Placements!

[paritosh]

No dudes, this is not an article which talks abt the figures (highest, lowest, mean, median, mode, standard deviation, u name it, the media has it...). It's abt what I saw and experienced before and during the just concluded summer placements at my institute.

A little bit abt me:
Paritosh Gupta (Pari for short!), currently at IIMB. Did my engineering from IITB. No work-experience. Summer placement at an investment bank. (Ah, there goes my credibility!) Been a silent member of pagalguy for 2 years.

(A note before I start. I’m not trying to put down investment banking and investment bankers (How can I when I might myself end up being one?). I just use the sector because it’s the most hyped in the IIMs, and the reason for the most heartburn!)

I want to work in an investment bank:
Ya, everyone here does. And those who don’t are made to believe that they should want to, by their seniors. The fact of the matter is, they pay you the most (by a long way) and have the most 'prestige' attached to them (as far as IIMs/B-schools go). So does that mean that everyone should want it? I don't think so.
I think one of the biggest problem at the IIMs is that people want to do things not for personal satisfaction, but for ‘bullet points’ on their resume. They want to take part in competitions because they can add it to their CV. They want to join clubs 'cause they want to tell the companies they have team and leadership skills. They want to do things ‘cause their seniors tell them that it’s the ‘right’ thing to do.
Yes, the place is competitive. Yes, you want to earn a lot of money when you pass out of B-school. Yes, 'bullet points' might help you make that shortlist. But people forget that the thing they’ll remember (and cherish) abt college is not how they went abt getting their i-banking job, but the people they met and the fun they had. They’ll remember all the nights when they were partying with their friends late into the night and attending classes early morning the next day. Sounds too mushy? OK, let’s talk money. The most important ingredient of success (even if equated to money) is not a day 0 job, but networks. FULL STOP. And networks are built when you take the time to talk to people, bond with them. And that also means not *bitching* about the people who get a ‘better’ job than you!

Oh, I didn’t get an investment banking job:
I’ve seen people cry when they can't get into an i-bank. Don’t fall into the trap guys. 1) The i-banks will take only a limited number of people in, so it’s obvious that some will get in, and many will not. (The fact that is missed out in the entire hullabaloo is that this is true of every sector). 2) There *IS* life beyond i-banking. Every satisfied B-school pass-out is not an i-banker and every i-banker is not satisfied. Every rich person (that’s the criteria, right?) is not an i-banker, though most i-bankers may be rich. Look out there and notice that most of the people you hear about everyday are not in the banking sector itself, forget i-banking.

What do I do now?
I guess it’s very important to get into an IIM (and the placement process) with an open mind. Oh yes there are people who love finance and would fit into an i-banking job perfectly. But remember that you needn’t be one of them. If you have work-experience, I think it helps to an extent in determining what you want to do. But you still might not. And This is mostly true of people fresh out of college. I think the pressure gets to people in that a day 2 job is considered inferior to a day 1 job is considered inferior to a day 0 job. If you’ve discovered what you want to do, a day 2 job is as good as any day 0 job that is not in the sector of your choice. If you don’t know what you want to do, how does the ‘day’ come into the picture?! I’ve seen people who applied only to marketing companies or IT companies, coz that’s what they wanted to do. And most (all?) of such people get through a company in the sector of their choice. And all of them (I’ve seen several examples from IIT, so I can be sure) are certainly satisfied in life.

I hope this article saves some of you guys who’ll be getting into B-schools soon from undue stress. If nothing else, remember that the job you start off your career with is certainly not the job you retire with!

Best of luck guys.

Pari

[Mintzberg]

Hi PAritosh,

I think you are correct when you say that do not worry too much about the whole hype around something and not to follow trends blindly. Mostly people are disillusioned when they finally join the particular organisation, then they realise they r not made for it and have wasted their time & effort when they could have done something better. Anyways good to see that u pointed this oft forgotten point. And yes Congrats for the i-bank placement dude!!

[cool_techie]

Hey Pari,

Thanx man for your views, gyan from B-schoolers is always welcome. You mentioned about the IT placements and some guys applying only to them. Well, ther stories around the placements at top B-schools ALWAYS have investment and consulting firms in them. It seems that IT companies just do not go to these institutes, though I'm sure they would be. It would be great if you can give an idea about the IT companies visiting IIMB, the kinda profiles offered and of course, the salaries...

And does IIMB have MBA in Systems? What is the course content of a Systems? It would be great if you can give a fair idea of all these things, without taking too much time.

And congrats for your new job!

cheers!
--nagesh

[donB]

hey paritosh
that was a suprisingly candid admission and i do agree with your viewpoints. But then this is what the MBA rat race is all about i guess.

This is not to trample on the success of the people who got into their "Dream Companies".

[vaguefunda]

i am not in a B-school yet..... but "hopefully" after my CAT performance, i would be in one by June/July 2005....

abt me ..... IIT Kgp 2004... worked in an autmobile major... then a small consultancy firm...

why do i want to do an MBA ?
1. everyone else is doing it
2. the very necessary "bullet-point" in my CV is missing - i might even be better than some b-school dudes, but there is nothing to show for it
3. i wud hit a glass ceiling in ANY organisation i wud be working in (i will be working only in consultancies so thtz tht)
4. noone wud remember me for working a small consultancy firm. hell noone wud remember me for working in mckinsey even (unless ofcourse i become its 2nd Indian director) ..... but if i get tht $150k+ salary a LOT of ppl wud remember me

i might be an elite rat in the rat race.... but i am still a rat...... but then are we left with a choice if he have to prove to everyone else and to ourslves tht we hv been "succesful" in life ?

pari... commendable effort in trying to make everyone aware of the situation... but the fact remains tht u r in the position to "dispel all these notions" BCOZ u got into an i-bank.... u might like the position or might nt i dont know..... but in case u didnt, u still didnt have the courage to refuse the offer...... and most of us wud lack tht courage.......

