The 100 per cent record summer internship at IIM-Ranchi has set a stunning benchmark in a climate of global economic meltdown, making the Ranchi cradle a winner despite its roller-coaster run since 2010 thanks to the Nagri campus fiasco.
All 154 students have been picked by prestigious corporate names for fully paid summer internships a crucial stepping stone for MBA students who gain their first live industry experience.
For IIM-R, plagued by campus problems in the whole of 2012, the boom in summer internships this year brings hard-won cheer. The stellar 100 per cent placement record apart, the highest stipend received by IIM-R interns has touched Rs 1.70 lakh, while the average is Rs 52,000.
Though the institute has two-and-a-half times more students this year compared to 2012, around 50 per cent more companies more than 65, 34 among them new headhunters snapped all up as summer interns, said representatives of IIM-R placement committee.
Students specialising in marketing and sales, finance, consulting, HR, operations and analytics got cream assignments from some of the best Indian and global brands.
The number of students increased as IIM-R became the only Indian IIM to introduce a postgraduate diploma in human resource development (PGDHRM) in 2012. The first batch of 41 PGDHRM students bagged 47 internships this time, a happy problem of plenty. Prominent recruiters include Michael Page, UB Spirits, ABC Consultants, Maruti and Berger Paints.
Among those pursuing postgraduate diploma in management (PGDM), students with specialisation in finance got internships in HSBC, JP Morgan Chase, Societe Generale, ICICI, Yes Bank, Kotak Mahindra, ING Vysya, First Rand Bank, Fullerton Securities and Unicon Securities.
Around one-third of PGDM students opted for specialisation in sales and marketing. Some also opted for operations management. Prominent corporate houses notched them all.
We had more students this year. So it was heartening that more companies made a beeline to recruit us for paid summer internships, showing they have faith in our cradle and our students. We hope future placements will be as great, said Deepak Chaturvedi, a student member of the placement committee.
An internship is more about learning than earning. The skills on the job will help us a lot in future, said Gaurav Singh, another student committee member.