IIM placement reports indicate where graduates from India’s highly coveted government b-schools—many of which rank among the country’s best institutions—have secured roles, what function they’ll fulfil and the salary levels they have managed to command.
This year, though, reports have swirled about challenges to placements and a tightening of postgraduation salaries. BusinessBecause examines the situation.
Breaking down IIM placements in 2024
IIM placement and average package reports are usually published between January and July every year. Currently eight of the top 10 b-schools in the NIRF (2023) ranking have released their reports or detailed information about their graduates’ work destinations.
There are some indications—looking at information published online and via social media—that the global downturn in key sectors such as consulting, tech and IT has impacted the 2024 final placements process.
Even the number one b-school in the NIRF ranking, IIM Ahmedabad, has admitted that the job market is “challenging”, revealing that it has seen some tightening in placements, especially in management consulting roles.
However, reporting on the college’s initial placement season back in February, Professor Ankur Sinha, former chairperson of the Placement Committee at IIM Ahmedabad, was positive: “This year's placements reflect that the demand for top-tier talent continues to rise, regardless of the economic environment. While there was a decline in management consulting offers, niche consulting offers increased significantly. We also saw [an] increase in hiring by conglomerates and domestic firms.”
IIM-A’s biggest recruiters in 2024 were Accenture, with 26 offers, followed by Boston Consulting Group with 23 offers. In 2023 the leading recruiter was McKinsey, with 18 offers.
Elsewhere among the top MBA colleges, there have been hints that placement committees had to work hard in this year’s placement season.
Prof Ganesh N Prabhu, chairperson, Career Development Services at IIM Bangalore, admitted it had been “a difficult placement year". However, he also thanked Accenture for extending a record 58 offers to graduating students (compared to 32 in 2023).
In 2024 IIM Bangalore school saw more placements with consulting firms (218) than any other industry, with finance, banking, and investment second with 81 hires.
However, while IIM Bangalore celebrated its IIM placements, the MBA college saw a slight dip in placement salaries for PGP and PGPBA graduates. The median average package of IIM Bangalore placements in 2024 was Rs 32.5 lakhs, slightly down from the Rs 33 lakhs earned by grads in 2023.
Another top-tier government college, IIM Indore saw a similar dip. Placement salaries fell from 27.2 LPA in 2023...
READ: Which Business School Has The Best ROI For MBA In India?
©Faculty of Management, University of Delhi / FB
Further evidence of challenges to IIM placements
Business schools anticipated challenges with MBA/PGDM placements this year. Some colleges reached out to their alumni for support with the placement process.
In January, a letter sent from IIM Lucknow to alumni requesting assistance with finding placements circulated online. Responding to the discussion that followed, IIM Lucknow placement chairperson professor Priyanka Sharma told The Hindustan Times there was nothing to worry about, adding: “Any b-school always taps alumni networks; there is nothing new in that”.
Others agreed that it was not unusual for IIMs to look to draw on alumni links for placement assistance. IIM Lucknow has since shared the news it has achieved 100% placement for its largest graduating batch in history.
Which final reports on IIM placements have been published for 2024?
Among the colleges ranked in the top 10 by the Indian Institutional Ranking Framework (IIRF) 2023, so far eight out of 10 IIMs have shared their placement results and average package details. These have been shared either through press releases or final reports.
These schools were IIM Ahmedabad, IIM Calcutta, IIM Bangalore, IIM Kozhikode, IIM Lucknow, IIM Mumbai, IIM Indore, and IIT Bombay-Shailesh J Mehta School of Management. The remaining two top colleges, Faculty of Management Studies-University of Delhi and IIFT Delhi, are expected to share results soon.
READ: CAT Exam For IIM: How To Score An 80+ Percentile
ⒸKateryna Onyshchuk / iStock
Which industries are seeing a drop in recruitment?
BusinessBecause contacted IIM Ahmedabad in early June to ask when its final report was expected and for a summary of its IIM placement experience this year.
Professor Viswanath Pingali, chairperson of placements, IIM Ahmedabad, said: "We haven't observed anything different this year when compared to the usual trends. Our two-year MBA recruitment wrapped up in the usual time. For our one-year MBA, too, things have not been that different from usual. Some of our existing recruiters have recruited fewer numbers. However, newer recruiters took their place. We also saw greater diversity in recruiters in all the three programs (PGP, PGP-FABM and PGPX)".
Many other IIMs have reported working with a greater number of new recruiters as existing recruiters have in some cases recruited fewer numbers than usual.
This comes as little surprise, as widespread reports have warned about IT, Tech and consulting firms scaling back on hiring due to economic challenges and exceptionally high recruitment levels post pandemic.
However, it’s clear that placements have not stopped in these sectors. Opportunities in other sectors are also emerging for IIM placements, while many IIMs also had bigger batch numbers to place in 2024.
IIM Ahmedabed’s post-placement statement said: “This year the management consulting cohort witnessed a decrease in the number of offers by 15% vis-à-vis last year, while niche consulting witnessed a very significant increase. The roles offered by conglomerates also increased by 13%.”
At IIM Bangalore, a similar percentage of placements were in the consulting sector this year versus when compared with 2023—42% in 2024 versus 40% in 2023—though the average median package was slightly down.
I’m studying for an MBA next year, should I worry?
It’s understandable to feel concerned about taking the next steps in your career at a time when global economic conditions are more challenging. However, an MBA can provide a long-term advantage that will assist you as the global economy strengthens.
While some IIM packages appear slightly down and sector demand has seen some changes, the highest package at IIM Indore was reported as 1 Crore per annum. Many IIMs reported working with a greater number of new recruiters for the first time, giving greater diversity of placements.
To put you in good stead following an MBA, you should look at b-schools where large numbers of firms from your chosen sector go to recruit. Maintaining a strong personal profile can also help ensure you make it on to recruiter’s interview lists.
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