Forget global firms lapping up Indian Institute of Management (IIM) graduates. Now, they seem to be making a beeline at India’s premier management institutes for summer placements as well.
For the first time, students of IIM Bangalore (IIM-B) have secured international summer placements this year on par with those from reputed B-schools such as Harvard, Wharton and Yale.
This was revealed at a press meet on Tuesday. Nine students — five picked by McKinsey & Company and four by Bain & Company — will do their 10-week-long internship in international cities, including Boston and Singapore, in April-May 2007.
Rahul Arya — a mechanical engineer from IIT-Delhi with three years work experience at GE in the United States — is one of the IIM-B students to bag an international internship. Barclays Capital, New York has offered Arya an ‘associate position’ on par with students from reputed international B-schools.
The remuneration for internship, however, will vary depending on the company. Their packages were not disclosed at the press meet.
According to Saurav Mukherji, Chairman of IIM-B’s Placement Cell, such placements are “a symbol of the growing global recognition of the institute”.
This year, 253 students sat for summer placements. Of them, 127 students were placed in the first two days. Lehman Brothers (17 students), Merrill Lynch (15), JP Morgan (9) and Goldman Sachs (8) are the major recruiters. Consulting firms McKinsey and Co, Bain and Co and AT Kearney recruited 11 students each.
The students are likely to receive pre-placement offers (PPO) from the firms they work with at the end of their internship. “Most students accept offers from the organisations they have interned with,” Mukherji said.
This year, investment banks roped in most of the interns followed by consulting firms. Top recruiters included Lehman Brothers, Goldman Sachs, Deutsche Bank, Merrill Lynch, Citigroup, JP Morgan and McKinsey. “Indian firms such as ICICI Bank, TAS and Ocwen have also offered internships abroad,” Mukherji said.
ABN-AMRO, Depfa Bank and BNP Paribas joined the list of summer recruiters this year. Goldman Sachs and Deutsche Bank are believed to have offered lateral profiles similar to those given at leading B-schools in the West.
“Private equity firms like Temasek Holdings (the investment arm of the Singapore Government) and Barings Singapore hired exclusively from IIM-B,” Madhur Bhagat, Placement Committee member, said.