Hello
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Firstly, I have to doff my hat at the concept/labour put in by PG & Co . This forum is really one of the best we have for MBA prep related activities.
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Thankoo thankoo.. ** motions uRmad and anil to take a bow and takes a bow too*
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I did not attend the interviews as I was interested only in A,B,C - for the simple reason that after a huge work-ex I didn't want to take chances.
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With MNC work ex of 5 years, I & K surely don't make much sense with your profile.
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However a friend of mine (IIMC'03 passout) told me that having work-ex in excess of 3-4 yrs is a big handicap when it comes to placement companies. Laterals are the only hope and very selective companies come for this programme.
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That is true for almost all the IIMs. Lateral placements are not the forte of the IIMs yet , because of the kind of profile which usually gets picked up. With a work ex of 3/4+ years, only the top 3 IIMs can be your only hope for true career forward growth. But I would be cynical of that too. I don't think the IIMs are designed to use that much workex in a student.
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On the other hand, ISB currently seems to be the best of the lot (even better than IIM's !!) as far as Laterals are concerned as it has ONLY laterals (average work exp being 5-7 yrs)
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Allrighty, here I will disagree. ISB is sadly not ALL about laterals only. TCS has made low end offers. There are freshers in ISB too. But usually they have a profile of coming in from a family business or have show excellence in college.
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Could you please give your opinions on IIM v/s ISB --FOR huge work-ex guys ONLY.
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If you have a 4+ years of work, go ISB or go US. I really don't think the IIMs can catapult you any further.
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It would be nice if anybody of you could share the views of guys passed out/studying in ISB.
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You should check out the BW forums for that kind of talk. I don't think we have any ISB grads on board yet.
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We all know that IIM's are in a different league together as far as career prospects of freshers/3- yrs of work ex guys is concerned.
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Very very well said. You yourself have summed it up pretty much, havent ya
PS :
Below is a letter written by Kanishk , currently a student @ ISB
Placements
There are about 25 students still waiting for an offer out of about 155 (168 students totally but quite a few had their own family businsses). I think ultimately all of them will get offers. There's still time till mid April. So they might bite their nails for a bit longer but I don't think there'll be a serious problem for any of them. People worry too much about jobs when they don't have them but I think they fail to keep things in perspective sometimes. All of them (and all of you) are among the brightest people in the world. They have a proven track record of achievement and if they don't get a job on the first day of the placement season it's not the end of the world. Most people get the best jobs at the end of the placement season. People at the beginning take the safe jobs HLL trainee postions for example. Then at the end you'll get random small companies you've never heard of looking for an MBA to head their new business development project and the people who have no offers and are biting their nails will suddenly get an amazing salary and exciting work. The most important thing is to stay optimistic because when you see everyone else getting a job your self confidence suffers and this translates into nervousness in interviews. If you just believe that you'll be ok - you'll get what want. I swear that optimism is the most important thing at an MBA.
The average Indian salary (excluding any foreign salaries that would skew the figure upwards) is around Rs 8 Lacs.
Most people between 0-3 years (excluding CA articleship) get salaries between Rs 6Lacs and Rs 7Lacs. You get a few that are slightly below (TCS for example may offer around Rs 5 Lacs to some people or even a little below for MT positions but people will take it because TCS often gives foreign postings and you can quickly earn dollar salaries) . On the other hand you get a few that are a lot more. One of my flatmates (24 yrs) got HSBC Investment Banking in London ($60k approx) and the girl who lives above me (Also around 23-24) got an offer of around $100,000 with a pharma company. The lowest offers would be for some MT positions of around Rs 4.5 Lacs, which are unlikely to be accepted but may be if the company offers growth opportunities, international prospects, etc.
People between 3-4.5 years get between Rs 7Lacs and Rs 10Lacs.
People between 5-6 years get between Rs 10 Lacs and Rs 13Lacs.
People with 6+ will get between Rs 10 Lacs and Rs 15+ Lacs. Really depends on the quality of your background
Please take these as rough guides. As you can imagine there will be people who fall out of these ranges by a Lac or two. I'm just trying to give you a feel. You're not a statistic. Ultimately what you will get will depend on your specifics.
