IITB sees a 40 pc jump in hirings by fin sector

Updated on: Thursday, July 22, 2010

With improvement in the economic climate post-slowdown, the battered financial services sector has restarted recruiting and the year 2009-10 saw a 40 per cent jump in hirings by such firms from the prestigious IIT-Bombay, a senior official said today.

"All of them have recruited from us this year," Chairman of Placements at the Indian Institute of Technology-Bombay (IIT-B), Prof Ravi Sinha, told PTI when asked about the high-risk financial firms' recruiting. IIT-B students have received 70 offers from 11 companies in the financial sector this year.

"Last year, the numbers were 40 per cent less," Sinha said, clarifying that these jobs involve a high degree of a technology student's core competencies like mathematics, modelling, etc., and do not involve marketing or selling.

In spite of 'financial engineering' turning out to be a phrase with negative connotations as some say this caused the slowdown, students continue to show interest in financial firms, Sinha said, attributing the interest to the presence of alumni in such firms.

The post-slowdown period also saw an increase in interest from management consulting firms with over 20 companies making 70 offers. "Last year, companies were having a difficult time
and we saw only one student recruited per company from IIT-B but this year, each company has made 3-4 offers apiece," he said.

Overall, the institute located in Powai witnessed a 25 per cent growth in average salary offered to around Rs seven-lakh and over 80 per cent students getting placed, Sinha said.

Engineering, technology and process-oriented sectors continue to be the favourites with 230 offers, a distant second being the infotech sector with 136 offers.

IITB sees a 40 pc jump in hirings by fin sector

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