Consulting and finance companies defer campus hiring alike IT companies

Although the improvement in economy is getting visible but still it is not enough for the companies to hire a big group. The major consulting and finance companies like McKinsey and Royal Bank of Scotland like the IT companies have postponed their hiring plans for up to six months. Nasdaq-listed IT service provider Cognizant has also taken the same decision.

Earlier these companies had hired the B-school students during the placement season in February-April.

The consulting giant McKinsey has postponed the joining dates of students of the Indian Institute of Management, Calcutta (IIM-C), by three to six months. However the institute informed that company is paying students’ part of their monthly salary to retain them. IIM-C 40 per cent of the batch of students have got placed in finance and 21 per cent in consulting.

According to the sources at the Indian Institute of Management, Bangalore (IIM-B), the McKinsey Company and Royal Bank of Scotland have postponed the joining date to between October and December from June.

A professor from IIM-B informed, “A few students have already taken up short-term projects rather than wait for a final call from the companies. This trend, however, raises concerns for placements in 2010”.

Out of the 250-student batch at IIM-B around 25 per cent of the students have accepted the positions in consulting. The other sectors in which number of positions being offered includes: finance 29 per cent; marketing 16 per cent and general management 16 per cent.