Salary is probably the only topic that inevitably comes up in every discussion with friends. Everybody wants to know what everybody else is earning these days. Whats their “Market Salary”?
Unfortunately, there is no structured way to know that. The only way to get that information is to ask peers who have switched jobs recently. That’s obviously not the best way to do it. There is a limit to how many people you can ask this. And they might be in a different industry or role.
At iimjobs.com, we decided to conduct this study to understand the trends in compensation of MBAs from premier busienss schools in India. We conduct this survey every year to help professionals benchmark their salary against their peers in the Industry.
The survey was administered from May 16 to 31, 2010 with over 5600 MBA graduates sharing their salary data anonymously. We made sure that we didn’t collect any individually identifiable information to maintain confidentiality during the whole process. The data was then tabulated based on area of specialization and years of experience. The areas being covered as part of this survey are – Finance, Marketing, General Management/Consulting, and Systems (IT).
Salaries grew fastest at 12.7% for professionals working in IT sector, taking them closer to their batch mates working in Finance and Consulting. Average salary for MBAs working in IT sector was observed to be 12.9 lakhs for 3 to 4 years of experience and 17.3 lakhs for 5 to 7 years of experience.
Sales & Marketing Jobs saw 11.8% growth in compensation this year. Average salary for MBAs working in Sales & Marketing was observed to be 9.8 lakhs for 1 to 2 years of experience, 13.6 lakhs for 3 to 4 years of experience and 18.1 lakhs for 5 to 7 years of experience.
Average salaries in Finance Jobs was observed to be 11.5 lakhs for 1 to 2 years of experience, 14.3 lakhs for 3 to 4 years of experience and 19.6 lakhs for 5 to 7 years of experience.
Average salaries in Consulting Jobs grew around 7.6% and was observed to be 11.5 lakhs for 1 to 2 years of experience, 14.7 lakhs for 3 to 4 years of experience and 18.4 lakhs for 5 to 7 years of experience.
We also collected attrition data this time. Attrition rate was observed to be highest at 13.6 % for Finance graduates with 3 to 4 years of experience. It was lowest at 6.9% for professionals in General Management/Consulting. Average Attrition rate was 11.2%
What do you think? Please comment.
Tarun Matta is the founder of iimjobs.com – an exclusive job portal for MBAs from premier business schools in India.