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IIM_6May_Panel_discussion_notes

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					                                   Panel discussion: Global fight for talent
                                      IIM Europe, 6th May 2006, London
Panel 1                                    Background
Anirban Roy                                American Express (Global)
Sonjoy Chatterjee                          UK CEO, ICICI Bank (India)
Vasant Naik                                Head Quantitative Market Strategies,
                                           Lehman Brothers, UK
Akshay Bhargava                            3i, Ex-CEO Progeon-Infosys

Moderator
Mudit Ravindrakumar                        Accenture UK (Corporate Development)

Panel 2: Summer trainees (Batch of 2007
Anuja Trivedi,                        IIM A 2007, Goldman Sachs UK
Mudit Mehta                           IIM B 2007, HSBC UK
Vivin Hegde                           IIM C 2007, Deutsche Bank UK
Siddhartha Bagchi                     IIM L, TSMG

Audience:
      Alumni across batches from the 6 IIMs - c. 70
      Summer interns from batch graduating in 2007 - c. 30

Panel Discussion 1: Global Fight for Talent

1.   Introduction – Placement 2006
        Placement stats (See annexure for details):
         o IIMA – 72 international offers accepted from 20 companies; 18 offers rejected in favour of India based roles
         o IIMB – 64 international offers, 18 in London. Highest package across all IIMs
         o IIMC – 70 international summer trainees from batch of 2007.
         o IIM Indore – 8 international.
         o IIM Kozhikode – best offers/students ration (423 offers to 133 students)
        Increasing trend for international companies to pick from IIMs directly for international roles.
        Beginning of a trend of students opting for India based roles over international due to faster growth potential

2.   Why do recruiters go to IIMs
       Vasant: Lehman’s IIM recruitment program began in 1998 and is now on autopilot. IIM grads have consistently
        over-performed at Lehman over their peers from other b-schools.
       Anirban: IIM recruits have picked 85% of Amex’s global performance awards
       ICICI: IIM people bring passion to their work and blend with the DNA of the company
       Akshay: There is great brand awareness of IIMs amongst the global multinationals (MNCs), though local UK
        companies are not aware of the IIM quality yet. For MNCs who have offices in India, going to IIMs to recruit is
        routine.

3.   Key qualities in IIM grads
       Passion
       Eagerness to learn
       Competitive
       Consistently high quality – due to the tough and rigorous Common Admission Test (CAT) process

4.   IIM development areas
     1. IIM grads further need to develop:
          o Social skills – competitive vs combative, team play
          o Entrepreneurial skills: build and run teams, build organizational processes, ability to take risks, create
               something new in unstructured situations
     2. Placement process needs to improve – can be maddening for companies with no assurance of their being able
          to see the candidates they shortlisted
     3. IIMs need to prepare for competition from grads of China and Eastern Europe MBA schools – these students
          are ambitious, good, and willing to learn (e.g., they are multi-lingual)
          IIM students tend to prefer international placements and focus too high on salaries offered. Greater experience
          pre-MBA may help set realistic expectation of job content and growth opportunities.

5.   Improvement ideas
     1. New courses to develop entrepreneurial skills. E.g. IIMB already offers some courses
     2. Organizations can provide a platform and better opportunities for developing new businesses. E.g., ICICI
         culture provides such opportunities.
     3.   Alumni association can facilitate interaction at appropriate forums - e.g. TiE (The IndUS Entrepreneurs) and
          YPO (Young President’s Organization) – which have leadership workshops and opportunities to work with role
          models
     4.   Patience – IIM students need to set realistic expectations of job content and growth, and focus on learning
          initially in their careers
     5.   Alumni association can facilitate interaction with alumni to build this perspective in fresh graduates

6.   Q&A
       Q: Views on proposed higher reservation at IIMs
       A: Reservation is a flawed concept as there can be no quotas for intellect. Instead of focusing on IIMs, where a
        miniscule % of population goes, India needs to life the bottom.

         Q: If IIM grads do not have social entrepreneurial skills, why do recruiters go there at all?
         A: IIM grads do have great learning abilities and passion, and they have consistently performed well in
          organizations across the world. In the current environment, some skills have remained underdeveloped – such
          as collaboration and group skills – but they can be developed.

         Q: What is the background of students at IIMs?
         A: Tend to represent a varied educational background – including engineering, arts, medical, and sciences.
          However, given the competitive nature of entrance test, there tends to be a larger proportion of engineers in a
          batch.

