This is an unexpected bonanza for Faculty of Management Studies (FMS) students. Even before the final placement take place, several leading industry giants have notched up first-year MBA students for summer training and the packages being offered are also at an all-time high.
While the highest international stipend on offer for $3000 US is almost twice the amount offered last year, the highest stipend offered in the domestic sector is Rs 1.25 lakh. Last year, the highest stipend offered in the domestic sector was Rs 60,000.
First year student Arvind Padmanabhan was recruited by Olam International which was one of the 52 companies which visited the institute this year for hiring.
And this is just for an internship of eight weeks that every MBA student has to undergo at the end of the first year.
Padmanabhan is a civil engineering graduate from IIT Madras and looks forward to specialising in finance in his second year. “I am just a fresher out of IIT, so I am elated with the Rs 1.25-lakh package for eight weeks. FMS turned out to be quite a good choice,” said Padmanabhan.
His teachers say this is the first time so many industry majors have visited FMS for recruitment. “Some 52 companies visited the campus, of which 32 were new accounts. This means the demand for FMS graduates is soaring. Earlier, 70 companies had confirmed their participation,” said J K Mitra, FMS dean.
Companies like HSBC, Citibank, Deutsche Bank, Bank of America, Standard Chartered, ICICI, Goldman Sachs, Prudential, Acumen Funds and NCDEX, Coca Cola and Pepsi have recruited from FMS for summer training.
“This year several bigwigs like Yahoo!, Reebok, Yes Bank, SA Miller and MH Ashaya have also recruited from FMS for the first time,” said Puru Gupta, a second year student and secretary placement.
The placement process at FMS is completely student-driven and while second year students conduct the summer placements, first year students take over from their seniors to conduct the lateral (for those with work experience) and final placements.