I have opinions from around 49 people as to their salary increases post MBA here. 5 got less than they did before. 12 got less than a 30% increase. 9 got between a 30% and 50% increase. 14 got a 50% to 100% increse and 9 more than doubled their salary. Use these figures really carefully. Remember that if a person was only earning a Rs 3Lac salary before then doubling salary would mean earning a Rs 6Lac salary. A person earning Rs10Lac is unlikely to double his salary to Rs 20Lacs. Also like I said do not worry if you think you are going to take a pay cut in the immediate term. I think you'll find that over the next few years after your MBA your salary will rise much faster than it would have without the MBA as you prove yourself at work.
Placements are still underway but I think they will be fairly good overall when we finish. The investment banking jobs is the one area that hasn't been great this year with just a handful of offers and that's why I'd like to just speak a little longer on this area. The main reason for this is that the entire industry has suffered from a downturn in the last couple of years particularly in investment banking. Now when an investment bank takes 5 people instead of the usual 15 people it doesn't see the point in going to a campus it hasn't visited before. That's why ISB hasn't been able to get that many great International investment banks here this year. However ISB does have contacts with banks like Morgan Stanley, Goldman Sachs, Lehman Bros and they are most likely to come for your batch. It just takes one good year where they are recruiting for the relationships with ISB to build up and for them to become regulars. But having said that I think if a person is really interested in Investment banking then IIM-A is a safer bet this year I feel (I would like to point out that several companies who have not gone to IIMs have come to ISB as well - a good example is Novartis International which only recruits from 5 campuses in the world - Harvard, Wharton, etc). The other areas of banking have been fine with lots of people being taken into retail banking especially. Switching to finance is not impossible but was tough this year. There were a number of people who were able to make that switch without really aiming for it. There were also several others who really wanted to but couldn't. I think if you really want to and you read up throughout the year on the industry and are reasonably articulate in interviews then you have a decent chance.
A list of companies in alphabetical order who have come to campus this year so far includes: ABN AMRO, American Express, Anand Group, Asian Paints, Asian PPG, AstraZenaca International, Bahwan International, BCG, Bharti, Byrraju Foundation, Castrol, Citibank, Coke, Cognizant, Colgate, DRL, DSL Software, GE Capital, GE, Godrej, HCL, HDFC, Hero Honda, HLL, HSBC International, Hunt Partners, ICICI, ICICI Pru, iGate International, ING Investment, Infosys, Ispat International, ITC Infotech, ITC, Kotak, Lafarge, Mahindra Telecom, Mahindra Holidays, Marico, McKinsey, Microsoft, MPhasis, Nipuna, NIIT, Novartis International, Olam, Patni, Prudential ICICI Asset management, Ramco, Reliance Petroleum, Roulac, Satyam, Shaw Wallace, Smithkline Beecham, SRF Ltd Switz Inc, Symphony, TCS, TSMG, Tata teleservices, Techspan, vCustomer, Virtusa, Wipro technologies, Wipro Infotech, etc. This list is a few days old and since we are midway in our process will keep growing.
There are several companies that are scheduled to come but I couldn't be bothered to find out the entire schedule just now (sorry 2:53am-need sleep). In addition to the companies already scheduled the following companies are still being chased up to come to campus: BNP Paribas, Trinity, Dell, Swatch, Levi, Britannia, Accenture, Ford, Sapient, Aviva, UB, Volvo, Stern Stewart, Hutch, Adobe, Edelweiss Capital, Reliance Infocomm, Toyota, Oracle, Chubb, Avendus, CRISIL, IBM, Kanbay, AIG, Intel, ISEC, and several others. In addition to all these companies several people with greater than 4 years work experience are being helped to find specific jobs for them with specific companies through consultants. This is simply because it is harder to find roles that suit people with many years work experience and more tailored searches are required.
Hope this helps those of you still making up your minds one way or another. Once again I would like to add that you can get caught up in a whole bunch of worries about costs and loans and placements, etc. If you come here with the right attitude - to proactively develop yourself and retain your optimism throughout - you will not regret it. Leaving my job in London (despite having got a first round interview with McKinsey and final round with CSFB waiting) ISB was one of the best decisions I made. So in one word my advice would be - Come
PPS : Morpheus .. Have I set the new record for the longest PS
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