IIM graduates hit jackpot abroad

WHAT A DEAL

The number of firms recruiting soared by 300 per cent from last year

The placements that began on November 14, saw a 50-60 per cent increase in stipend level.

Close to one-third IIM-C got placed on the first day itself. Consultancy firms and investment banks recruited the maximum number of IIM-C students.

The highest stipend offered was at IIM-Lucknow - 6,000 pounds per month (around Rs 5 lakh).

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Bangalore: India may be the land of talent – being feted globally for churning out quality professionals every year – but for many management graduates it’s certainly not the land of opportunities.

As the Government pushes for job quota in private sector, the cream of various prestigious management schools are heading for foreign shores to pursue summer internships.

In a trend that’s picking up like never before, one half of IIM-Bangalore 2006-2007 batch (nearly 100 students) and a third of IIM Calcutta batch (93 students) have already secured their internships with various MNCs abroad and many more are being wooed by big international players.

Interestingly, many Indian companies like ICICI bank and the Tata’s too have offered internship to students at their overseas offices this year.

“Considering the way the economy is moving, a lot of international firms are getting into India. So, I am sure the management schools would want to give their students a taste of what the work is like outside,” says an IIM-B student, Sahil Barua.

The campus recruitment trend at the various IIMs has also witnessed a drastic change from last year.

While 35 international companies recruited interns from IIM-C this year - as against 15 last year - firms like Johnson Electric, Baring Private Equity and General Atlantic came for the first time.

IIM-B also had its share of new recruiters with companies like Macquarie Bank from Australia, ABN-AMRO and BNP Paribas.

Besides the usual foreign locations like the US and the UK, students this year are headed to interesting and upcoming cities like Paulo Alto, Kuwait and Dublin.

The pay packet is as attractive as the brands themselves. Some of the students will be paid in lakhs per month during their internship period.

While many of the students now say they would want to eventually come back and work in india, the foreign exposure this early in their career is the big draw this season.

WHO'S RECRUITING

With the ongoing summer placements on, IIM Calcutta has yet again topped the previous best. More than 90 companies are coming to the institute this year, but many of them might have to return empty-handed.

In the last two days, more than 85 first-year students of IIM Calcutta have bagged dream summer jobs - many of them with foreign investment banks like Credit Suisse and Goldman Sachs.

The idea is to catch them young, and ahead of the competitors. And some of the big investment banks might not return for final placements at all. Student, IIM Calcutta, Aditya Priyadarshan told CNBC-TV18, "Let me talk to you about Morgan Stanley in particular. They don't really plan to come down to the campus for final placements. So, when they hired us, they were looking to give us offers after we complete our internships."

Chairman-Placements, IIM Calcutta, Soumyo D Moitra explains, "As I said, it's an advantage to the companies because, they see students and they would like to have these bright students working with them. So, they can offer positions early to the students, rather than wait for the final placements when there may be other companies wanting to make offers to these students."

According to figures sourced from the placement cell, 32 investment banks and consultants are recruiting for summer jobs this year. They have already signed up a quarter of the batch, and by the time Indian companies get a chance to make offers, the brightest students would be firming up their travel plans. (Source: moneycontrol.com)