How Much are Professionals Making in India?
Medical author: Dr. Rohini R
*Data from Michael Page Indian Salary Trends 2020-2021 – which is available form the company at request. This covers most of the professional salaries. For the entire, more detailed list, you may google “Michael Page Indian Salary Trends” and send the company a request to receive the same.
SALARIES IN BANKING AND FINANCIAL SERVICES
| Role | Minimum annual salary in Rupees | Maximum annual salary in Rupees |
| Private equity and venture capital | 25 to 50 lakhs | 5 crores |
| Tier 1 investment banking | 45 lakhs | 2.5 crores |
| Tier 2 Investment banking (Domestic) | 20 lakhs | 1.75 crores |
| Private banking (MNCs) | 15 lakhs | 2.25 crores |
| Private banking (Domestic) | 10 lakhs | 1.80 crores |
| Corporate and commercial banking | 17 lakhs | 2.5 crores |
| Audit, compliance and risk | 20 to 22 lakhs | 1 crore |
| Analytics | 25 lakhs | 1.2 crores |
| Operations | 20 lakhs | 1 crore |
| Finance | 25 lakhs | 1.3 crores |
| Insurance | 10 to 15 lakhs | 1.7 crores |
SALARIES IN FINANCE AND ACCOUNTING
| Role | Minimum annual salary in Rupees | Maximum annual salary in Rupees |
| General | 12 lakhs | 8 crores |
| Specialist | 12 to 20 lakhs | 2 crores |
SALARIES IN DIGITAL AND ANALYTICS
| Role | Minimum annual salary in Rupees | Maximum annual salary in Rupees |
| Tier 1 (MNCs, management consulting , product companies, e-commerce, internet companies) | 17 to 25 lakhs (depending on the role) | 1.5 to 1.8 crores |
| Tier 2 (Domestic companies and start-ups) | 16 to 23 lakhs | 1.35 to 1.5 crores |
SALARIES IN ENGINEERING AND MANUFACTURING
| Role | Minimum annual salary in Rupees | Maximum annual salary in Rupees |
| Manufacturing | 6 to 10 lakhs | 60 lakhs to 2.5 cores + |
| Engineering | 6 lakhs | 60 lakhs to 1.5 crores + |
| Research and development | 6 lakhs | 2.50 crores + |
SALARIES IN LAW
| Role | Minimum annual salary in Rupees | Maximum annual salary in Rupees |
| Lawyer – in-house | 6 to 8 lakhs | 2.5 crores |
| Private practice | 12 to 15 lakhs | (Data not available) |
SALARIES IN TECHNOLOGY
| Role | Minimum annual salary in Rupees | Maximum annual salary in Rupees |
| Corporate IT | 20 to 25 lakhs | 1.5 crores |
| Development, design and architecture | 25 to 30 lakhs | 1.8 crores |
SALARIES IN MARKETING
| Role | Minimum annual salary in Rupees | Maximum annual salary in Rupees |
| Consumer goods | 20 lakhs | 2 crores |
| Others | 12 to 15 lakhs | 1 to 1.2 crores |
SALARIES IN HUMAN RESOURCES
Minimum salaries are not available. Average after 5 years of experience ranges between 25 lakhs (small companies) to 42 lakhs (mid-size to large companies). Maximum salaries are between 1 to 2 crores.
What is the Purpose of Sharing this Data?
Doctors, it is about time you realise that up are being exploited by the medical community and the general public. Take a look at your minimum salaries which is Rs. 15,000 to 70,000 a month , as a specialist. The head of the department makes around Rs. 1.5 to 2 lakhs a month. Doctors are under the impression that they can’t charge more than Rs. 300 for a consultation in India because people don’t make much here. Really? Doctors are amongst the lowest paid professionals in India. Other professionals also get health insurance from the company.
There is huge population that can’t afford healthcare, YES , however there are government hospitals and medical colleges that do provide medical treatment at a very low cost or free. The infrastructure is not great, agreed but India is not a developed country yet. It is important to keep in mind that there are doctors, good doctors spending most of their day in these hospitals providing treatment. Doctors themselves get admitted in government hospitals for themselves.
I don’t understand the concept of a private practitioner saying “We should charge from the rich but reduce the rates for those who are poor”. I have heard many doctors say this and it is probably the most ridiculous thing I have heard. When someone walks into a clinic, how would anyone be able to judge if they are rich or poor? As a doctor, we are not supposed to make judgements based on a person’s appearance right? Or are we going to ask them to declare their income before they enter? Also, in a private practice, it is wrong to charge a different rate for each person. When you walk into a supermarket to buy a product, is it priced differently for the rich and the poor?
Those who can’t afford to pay consultation fee but expect free services in your private clinic, is wrong. It shows privilege and entitlement, especially when many doctors themselves get admitted in government hospitals because they can’t afford treatment in the hospitals they work at . Many of you probably work in a medical college/ government hospital during the day and have a private practice in the evening. Do you provide medical treatment that is incorrect in the medical college just because treatment is free? I hope not. So why encourage the habit of being asked for free services? Why allow them to make you feel guilty? No professional would provide their services for free, including your own friends. Their charges are definitely hidden in the bill.
I hope doctors take a couple of minutes, reflect and realise how they have been conditioned, manipulated and exploited by society and the medical fraternity.