In the midst concerns over falling employment in the Country, some IIMs and Several other top Indian B-Schools observed strong summer placements with 15 to 25% higher stipend and sales and marketing, finance and consulting being the top recruiter segments for the students.
They come amid concerns that job creation has been negatively impacted, employment opportunities fallen in the country by policies like the Goods and Services Tax (GST), Demonetization and other. But the summer placements reported by some Indian Institutes of Management (IIMs) and several top B-schools reflects some other story.
The rising salary (stipend) data and increasing number of participating recruiters in Summer Placement in IIMs, XLRI, IIFT, FMS, MDI and other top B-schools for the summer internships 2018 reveal that the MBA job market is soaring. Job shortage remains a bane of the economy. While a million people enter the workforce every month, the number of jobs created has lagged.
While IIM Lucknow and IIM Kozhikode completed their summer placements within four days, Xavier School of Management, (XLRI) Jamshedpur have completed its Summer Internship Placement Process (SIP) and achieved 100% placement in just two days with rising in the average stipend. Indian Institute of Foreign Trade (IIFT) reported double-digit growth in average stipend offered to their students.
Though summer placements are not the same as final placement, they are indicative of the job environment these campuses are likely to witness in the final placements to be held in a couple of months for their outgoing batches of students.
SP Jain Institute of Management and Research, SPJIMR– Mumbai too reported good response from companies for their summer placement with a 24% rise in the average stipend. IIFT reported completion of its summer placements with double-digit growth in average stipend offered.
Director (in charge) of IIM Kozhikode, Kulbhushan Balooni said in a statement “Buoyed by optimistic investors, the Indian economy is in good shape and our summer placements have registered unprecedented success this year, both in terms of monthly stipend offered to the students and the list of companies visiting our campus.”
The institute, IIM Lucknow had not only created history in summer placements by placing the largest IIM batch of 459 students in record time but also raised the placements bar for other Indian Business schools. The strong economic situation supported IIM Lucknow attract diverse new roles from over 150 domestic and international recruiters.
Summer Placements Offers and Average Stipend
At IIM Kozhikode some 100 recruiters made 359 offers and the average stipend has gone up by 25% over last year. Though the school did not quantify the average stipend offered, it said the highest stipend offered was Rs 3 lakh.
Similarly, XLRI reported average stipend has gone up by 20% and at IIFT, it has gone up by more than 11% than last year apart from receiving a record number of international offers.
At MDI Gurgaon summer placements, over 90 companies made internship offers with an average stipend of around Rs 1.95 lakh, about 20% higher than last year.
Institutes that have completed their summer placements said sales and marketing, consulting and finance were the top roles for which students were selected.
At IIM Lucknow, the top segments based on roles offered were sales & marketing (35 percent), finance (25 percent), consulting (20 percent), e-commerce (10 percent), systems/IT (5 percent), and general management (5 percent) were the profiles offered. IIM Kozhikode reported over 30% of its batch going for sales and marketing.
At XLRI, the sales and marketing roles topped the charts with 25% share of recruitments, followed by finance with 20%. At SPJIMR, consumer goods and the consumer durables sectors were the lead recruiters during the placement, with 34% of the batch getting placed in the sectors.
Top Recruiters For Summer Placements
JPMorgan Chase & Co., Godrej Industries Ltd, Coca-Cola and HCCB, Aditya Birla Group, Amazon India, Accenture Strategy, Uber India, Cipla Ltd, A.T. Kearney, American Express, Deutsche Bank, Mahindra & Mahindra, Walmart Labs, EY, Hewlett Packard, PricewaterhouseCoopers, P&G, Hindustan Unilever Ltd, ITC Ltd, Axis Bank, Mahindra and Mahindra Ltd, Microsoft, Airtel and Godrej Properties were the top recruiters across campuses.
Accelerating employment creation is crucial for the National Democratic Alliance (NDA), Narendra Modi Central government as it heads into the many assembly elections in 2018-19 and next general election in 2019. Have any queries or comments regarding Summer placements in Indian B-Schools, you can discuss via the AfterGraduation Forum. Connect with us for all latest updates on Linkedin, Facebook, and Twitter also.