hey puys here are answers to few of your questions... 1) why doesn't icici hire people from IIM's or ISB? ans) if icici hires talent from iim's, it has to pay at least 12-15 lacs per annum to them and hire as management trainees and still it has to train them for the first year. so the first year these management trainees wouldn't be productive at all...and after the first year, these trainees would definitely expect minimal hikes.. guys hired from IIM's are very unstable, they switch over to other jobs for higher salaries.. I was part of the Bank Of America HR team and know abut the attitudes of people hired from IIM's and ISB.
2)why is icici looking for people like us? ans) icici will spend around 11 lacs on each candidate for the 2 years of study(7.2 lacs stipend, around 3.5 lacs to the NIIT university as icici is giving us a subsidized fee, note- 4.5 lacs is the loan and we have to repay it). after 2 yrs, icici will hire all of us for 15 lacs per annum, as we will work with that for 3 yrs, each yr we can expect at least a 10% hike.. in the second half of the 3 yr, icici will again lauch a global leadership program which we all need to undergo and sign a bond for another 2 yrs and we will get promoted with little higher salary too..in all aspects icici is saving lot of money and will regain its investment on us after we join as managers..
3) will these 7 yrs exp with icici pay its rewards? ans) yes it will, as we will have good amount of exp in the banking industry that too with icici and as now we already have more than 3 yrs exp.. at around 35 or 36(approximate) we will be at senior level positions... we can take GMAT and apply for executive MBA programs at world's top b schools with this level of exp..and we can keep hopes of getting admissions at stanford,harvard,insead etc etc.. now with the exp and the position that we have its really difficult to get an interview call even for an MBA program from these schools.. working with icici would be advantageous in long term too as we will be eligible to get into one of good b schools for exec MBA and then get a lift in our professional careers...
4) why is icici hiring people with experience? ans) it needs middle managers should be around 32 yrs of age and so hiring people like us to meet its criteria. and its advantageous for it as we have exp and we know business etiquette and they don't have to impart separate trainings to groove people in the corporate world..
Great information yaar.One of the best threads I have ever read in this forum.Great information yaar. Really this thread is very informative and solved most of my querries.Now am really in a stage whether wat do decide once I get selected.No matter puyz its better to take decision right now bcoz once u get the results out hardly u l be having any time to take ur decision and apply ur resignations and get relieved.So lets start our discussions in a rapid fire way and we l go for the best.
Hope your word comes true Punnet reg. results and we all get through it 😃 but we can't control our curiousity untill the results are out. I think if you are looking for top B-Schools then you must have appeared for CAT '11 and many other MBA entrance examinations and thr results are also out. So you can now decide well whether you shd give one more try to it or go ahead with ICICI program. One thing is for sure that you will be at a very good position after completion of this course both professionally and financially. My thought reg. this prog. is that though we are bound to serve ICICI for a total of 5-7 yrs (incl. 2 yrs course) but we are moving from our current technical tier to management tier. It's not only the package which matters, it's that you'll b promoted to Middle Management which without a PG is impossible in 2 years. And after work exp. in ICICI, u'll surely get good oppurtunity. I have live examples in front of me. My cousin brothers who did job in ICICI for 2yrs after MBA frm IIMC joined as VP in Morgan Stanley. Though it depends on your labour but your work exp. in ICICI does count v much. I am totally positive about this program. But Puys don't expect much hike (like 10% app. every year) or a nice promotion during the 3 yr job duration with ICICI. They will extract everything from you but still it's a Win-Win situation for us in any case. Don't give a second thought on the prog. and Go for it.
The thing which we are going to hate the most is that we'll have to forcibly pay the loan amount for 3-5 years inspite of having bank balance to pay it in one shot. That every month deduction of 10k till 3-5yrs will be painful. I am also having same notice period prb as most of u puys. I have switched my job just 4 months ago frm Infy to Capgemini, so it will be hard to convince my manager to leave early (b4 3 months notice). Moreover i got trng. for my current proj. in Hyd and i am supposed to train 3-4 resources under me here in Pune coz i am the only one here who knows abt it :P. If i decide to resign then my manager will be screwed up really badly and may not allow me to leave the project at any cost. So i am v much skeptical abt my resignation. Well, lets c wt's written in my destiny but one thing is for sure that i am damn serious abt joining this prog. Hope everything turns out in our favour Puys. ATB everyone
I am in a similar situation like yours.. shifted 6 months back from infy to my current job.. i am also skeptical how other things are going to turn out.. H.O.P.E for the best.. :)
The thing which we are going to hate the most is that we'll have to forcibly pay the loan amount for 3-5 years inspite of having bank balance to pay it in one shot. That every month deduction of 10k till 3-5yrs will be painful. I am also having same notice period prb as most of u puys. I have switched my job just 4 months ago frm Infy to Capgemini, so it will be hard to convince my manager to leave early (b4 3 months notice). Moreover i got trng. for my current proj. in Hyd and i am supposed to train 3-4 resources under me here in Pune coz i am the only one here who knows abt it :P. If i decide to resign then my manager will be screwed up really badly and may not allow me to leave the project at any cost. So i am v much skeptical abt my resignation. Well, lets c wt's written in my destiny but one thing is for sure that i am damn serious abt joining this prog. Hope everything turns out in our favour Puys. ATB everyone
ATB to you buddy and to all others too.
