In 2023, newly established IIMs are at par with the older ones when it comes to placement of their graduating batch. Even then, management aspirants are reluctant to join them. Read the article to discover how new IIMs are on par with old IIMs when it comes to placement numbers but fail to compete with them when it comes to median salary.
In 2023, newly established IIMs are at par with the older ones when it comes to placement of their graduating batch. Even then, management aspirants are reluctant to join them. Read the article to discover how new IIMs are on par with old IIMs when it comes to placement numbers but fail to compete with them when it comes to median salary.
There were only 13 Indian Institutes of Management (IIMs) across the nation till 2015. In 2016 seven new IIMs were established across India including IIM Nagpur; IIM Amritsar; IIM Bodh Gaya; IIM Sirmaur; IIM Jammu; IIM Visakhapatnam; and IIM Sambalpur.
From 2016 till now, these new IIMs gained a lot of reputation. They earned recognition from the National Institutional Ranking Framework (NIRF). NIRF is a government-approved ranking system for institutes for providing higher education in India.
The new IIMs were able to show significant placement numbers just by 2017-18. More than 90 per cent of the students graduating in 2021-22 from these new IIMs were placed in reputable companies. This is a big achievement considering that many traditional business schools took decades to attain such levels of success. However, despite their great placement statistics, the median salaries offered to MBA graduates at new IIMs were not as impressive.
We at Careers360 have analysed the performance of the new IIMs individually and in comparison to the established IIMs.The analysis includes all the old IIMs established between 1961 and 1996, including IIM Ahmedabad (IIM A), IIM Bangalore (IIM B), IIM Calcutta (IIM C), IIM Lucknow (IIM L), IIM Indore (IIM I) and IIM Kozhikode (IIM K).
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The list of recently established IIMs was between 2007 and 2016, which include IIM Shillong, IIM Nagpur, IIM Amritsar, IIM Bodh Gaya, IIM Sirmaur, IIM Jammu, IIM Sambalpur, IIM Shillong, IIM Rohtak, IIM Ranchi, IIM Raipur, IIM Tiruchirappalli, IIM Kashipur, IIM Udaipur and IIM Visakhapatnam.
Almost all the IIMs provide placement to more than 98 per cent of the graduated students in 2021-22. Most of the students who opted for placement this year were duly placed. The students who were not placed in institutes like IIM Bodh Gaya and IIM Sirmaur opted for higher education.
Only two students out of 132 graduated students of IIM Visakhapatnam were neither placed nor did they opt for higher studies. Even institutes like IIM Trichy which placed around 95 percent of its graduates in 2020-21 made a significant move of placing 99.23 of graduated students in 2021-22. Two out of 259 students graduating this year neither were placed nor opted for higher education.
Though the placement percentage of IIM Visakhapatnam staggered 0.70 percentage points in 2021-22 from 2020-21. Still, the achievement of placement numbers of new IIMs cannot be minimised. The percentage points here refer to the difference between two percentage values.
The table below shows the percentage of students who were placed across a period of three years.
Placement Percentage Of New IIMs
Colleges | 2019-20 | 2020-21 | 2021-22 |
IIM Nagpur | 100 | 100 | 100.00 |
IIM Amritsar | 96.23 | 100 | 100.00 |
IIM Bodh Gaya | 100 | 100 | 99.46 |
IIM Sirmaur | 93.88 | 100 | 98.14 |
IIM Jammu | 100 | 100 | 100.00 |
IIM Sambalpur | 100 | 100 | 100.00 |
IIM Shillong | 100 | 100 | 100.00 |
IIM Rohtak | 96.55 | 100 | 100.00 |
IIM Ranchi | 100 | 100 | 100.00 |
IIM Raipur | 100 | 100 | 100.00 |
IIM Trichy | 94.54 | 95.2 | 99.23 |
IIM Kashipur | 98.79 | 99.62 | 100.00 |
IIM Udaipur | 94.92 | 97.86 | 100.00 |
IIM Visakhapatnam | 100 | 99.18 | 98.48 |
Taking into consideration the top management institutes which include IIMA, IIMB, IIMC, IIML, IIMI and IIMK achieved an impressive average placement rate of 99.90 per cent in the year 2021-22.
Comparatively, in the same year the new seven IIMs established in 2016 showcased an average placement of 99.66 per cent. For a clear perspective of our readers, out of 3118 students who graduated from the old IIMs in 2021-22, 3115 students were placed. Two of the remaining three students opted for higher studies and one neither received college placement nor opted for higher education.
In contrast, among the new IIMs, there were nine students from the graduating batch of 3300 who were not placed that were not placed in 2021-22. Five of these nine remaining students opted for higher studies but the other four still needed to be placed in college or went for higher studies.
Among the new IIMs, IIM Shillong provided the highest median salary. However, the other new IIMs have also progressed in providing median salaries in 2021-22 when compared to salaries in the previous year of 2020-21. But, this growth is quite slow.
The median salary of colleges like IIM Amritsar, IIM Bodh Gaya, and IIM Sirmaur hardly had an increase of 1.54 lakh, 1.68 lakh, and 1.40 lakh respectively in 2021-22 from the previous year. The jump in median salary of IIM Shillong from 17.5 lakh in 2020-21 to 22.28 lakh in 2021-22 is praiseworthy.
The table below shows the median salary in lakhs of all the New IIMs in three years.
Median Salary In Lakhs Of New IIMs
College | 2019-20 | 2020-21 | 2021-22 |
IIM Nagpur | 12.8 | 13 | 15.42 |
IIM Amritsar | 11.5 | 12 | 13.54 |
IIM Bodh Gaya | 11 | 10 | 11.68 |
IIM Sirmaur | 10.5 | 10 | 11.4 |
IIM Jammu | 10.64 | 10 | 12.75 |
IIM Sambalpur | 10.5 | 10.35 | 12.42 |
IIM Shillong | 17 | 17.5 | 22.28 |
IIM Rohtak | 13 | 13.74 | 16.06 |
IIM Ranchi | 14.55 | 14.65 | 15.46 |
IIM Raipur | 14.78 | 14.8 | 16.95 |
IIM Trichy | 14.5 | 14.6 | 16 |
IIM Kashipur | 12.54 | 12.72 | 14.82 |
IIM Udaipur | 12 | 13 | 16.5 |
IIM Visakhapatnam | 12 | 12 | 15.46 |
The placement percentage of the new IIMs was on par with the old ones in 2021-22. But a stark difference can be observed when the median salary of both sets of colleges is observed. The median salary of most of the old IIMs is almost double the median salary of the new IIMs. The average of the “median salaries” of the six old IIMs in 2021-22 is 28.68 lakh which is 13.63 lakh more than the average of the “median salaries” of new IIMs in the same year.
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In simple terms, the median salary indicates that half of the candidates make less than this amount and the other half make more.IIM Shillong is the only recent IIM that provides a median salary of 22.28 lakh, 1.81 lakh less than an old IIM- IIM Indore.
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Providing placement should not be the endpoint for the recently established IIMs. It must also work on the salary packages it provides to graduated students after placement.
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