Summer Placements of IIMs set a scorching rate
IIM Summer Placement
Rocked by recession for two years, there is good news for all those MBA students looking for summer placements.
After two successive years of gloomy forecasts, the initial response to this year’s summer internship placement season at the premier Indian Institutes of Management (IIMs) has been good.
If we compare salaries offered to students of IIMs this year to last year we will see a vast difference. For example, the number of students receiving seven-figure stipends at IIM Calcutta has gone up to 15, whereas only three students were paid over Rs 10 lakh last year.
For the 2009-2011 batch, three IIM-C students have received stipends of Rs 12.5 lakh each for a two-month internship with a Singapore-based investment bank. Last year, just one student had received an identical stipend. He, too, had interned with an investment bank in Hong Kong.
Most of these internship offers were made by MNCs like McKinsey, Barclays, Morgan Stanley, Macquarie, UBS, Goldman Sachs, HSBC Global, JP Morgan Chase, P&G, Nokia and Unilever.
Also, a good summer internship placement season is an indication of a good final placement season in February-March, when students land permanent jobs.
Even IIM Lucknow is also expecting a rise of 15-20 per cent in the salaries of summer interns for the 2010-12 batch. Speaking to Business Standard about the placement season, Rahul Tom Joseph, recruitment- coordinator, placement cell, IIM-L, said, “We expect greater participation from consulting and financial firms this summer. We are also looking to secure offers in niche sectors like energy management, green technology, media and advertising, education and training among others.” This year this institute is expecting a better placement response.
As per media reports, almost 33% summer internships were offered by banking and financial sector last year. Sales and marketing fields made second highest number of placements at 22%. General management, consultancy, IT/ITeS were other sectors who were on the hiring mode last year.
Last year, IIM-A concluded the summer internship placement process (for the class of 2009-11) by placing 310 participating students in a record four days. Here also banking and financial sector recruited maximum students. However, this year this premiere institute is tight lipped about this year’s expectations.
However, IIM Kozhikode has high expectations. Authorities are expecting the stipend figures to go beyond the highest offered by a foreign investment bank last year. Last year, an investment banker had offered was Rs 1 Lakh including perks.