The Six IIM Alumni Report 2013 – Part Three – Stats for Consulting & Banking

In part three, we examine the glamour domains that attract the best in the country towards a MBA. On our helpline Eklavya, these are the most asked questions – “Is my profile fit for Front-end IB?”, “What can I do to ensure I get into Strategy Consulting and only in the ‘Big 4’ ?” ,”Please suggest best colleges in India to do Consulting (not IT Consulting)” etc.

You can read last year’s report here on Consulting. Read last year’s report on Banking here .

Before we release the data, readers would do well to consider the following points in their own analysis:

1) Consider the number of graduating batches when you look at the numbers. IIM A and IIM C both have had over 45 batches of students who have graduated for the PGP programme. For IIM B that number is 38. At IIM L 27 batches have graduated and at IIM K 15. IIM I is the youngest of the lot with 14 graduating batches. Also consider the fact that up to 2006-07 batch sizes at most of these IIMs were less than 200.

2) The numbers below include the Executive PGP programme graduates and other courses offered by the IIMs in the recent times.

3) A lot of professionals within IT Consulting especially with less than 5 year work experience, do not clearly mention their domains on their linkedin profile. Our view is that the % of IT Consultants is more than what data suggests. We have consciously left out IT Consulting companies from the list. Despite that, almost 30% of the consultants in the list below claim to be operating in that space. Most of them are at Accenture, Deloitte and IBM. These companies have Strategy/Management consulting units too.

4) The numbers below includes all professionals who are alumni and even those with no dates in their profile.

Let’s look at Consulting first.

1) The alumni numbers suggest that the best 5 campuses for Management/Strategy Consulting are IIM A, IIM B, IIM C,  (in no particular order) followed by ISB Hyderabad in 4th position and by IIM Lucknow in 5th position. More on ISB in the non-IIM top business schools report to be released later in the week.

2) IIM K is the weakest among the old IIMs in the Strategy/Management Consulting domain (JBIMS is the weakest among top schools). IIM Indore is marginally better.  However, strength in IT Consulting ensured that traditionally more consultants were churned out by IIM K.

3) Although not at par with IIM ABC as in the case of FMCG, IIM Lucknow numbers are impressive especially at Mckinsey and BCG.

4) Accenture, Deloitte and IBM account for over 50% of the Consultants in this list above.


The table below talks about alumni stats in the Global MNC banks. The numbers below are a decent indicators but not conclusive to make definite observations. We suggest you take the numbers below with a pinch of salt for the following reasons:

1) It includes numbers from various back office subsidiaries of these banks. On LinkedIn, companies are not listed separately even though they different entities. For e.g. Citi numbers include Citi Financial Services, Citi India and Citibank, Bank of America Merrill Lynch numbers include Bank of America Continuum, Morgan Stanley numbers include Morgan Stanley Advantage Services etc.

2) It includes a lot of people in IT, Support and operations and have little to do with hardcore banking. Most of these professionals classify themselves as bankers on linkedIn. Now you could ask how we know that. We painfully went through profiles trying to dissect and understand. It was futile to classify functions as we did above in Consulting.

Some observations :

1) Goldman Sachs is to IIM Indore what P&G is to IIM K in the battle between the twins. However, the situation is likely to balance as Goldman Sachs has recruited for the last 3 years both for Finals and Summers at IIM Indore. MDI Gurgaon has a very impressive number of alumni at Goldman Sachs (better than IIM K and I).

Overall, the number of alumni from IIM I and IIM K at MNC banks is lower than at SPJIMR and JBIMS. However, the rate of progress at these two campuses is the most impressive in the country bettered only by ISB.

2) IIM Calcutta’s dominance in finance is clear. At UBS, RBS, HSBC and American Express the leads seems more definitive.

3) Standard Chartered Bank, Citi and HSBC have been and will always be the most important foreign banks with regards to number of graduates getting placed.

4) The number of J.P.Morgan alumni is relatively lower at IIM Lucknow. We believe it could be due to a refusal to accept middle office jobs that are offered at IIM K and IIM I.

