India's B-School grads now rake in the big money

The Christian Science Moniter reports:

ndian MBA salaries are now in the same range as those offered to grads of the top US business schools. In 2005, the average compensation of Harvard Business MBA grads was nearly $175,000, up 11 percent from the prior year. Stanford and Dartmouth MBA grads averaged $150,000 salary packages last year.

"Multinational companies," enthuses Bakul Dholakia, director of IIM Ahmedabad, "are now realizing that they've got to look at India - beyond Wharton and Harvard - for the world's brightest business graduates."

Indeed, many US firms have already recognized the value of Indian business school grads. The IIM alumni association for grads living in the US, founded last year, has 1,500 members.

Like their better-known American counterparts, Indian business schools are fostering prestige by setting a high admissions bar. Last year, for instance, out of 158,000 students who took the Common Aptitude Test (CAT), the entrance test for MBA aspirants in India, only 1,300 got into India's six IIM institutes.

You'll want to read the whole article.American universities have competition.