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- With a drop in IT sector hiring, recruitment in BFSI is rising in b-schools.
- LIBA recorded 39% hiring in the BFSI sector, followed by 21% in consultancies.
- GLIM also recorded 80 to 100 new offers rolled out by non-IT firms.
MBA placement trends have marked a change this placement season with the banking sector on the rise. Lack of profits, lay-offs and start-ups getting a cold shoulder from students have forced the IT sector to take a back seat in the placements while BFSI bagged maximum talents from different b-schools this year.
The Loyola Institute of Business Administration (LIBA) marked a rise in the number of recruiters coming from BFSI sector in the placement season of 2016-17. With the IT sector under pressure due to low-profit margins, there was a need to balance the number of companies coming from other domains, said LIBA Placements Chairperson, S Arockiasamy.
Here are some of the placement highlights of LIBA:
- The average CTC recorded at the institute this placement season was Rs. 9 lakh per annum.
- The highest salary offered during the placements was Rs. 14 lakh.
He added that in the previous years, up to 70% of the students were recruited in the IT/ITES sector. However, in 2017, the institute has maintained a balance with other companies hiring from different domains. A total of 60 recruiters hired students from LIBA and 14 out of these were new entrants.
The top recruiting domain of this year at LIBA was the BFSI (banking, financial services, insurance) sector that hired 39% of the students who appeared for the recruitment drive. This was followed by consultancies such as Deloitte, Kubos, Cerebrus, etc. that contributed up to 21% recruitment. 2% of the contribution was also made by the digital marketing sector.
Also Read: MICA's Report for Final Placement 2016-2017: Highest Salary Reaches Rs 56.03 Lakh
Commenting on the change in the placement trend, Arockiasamy said that more students are opting for the banking sector even though the IT sector pays better packages. He stated that the reason behind this is job security concerns in the IT sector.
Great Lakes Institute of Management (GLIM) also recorded a rise in hiring from sectors other than IT. 68 companies visited the campus and hired 344 students. 30 of these firms were first-time visitors. Maximum hiring was seen in consulting and core engineering sectors, however, 80 to 100 new offers at GLIM were rolled out from non-IT areas.
Also Read: IIM Alumni Reacted to IIM Nagpur’s Poor Placements Report
The college recorded a 20% drop in IT sector placements while hiring within the BFSI, consulting, manufacturing, pharma and oil and gas saw a jump. Companies such as Adobe, Tolaram Group, Daimler, Grant Thornton, GAVS Technologies, Shell, Global Consumer Products, JSW Group, Incedo and McKinsey hired from GLIM for the first time.
