Yesterday’s edition of The Economic Times carried the following article (on Page 6):
Is biz school salary hype only a myth?
MARQUEE B-school grads are definitely the chosen ones in the job market. The starting salary is sky high, opportunities are abundant and the experience is global. Bluest of the blue chip global companies and investment banks queue up to sign on a handful of guys and girls with mind boggling eight figure salaries. The career of a fresh graduate definitely starts on a high note!
Thatâ€™s the marketing spiel or call it the myth. Now the rub: just a couple or perhaps four get that kind of salary. And its definitely not the the fresh graduate with no work experience to show who is taking home that cheque. Those who get the eye-popping salaries are students who have slogged it out in the corporate world for around a decade, in many cases. Also, the big salaries are usually for overseas postings with salaries quoted in dollars, euros or pounds. An overwhelming 95% of the B-school grads actually take home a more down to earth pay package. For the HR industry watchers about 80 % have to be happy with around Rs 6.5 lakh per annum or less.
When asked about the compensation neeneedof [Vinaya: I have no clue what that word means.] B-school graduates, K Sudarshan, managing partner, EMA Partners International told ET, â€œIn many cases these are dollar salaries converted into Rupees and thatâ€™s why they look bloated. Even at IIMs there are students who get between Rs 3.6 lakh to Rs 4.8 lakh per year. At lesser known institutes fresh graduates may not get more than Rs 2.4 lakh to Rs 4.5 lakh a year. People always talk about the one spike and that creates a myth of B-school salaries.â€ Dr Santrupt Mishra, director HR, Aditya Birla group agrees.
The same paper reported, only recently, the astronomical salaries being offered at the same B-schools, in headlines. I think it’s appropriate that the whole story be reported together, instead of in bits and pieces. I also wish that articles be atleast run through a spell-checker before being published. If you pick up any recent edition you’ll know what I am talking about. For a paper that claims to be the top business daily in India this certainly is a let down.