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LATEST
NEWS |
03rd
March 2010 / Times of India / Mumbai Edition
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 IIM grads ditch PSUs for pvt sector
As Hiring Picks Up,Hefty Pay Cheques Prove Irresistible
Bangalore: In a swift turning of tables, a recovering economy has brought finance and consulting firms back as hot favourites on B-school campuses. Whats more,many IIM grads who had opted for public sector units (PSUs) during last years sluggish recruitment scene,are now eying plum private sector jobs.
PSUs have normally been the last preference on campuses.But many students had opted for them in 2009 despite the smaller pay packages because of the security they offer. With major consulting firms and investment banks staying away from campuses,students hardly had a choice. In fact, last year,the placements went on for more than a week.To attract more of the best, PSUs had also increased pay packages.
But 2010 is different.With hiring picking up,it appears the PSUs were just stepping stones,and it is time for students to move on to corporate setups.For instance,Ashwin (all names changed on request), who did his major in finance in one of the IIMs,is working in the statistics department of a PSU. Its not really related to finance,and now he is keen to pursue a job in his field.Last year, there werent many finance firms stepping inside campus.Since I wanted a job, I grabbed a PSU,though the pay package was low.With the economy picking up,consulting and finance firms have opened their doors. Ive got some offers now and am set to move, he told TOI.
Ditto with Arya, another IIM grad. Working in a Delhi PSU, he was keen to pursue consulting. I love interacting with people and definitely want a fatter pay packet as I enjoy travelling, he said.Arya, too, is set to quit his PSU job and will soon join a global consulting firm. My salary will be over four times more, he said.
For many, it is the sheer joy of working in the private sector. Armed with an engineering background and a PG in finance, Ashwin feels his stint in a PSU will not help him pursue his long-term goal. Finance is my area of interest and I dreamt of working in an I-bank. With the economic slowdown last year, getting a job itself was a big thing.However, now I want to get into the finance sector, he added.
However, there are some like Sahil, who are content with a PSU job. The pay package and job profile fit into my area of interest. I have been handling international markets. I want to be here for at least a year.
PSU that visited IIMs last year |
SEBI |
NTPC |
Coal India |
IOCL |
ONGC |
BPCL |
Union Bank |
SAIL |
HPCL |
Bank of Baroda |
GAIL |
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Students who opted for PSUs in 2009 |
IIM-A |
IIM-B |
IIM-C |
IIM-I |
41 |
16 offers made |
30 |
65 offers from more than 14 PSUs |
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