Despite slowdown, summer placements at B-schools boom

If this year’s summer placements are any indication, there will be a good number of final placement offers next year. This is significant considering that final placements were not very encouraging for B-schools this year due to the slowdown in the economy.

Summer internships at most of the Indian Institutes of Management (IIM) have been robust this year as both the number of companies and offers have increased, and the placement process has also been wrapped up in record less time.

IIM-Calcutta finished its summer placement process in three days, placing a record 441 students who received 465 offers from 155 companies- a feat, never achieved before in the history of all IIMs.Top FMCG recruiters like Hindustan Unilever Ltd, Proctor & Gamble, Mondelez International, Nestle, Asian Paints, Johnson & Johnson, Coca-Cola, PepsiCo, L’Oreal and Kellogg’s offered roles in marketing and sales. Leading banks and financial institutes like JP Morgan Chase, BoA Merrill Lynch, RBS, Citi Group, HSBC, Credit Suisse, Nomura, Goldman Sachs and Standard Chartered were among other recruiters for investment banking, equities research, sales and trading and global markets at IIMC.

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IIM-Bangalore also concluded its summer placement process in three days. As many as 135 recruiters visited the campus resulting in 398 offers. While 29 percent of offers made were from sales and marketing domain, around 22 percent of students secured internships in the banking and financial services segment. The management consulting sector absorbed 23 percent of the batch and around 12 percent of the batch will intern with conglomerates in general management and leadership profiles.

IIM Lucknow also secured summer placements for its 29th batch of 475 students, the largest, in record 5.5 days. The recruitment drive saw participation from 159 domestic and international recruiters. The top four segments based on roles offered were sales and marketing, finance, consulting and business development. The institute also attracted the highest number of international firms from the Middle East and Africa from diverse sectors such as retail, real estate, brand consulting and advertising.

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IIM Kozhikide sawa 36 percent increase in average stipend for summer internships and a 20 percent increase in the number of offers per company for its summer placements.

The highest domestic stipend offered this year was Rs 2 lakh and top recruiters were Deutsche Bank, Goldman Sachs, TataAdministrative Services (TAS), which selected 30 students. New recruiters for the summer placements included L’Oreal, Godrej, Castrol, Cipla, Aviva, Altisource, Dell, InMobi, Whirlpool, Vodafone, Saint-Gobain, Aricent, Bosch and ACC.

IIM - Rohtak too got 115 offers by 44 companies. M&M Finance (9 offers), CINT (7 offers), Majestic Auto (6 offers) and Aashiana Housing (6 offers) were the largest recruiters in the placement process. Sales & Marketing and Finance were the leading domains hiring 27% and 26% of the batch, respectively. The total batch strength is 125 students but 10 students opted out of the placement process as they wanted to either intern in politics while some wanted to leverage own contacts for internships.

And not just the IIMs, even XLRI Jamshedpur has managed to provide 100 percent summer internships to its largest ever batch in a record time of three-and-a-half days. As many as 105 companies made 336 offers to the institution’s largest batch of 303 students. So the institute wrapped up the entire process in less than four days, even though the number of students this year was up by 26 percent.

Jamnalal Bajaj Institute of Management Studies has also managed to maintain the highest stipend offered to its first-year MMS student-Rs 2 lakh. The average stipend is up by a modest Rs 6,000 compared with last year, even though fewer companies participated in this year’s summer placement, students. About 71 companies participated in the summer placement process and the average domestic stipend offered was Rs 97,000. Students secured a variety of profiles across domains spanning the entire industrial spectrum.

The performance of a b-school in its summer placements is important because it offers a sneak peak of well an institution is doing and also how the final placements for the coming year are likely to be. Alsochances that a company will offer jobs to a school’s graduates is higher if the company visited the campus for the summer placements too.The key factor here is to convert as many summer internships into PPOs – Pre-Placement Offers as possible.If the institute is able to secure a decent number of PPOs for a batch, the process of final placements becomes easier.

“In the wake of economic downturn, companies have become too cautious while selecting new candidates. Cost of recruiting and training are now high. Many companies thus prefer to have a provision of pre-placement offers,” said an XLRI student.

According to a report in The Economic Times, Citi has already awarded seven PPOs to students from XLRI, JBIMS, MDI, Indian Institute of Foreign Trade and Faculty of Management Studies, while MDI-Gurgaon has already received 52 PPOs till now from the likes of Deloitte, P&G, Coca-Cola, Reckitt Benckiser, M&M, Goldman Sachs and JP Morgan Chase.

And going by this year’s summer placements, it doesn’t seem like there will be a dearth of companies during the final placement season next year.