Working students, shortlisted by the Indian Institutes of Management for admission to this year's batch, are on the tenterhooks since many of them have put in their papers and are serving notice periods.
Around 3,500 students qualified the CAT and were called for an interview. Among them, an estimated 1,500 have work experience. If the IIMs do not put out the final list soon, students, serving their notice periods, could end up being jobless for a couple of months if they wait for the final list or opt for other B-schools.
For instance, Riaan Rodrigues, a 23-year old software engineer, who is serving his notice period with Tata Consultancy Services in Mumbai, is considering joining the Indian Institute of Foreign Trade (IIFT) instead of waiting for the IIM impasse to be resolved. He received call letters from five IIMs but he does not want to lose out on the chance of getting into IIFT. "If the IIMs do not release their admission list on Monday, I will have to send a draft of Rs 90,000 for admission to the IIFT, Kolkata," he said.
Other students are not that sure since they stand to lose the non-refundable deposits. Take the case of Saurabh Bhansali, a 23-year-old CA with Marico. He is serving his notice period with the company since he got calls from four IIMs and has already paid his first fee instalment of Rs 35,000. "If the list is not released soon, I will have to pay the later instalment of Rs 1.25 lakh (Rs 125,000) to secure admission," he said.
The IIMs, however, do not seem to be worried about losing out on prospective students. Says a professor from IIM Lucknow, "With IIM being a brand by itself, deserving students will wait and secure admissions at these institutes."
Professor Ambuj Mohanty, ex-dean, planning and administration, IIM Kolkata, said: "Considering the brand value of the IIMs, the students would certainly wait for these institutes to draw the admission list out."