Reality of 40 lakh Salary at IIM MBA/ISB/IIT🤯 (In hand salary vs CTC) -By Ex- BCG, ISB MBA
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- Опубликовано: 2 окт 2024
- Have you seen the 1 Crore package for IIT in newspapers' headlines? Or do you want to know the reality of the in-hand salary of 40 lakh CTC offered in IIM/ISB?
I have shared a step-by-step breakup of CTC offered in India and what is % in the hand of offered CTCs!
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About Shatakshi-
Shatakshi is Co-CEO of 🚩Global Governance Initiative (MBA program recently featured by Poets & Quants), an Ex- 🚩Boston Consulting Group, BCG, management consultant, a 🚩writer, and former public policy advisor in 🚩Tony Blair Institute for the Middle East region.
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She will be uploading daily content on 🚩career advancement (MBA, consulting) 🚩personal finance, and 🚩productivity hacks. Be sure to subscribe to the channel to get notified whenever she uploads the video.
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Have you ever heard that students from top institutions in this country are getting packages worth 1 crore? Or have you ever wondered why you are just earning 6-8 lakhs, but IIM/ISB/IIT students are earning 45-50 lakhs?
As a former BCG consultant and an advisor for the Tony Blair Institute, I can share the reality behind these packages. Taking into account my experiences, we will uncover the truth about the inflated CTC packages, their break up and the actual in-hand salary.
Culture of Inflated CTC
Let us begin by laying the foundation that these are not false CTC reports by organisations and MBA schools.
The companies do incur some costs beyond the in-hand salary that you get. This could be in the form of insurance, travel or other assets they provide to you. Thus, it is beneficial for the employer to inflate the CTC to attract higher quality talent towards them.
Similarly, it is beneficial for the B-schools to stay in tune with these high CTC packages to attract a better pool of students. For the same reason, individuals prefer to not share their actual in-hand salaries.
Components of CTC
2.1 Joining and Annual Bonus
At BCG, we were given an annual bonus based on our and the firm's performance. Similarly, you will get a joining bonus as well.
Back in 2019, after completing my MBA from ISB, I was given a CTC of 33 Lakhs. Out of this, 2 Lakhs was just by joining bonus.
2.2 ESOPs and Allowances
ESOPs are particularly prevalent in start-ups. Though, it will diminish the in-hand salary that you will get from the firm. ESOPs get encashed when you stay with the company for a long period of time.
It is basically a retention strategy followed by the employer so that you stay with the firm for a longer period of time.
2.3 Taxation
If you are employed at leading firms such as Amazon, BCG or McKinsey, you will fall into the 30% bracket in India. This too will diminish your in-hand salary.
However, due to the lack of taxes in Dubai, I saved a lot of my in-hand salary.
In-hand Salary of CTC
I shall begin by quoting some statistics here. If you join any organisation, 20-40% of your CTC will get eaten up by the 3 components we discussed above.
Now for the anecdote, when I joined BCG in 2019, I was given 1.5 Lakhs per month or 18 Lakhs per annum. This, of course, does not include my joining and annual bonus.
On a totally related note, 100X your chances to get in management consulting and Product Management, through GGI Impact MBA Scholars and Fellowship School where you are taught business from the lens of liberal arts and business strategy here-www.globalgovernanceinitiative.org/
My basic pay is 8892
HRA is 5862
Gross salary 14754
Then comes PF = 1067
ESIC = 480
Bonus = 771
Gratuity = 428
And then my CTC is 17500
Please tell me how much salary will I receive???
Hi Shatakshi,
CTCs are generally inflated in IT companies. In engineering colleges, Microsoft, Adobe show 42-44 lakhs CTC on paper but give around 20-22 lakhs in a year (without the tax deduction). After tax deduction, it gets even lesser. ESOPs constitute major part of the CTC which they get in 4-5 years of the span but quoted in first year CTC. That's why I find them quite shady and delusional.
SAME IS THE CASE WITH "PRODMAN COMPANIES" also in B-schools.
this is where goldman sachs excels
Yes Kundan ... you are bang on right
i know someone from microsoft she said 92k is inhand
Quoted not coated 😂😂.
Actually why Indian people quote CTC is mainly because in govt job has great charm and designation speaks louder than Cat where as in India private job is not seen very positive manner hence people speak out CTC to prove their worth.
