The reason why so many people in India who want to pursue an MBA degree to get a leadership jon in the various firms in India and abroad. One of the reasons why they do so is the big salaries offered by the companies for MBA degree holders from the IIMs, ISBs, XLRI and other reputed B-schools in India. You can find the various job prospects and salaries offered by the companies for MBA graduates coming for on-campus placements in these institutes. On the flip side, the fees for an MBA degree is sky high and is generally in excess of 10 Lakhs. You can also find the current fees of the top B-schools in India for the year 2011-12.
Salary packages offered by companies coming on-campus for MBA degree holders in India
There is no doubt that some of the salaries offered by firms to IIM students are simply unbelievable. But the fact is that they are offered to only a few select students whose academic record, job experience and profile is excellent. And the packages are mostly offered to campus recruitments from IIMs. Read on for more details on salary packages per annum for degree holders in various B-schools in India.
Average salary packages for MBA students in top 20 B-schools in India
The top 20 B-schools in India include the most prestigious IIMs, ISB, XLRI, SIBM, NMIMS, SPJ and so on. All these B-schools are visited by top companies across the world and also in India. All these institutes offer 100% placements to its students. So, if you are studying for MBA in these institutes, rest assured that you will end up with a job offer after completion of your degree. The average pay packages are as follows
International Job offers: 30-50Lakhs per annum (Average)
The maximum package of 1.36 crore per year was offered to a student of IIM-Calcutta making it a record package in the history. The pay packages near 1 crore per year can be given to some top students, but on an average the packages offered by international firms in around 40 Lakhs per annum. But one has to remember that the international job offer are the converted offers. For e.g a US company offering 50 Lakh per annum is actually offering $100,000 per year which is subject to tax in US, living expenses in US and so on and so forth. So, one can't just compare the packages of domestic companies and international firms.
Domestic Job offers: 10-15Lakhs per annum (Average)
The maximum package of 35 Lakh per year was offered to a student of IIM-Ahmedabad by an investment firm in India. The pay packages of more than 20 Lakhs per year are offered to some toppers in IIMs, but on an average the packages offered by domestic firms are around 15 Lakhs per annum. Considering the lucrative jobs of leadership in an Indian industry which is subject to Indian taxes and policies, these packages are comparable to the high packages of 50lakh per annum abroad.
Average salary packages for MBA students in B-schools rankings 20-50 in India
The top 20 B-schools in India include the renowned B-schools like RCM, IIFM, PGS, NIM, BIM, IMU, NMIMS and so on. All these B-schools are visited by decent companies across the world and also in India. Although not as high profile as the IIMs, these B-schools provide very good placements to their students. These are the second rung MBA colleges in India after the IIMs, ISB, SIBMs etc. The average pay packages are as follows
International Job offers: 25-35Lakhs per annum (Average)
International companies, especially in the Finance sector, offer very good placements in the range of 25 Lakh per annum. But some extremely qualified candidates may also get an offer close to 1 crore per annum. The international placements depend a lot on the country as well.
Domestic Job offers: 8-12Lakhs per annum (Average)
Many IT companies, banks and investment firms in India offer packages in the range of 8 lakh per annum to students from these B-schools. Although not as high as the IIMs, but decent packages are offered to these B-schools by leading firms in India. Exceptional students can also get job offers as high as 30Lakh per annum from a select companies which recruit only 1 or 2 top students from the batch.
Average salary packages for MBA students in B-schools rankings less than 50 in India
Most of these B-schools are new and upcoming MBA colleges. As a result very few international offers are made to students of these institutes. But that does not mean offers are not made. In fact many start-ups and new banks, investment firms prefer students from these B-schools instead of the top B-schools. The salaries offered by these B-schools may not be as high as the top 50 B-schools, but they are decent nevertheless.
International Job offers: 15-20Lakhs per annum
Very few top international companies visit these campuses. As a result most of the jobs are in new upcoming companies abroad. Average pay package of around 15Lakh per annum is offered from these start-ups to MBA holders in these B-schools.
