Increase in CAT applications: Market resurgence and Establishment of new IIMs noted to play lead roles
With the closure of the registration process of CAT 2015 on September 25, 2015, a five-year record-high of 2.18 lakh candidates have applied for the test. This is a significant increase when compared to last year as only 1.89 lakh students registered for CAT 2014.The credit for this incredible increment has been attributed to the better placement records witnessed last year, hope of economic revival and setting up of new Indian Institute of Managements.
"MBA applications mirror the broader economy given that applicants look at the job market before choosing a professional course. Since the 2008 financial crisis due to tighter and uncertain job market, candidates who were not sure of getting into a good institute were not keen to apply for CAT," said Gautam Lakhamraju, Director of marketing and admissions at Great Lakes Institute of Management in Chennai.
The center had approved the setting up of six new elite B-Schools which fueled hope among the IIM aspirants. After establishment of these new IIMs, the number of IIMs in the country will rise up to19. Each institute shall offer 140 seats for its MBA programme and the allotment of these seats will be made through CAT exam.
Former director of IIM-Bengaluru, J Philip said, "For most aspirants the new IIMs are a confidence boost. Those who used to miss a seat in an IIM by a few ranks will now get into a top management institute."
"Due to the economic slowdown, the on-campus recruitment in some of the average management institutes was affected. But in the last one year, the economy has started to recover and the result is reflected in better placements," said director of PSG Institute of Management in Coimbatore, R Nandagopal. "Almost all top institutes recorded 100% placements," he added.