having being laid-off from various IIMs, including the biggies - IIM-Ahmedabad, IIM-Bangalore and IIM-Calcutta. Mohan and his friend were recruited at annual salaries of around Rs 35 lakh. Meanwhile, domestic alumni of these premier institutes have also been laid off.