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ISB struggling to justify its fees

With jobs tough to come by owing to the recession, the Indian School of Business is struggling to show value for money to its students.

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With jobs tough to come by owing to the global economic recession, the Indian School of Business (ISB) is struggling to show the value for money to its students.

The institution, which charges Rs 15 lakh (Rs 16.5 lakh for the new batch) for a one-year post graduate programme in business management, has so far failed to meet the aspirations of the students who had joined the course with high hopes of taking their career to the next level.

Of the 437 students in the class of 2009, it is believed that only about 250 have secured job offers.

Though the officials of ISB said the institution, which has been ranked 15th among the top business schools in the country by the Financial Times, is doing all that it can to place every single student passing out, the students have remained a disappointed lot.

“Ours is both an unfortunate batch and a lucky batch. It’s unfortunate because we are not able to pass out with offers on hand like our earlier batches. We are fortunate since we are having a first-hand experience of the financial crisis and will be mentally prepared for challenges whenever we get into our assignments,” said a student, who passed out of the ISB on Saturday.

Even for those who could secure the offers, the average salary levels are said to have taken a plunge. While the average salary last year is said to be Rs 18-20 lakh per annum, this time the average is Rs 11-13 lakh.

The slump in the real estate, IT and financial services sectors is believed to be the reason for the slowdown in job offers. “Last year’s scenario was different. We had several real estate firms, IT companies and financial institutions hiring people. This time, these three sectors have taken a hit due to the global meltdown. So, the number of offers is obviously very low,” a source tracking the placements at the ISB said.

In 2008, for instance, for the class of 421 students, there were about 660 job offers. Of these, about 280 offers came from the real estate, financial services and IT sectors.
The ISB’s management is asking the students to be patient and wait for a right offer.

“These are challenging times for the industry and obviously the effect is on placements. The impact is more on experienced, lateral hires than on freshers. 

It’s definitely more difficult this year. To handle the placement situation, we have set up a task force to find right opportunities for the students,” the ISB dean Ajit Rangnekar said.

Rajat Gupta, chairman of the board of the ISB, too said that there is nothing for anyone to feel down. “I am sure things will happen,” Gupta said.

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