         Q: What differentiates IIMs from other b-schools? All international b-schools also have difficult admission and
          great students.
         A: Top 10% of other international b-schools are as good as IIMs. However, IIMs tend to have a better quality
          average across the base.

         Q: How can you stop the commoditization of IIM education as they compete with international schools?
         A: There is no commoditization of IIM brand or education – the ratio of IIM seats to total population of graduates
          is extremely small. In fact there aren’t enough b-schools in India and we could benefit from more IIMs.

         Q: Increasing international placements also indicate an increasing brain drain. Your views?
         A: Free market forces should determine and the best talent should choose where and how it wants to
          contribute. Regulation won’t help anyone. E.g., the current trend towards people going back to India after
          working outside, or students choosing an Indian job over international ones, indicate that free market can
          indeed work both ways.

         Q: Is the international recruitment at IIMs driven mainly by Indians at recruiting companies?
         A: This was true in the early years, but is not true today. E.g., this is not true at Lehman Brothers anymore.


Panel Discussion 2: View from the campus

    While there is an interest in international placements, there are an increasing number on campus focusing on
     entrepreneurial or alternative careers. E.g. 10 IIMA and 8 IIML grads this year chose to work for NGOs or other
     alternate careers, rather than go through traditional placements
    Students agreed that the current placement process is focused on getting as many people placed in 3 days as
     possible with not enough time to get a feel for jobs, which results in students taking risks on their careers. A more
     interactive longer process could help.
    Students could benefit from a better perspective to determine fit with a recruiting organization. Increased alumni
     interaction and discussions like this can help a lot.
    Increasing number of people on campus with work experience
    While the student community is focused mainly on placements and salaries, many of them also discuss important
     issues such as reservations, change in fee structure etc.
    All summer trainees seem to be enjoying their experience working for firms in London. They are also enjoying all
     that UK has to offer.
         Annexure: IIM Placement 2006 – Indicative stats

                             International placements              Companies                                                                  General
IIM                          72 (30%) accepted                     110 recruiters total                                                       510 offers to 241 batch (2.2)
Ahmedabad                    18 accepted domestic against intl.!   20 international recruiters                                                50 with starting of $100k
                                                                   27 new companies                                                           Highest: $185k
                             28 Europe                             Highest no of offers – Barclays (16 acceptances)
                                                                   Lehman Brothers (12 acceptances), Merrill Lynch (8), ABN Amro Hong         New sectors coming up:
                                                                   Kong (7)                                                                   BPO, KPO, travel and tourism

                                                                   Top consulting majors: McKinsey, Bain, Booz Allen Hamilton, Accenture,     138 Lateral offers – 38 accepted
                                                                   KPMG, AT Kearney and BCG all making several offers. McKinsey (8
                                                                   acceptances)


IIM                          64, 18 in London                      20 international recruiters:                                               $193k highest offer
Bangalore                                                          ABN Amro, Ameriprise Financial, AT Kearney, Bain, Barclays, Bearing
                                                                   Private Equity, BCG, Bloomberg, BNP Paribas, BP Singapore, Deustche
                                                                   Bank, Diamond Cluster, DPWN, Goldman Sachs, HSBC, JP Morgan,
                                                                   Lehman, McKinsey, Merrill Lynch, UBS


IIM                                                                89 Recruiters total                                                        505 offers, 249 students
Calcutta (Kolkata)                                                 Merrill Lynch, UBS, ABN Amro, Bloomberg, BCG, Credit Suisse, and           $152k highest salary
                             70 international summer trainees      Ameriprise, Johnson Electric.                                              72 lateral
                                                                   Consulting – 17 recruitments


IIM                          8 International                       Macquarie – Australia, Astro Malaysia, Deutsche Bank, Citibank, Standard   295 offers, 113 batch
Indore                                                             Chartered, ICICI Bank,                                                     2.61 offers/person
                                                                   Amex, ICICI Prudential, HLL.                                               5.5 offers/company
                                                                   NDTV, SET, Red FM                                                          Different companies – esp from A-Pac
                                                                   (TSMG), IBM, Atos Origin, CapGemini and Bristlecone



IIM                                                                97 recruiters, 48 able to have acceptances                                 423 offers, 133 batch
Kozhikode                                                                                                                                     48 PPOs offered

				
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