Average stipend for the two months ranges from Rs 1-2 lakh depending on the company
While consulting firms dominated the summer placements at the Indian Institutes of Management (IIMs), stipends increased by up to 15 percent from last year. Some offers went as high as Rs 5.5 lakh for two months, sources told Moneycontrol.
Placement officials said that each company made at least three offers on an average. The process at most of the B-schools has been completed.
Average stipend, offers up
Summer placements are offers to management students for internships the following year. They get a stipend for the two-month period and a pre-placement offer if the companies are satisfied with the ward's performance.
Placement committee members say that there has been a 10-15 percent increase in the average stipend of the students. Average stipend ranges from Rs 1-2 lakh.
The total number of offers saw an average jump of 20-25 percent on a year-on-year basis during the summer placement process, sources said.
“Both domestic and international firms have increased the stipends paid to the students. Some are offering upto Rs 5.5 lakh for two months,” said a senior placement official at one of the older IIMs.
While earlier the IIMs earlier released figures of the remuneration during internships, they have stopped releasing figures. For the final placement process too, institutes like IIM-A do not disclose salary figures till the final audited reports are released by the rating agencies after 6-8 months.
At IIM Ahmedabad, summer placements were completed in three clusters. IIM-A saw 50 firms participating in the process in the first cluster with Boston Consulting Group (BCG) being the top recruiter with 20 offers. Other prominent recruiters in the consulting domain included AT Kearney, Accenture Strategy, Alvarez & Marsal, Bain & Company, Deloitte USI, McKinsey & Company, Roland Berger and Strategy.
In the second cluster, 53 firms participated and Amazon emerged top recruiter with 14 offers. In the advertising & media domain, ABP News and Star India doled out three offers each. Samsung Electronics made the highest number of offers in the consumer electronics cohort with five offers.
Consumer goods segment included regulars like AB InBev, Coca-Cola, General Mills, HUL, ITC, Johnson & Johnson, Kimberly Clark, Mondelez, Nestle, P&G, and Wipro Consumer Care.
In the third cluster, more than 40 firms participated. Microsoft was the top recruiter with 10 offers. The key recruiters in the BFSI cohort were American Express and FinIQ with eight offers each.
At IIM Calcutta, the placement process ended in less than three days. A total of 120 companies participated in the process. At IIM-C, second year students mentor their juniors in the months prior to the internship.
Here, the consulting sector continued to demonstrate its confidence in recruiting from IIM-C with about 22 percent accepted offers during the placement process. BCG was the largest recruiter in the sector with other notable firms such as McKinsey & Co, Bain & Co, AT Kearney and Alvarez & Marsal making offers to the candidates.
Consumer goods companies like Hindustan Unilever, P&G, ITC, Colgate Palmolive, Johnson & Johnson, Coca Cola among others hired students from the campus. AB InBev was the largest recruiter in the sector. Big names in healthcare such as Dr Reddy’s, Glenmark, Medtronic, Stryker, Boehringer Ingelheim too offered roles across functional domains.
Other companies that recruited Mahindra & Mahindra, Amazon, Uber, Flipkart, OLX, Swiggy, Capgemini, Microsoft and Tata Consultancy Services.
At IIM Bangalore, over a 100 companies made 442 offers during the placement process. The roles offered included strategy consulting, niche consulting, business analytics, investment banking, commercial banking and product management among others.
“Higher intake by management consulting firms and increase in sales and marketing roles on offer have translated into a high number of offers for the largest batch so far,” said Dibyajyoti Mohapatra, Student Placement Representative, IIM Bangalore.
Here, there were 123 offers made in the consulting domain by Bain & Company (19), Accenture Strategy (18), Boston Consulting Group (17) and McKinsey & Company (13) among others.
There were 71 offers made in the finance, banking and investments domain including Goldman Sachs, Citibank, JP Morgan, Avendus Capital, Deutsche Bank and Blackstone among others. Corporate finance and commercial banking offers were from ICICI Bank, Bajaj Finserv, Axis Bank among others.
E-commerce sector also made 71 offers lead by Amazon with 36 offers. Others from the sector who recruited include Flipkart, Grofers, Uber, Phone Pe and MakeMyTrip.
IIM Lucknow saw 140 domestic and international recruiters participating in the summer placements.
Some of the top recruiters across different sectors were Accenture Management Consulting, Aditya Birla Group, Amazon, A.T. Kearney, Bain & Company, Citi, Deloitte, HUL, ITC, McKinsey & Co, P&G, TAS, The Boston Consulting Group and Uber.
First-time recruiters including AstraZeneca, Bain & Company, Bajaj Finserv, Hinduja Group, RBS made offers. Also, companies like Cipla, Deutsche Bank, HUL and JP Morgan Chase & Co, offered international profiles.
IIM Kozhikode completed summer placements of the largest batch in the history of the institute comprising 423 students in a record 3.5 days. It saw a 21 percent increase in average stipend and 43 percent increase in median stipend. Here, Amazon, Accenture Strategy, BCG, Deloitte USI, and Uber were amongst the top recruiters while seven students secure international internships. The mean stipend stood at Rs 1.72 lakh, a 21 percent jump from the last year. The median stipend stood at Rs 2 lakh for the period of internship, a massive increase by 43 percent. Further, 27 students got the highest stipend of Rs 3 lakhs, which is three times the figure in the last year. The top 100 students bagged an average stipend of Rs 2.56 lakh, a 14 percent increase from the last year.