Hyderabad ISB student offered 10 million annual pay
Apr 5, 2006, 18:40
A student of the Indian School of Business (ISB) in Andhra Pradesh was Wednesday offered a yearly pay of over Rs.10 million - the highest for any business school graduate in the country.
An Indian IT company has offered the highest salary of $233,880 (over Rs.10 million) to a student of the business school for an international assignment, ISB dean M. Rammohan Rao told reporters here Wednesday.
He, however, refused to divulge the name of either the company or the student. "It is not our policy to identify them. This will be a violation of their privacy," he said.
ISB saw four students cross the $200,000 mark, two of them women, in salary offers.
During this year's placements, which will end in two weeks, of the 345 graduating students at ISB, 328 opted for the process and only 10 are yet to accept any offers.
About 142 companies - both from within the country and abroad - participated in the race to attract the best of Indian brains. Forty-two students accepted foreign offers.
Many Indian companies also offered international postings to the ISB students who will formally pass out of the institute on April 8.
"With Indian companies offering global positions, we have reached a stage where Indian firms have become global and multinational companies," Rao said.
"Students are choosing pioneering roles in new industries. Money is important but it is not the only criterion. They are also looking at how they can grow in the job," he said.
The highest international salary this year was 29 percent more than last year while this year's average international salary was $120,700, 12 percent above last year, Rao said.
The highest Indian salary this year was Rs.3.03 million, up 44 percent over last year while the average Indian salary was Rs.1.17 million, 18 percent higher than last year.
Of the 19 percent women students at ISB, two crossed the $200,000 figure. One of them was offered the second highest international salary of $233,400 while the highest domestic salary offered to women was Rs.2 million.
"The women have broken the glass ceiling. They have been recruited for leadership roles," said Rao.
US realty firm Tishman Speyer hired Swathi Singh, 29, who had made a drastic career shift from the Indian Navy to real estate consulting.
"I wanted to go in for financial services but this is also exciting," said Singh who will join her husband in London in her new position. Her husband, an alumni of ISB, is already working for a leading IT company there.
International companies who came shopping at ISB campus included US Tech, British Petroleum and Mittal Steel along with Indian companies like McKinsey, Hindustan Level and ICICI.
Savita Mahajan, ISB's deputy dean, said that media and entertainment companies that came for placements included Anand Bazar Patrika, Global Broadcast News and HT Media.
The Hyderabad-based ISB, set up and run by the Indian industrial and corporate sector, has even broken the Indian Institute of Management's (IIM) record in attracting high salaries during placements.
This year IIM-Bangalore student Gaurav Agarwal had secured an offer of $193,000 (Rs.8.6 million) annual salary from Barclays Capital.
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