Expect to hit the jackpot if you are studying post graduate management programmes at either IIM Ahmedabad, IIM Bangalore, or IIM Calcutta.
The average salaries of alumni, three years after they walked out of the three institutes, range between $109,000 (Rs 71.9 lakh) and $98,824 (Rs 66.2 lakh), according to an annual global survey.
These weighted salaries are among the highest in the world, says Financial Times ranking of 90 best masters programmes worldwide in 2016 from 25 countries, even though in overall ranking, the three institutes do not even figure in top 10. Only IIM-A is ranked 16th. IIM-B's rank is 19 (up seven compared to 2015) and IIM-C is ranked 23. The number 1 is the University of St Gallen in Switzerland.
But that's no dampener for the salary companies are willing to shell out to alumni of these three Indian institutes. IIM-A and IIM-B ranked 1st and 2nd among the 90 in weighted salary, while IIM-C came fourth.
The third position was taken up by St Gallen, with a weighted salary of $101,502 (Rs 68 lakh). (Weighted salary is today's salary - average of salaries three years after graduation - in adjusted for salaries between industry sectors).
But considering the case of the IIMs, that's quite a high return on investment (more than 300%) in just three years as compared to the fees paid -- between Rs 14.5 lakh and Rs 19 lakh for the two-year course. That's also way above what you can expect to draw if you pass out of, say HEC Paris (overall rank 2 and Weighted salary $89,793) or London Business School (overall rank 6 and weighted salary $78,156) after spending above Rs 26 lakh in fees, besides living expenses.
In fact, a closer look at the numbers reveals that weighted salary for IIM-A alumni went up by nearly $9,000 (Rs 6 lakh) from 2015 to 2016! The institute is also ranked number 1 in placement success. But here is the rotten part -- it scores 83rd rank in value for money (it didn't score well on parameters such as falling percentage of women students and international mobility and international course experience).For IIM-B alumni, the average salary hike has been even bigger than IIM-A at over $13,000 (Rs 8.7 lakh). The hike for IIM-C passouts is lower in comparison, at $ 5,860 (Rs 3.9 lakh).
According to Financial Times, the ranking is based on data collected from two surveys: one the participating business schools and the other of alumni who graduated in 2013. The ranking is in part based on how successful alumni have been in their careers, as reflected in the salary data.
This is however not the full picture since you may be wondering about the absence of Harvard Business School or Wharton School (surely their alumni must be making double of IIM passouts?). But American universities do not take part in the British newspaper's survey, except for the Arizona State University which was ranked at 82nd.
Of course, not all IIM alumni can bag these massive salaries. It's ridiculous. But what's the harm in bragging about your alma mater or being snooty during salary negotiations while job hunting!
Weighted salary ranking (FT Master of Management 2016):
Indian Institute of Management Ahmedabad- $108,511
Indian Institute of Management Bangalore- $106,047
University of St Gallen Switzerland- $101,502
Indian Institute of Management Calcutta- $98,824
Also Read: IIT, IIM, and IISC are the new temples of India, says Javadekar
Edited by Aishwarya Yerra