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11 October 2007
Mumbai, India
Management Consultancy has emerged as the most popular sector amongst students of the 2008 batch of Indian Institute of Management (IIM) in Nielsen Campus Track–B School Survey 2007. Investment Banking (31%), Foreign Banks (24%) and Software/IT Consultancy/IT Service (24%) follow as the next most popular sectors for students from the six IIMs across the country.
MNC consultancy firms like BCG, McKinsey & Co., and Goldman and Sachs are some of the companies rated as the preferred prospective employers this year. McKinsey & Co. was rated by 40 percent of the students interviewed as their “Dream Company” to join.
Nielsen Campus Track B- school 2007 surveyed students’ perceptions about companies and their considerations as they evaluate prospective employers. 349 students from the latest batch of IIM due to graduate in 2008 were interviewed along with students from other important management institutes in the country.
“Management Consultancies have always been favourite and most sought-after prospective employees among management graduates, specially the IIMs. This can be attributed to their stamp value in the market, good job content in terms of contributing to strategic thinking and great pay package,” said Vatsala Pant, Associate Director, Client Solutions, The Nielsen Company, India.
In terms of the sector showing greatest promise for the future, “Retailing” tops the list with 39 percent students going for it, followed by Private Equity Investors (26%) and Investment Banks (24%).
“Retailing in India has been under the spotlight over the last few years with the development of FID, the entry of Indian Corporate banners into this ever-growing segment, the entry of multinational banners into B2B segment of Retailing, the entry into B2C with JV options and single brand entries etc.,” added Pant. “Along with these developments comes the offer of a variety of courses focusing on Retailing offered by Indian and International universities, talks by industry bodies like RAI, CII and even software companies about Bar Codes, RFID and a host of other subjects. It is a much sought after sector today and definitely has huge potential.” While retailers are yet to have any significant presence in the top 10 rankings of most preferred employers voted by students, this is likely to change soon.
Compensation
Aside from a good reputation and brand image, compensation is another consideration for the fresh graduates. As the Nielsen survey reveals, the average salary expectation for the IIM students from their “Dream Company” is close to Rs.19 lakhs, which is 30 percent more than last year. While the salary expectation from a local Indian firm is about Rs.14.2 lakhs, it almost doubled to Rs.27.4 lakhs when it comes to foreign companies.
Putting a handsome package aside, 47 percent of young and curious graduates expect to move out of their first job in less than three years in search of better career opportunities and higher compensation packages.
“This new generation of management graduates is bright, enthusiastic and confident. They have a healthy appetite for newer challenges and always want to discover unexplored territory. In the booming employment market of India, it is a major challenge for employers to retain talent.”
Source of information while choosing a prospective employer
IIM students depend a lot on their network of alumni when selecting their prospective employers. Feedback from the seniors (84%) and summer training experience (80%) emerged as the main source of information about employers. 72 percent of students also rely on Pre-Placement talks.
Profile of students in IIMs
Nine out of 10 come from an Engineering background. The average age of the student is about 24 years with 70 percent having work experience before joining the management programme.
In terms of their media consumption, almost all students surf the Internet on average around 40 hours a week with Google, Orkut and Gmail their favourite sites. Indian business and general interest magazines like Business World (64%), India Today (44%), Business Today (24%) are widely read on campus.
About The Nielsen Company
The Nielsen Company is a global information and media company with leading market positions and recognized brands in marketing information (ACNielsen), media information (Nielsen Media Research), trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in Haarlem, the Netherlands, and New York, USA. For more information, please visit, www.nielsen.com.
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