PPOs make IIM grads 'crorepatis'
The rising accolades for India on the world corporate arena is not benefiting the companies alone, the would-be managers in are also getting a pie with job offers running into crores.
Still to complete their study, five students at Indian Institute of Management, Lucknow have got pre-placement job offers with an average salary of Rs one crore, all coming from global investment banks.
"The number of offers have already surpassed the last year's figures when only four students had bagged PPOs till the time of final placements," IIM-L's Student Recruitment Co-ordinator Mahesh Nair said.
All the five offers are from international investment banks, Nair said, but did not divulge the employers' names.
The other IIMs are also seeing a rush of international corporates with an increasing number of pre-placement offers (PPOs) for their students.
PPOs are final placement offers made to the students based on their performance during summer internships at a company after the first year of MBA.
"This year, we have seen a significant rise in the number of PPOs made to our students," a statement from the placement cell of IIM Banagalore said. Job offers have been pouring for IIM-B students this year, with a record 70 pre-placement offers having been made for a batch of 250 students.
At IIM-Ahmedabad, nine students have already bagged PPOs from leading investment banks, with many more associate offers being in the pipeline.
"As of now, nine students have been extended associate offers this year. With more than six months to go before actual placements, this number represents a record of sorts," an IIM-A statement said.
"IIM-A students are obtaining senior level positions on par with global business schools, where the average work-experience tends to be much higher. A trend is visible that global recruiters find IIM-A students overqualified for entry-level positions," the institute's placement cell said.
IIM-Indore has received 21 PPOs so far, while IIM-Kozhikode has got 17 national PPOs and one international, the placement cell of these institutes said.
"The summer internship process at AT Kearney gives us an opportunity to evaluate interns rigorously and assess them within the organisation. We are very pleased with the summer interns from IIM-B this year and have decided to extend PPOs to them," AT Kearney Principal Vikas Kaushal said.
Companies find the PPO route to final selection more useful as they get to take a closer look at the candidates during the summer internship, Boston Consulting Group (BCG) principal Rahul Jain said.