I am in a similar situation like yours.. shifted 6 months back from infy to my current job.. i am also skeptical how other things are going to turn out.. H.O.P.E for the best.. :)
I am still in Infy bhaio.. ... and u better kno they are strict with 3 mnths notification period..othrwise u hav to buy the no of days left to complete notification, if u hv decided to leave in between.. and thats wat i dnt want..!!
I am still in Infy bhaio.. ... and u better kno they are strict with 3 mnths notification period..othrwise u hav to buy the no of days left to complete notification, if u hv decided to leave in between.. and thats wat i dnt want..!!
I think I am the only one who is OK with resigning from company.
My company TCS is having only 30 calender days notice period.
guys one more info that i got from my bro-in-law who works as a manager with ICICI.. he said that if we get good grades in the 2 years of the training... we can get till 18 lacs package... while deciding the package icici will consider our performance in the 2 yrs and also the past exp... and one more thing ... the ctc whether its 15 or more than that...it will exclude the variable pay... CTC would include LTA, MEDICAL,PF,BASIC,GRATUITY..that's it....the performance incentive will be around 20% on the CTC....
hey puys here are answers to few of your questions... 1) why doesn't icici hire people from IIM's or ISB? ans) if icici hires talent from iim's, it has to pay at least 12-15 lacs per annum to them and hire as management trainees and still it has to train them for the first year. so the first year these management trainees wouldn't be productive at all...and after the first year, these trainees would definitely expect minimal hikes.. guys hired from IIM's are very unstable, they switch over to other jobs for higher salaries.. I was part of the Bank Of America HR team and know abut the attitudes of people hired from IIM's and ISB.
2)why is icici looking for people like us? ans) icici will spend around 11 lacs on each candidate for the 2 years of study(7.2 lacs stipend, around 3.5 lacs to the NIIT university as icici is giving us a subsidized fee, note- 4.5 lacs is the loan and we have to repay it). after 2 yrs, icici will hire all of us for 15 lacs per annum, as we will work with that for 3 yrs, each yr we can expect at least a 10% hike.. in the second half of the 3 yr, icici will again lauch a global leadership program which we all need to undergo and sign a bond for another 2 yrs and we will get promoted with little higher salary too..in all aspects icici is saving lot of money and will regain its investment on us after we join as managers..
3) will these 7 yrs exp with icici pay its rewards? ans) yes it will, as we will have good amount of exp in the banking industry that too with icici and as now we already have more than 3 yrs exp.. at around 35 or 36(approximate) we will be at senior level positions... we can take GMAT and apply for executive MBA programs at world's top b schools with this level of exp..and we can keep hopes of getting admissions at stanford,harvard,insead etc etc.. now with the exp and the position that we have its really difficult to get an interview call even for an MBA program from these schools.. working with icici would be advantageous in long term too as we will be eligible to get into one of good b schools for exec MBA and then get a lift in our professional careers...
4) why is icici hiring people with experience? ans) it needs middle managers should be around 32 yrs of age and so hiring people like us to meet its criteria. and its advantageous for it as we have exp and we know business etiquette and they don't have to impart separate trainings to groove people in the corporate world..
Can u plz tell us the source of above information or is it just an assumption.?? really it is kind of booster to those, who are still in doubt to join in this program...!!
i have got all the info that i have posted on the site from few of the experienced people at ICICI and also few people at the senior levels pursuing exec MBA at ISB... this info is really true..
it may look silly, if i ask a question knowing the fact that we already hav discussed many good features of this program- bt still asking,
Will this BLP be counted as normal MBA degree at the point after 7yrs (completion of bond/loan) where JOB req is like:
Req for ABC Post in XYZ company:- Experience req:- > 6-7 yrs (say) Qualification req :- Grad = BTECH/BE Post Grad = MBA in any domain Salary = something much greater than 15lpa (should b greater, than only people wil leave ICICI after 7 yrs)
see puneet...this program is specifically designed for ICICI...but it is not a regular MBA qualification that's given by B schools... but i don't understand why u worrying so much... once u gain the exp with the bank that too at a senior level...u will have lot of options later..like exec MBA, Phd,PostDoc from one of the top B schools in the world...
it may look silly, if i ask a question knowing the fact that we already hav discussed many good features of this program- bt still asking,
Will this BLP be counted as normal MBA degree at the point after 7yrs (completion of bond/loan) where JOB req is like:
Req for ABC Post in XYZ company:- Experience req:- > 6-7 yrs (say) Qualification req :- Grad = BTECH/BE Post Grad = MBA in any domain Salary = something much greater than 15lpa (should b greater, than only people wil leave ICICI after 7 yrs)
Regards
Hi Puneet,
I am sorry but I did not get you.I think u r assuming that after 7 years also ur salary will be 15 Lacs only (U r not considering any hike).
This is leadership programme and u r going to be peer or senior of people who will come from traditional MBA.
After 7 years nobody will ask about ur qualification and even if they will ask u have the degree of MBA in finance and banking from NIIT university.
I dont kno what u guys are thinking but experience matters most in any lateral switch.
I will give u one example- ST microelectronics is leading semiconductor company.They will recruiting only from top schools for technical openings.
They have B.Tech as mandatory qualification.
But they are so many who are working and doing very well in ST Microelectronics with only B.Sc. They have been recruited based on their experience.
Learning and maturity is always better in leadership programmes than that of college graduates.I have repeated this thing 100 times but I think people are having different view.
Just do some research on leadership programmes offered by blue chip companies and then compare the profile and career path with college graduates , u will get ur answer.
This is my personal view based on 2 years of my research.You can very well have different view. Thanks
