The best interns at school B offer a stipend of up to Rs 8 lakh for a 2 month internship | Photo credit: Representative image
- Allowances for summer internships in leading business schools increased by 16-17% on average
- Companies in the consulting sectors and BFSI, IT, E-commerce, FMCG make the largest number of offers
- The main recruiters are Amazon, The Boston Consulting Group, Bain and Co, Accenture Strategy, EY, PwC, Deloitte, Aditya Birla Group and Hindustan Unilever.
The nation’s top business schools have witnessed a wave of companies over summer internships to hire interns with record stipends as the business climate for next year improves.
Scholarships have increased by 16-17%, with some students being offered Rs 5-8 lakh for a two-month internship at top business schools such as the Indian Institute of Management (IIM), Kozhikode; IIM Indore; Faculty of Management Studies, Delhi; Xavier School of Management, Jamshedpur and Goa Institute of Management.
The highest allocation at XLRI and IIM Lucknow was Rs 6.8 lakh for two months, up 35% from Rs 5 lakh offered last year. At IIM Kozhikode the highest allowance jumped 17% to Rs 3.74 lakh from Rs 3 lakh last year and FMS Delhi saw a 67% jump to Rs 5 lakh from Rs 3 lakh year last. IIM Indore’s highest allocation rose from Rs 3.2 lakh last year to Rs 4 lakh. The highest scholarship available to students at Management Development Institute, Gurgaon was Rs 4 lakh. According to a report by the Economic Times, Goa Institute of Management students were offered a top summer placement compensation of Rs 2 lakh, which is 22% more than Rs 1.64 lakh offered the last year.
The main recruiters are Amazon, The Boston Consulting Group, Bain and Co, Accenture Strategy, EY, PwC, Deloitte, Aditya Birla Group and Hindustan Unilever.
A Kanagaraj, chair of internships at XLRI, told ET that the summer internships have broken all records of previous years.
Companies from sectors such as Consulting and BFSI (banking, financial services and insurance offered a maximum number of summer internship offers. Consumer goods / durable goods (FMCG / FMCD), e-commerce and IT were others to distribute a high number of offers, the report adds.
The consulting sector saw a 157% increase in offers given to students at MDI, Gurgaon followed by BFSI and Technology, Telecommunications and Media.
Amit K Gupta, Head of Graduate Programs Internships, said Accenture Strategy brought in the most offers, followed by Deloitte USI, PwC US Advisory and Godrej Industries.
Consulting offerings at FMS, Delhi saw a record growth of 72% over last year and IIM Indore also saw a 25% jump in industry roles. Sales and Marketing saw a 25% increase in offerings to IIM Kozhikode students, followed by Consulting and BDSI at 22% each. Consulting and consulting roles jumped 25% at XLRI while IT and business companies recruited 22% of the lot.