Visakhapatnam: Despite the enormous challenges posed by the Covid-19 pandemic, the final placement season of the Indian Institute of Management-Visakhapatnam (IIM-Vizag) has been successfully completed with 100 percent placements for the sixth consecutive year.
The Institute of National Importance also shattered its previous records to achieve the highest ever average package at 14.6 lakhs per annum (up 16% from last year) and the median at 15 LPA (up 25% from last year). The highest salary package stood at Rs 23.5 LPA, an increase of 13% over the last season.
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Director, IIM-Visakhapatnam, Prof M Chandrasekhar said that the industrywide recruiters reinforced their faith in the distinctive quality of IIM-V’s students. “They offered higher packages for coveted roles, pushing the annual packages northwards. The lucrative opportunities offered to the students are a good reason for celebration with the top 50% of the students receiving an average package of 16.7 LPA (up 11% from last year). The top 25% have got an average package of 18.07 LPA (up 5% from last year) and the top 10% have received an average package of 20.13 LPA (up 7% from last year),” said Prof Chandrasekhar.
“The Institute owes the success of the placement feat to the unwavering support of its esteemed recruiters, the effort and determination of its student placement committee, as well as the calibre and zeal of its students. Held on a rolling basis, the placement season witnessed over 75 companies participating in the process and making multiple offers with 40+ new recruiters offering roles across various domains, including consulting, strategy, finance, product management, sales and marketing, human resources, information technology and analytics, etc. There has been an overwhelming increase in the number of recruiters willing to partner with the Institute, which is an indication of the rapid strides it made notwithstanding the challenges posed by the pandemic,” added the IIM-Vizag Director.
Chairperson, career development services and alumni relations, Prof Deepika Gupta, expressed her gratitude to all the recruiters who have reposed their faith in the students. “With the economy slowly on the upsurge again, there are new and exciting opportunities that are unfolding, across sectors. It is a matter of extra satisfaction to witness the 2020-22 batch overcome the headwinds of the pandemic they sailed straight into, in learning, un-learning and re-learning things, and quickly adapting themselves to the new normal,” said Prof Deepika Gupta.
“The students mastered the science and art of dealing with online academic sessions and virtual placement processes. There are also companies travelling from far and visiting our campus, reflecting their keenness in recruiting our talent. It is really heartening that the batch has demonstrated great performance by breaking the records, besides achieving 100% results. It was a new learning experience not only for the students, but also for the Institute, in being resilient and responsive with reorganised systems, processes and infrastructure to counter the adverse effects of Covid-19. All that I can say is that we are prepared even better for the future”, said Prof Deepika Gupta.
IIM-Vizag Director Prof Chandrasekhar added that this is a perfect gift the students gave them on the eve of the New Year. “Competence and confidence of our students are a winning combination. Facilitating close-connect between what is needed and what is taught, our faculty cohort brought to bear on their teaching, a symbiosis of pedagogy and technology that the students gainfully leveraged. They have set a new benchmark of success. It will deepen the culture of aspirational performance in the Institute,” said Prof Chandrasekhar.
This year, banking, financial services and insurance sector (31%) bet big on new talent, followed by IT/ITeS (26%), consulting (25%), e-commerce (7%), manufacturing (5%), and FMCG (3%). The other sectors such as healthcare, construction, digital media, and education accounted for 3% of the total placements.