IMT Ghaziabad Adopts The Indian Placement Reporting Standards For Itself.

Online, September 29, 2011 (Newswire.com) - IMT Ghaziabad was part of the conclave held at IIM-A, where it was one of the first B-schools to adopt the Indian Placement Reporting Standards (IPRS) process, establishing itself as a leader in bringing about transparency, honesty and consistency in the reporting of placements figures by MBA institutes, thereby encouraging other B-schools to follow.

Speaking on what this means for students and what encouraged IMT Ghaziabad to adopt the Standard so wholeheartedly when so many other well-known B-schools have not been as enthusiastic, Dr. Bibek Banerjee, Director-IMT-G says, "Students view 'placements statistics' as one of the most important metrics when choosing between institutes. It is believed that not all corporate houses and institutes follow the same norms; this means aspirants are only really comparing 'apples' to 'oranges', which in turn leads to only a sub-optimal solution. Now, students can be rest assured that they are basing one of the most important decisions of their life on honest and true data. We decided to be at the forefront of accepting these standards, hoping other will also join soon."

B-schools adhering to the Standard will now have to report the minimum, maximum, mean and median of the fixed base salary and other guaranteed cash components separately for each sector and function. The Standard redefines the CTC (Cost to Company) salary communicated in placement reports to the Maximum Earning Potential (MEP), which clearly represents the compensation that includes performance-linked variable pay. B-schools will now also report summer internships numbers divided into those a) arranged by the B-school and b) those arranged by the students on their own; this will be further divided into a) those that pay a stipend and b) those that do not.

After the placement process is done with, B-schools will release an interim unaudited report to the public and the media. The standardised placement report will be released three months later, after the school updates the salary data with the actuals by getting the information from their graduates after they have joined the companies, and finally, the report will be audited externally. This will, in effect, be the precise or as-close-to-precise placement report of the school. The privacy of students and companies, however, will be protected in all public and media communication.

IMT has also been granted the rated 'Highest 'A * * *' and NCRA * * * rating by CRISIL - one of the most respected rating agencies with the most stringent norms; CRISIL will also audit their placement report under IPRS. "When CRISIL launched their institute offering, we said it's not just another rankings survey but a great opportunity to get our systems, processes, operations, etc., audited by an external agency and get an objective and independent viewpoint," says Dr. Banerjee.

Contemplating how the IPRS will now influence management education in India, Dr. Banerjee is of the opinion that, "If we are trying to create ethical and value-driven managers, the process has to start from within. IPRS will bring in transparency and honesty in reporting one of the most important metrics students use while making a decision. When I joined IMT Ghaziabad, I said that transparency was high on the governance agenda, and this will be the right opportunity for us to show that."

Adopting the process should bring in a new era in management education, especially in an age when placements are playing such a big role when it comes to choosing a B-school. Accurate data and honest reports translate into the fact that campus placements and salaries offered won't only be about brand image and hype anymore.
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