B-school grad? You may be paid less this year
Live MintA Deloitte report recently highlighted a 33% reduction in campus placement budgets for 2023-24 when compared with the year before. While some IT service firms like TCS and HCL Technologies recruited from campuses, the overall sector did not need freshers in large numbers as their bench strength was sufficient given the current demand. While salaries in campuses have grown 5.2% CAGR over the past five years across various degrees, there has been a 33% cut in campus placement budgets in 2023-24 compared with the year before. The number of international offers from high frequency trading firms and global consultants has dropped due to the global economic slowdown. Further, the IT sector’s slowdown impacted not just engineering colleges but also B-schools due to muted hiring by global capability centres, IT services and product firms.
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