Global financial majors back on IIM campuses

By siliconindia  |   Thursday, 29 October 2009, 09:25 Hrs   |    3 Comments
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Global financial majors back on IIM campuses
New Delhi: After a year-long absence from the campuses because of the global recession, the global financial majors are back in hiring business at Indian Institute of Management (IIMs) for summer internship season, which points to a final placement list.

Goldman Sachs, the investment bank which is emerging from the slowdown, is back at IIM campuses with a bigger number of offers. Morgan Stanley, JPMorgan, McKinsey & Company, UBS and Boston Consulting Group are among the other financial majors who are present, reports The Economic Times.

The summer placement season is set to begin in early November. The final placement lineup is also determined in this, as the companies tend to make job offers depending on the candidates' performance during the two month internship programs. IIM Bangalore, for instance, has scored a 100 percent conversion rate for the current batch in consultancy summer jobs.

"The companies are bullish this year," says Prafulla Agnihotri, Chairperson, Career Development and Placements, IIM Calcutta.

Around 100 companies have confirmed their participation across the seven IIM campuses for selecting summer internees, and the list includes top Indian names like Hindustan Unilever (HUL) and Procter & Gamble (P&G). The i-banks' return is important since they traditionally opt to select from their internees instead of scouting the campuses with final recruitment offers.

Sharat Chander, Member, Placement Committee, IIM Lucknow, says that final placements in 2010 are showing every indication of being better than last year, if summer placement trends are significant for consideration. "This is especially true of the financial sector, hit the most by the economic downturn last year," says Chander.

Smaller firms, including startups, are also back with sweetened deals because of rise in competition. Agnihotri, IIM Calcutta informed that many of them offer more challenging roles like exposure to serious decision making.

As none of these institutes provided any official comment, the general belief is that the stipends for the two month period will also go up this year compared to 2008. Stipends generally range from 10,000-15,000 per month on the lowest side, and had gone up to $20,000 plus for a two-month foreign internship in the pre-slowdown days. "There is a positive sentiment on campus," says Sapna Agarwal, Head, Career Development Services, at IIM Bangalore.

For students, this means they will get placed faster, at a job of their choice, says Sapna. The process this year is unlikely to be completed in the usual six day period. Last year, because of the low turnout by companies, the summer placement season was extended across campuses. However, with increased numbers of students to place this year, the process may take the same time as last year.

Agnihotri says IIM Calcutta will place about 408 students this year, up from last year's 300 odd students. "Slot zero and slot one will be of two days each, after which the process will be open-ended. We want to give our students plenty of options," said Agnihotri.

This summer glow comes just after the IIMs did a successful Pre Placement Offer (PPO) season. Around 15-20 percent of the batch at IIM Ahmedabad, IIM Bangalore and IIM Calcutta have got offers till now. Other IIMs like Lucknow and Kozhikode are also witnessing better flow of job offers as compared to the past year.

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