I guess my father was the only one discouraging me from taking government job. He wanted me to take private job, do mba, save & invest money. Buy agricultural land. And then have organic farm. Explore the world. And I kept giving those miserable govt exams..
now backtracking my choices, he was correct. I am a spirituality oriented person, so now I get I need balance. While corporate won’t give me that, but it’s a good field to earn and save. And much better to transition from than government. Met many seniors who feel stuck in government, especially women who cannot take transfers as husband won’t allow it.
While at-least in corporate one can find options, it’s difficult, but doable
Watch from 6:27
The dichotomy with regards to the disclosure (read: flaunting) of salaries is more to do with how societies are structured. The USA or most western countries are developed countries with a robust social security system in place providing them a safety net to rely on in catastrophic times. This doesn't exist here in India. Your friends/relatives usually become your safety net in times of distress. It's a very inter-dependent relationship that we share with people around us in India which is also why relationships can often be of superficial nature because you're forming connections for some kind of convenience rather than truly connecting with them.
I heard for those doing MBA in HR, they don't have much of bonuses. For them in hand is quite close to CTC. Is this true?
Here in my field (merchant navy) it's tax free salary.....
I was rather curious about the quantity of tea in such a big cup! 😂
Actually CTC vs in-hand salary hold the very same ratio.
😂😂
Lol
Indian salary varies from sky high to very low . So the whispers when you strike it rich . Abroad , salary difference is much much less .so little whispers .
I thought MBA karleta hun but isse zyada CTC toh Btech mein mil rahi hai
Why would u bring tax component into computation?? Tax has to be paid by all even if earning 10 lakh salary.
Whatever the package is the way you behave with your money will be more important in future
Didi aap ke bahut sara video dekha... par maximum me lagta hy Chai/ Coffee cup empty hota hy 😂 ..
Whether a CA can go for management consultancy....what's your opinion..
Hi Shatakshi, 3 points.
1) Good efforts in the video
2) Neck tattoo is looking good
3) Next time put some coffee in the empty mug
Mam I've read many post on quora that Indian graduates get less salaries in Dubai than their american and european colleagues working in the same office & same position. Mam how true is this statement. Will an Indian & American associate would earn the same for same position. Please reply 🙏🏼🙏🏼🙏🏼
It is 100% true. Salaries based on which country passport you have
Don't shy away by sharing CTC ... Just tell the truth and then the problem will be solved.
RUclipsrs earn more money than iim ...
I am a specialist who is churning out 32 LPA fixed and got an offer from SPJIMR for their PGPM. Do you think I should take it ?
+1, were you able to come up to any conclusion?
No
her hands r moving like a frass here n there , still she didnt spill a single drop of chai... such a patient and calm chai
Shatakshi I need some suggestions from your end..where can I connect with you regarding some career suggestions?
Hi Shatakshi,
Could you please make a video on what are the options of wfh for mba graduates. Is there any scope? because i think many people are willing to continue wfh after the pandemic and it would be interesting to find you thoughts over it.
❤️
Why you look like a person who is actually gathered by the half population of product manager for your autograph
Shatakshi can you make something on private equity compensation in India
Thankyou Shatakshi for this session!
Always kept my ctc private specially with relatives..i dont want anyone asking me for money.
R u married?
I have heard successful and independent womens never get married, Is it true?
you can't generalise people by seeing few examples of such. She do has a boyfriend and will be marrying him in the future.
Mam why u every time come with the empty coffee mug
In order to manage the nervousness, may be.
Its half empty so my chai doesnt spill over, with my moving hands :)
Most genuine salary discussion video
Mam is HRA, DA too given at the end of the year?
Is Masters in Computer Science in demand or MBA in USA?
Yes ,but from good colleges and with best research paper and projects.
Bcom from ghatkopar has a very bright future
Is it green tea, black tea or our very owned desi chai?
Pls hindi me video's banyiye mm
I guess you already got 65 lpa package
Didi why didn't you include NIT
NITs are not close to IITs, even the placements are very average.
@@GetupandRise who told you??
Only top 5-6 IITs are not comparable rest all comparable to top 10nits average package in CTC in computer science or IT branch
And at the end who got 25lpa ctc and 35lpa ctc are living same life style because not much different in hand sallary
Mam How is MAsters in Finance from Rotmon School Uni. Of Toronto
Hi Shatakshi
How are you ?
Actually I wanted to ask questions regarding CTC if a person is already working in Big 4 at off shore model and at CTC of 20-25 lac as fixed compensation can they expect Higher CTC or better hike if they pursue program from ISB