5) We hope to see a fresh twist to this story next year as the RBI is expected to issue new banking licenses soon. Although the new banks will be Indian, we expect this development to affect the numbers here in a substantial way. It may also mean more hiring for the Class of 2014 🙂


From tomorrow, we will start releasing numbers for other top schools in India – ISB,XLRI,FMS,SPJIMR and JBIMS.


You may also like to read:

The 6 IIMs alumni report 2013 – Part 1 – Locations, Companies and Functions

The 6 IIMs alumni report 2013 – Part 2 – Stats for FMCG and Technology, E-Commerce and Telecom

The 6 IIMs alumni reports for 2012 – Part 1, Part 2, Part 3

The non-IIM Top Business School Alumni reports for 2012 – Part 1, Part 2


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We would have made such a statement about IIM I in banking but it is not true. Data suggests that it is not true. The gulf in management/strategy consulting between IIM K and others is far more than the gulf in banking numbers at IIM I vs. the others. Looking at current recruitment data, the strategy consulting scene at IIM K is unlikely to improve soon. It is something the IIM K placement team should focus on.

Majority of IIM K alumni in MNC banks are in IT and Support. You can do this analysis for yourself. For e.g. Search for IIM K alumni in Credit Suisse. And go through their profiles. All 5 alums are in Support or IT roles. It is a similar case for many other MNCs in that list. You are free to do an analysis yourself. IIM K also has great numbers at Citi. However, out of 23 only 8 are in Citibank India. Look at the profiles of the 15 working at 'Citi'. Now look at profiles for the 7 people at Citi/Citibank from IIM Indore. All of them are front end bankers.

The analysis in the above paragraph was to point out that we don't see a gulf between IIM I and IIM K for 'hardcore' banking and hence no reason to make a strong statement. If at all, It is possible IIM I is marginally better.

Please understand that it serves us in no way to favour a campus. We call it like we see it. Every observation made by us and it's wording is done after careful analysis. We are very sure about what we are saying because we have spent hours going through profiles.

We are waiting for more brickbats from FMS and JBIMS as we release more data over the weekend. But we call it like we see it.


MDI Gurgaon comes in the same bracket as some of the non-IIM schools mentioned I guess…and it is one of the older institutes (complared to an IIM-I or IIM-K for example). So it is expected to have a stronger alumni. It would be nice if MDI is included in that list.


All comments by Anonymous deleted and the specific IP Address/es have been blocked. Any attempt to malign will dealt strictly. We will definitely not allow it on our platform. You are free to rant or malign us on your personal blog or any other website you deem fit.


Respected Sir/Mam,
Don't u think institutes like MDI, IIFT, NITIE, SJMSOM (or atleast MDI & IIFT) deserve to find a mention in this awesome site? :O Considering the current scenario, they are in no way inferior to IIM-I, K, SPJ & many with I & K convert nowadays prefer MDI over them. Do u think u can add some more colleges to this prestigious list? :O


Not just I & K for MDI but some even leave SPJ for MDI.. I myself chose MDI over it (SPJIMR IM) a couple of years ago. By the way, just to take nothing away from them I'm sure enough leave MDI for I,K and SPJ too 🙂


Now that may be considered a stupid decision on their part. :p Leaving SPJ for MDI does'nt make any sense 😮
1) SPJain has a course fee of 10.5 while MDI charges 15+ from this year.
2) SPJain has a smaller batch size (240 TOTAL) when compared to MDI (330).
3) There are several top notch companies that visit SPJain but not MDI. Deutsche Bank, Citibank, Franklin Templeton, AMC, TSMG, TAS, FLIPKART, Texas Instruments, GE, Amazon, Microsoft, Google, Jumbo Electronics— to name a few while everyone knows that the Mrketing line-up is simply outstanding.

The only reason people leave I for MDI is it's gigantic batch size which makes the last 100 certainly ending up with sub-standard jobs while IIM-K, with the lowest batch size among the old IIMs, still failing to place the 322 odd students in an IIM-worthy job & being forced to call several start-ups to bail them out. Both these institutes boast of much bigger names in their placement reports than MDI, especially in Finance, Consulting, Gen-Man & E-Commerce fields.