Domestic Job offers: 5-8Lakhs per annum
The lowest salary of an MBA pass out from these B-schools is 5 Lakh per annum. On an average salaries in the range of 5 to 8lakhs per annum are offered to students from these B-schools by Indian companies. Most of the campus recruitment is done by investment banks and consulting firms.
Fees structure of top B-schools in India
The top B-schools charge some of the highest fees for the 2 year MBA program. But the placements offered after the completion of the degree are worth every penny spent on the education. The fees of top 10 B-schools in India are as below. These fees are inclusive of the room and infrastructure, library and other education related fees. These fees do not include food charges.
1. Indian Institute of Management Bangalore (IIM-B): Rs.13 Lakhs
2. Indian Institute of Management Calcutta (IIM-C): Rs. 10 Lakhs
3. Indian Institute of Management Ahmedabad (IIM-A): Rs. 14.5 Lakhs
4. Indian Institute of Management Indore (IIM-I): Rs. 11.5 Lakhs
5. Indian Institute of Management Lucknow (IIM-L): Rs. 5 Lakhs
6. Indian Institute of Management Kozhikode (IIM-K): Rs. 20 Lakhs
7. Indian Institute of Foreign Trade (IIFT-Delhi): Rs. 8.5 Lakhs
8. Indian School of Business (ISB-Hyderabad): Rs. 23 Lakhs
9. Indian Institute of Management Shillong (IIM-S): Rs. 5 Lakhs
10. Xavier Labour Relations Institute, Jamshedpur (XLRI): Rs. 10 Lakhs
Job prospects in various specialization fields of MBA in India
There are five major specializations for MBA in India. These are Finance, Operations, Marketing and Sales, Consulting and IT an finally HR. The job prospects, job profiles and various major recruiters for each of the fields is given below.
Jobs for MBA-Finance
MBA specialization in Finance is the most sought after specialization. There is a huge demand for the finance MBA degree holders. The job prospects for MBA Finance are the various investment banks, retail banks, project financing, financial marketing and asset management. Also, the Finance MBA degree holders are offered the highest pay packages in India. The MBA Finance sector accounts to roughly 30% of total placements for MBA students. Some of the top recruiters in the field of Finance are as follows:
2. Reliance Industries Ltd
3. Tata Capital
4. Renault Nissan
Jobs for MBA-Marketing and Sales
MBA specialization in Marketing and Sales is the second most sought after specialization for MBA after Finance. The MBA Marketing and Sales accounts to roughly 20% of total placements for MBA students. The job prospects and job descriptions for Marketing and Sales MBA degree holders vary from International Marketing, Brand marketing, Marketing Strategy. Also, Marketing and Sales specialization opens doors for research recruitments as well. Some of the top recruiters in the field of Marketing and Sales are as follows:
5. Tata Motors
Jobs for MBA-Consulting and IT
MBA specialization in Consulting and IT is the fourth most sought after specialization. There is a huge demand for the Consulting an IT MBA degree holders. The job prospects for MBA Finance are the various investment banks, financial advisory and IT management. Consulting and IT MBA degree holders get some of the best packages from the top industries. The MBA Consulting and IT sector accounts to roughly 25% of total placements for MBA students. Some of the top recruiters in the field of Consulting and IT are as follows:
1. Tata Consultancy Services
Jobs for MBA-Operations
MBA specialization in Operations is the third most sought after specialization for MBA. The MBA Operations accounts to roughly 10-15% of total placements for MBA students. The job prospects and job descriptions for Operations MBA degree holders vary from Operations management, accounting and financial management. Some of the top recruiters in the field of Operations are as follows:
1. Coca Cola
2. Mother Dairy
4. Maruti Suzuki
5. First Source
Doing an MBA is the need of the hour. The hefty fees of the various top B-schools in India are really justified looking at the high profile placement packages offered by the top recruiters across the world. Global recognition is sought once you complete an MBA from a reputed B-school in India. The higher ranked the B-school, the better prospects of getting a job with a very high salary. So, if you want to get a job with decent salary, start aiming your career in terms of completion of an MBA degree.
For more details about the top 10 B-schools read Top 10 B-schools in India and how MBA adds value to your resume.