New Delhi. In a serious development raising concerns of his well being, an IIM student has started believing that he would actually be getting the same amount of cash in hand as has been reported by media for being his annual salary. The 24-year-old student from one of the top IIMs (campus withheld to protect identity) bagged a job offer of 1.92 crore rupees as per media reports.
“Wow, that’s 16 lakh rupees per month, almost four times what my father earns in the whole year.” said Vikash (name changed), whose father works in the electricity board in Indore. Vikash would be working as an Associate with a leading investment bank in London.
An IIM student is expected to earn millions of dollars, if he can’t, he is a loser
Vikash is planning to buy a new house, five new air-conditioners and a new car, and would soon be proposing to that girl from his school, who is now studying fashion designing. He’s confident of leading a dignified life with his head held high, as he believes that he can soon earn an amount that will be sufficient for his family for an entire lifetime.
“Sorry HDFC, I don’t need your plans.” said Vikash, referring to the plea of HDFC Standard Life Insurance Company to insure life or leave back so much money after death that a person’s family can use it to meet their expenses and not worry about any other source of income.
But Vikash’s confidence and calculations have started worrying his friends and authorities at the IIM. They believe that Vikash has got carried away after being interviewed and reported by various media channels.
“We are really worried now. He might go into depression when he realizes that London is way too expensive city and and his salary includes non-cash, non-payable, variable, and one-time components, apart from an insurance component in his case which he is frowning upon. And then he has to pay taxes. Every IIM student knows it; don’t know what happened to him in the past few days.” said the placement coordinator of the concerned IIM.
Attempts by friends and authorities to dissuade Vikash from such massive future planning have come a cropper for the time being, but they are hopeful of pulling things back in time.
Meanwhile reports about Vikash bagging such prized job have instilled hope in many other IIM aspirants to rewrite their destiny.
“Clearly economy is recovering and jobs are back with huge salaries. I am so happy.” said Samir, a salesman attending evening classes to get into top b-schools.
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Good one! Was wondering when FN is going to come up with this. People who are interested in reading more about this, have a look here – http://www.pagalguy.com/2010/02/six-degrees-of-separation-between-chinese-torture-and-b-school-placement-data/
Indeed, FN is faster than the speed of light.:-)
As a IIM passout myself, I find this article too true to be a Faking News
Economy is recovering – What crap!
Well dude.. it may not seem a FN for a passout, but believe me.. these reports r indeed FN for us still inside..
I Guess, IIPM is still beyond of all this
The way blatant lies are projected in the media by these so called high profile MBA schools of India, Vikash’s story does not even seem hypothetical. Ethics does not seem to matter to these B Schools that monetary benefit takes precedence!!!
Lol ….very true ………only a fresh grad can b fooled into believing CTC/12 is equal to take home pay ……it only happens if u are from IIPM…..[:D]
the dollar should embarce THE EXCITED STATES OF AMERICA.
This is awesome indeed…
However, I know for a fact that often times the media prints reports without even contacting the institutes…
This is so true… im from IM* Gaziabad, got in hand cash component of 35 K’s…..which comes out to be 4.2 lacs p.a plus group term insurance of 10 lacs, mediclaim insurance of 1 lac and personal cover of 3 lacs and my college is quoting my salary as 18 lacs CTC…. Howzzat ???
You cant be serious. That is way too ridiculous
Very very true! Thanks for the post.
I am a student from one of the IIMs. Despite getting a good job, my parents and entire family are asking why my salary is not even a tenth of the 1.6 cr salary offered in another IIM. It’s indeed a sad story in this materialistic world.
Lol. Good one!
But seriously, if you break the median salary of Rs. 15 lacs down:
1. Remove the “bullshit component” of 33% (as suggested by the PG thread, the link of which was given by one of the earlier commenters)
That leaves you with Rs. 10 lacs.
Remove tax (assuming he invests in 80C investments) of 1.2 lacs.
Net in hand comes to around 8.8 lacs. i.e 73,000 per month. Still not bad, but this is what you get if you’re in the middle of your class.
All said and done, the IIM tag will get you places. People will listen to you (you can write unfunny fake news stories and get away with it :p), you can network easily, you can tap into your vast alumni network and get things done, and your parents can land you “better” girls when the time comes for marriage.
Besides, almost all profiles on the websites of investment banking and consulting firms are those with the IIM tag. Its surprising how pretty much everything corporate is headed by an IIM person. Excluding family run shows.
But i have a few things to ask/say:
1. Do those figures include guaranteed year end bonuses?
2. It would be interesting to see the compensation break-up of salaries industry wise.