Master’s Union Placements 2023: Average Salary up to Rs 34.07 lakhs; McKinsey, Bain, BCG amongst top recruiters

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Amit Agnihotri
Columnist & Author,
Updated on November 20, 2023
Masters’ Union Gurugram PGP TBM Placement 2023 Report, released on November 20, 2023, has again stirred the hornets’ nest as it has reported an Average Salary for the 2023 batch at Rs 34.07 Lakhs per annum. While the IIMs and other Top B-schools are yet to release their Placements reports, this Masters’ Union Gurugram Placement is expected to put them amongst the Top B-schools in India.
Masters Union Placements 2023

Masters’ Union Gurugram PGP TBM Placement 2023 Report Highlights

Here are the key highlights.

  • The average CTC is Rs 34.07 lakhs, the median is Rs 32.18 lakhs, while the highest stood at Rs 57 lakhs. These salary figures represent a marginal increase in over the last year.
  • About 20% of Masters’ Union students will join in Founder's Office roles at companies like Zerodha and Unacademy.
  • Consulting firms (BCG, Avalon, PWC), large financial institutions (Citi, Aditya Birla Capital, JM Financial), large tech companies (CISCO, AMD, ServiceNow), top startups (CRED, Zomato, Zepto) are key recruiters.
  • At BCG, Masters’ Union witnessed a PPO conversion rate of 75%, which is among the highest in the country

In a move to bolster the credibility of placements report, Master’s Union has engage Brickworks Analytics to audit its report. IIM Ahmedabad too uses Brickworks Analytics, a Bangalore-based company, to audit its results using Indian Placement Reporting Standards (IPRS). Master’s Union placement report dated November 25, 2022, prepared and signed by Ritaban Basu, Head - Risk & Analytics, Brickworks Analytics, confirms an average salary of Rs 34.07 Lakhs per annum.

Masters’ Union PGP Placement 2023 Report: Salary Highlights
The average CTC at Masters’ Union for PGP Placement 2023 is Rs 34.07 Lakhs, while the median salary was is Rs 32.18 lakhs. The highest salary stood at Rs 57.0 Lakhs.

While these salary figures are commendable, as evident from the table below, they represent only a marginal increase in over the last year.

Masters’ Union PGP Placements: 3 Year Trend

Avg. CTC
Rs 34.07 lakhs
Rs 33.1 lakhs
Rs 29.12 lakhs
Median CTC
Rs 32.18 lakhs
Rs 30.92 lakhs
Rs 29.5 lakhs
Highest CTC
Rs 57.08 lakhs
Rs 64.15 lakhs
Rs 45 lakhs
Top 25% Avg. CTC
Rs 44.67 lakhs
Rs 44.52 lakhs
Rs 41.14 lakhs
Bottom 25% Avg. CTC
Rs 22.35 lakhs
Rs 20.02 lakhs
Rs 19.38 lakhs
Middle 80% Avg. CTC
Rs 34.09 lakhs
Rs 33.73 lakhs
Rs 28.76 lakhs

To be fair, these relative numbers should be seen amidst the global turmoil and slowdown in startup funding. Acknowledging the same, Pratham Mittal, Founder of Masters’ Union said, “The 2023 placements season has been intense, to say the least! With the global downturn, the Cohort of 2023 has had to put in twice as much effort & and they have made us immensely proud.” 

Masters’ Union PGP Placements: Salary by Sector
Technology companies are the highest paymasters at Masters’ Union. Large Technology companies have paid an average salary of Rs 37.38 Lakhs amongst all sectors. Emerging technology companies are the next highest paymasters at Rs 34.90 Lakhs.

Average Salary by Sector
% Offers
Avg. CTC
Venture Capital
Rs 30.29 lakhs
Rs 33.18 lakhs
Finance & Fin tech
Rs 34.60 lakhs
Rs 33.64 lakhs
Emerging Tech
Rs 34.90 lakhs
Large Tech
Rs 37.38 lakhs

Consulting and Strategy sector is the highest paying sector.

Average Salary by Roles
% Offers
Avg. CTC
Founder s Office & Chief of Staff
Rs 34.76 lakhs
Consulting & Strategy
Rs 35.79 lakhs
Product Management
Rs33.26 lakhs
Rs 32.76 lakhs
Rs 34.00 lakhs
Rs 33.21 lakhs
Rs 32.06 lakhs
Rs 25.65 lakhs

Masters’ Union PGP Placements: Top Recruiters
Top Recruiters for the PGP Placements at Masters’ Union include Consulting companies, Venture Capital firms, Technology companies and leading companies from the Financial Sector.

Leading Recruiters*
Consulting Companies
McKinsey, Bain & Company, BCG, Oliver Wyman, Accenture, Samagra, EY, Deloitte, PwC
Antler, Waterbridge Ventures, GrowX, Stride Ventures, Physis Capital (IPV Ventures)
Finance & Fintech
Citi, Aditya Birla Capital, HSBC, CRED, ICICI Bank, Pine Labs, JM Financial, Zerodha, Jodo, Razorpay
Large Tech
Google, AMD, Microsoft, CISCO, Tata iQ, Eightfold, Fractal Analytics
Consumer Tech
Zepto, Mamaearth, Cipla, Cars 24, Zomato, Cricbuzz, PhysicsWallah

* Partial List

What explains these stellar Masters’ Union Placements?
To understand the reason, last year, interacted with top management and reviewed internal documents. A document that particularly helped us understand the strategy was Masters’ Union Placement Student Handbook. This 60-page booklet, which is updated regularly and draws inspiration from Harvard Business School Placement Handbook, reflects the radical view that top management has on MBA placements and outlines the strategy that is pulling Masters’ Union Placements to the top. Read more.