No offence meant to MDI. I was the one who requested for MDI in the first place, so I don't think I will be insulting the same institute, is'nt it?


Well it actually isn't as stupid a decision as u make it sound so let me take you through the thought process of leaving SPJ for MDI
1) Yes course fee for SPJ has always been lower but when I did my MBA the fee wasn't 15 but 12 for MDI. SPJ was close to 10. Now considering MDI allows you all the flexibility in the world with regards to your specialization, consider it a premium you pay to buy an option. Finance says options always come at a premium 🙂 You may say u need to be sure of what you want to do before you start your MBA but believe me enough number of people start with thinking IB and end with marketing or e-commerce 🙂 Also as I mentioned my spec. in SPJ would have been Info. mgmt and with a strong (versatile) work-ex in IT I didn't feel a spec. in IT would add anything to my knowledge base. I also wanted to explore new things.

2) SPJ has a smaller batch size (240).. when I made my choice it was even smaller – 180 (45 in each branch). But that's beside the point. Agreed, smaller batch size makes for less competition and hence (possibly) better & easier placements but the way I looked at it – I wasn't afraid of competition. I have sat in many competitions in my life and by God's grace fared very well (including CAT) and I've never been rejected in an interview in my life (in all modesty, even now that I have completed my MBA – saving one interview :P) so I wasn't gonna shy away just to make things easier. In retrospect, I think I made the right choice as I have a very good general management offer in hand today paying quite well 🙂 .. better than the only one interview I didn't make it through 🙂

3) Yes there are all these top notch companies in SPJ. But only 4-5 companies in all that you mentioned don't recruit at MDI (Deutsche Bank & Franklin Templeton being 2 of them). I was almost sure I was not gonna join a financial firm/profile so that didn't matter to me. Mostly all companies that recruit at SPJ do recruit at MDI too.

Some add-ons that MDI has & SPJ doesn't, that tipped it for me. The exchange program. Oh yes, it's heaven and really a great opportunity to grow as a person, learn, explore and even network. There are even some great scholarships on offer that can almost make your trip gratis! I was lucky enough to get one and made some great friends and grew a lot as a person. It has changed my perspective about economics, politics, sociology and many things that matter in life 🙂 Also, I was lucky enough to make such good friends there that I'm currently working on a business plan with a friend there. I just hope it works out 🙂 (fingers crossed). All in all, a lot that I took away from exchange and MDI.

Finally, the campus. I went to SPJ for their immersion (the first they started in 2011) and I was disappointed to say the least by the infrastructure and again that tipped it for me too.So many nights I've spent in the tennis/badminton court at MDI. Finally the faculty strength is better at MDI too.

I know people look at MBA and think of plum job offers which is not wrong but I guess for me there were many intangibles involved in the deal and so my friend I'm not offended at all by you saying that it was a stupid decision but I really do not agree with you. 4-5 extra companies out of a 100 odd does not make any difference in my opinion. There's more to MBA than a placement.


Well wisher

One of the most convincing submissions I have ever read here. I wish every aspirant in this country thinks on these lines.


Why did you delete my comment!! I did not malign anyone … I just asked whether your strong negative view towards IIMK in consulting while giving a free pass to IIMI in banking was fair. I felt Indore was not sufficiently ahead of K to merit such a conclusion. You have deleted my comment while you have kept your response!
Also I made only 1 comment.

Well wisher

Virtually no options available for top-tier consulting jobs at Indore or Kozhikode.


These are alumni. This does not indicate options. There are a lot of school where historically companies recruited and hence have the alumni numbers but companies haven't gone to those campuses for the last 5 years. There is a difference between options for the graduating class and the number of alumni from those schools at different companies at this point in time

Well wisher

My comment was in the context of management consulting job options. As far as I know, it is usually the alumni that drive recruitment in the management consulting space. What you have pointed out is valid in case of those conventional jobs and I do not dispute that.