Does this make sense?

[jusarrived]

NEW DELHI: Brand IIT may have just got bigger. This year, for the first time, investment firms, which usually hire management graduates from Princeton, Wharton and MIT, were seen knocking on the doors of IIT Delhi to recruit engineering graduates for finance jobs.
The annual pay packages are in the range of $60,000-100,000 . the same amount that a Wharton or MIT graduate for the same position would be offered. Out of the batch of 450, about 25 have got offers from I-banks like Merrill Lynch, PIMCO, Deutsche Bank, Goldman Sachs, UBS and Lehman Brothers. Rachit Jain,who has got an offer of $100,000 from Pacific Investment Management Company (PIMCO), is elated.

"I had planned to do an MBA and only then was I expecting to be made such a lucrative offer. Had this not worked out, my career would have charted a different course.' Geetanjai Mittal, an associate with Merrill Lynch, said: "We usually hire students from MIT, Wharton and IIMs, and many of them have an IIT degree too. So this year, we decided that we might as well hire directly from IIT.' Students are essentially being hired for finance jobs . which have traditionally been considered the preserve of MBA students.

"An MBA degree is not mandatory for these jobs.What's actually required are number-crunching skills which are well-possessed by these engineering students," added Mittal.

What this also means is that many of these students have quit the idea of pursuing an MBA since it would be precisely for such jobs that they would want that degree.

Akhilesh Chaudhary, who has got an offer from Merrill Lynch, has dropped plans to go to IIM Bangalore where he had been selected. "I've been offered an annual package of $60,000, plus a $10,000 sign-on bonus and performance-based incentives, and I'll most probably be posted in London or New York. So this just changes my career plans,' he says.

Amit Aggarwal, who has been offered the position of an analyst at Merrill Lynch, says: "If I went into management after this, it would be because that would allow me to shift into finance. I had got a job with Google, Bangalore and after a few years of work experience, would have gone in for an MBA. Now all these plans appear to be pretty much redundant.'





wats the point of hiring engineering graduate's with no commerce background for mgmt jobs like I-bankin etc?

[jusarrived]

miggy,your thots on this !

[MIG]

I was thinking about it .... does seem strange but I can see the logic from the employers point of view - why get egocentric MBAs when you can get humble engineering guys who can crucnh numbers all day ? On top of that, Engineering students are dime a dozen now so maybe they are cheaper to hire ?

[jusarrived]

I article does say they are being paid as much as MBA's,so obviosly its not the costs which is making them hire engineers...but wud these guys be able to handle such jobs whithout knowing basics of economics? ...I mean, just reading news papers wont be enuf be a fund manager or a Investment banker!

[MIG]

Or could it be that Economists over estimate their own skills ? Remember IT folks used to do that but a simple tool such as Excel finished them off !

[Schiller]

Somethings off.

While, I admit that MBA finance is not really needed for that kind of stuff, I am not sure if engg students are the proper substititue. that said, perhaps these guys really are hired just to crunch numbers given to them upon formulae given to them.

[zushy_786]

Originally Posted by comma Somethings off. While, I admit that MBA finance is not really needed for that kind of stuff, I am not sure if engg students are the proper substititue. that said, perhaps these guys really are hired just to crunch numbers given to them upon formulae given to them.

I'm surprised as well, maybe the upper level management has finally lost it or they can't find the kind of workers to mold within the commerce program.....

[Officer Barbrady]

Originally Posted by comma Somethings off. perhaps these guys really are hired just to crunch numbers given to them upon formulae given to them.

That's right. Plus they have training programs that teach what they need.

[Schiller]

Originally Posted by Marooned That's right. Plus they have training programs that teach what they need.

still something seems off here.

[spongebob]

For me, they are going for future stars, in the hope of hiring them before their competition. Its a good strategy, as it may be much more expensive hiring these guys in the future.

[robosapien]

i think engg students can do a lot of things better than comp science/mba guys. personally i think mba is useless apart from mba with finance.

[Schiller]

now now, lets not knock mba off entirely in favour of engg, damned labourers

[robosapien]

Originally Posted by comma now now, lets not knock mba off entirely in favour of engg, damned labourers

we can do comp sc and mba stuff but reverse isnt possible

[Schiller]

Originally Posted by robosapien we can do comp sc and mba stuff but reverse isnt possible

indeed it isn't but in 4 yrs time, why not. its a matter of time. if mba was 2 and then you had 4 yrs to do something i m sure people could do engg. its not exactly hard science ;)

[robosapien]

Originally Posted by comma indeed it isn't but in 4 yrs time, why not. its a matter of time. if mba was 2 and then you had 4 yrs to do something i m sure people could do engg. its not exactly hard science ;)

but mba is masters not bachelors.
if someone is good at business, he can do without mba.

[Schiller]

Originally Posted by robosapien but mba is masters not bachelors. if someone is good at business, he can do without mba.

mba though masters is not very masterly, the only thing its still around for is networking. thats all that MBA gives you waisay. More than just education it hones you for a certain way of life kind of thinggy.

[robosapien]

Originally Posted by comma mba though masters is not very masterly, the only thing its still around for is networking. thats all that MBA gives you waisay. More than just education it hones you for a certain way of life kind of thinggy.

which doesnt suit me at all waisay.

secondly, i hate human resource deptts and they r full of mba ppl.

[Schiller]

Originally Posted by robosapien which doesnt suit me at all waisay. secondly, i hate human resource deptts and they r full of mba ppl.

we all hate HR. mba would make you a better man ive always said

[cavin420]

MBA is for people who are thick and dont have any other career options ....every aira ghaira nathu ghaira has done /doing MBA! take my advice lads do something constructive which pays unlike mba....;)

[sana]

this sounds very weird. BBAs n MBAs have a thorough understanding of the business environment. Finance is not jus based on calculation. instead of choosing engineers n teaching them all the all concepts of business, y not chose MBAs who r good at calculations n mathematics!

[cavin420]

i wonder what makes people think, MBA is all maths and calulations ? same with accountancy...........sure it may have some calulcations n maths but trust me 70% of the material ant calculations n maths!

and yes i think this is the way forward now...teaching engineers finance...and finance people MBBS and Doctors engineering ;)

[jusarrived]

Originally Posted by cavin420 i wonder what makes people think, MBA is all maths and calulations ? same with accountancy...........sure it may have some calulcations n maths but trust me 70% of the material ant calculations n maths! and yes i think this is the way forward now...teaching engineers finance...and finance people MBBS and Doctors engineering ;)

don strain your self!

No wonder u settled for serving tables

[cavin420]

Originally Posted by jusarrived don strain your self! No wonder u settled for serving tables

look whose talking..........................

table no 9 is waiting from the past 10 minutes where are you ? seems like somebody doesnt want tip from table 9 ;)

[jusarrived]

Originally Posted by cavin420 look whose talking.......................... table no 9 is waiting from the past 10 minutes where are you ? seems like somebody doesnt want tip from table 9 ;)

I just thot an engg doin finance job makes more sense than a waiter givin opinion on this topic...no hard feelings ok!

[ShowStopper]

Yes It does. It might look crazy at first then as the time goes by you will see a trend and it will become a normality.