The CAT exam is on Sunday and undoubtedly the brightest student will make it to the top management schools in the country. But what with Lehman brothers not there to hire anymore and with placements coming down to 40 per cent in financial companies?

There are 2.68 lakh students slogging it out for the CAT exam - a qualifying test to get into the country's top B-schools - this Sunday. It is the highest number of MBA aspirants in three decades.

While recession continues to cast its shadow across the globe, the mood amongst students, it seems is not that gloomy.

“I am scared, I guess it shows in my voice,” said Varun, an MBA aspirant.

Although scared, Varun is not pessimistic.

''The point of doing an MBA is for adding value and not just to get a job,'' Varun said.

Also, gone are the days of a Wall Street job and a Manhattan apartment.

Jayalakshmi Desai, Centre Manager of IMS Learning Resources Pvt Limited, said, “I think this year I’ve got a lot of students saying that they want to work in India or in Asia because they have realised that India and the Asia Pacific region are hotter right now.''

The resilient thinking is that the ride will be tough but manageable.

“I am worried. I've heard friends in the IIMs say that the criteria to get summer placements got tougher, but I think if you are good you'll make it,'' another MBA aspirant, Piyush said.

Although there is some anxiety with all the talk of hiring in the IIMs slowing down, the overall students at the Career Launcher training centre in Mumbai are optimistic.