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Rs5L stipend for IIM interns

IIM-(Ahmedabad, Bangalore and Kolkata) have witnessed a surge of more than 20 per cent increase in the number of students landing international internships.

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First year students of Indian Institute of Management (IIM) couldn’t be happier. Students, most in their mid-20s, would be drawing stipends ranging from Rs3 lakh to Rs5 lakh for an eight-week stint, with increasing number of overseas companies scouting the premier institution’s six campuses spread across the country for summer interns.

IIM-(Ahmedabad, Bangalore and Kolkata) have witnessed a surge of more than 20 per cent increase in the number of students landing international internships. IIM-Lucknow (IIM-L) saw a four-fold increase in the number of foreign placements from six last year to 28 this year.

“Usually foreign companies flock to the top IIMs, but this year companies like Barclays came to us for the first time. We were also proactive this year, inviting companies from south east Asia, Europe and West Asia,” said Pankaj Kumar of IIM-L.

At IIM-A, 123 of its 263 students were given internships abroad. “Top Indian firms too offered positions abroad. As IIMs become more well-known globally, companies are also increasingly looking our way,” explained Pravin Christian of IIM-A.

The summer placement this year also saw a hike in the average stipend offered. For IIM- B, the stipend offered for domestic locations ranged between Rs6,000 to Rs75,000 per month, overseas offers were pegged about $7000 per month.

Aahaskar Pandey has been offered the post of assistant manager at Alshaya Corporation, a Kuwait-based company. This 24-year-old said over the telephone from Lucknow, “Since I am specialising in agri business management, this stint with a retail franchise would be invaluable.”

IIM-C, with its largest batch of 300-odd students, finished their placements in record 4.5 days. “We received 137 international offers, which remain the highest ever. More than 58 per cent of the offers were made by international investment banks and 37 per cent by international consulting firms on the first day of scouting itself,” said an IIM-C official.

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