Fidelity offers Rs 11.5 lakh to IIM-A grad

The US-based Fidelity Inc, one of the largest global mutual fund companies, on Friday offered the highest (Rs 11.5 lakh a year) salary to an Indian Institute of Management-Ahmedabad graduate for domestic placement. Microsoft came second with Rs 10 lakh (Rs 1 million) a year offer.

Fidelity is planning to enter the Indian mutual funds market. Over 20 major corporates took part in the "day one" placement process, offering employment to most of the 250 management students of the 2003-2005 post-graduate programme.

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For the first time, the Singapore-based National Kidney Foundation came to the campus to hire IIM-A graduates. The IIM-A and the NKF have recently signed a memorandum of understanding for starting a management course on non-profit organisations in Singapore.

Though IIM-A Director Bakul Dholakia and placement co-ordinator Rekha Jain were not available for comments, sources said there had been a significant rise in the salaries offered to the IIM-A graduates.

Monday will be the second and last day of the placement process.

Along with NKF, Bank of America, Development Bank of Singapore, ABN Amro, British Gas, General Motors, Accenture, Hindustan Lever Ltd, Standard Chartered Bank, ICICI Bank, ICICI Prudential, JM Morgan, Procter & Gamble, Tata Administrative Services, Tata AIG, Kotak, Pricewaterhouse Coopers, Glaxo Smithkline and GM Treasury showed keen interest in picking up IIM-A graduates.

Interestingly, while multi-national banks along with Indian private banks like Kotak Mahindra Bank and ICICI Bank have made a beeline for hiring IIM-A graduates, there are no signs of nationalised banks, which, according to industry sources, are planning to pick up graduates from lesser-known business schools.