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    B-school internships bounce up with sentiment; stipends at top institutes rise up to 67%

    Synopsis

    Average stipend for the two-month internship was ₹2 lakh or more across most campuses; for FMS, IIM Lucknow and XLRI, it's the highest ever. At FMS, it was ₹2.62 lakh; at IIM Lucknow, ₹2.6 lakh; at XLRI, ₹2.56 lakh; at MDI Gurgaon, ₹2.4 lakh and ₹2 lakh at IIM Kozhikode and IIM Indore.

    Untitled-9Agencies
    Amazon, The Boston Consulting Group, Bain and Co, Accenture Strategy, EY, PwC, Deloitte, Aditya Birla Group and Hindustan Unilever were among the top recruiters across campuses.
    Recruiters swooped in to hire interns from the country's leading business schools during their summer placements as optimism around an improved business outlook for the coming year sparked a surge in hiring and pushed up stipends to new highs.

    At the likes of Indian Institute of Management (IIM), Kozhikode; IIM Indore; Faculty of Management Studies, Delhi; Xavier School of Management, Jamshedpur and Goa Institute of Management, highest stipends shot up by 17-67%, with some students offered anywhere between ₹5 lakh and ₹6.8 lakh at the top end for a two-month internship.

    At both XLRI and IIM Lucknow, top stipend was ₹6.8 lakh for two months, a 36% jump over last year's highest of ₹5 lakh. FMS Delhi saw a 67% jump to ₹5 lakh from last year's ₹3 lakh, while at IIM Kozhikode, the highest stipend had a 17% rise to ₹3.74 lakh. IIM Indore's highest stipend went up from ₹3.2 lakh to ₹4 lakh. At Management Development Institute, Gurgaon, the highest stipend was ₹4 lakh.

    Untitled-8Agencies

    Goa Institute of Management has seen a top stipend of ₹2 lakh so far, 22% more than the highest of ₹1.64 lakh paid by Optum last year.

    Average stipend for the two-month internship was ₹2 lakh or more across most campuses; for FMS, IIM Lucknow and XLRI, it's the highest ever. At FMS, it was ₹2.62 lakh; at IIM Lucknow, ₹2.6 lakh; at XLRI, ₹2.56 lakh; at MDI Gurgaon, ₹2.4 lakh and ₹2 lakh at IIM Kozhikode and IIM Indore.

    Amazon, The Boston Consulting Group, Bain and Co, Accenture Strategy, EY, PwC, Deloitte, Aditya Birla Group and Hindustan Unilever were among the top recruiters across campuses.

    "Our summer placements have broken all previous records," said A Kanagaraj, chairperson, placements, XLRI.

    Offers on the Rise
    Consulting and BFSI (banking, financial services and insurance) were among sectors that rolled out the maximum number of offers during the summer placements. Ecommerce, FMCG/FMCD (fast moving consumer goods/durables) and IT were among the others that made a good number of offers.

    At MDI, the consulting sector saw a 157% rise in the number of offers this year, followed by BFSI and technology, telecommunication and media. Accenture Strategy rolled out the highest number of offers, followed by Deloitte USI, PwC US Advisory and Godrej Industries, said Amit K Gupta, head, graduate programme placements. At FMS, consulting roles offered saw a rise of 72% over last year. At IIM Indore, the consulting sector recruited 25% of the batch, said its placements chairperson Aditya Billore.

    Sales and marketing contributed 25% of offers at IIM Kozhikode, followed by consulting and BFSI at 22% each. At XLRI, consulting and advisory firms extended offers to around 25% of the batch, while IT and ecommerce firms recruited 22% of the batch.

    Back to Internships
    As companies recover from the economic fallout of the pandemic, B-schools are among the preferred pipelines for future talent. More companies prefer to hire tried-and-tested talent through the pre-placement offer (PPO) route, based on summer internship performance, rather than rely on final placements.

    Harshvendra Soin, global chief people officer, Tech Mahindra, said, "Our biggest focus for FY22 is on widening our talent pool across key verticals such as artificial intelligence, Internet of Things and deep tech, among others. For this, we have stepped up our talent acquisition process and are hiring interns from leading B-schools. This provides an opportunity to students to get familiar with the company culture and overall corporate landscape and enables us to understand their skill sets."

    "Our focus on top-tier campuses remain unchanged, and we will continue to hire best-in-class talent from these institutions and groom them for future leadership roles," said Supratik Bhattacharyya, group chief talent officer, RPG Enterprises.



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