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University of Copenhagen
NEW DELHI, Jan 13 (Reuters) - When the MBA students at India''s top
business schools began their studies their future was full of promise as
But 24 months of study and a financial meltdown later, prospects are glum for
the estimated 120,000 business school graduates who will enter the job
"Everyone is scared," said Neha Verma, who is one of a crop of 20-something management
In past years, firms riding the wave of India''s economic surge would fight over the newly minted
talent produced by India''s prestigious business colleges as they scrambled for an advantage in a
Nowadays, jobs for graduates are drying up as India''s economy feels the pinch of the global
recession.
"The fact is there is a hiring slowdown," said Sudip Bandyopadhyay, chief executive officer of financial
While Reliance Money is recruiting for recently launched wealth management services, Bandyopadhyay
said his company is an exception in a bleak job market and slowing economy.
A survey by global staffing-services firm Manpower Inc says Indian firms are likely to slow their hiring
to a 3-½ year low in the first three months of 2009, further evidence the global economic slowdown
After growing at 9 percent or above for the past three years, India''s trillion-dollar economy, Asia''s
in October, the first year-on-year drop in more than 13 years, while exports and sales of cars and
Economists and government advisers expect growth for the fiscal year to the end of March to brake
sharply to around 7 percent, and the governor of the central bank recently said 2009 would prove
EMPTY CORRIDORS
In India, management and information technology campuses are usually a buzz of activity from
While students at premier academies such as the Indian Institutes of Management (IIM) -- the Ivy
League of the nation''s MBA schools -- may escape the worst of the downturn, job fairs at second-tier
"The ones who were expected to come have either deferred their visit or are not coming at all," said
25-year-old Abhishek Chaudhary, who studies at the Institute of Marketing Management in New Delhi.
Less than a dozen companies were recruiting at Chaudhary''s institute in 2008, down from 50 last
year, he said.
"Only 25 students from my batch of 120 have got offers," said Pawan Nahata, another management
student in India''s capital. In a normal year, everyone would have been snapped up by January, said
Nahata.
"Fearing a volatile environment and fast changing business scenario, many companies have not
decided on their numbers to recruit," said Munish Bhargava, placement adviser at the Indian Institute
Fearing the usual route to a comfortable career may not deliver, students are uploading resumes on
online job portals or are approaching employment agencies, while others scale back their salary
expectations.
DREAMS SHATTERED
London-based Mohit Mathur saved for three years to pay his way through a good B-school.
His dream came true when he was selected for an executive MBA at the Indian Institute of
Management in the western city of Ahmedabad, a prestigious business school that is sometimes called
early 2010.
"We might pass out either at the peak (of the financial crisis) or when it is close to ending," said
Mathur.
Some 290,000 candidates took the admission test to the top business schools in India in November,
compared to 230,000 in 2007, Indian media reports said. They were competing for just 1,700 places
Until recently, international investment banks were the flavour of the month and were hiring the best
"Students also were running after the large names -- the Lehman Brothers, Bear Stearns of the world.
Like all good gurus, teachers and academic staff are advising students not to panic and to knuckle
down to some serious work with the hope the economy will change for the better by the time they get
their degrees.
"It''s the best time to study," said Arvind Narasimhan, placement secretary at Delhi''s Faculty of
Management Studies.
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