City college students to pocket ₹2.95 lakh for 2-month internship
For a batch of 237 students, 312 offers were received from 41 companies, with maximum offers coming from the FMCG sector, followed closely by consulting companies.
Mumbai: In a year when top management and engineering institutes have called 2021-22 one of their best placement seasons ever, the trend continues even in internships. Not only are institutes noticing a higher number of internships being offered but the overall stipend has increased too.
At Andheri’s S P Jain Institute of Management and Research (SPJIMR), the entire batch of the postgraduate diploma in management (PGDM) has secured an internship this year, with the average stipend for two months pegged at ₹2.95 lakh. For a batch of 237 students, 312 offers were received from 41 companies, with maximum offers coming from the FMCG sector, followed closely by consulting companies.
“The median compensation of the batch crossed ₹3 lakh, an increase of 7% over 2021, while the average stipend crossed ₹2.95 lakh, a 13% increase over the previous year. The top 50% of the batch received an average offer of ₹3.34 lakh, and the top 20% of the batch received an average offer of ₹3.66 lakh this year,” said a spokesperson for the institute. The highest stipend offered to a student of the current batch stands at ₹4 lakh this year— ₹2 lakh a month.
HT had recently reported how both Indian Institutes of Technology (IIT) Bombay and Madras in their annual reports labelled the 2021-22 placement season as one of the best ever in terms of total jobs offered and accepted, the highest salary packages offered -- domestic and international -- as well as the highest median-salary recorded.
IIT Madras on Thursday released a statement announcing a 32% increase in internship offers on the first day of the campus internship drive. Prof. P. Murugavel, Advisor (Internship), IIT Madras, said, “A professional internship is an integral part of students’ careers where they get an opportunity to apply and fine-tune the skills they have learned. With companies shifting to an internship-based hiring model, it is also important for students to secure Pre-Placement Offers (PPOs) through the internship program.”
As per information shared by the institute, the graduating batch received 262 internship offers, including seven international profiles, on the first day of campus internship placements. In 2020 and 2021, this figure stood at 152 and 200, respectively. Officials from the institute added that this year, international internship offers came for profiles in the US, UK, Hong Kong, Singapore, and The Netherlands.
“The sentiment around entry-level jobs and freshers hiring is significantly improving in India. A lot of this is attributed to the alliance between employers, academia and industry—which has played an instrumental role in creating the right kind of programs (like apprenticeship embedded degrees) to educate and up-skill candidates,” said Shantanu Rooj, founder and CEO, Teamlease Edtech.