IIT-Bombay records 40% jump in hirings by fin firms

Last Updated: Wednesday, July 21, 2010 - 19:20

Mumbai: 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, said 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.

PTI



First Published: Wednesday, July 21, 2010 - 19:20

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