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ShareBangalore: The Indian Institutes of Management (IIMs) are basking in the 'summer' glow after a hiatus. The summer placements, which kicked off at IIM-Calcutta (IIMC) on Wednesday, saw investment banking biggies -- Morgan Stanley, Barclays Capital, Bank of America, Merrill Lynch, JP Morgan, Goldman Sachs, Royal Bank of Scotland and UBS -- emerge a tad better than their previous hiring levels.
Investment banks made over 58 offers, a notch above last year's number, raising hopes of recovery in the job market. "I-banks came in numbers last year too, but the number of offers was lesser. This time we are expecting better offers, thanks to the positive outlook of the market," said Paul Savio, external relations secretary of IIMC.
A batch of 304 students will sit for the summer placements this year. Going by initial indicators, the summer internship stipend,especially from I-banks, is set to zoom past last year's best offer of Rs12.5 lakh."We expect stipends to match last year highest package or even more," he added.
An IIMC student, last year, got the highest stipend of Rs12.5 lakh for a two-month internship at an investment bank in Hong Kong. RBS was the largest recruiter making on the first day or Day Zero making 11 offers with majority of international positions. Global financial services firm Morgan Stanley recruited from IIMC students exclusively for its London desk. Following suit, Japanese brokerage firm Nomura, which took over Lehman's European and Asia assets also offered 5-6 jobs.
The banks offered profiles in investment banking divisions, global markets, equity research, sales and corporate banking. Consulting and I-banks have offered international positions in New York, London, Sydney, Shanghai etc.
Leading consulting firms McKinsey, Bain, BCG and AT Kearney recruited 3-5 students per firm. "We are hiring 6 interns from IIM Ahmedabad, Bangalore and Calcutta for positions in Gurgaon and Mumbai," said the HR head of global management consulting firm AT Kearney.
Besides consulting firm, private equity players Baring Private Equity Partners andMount Kellett Capital Management, a private equity firm run by former Goldman Sachs partner Mark McGoldrick, made a debut on the IIMC campus this summer.
