The placement season had started on a positive note at top business schools, including some Indian Institutes of Management (IIMs). But the salaries are not what the students were expecting. The demand for B-School graduates and the salaries they get is an indicator of the jobs market and also the potential increments existing employees at companies can expect. This year the maximum jobs offered and accepted so far have been in sales and marketing, banking, financial services and insurance, and consulting.

According to the reports, IIM-Lucknow has already placed its 435-strong graduating batch, did not divulge details of salaries, IIM-Rohtak said salaries this year have grown by 10.1% as against 12% last year.

The RP-Sanjiv Goenka Group-promoted International Management Institute (IMI) in New Delhi has seen a 4.5% increase in average salary this year as against a double-digit growth last year. The Indian Institute of Foreign Trade (IIFT), where placements are ongoing, has seen a single-digit salary growth as of now. IIFT, too, saw double-digit growth in average salaries last year.

Fore School of Management, another Delhi-based B-School, has seen a 5% increase in average pay (placements are ongoing).

“The average salary is not growing significantly across B-schools. Companies are hiring but the average salary may not witness a double-digit growth,” said Sanjiv Verma, the placement in-charge at IIFT. He said 70% of this year’s graduating batch at IIFT has been placed and he expects the others to find jobs in a week.

One of the professors said “Demonetisation and its impact on companies in the December quarter may be partially responsible but, overall, companies have become very conscious about the salary hike. Some are of the view that while recruiting from campuses, they need to be conservative.”

At IIM-Lucknow, while 26% of the jobs were for sales and marketing, 23% were for financials, and 22% for consulting. At IIM-Rohtak, first of the new IIMs to complete placement this year, sales and marketing jobs accounted for 45% of the total jobs accepted.

Thus far this year, start-ups haven’t been big recruiters on campuses. The schools named above listed Accenture, McKinsey and Co, Deloitte, the Boston Consulting Group, Goldman Sachs, J.P. Morgan and Chase, Standard Chartered, ICICI Bank, Citibank, the Aditya Birla Group, Amazon India, Hindustan Unilever, Apollo Munich, Wipro Ltd and Tata Administrative Service (TAS) among their top recruiters. Last year, several start-ups ran into trouble with engineering and business school administrators after offering jobs and then deferring them on account of adverse business conditions.