[Phooka]

That is a really candid admission from a guy who is in the IIMs. I am a fresher like you Paritosh and i would agree with most of your observations. There is just too much stress on placements in all the B-Schools around the country. It seems to be the only reason that people get into B-Schools. What they forget is that it is an education. The ends are important, but the means are important too. People who get into top B-Schools know that they will get a good placement and yet there is such a cut-throat competition. What difference is a few thousand extra in your bank account going to make. Does it really matter whether someone is placed on day 0 or day 2 as long as he/she gets a profile of choice.

It is something which the B-School Junta as well as the aspirants should keep in mind. It is amazing how much you can get out of B-School education when you are not focussing solely on placements. Think about it !

[vaguefunda]

Originally Posted by Phooka

That is a really candid admission from a guy who is in the IIMs. I am a fresher like you Paritosh and i would agree with most of your observations. There is just too much stress on placements in all the B-Schools around the country. It seems to be the only reason that people get into B-Schools. What they forget is that it is an education. The ends are important, but the means are important too. People who get into top B-Schools know that they will get a good placement and yet there is such a cut-throat competition. What difference is a few thousand extra in your bank account going to make. Does it really matter whether someone is placed on day 0 or day 2 as long as he/she gets a profile of choice.

It is something which the B-School Junta as well as the aspirants should keep in mind. It is amazing how much you can get out of B-School education when you are not focussing solely on placements. Think about it !

but say there were no campus placements.... say ur CGPA had no effect on ur placements.... say having an MBA did not improve ur placement prospects...... wud u still be as interested in the "education" ?
honest opinions solicited.....

[ronniekher]

Originally Posted by vaguefunda

but say there were no campus placements.... say ur CGPA had no effect on ur placements.... say having an MBA did not improve ur placement prospects...... wud u still be as interested in the "education" ?
honest opinions solicited.....

see dude 1st things first....let's face it : education of any kind even if its matriculation, is undertaken cos we know that its gonna monetarily benefit us. this is true abt ppl undertaking MBA too

the pt here is, that an MBA gives a new direction to ur career. i was stuck in a rut for 2 yrs i needed an MBA to propel faster. and trust me, ppl who are in the s/w industry can earn loads of dough doing what they do best and making onsite trips where they earn a lot. but many move away from it and come do an MBA ... the reason being that they realise money aint anything, at the end of the day its ur satisfaction which is paramount. and thts the pt pari was tryin to make when he said tht why r u running after i-banks and big dollar jobs??? rather do what u r good at

dont wanna get philosphical but wherever u go there will be somebody richer than you...and there is nothing called enough money. then heck, might as well do something tht u enjoy

agreed tht i wouldn't have come here if MDI didn't gimme placements...but believe it or not rather than taking up one of those high-payin fin jobs, i wud rather take an IT thing which would pay me less no doubt, but then gimme immense pleasure. and thts the bottom line-don't let pay packets influence ur choice of a career

rgds
ronnie

[laddooh]

Originally Posted by ronniekher

the pt here is, that an MBA gives a new direction to ur career. i was stuck in a rut for 2 yrs i needed an MBA to propel faster. and trust me, ppl who are in the s/w industry can earn loads of dough doing what they do best and making onsite trips where they earn a lot. but many move away from it and come do an MBA ... the reason being that they realise money aint anything, at the end of the day its ur satisfaction which is paramount. and thts the pt pari was tryin to make when he said tht why r u running after i-banks and big dollar jobs??? rather do what u r good at

Encore!Can understand Ronnie's sentiments considering I worked with the same firm (and client) as him Most of my friends from engineering are STILL going to earn more than my starting salary after B-school thanks to umpteen onsite trips and annual job switches!
However,the thin red line differentiates them as code jocks and us as IT business managers

There are tons of people I know who switch their "dream company" daily as per the packages/profiles offered!Guess it's more important to have a dream sector and then target a logical hierarchy of dream cos. within your sector of choice.

e.g. for IT sector

1. MNC IT/Consulting firms
2. Tier 1 Indian IT cos
3. Good profile/package tier 2 Indian IT firms

Such an approach can lend amazing clarity and focus to us 2nd year B-school junta on the verge of final placements!

[Phooka]

Originally Posted by vaguefunda

but say there were no campus placements.... say ur CGPA had no effect on ur placements.... say having an MBA did not improve ur placement prospects...... wud u still be as interested in the "education" ?
honest opinions solicited.....

i am not denying the importance of placements. Yes, it is important, but it is no the only reason for which you are in a B-School .And education does not mean mere classroom education. The type of interactions you have, the extra-currics you are involved in, the networks , all of these are factors which add a lot to your personality and help in the future life. Life in a b-School is something very different from and Engg College.

And there are many positives which i want to get out of these 2 years. placement is certainly one of them. It may sound cliche , but in these 2 years i am looking forward to improving many aspects of personality, and getting to know many aspects which i didn't know existed. And no denying the importance of networks i will form here. That is my honest opinion