Indian Institutes of Management (IIMs), which usually guarantee all students will get jobs within days, are reportedly grappling with prolonged challenges in closing summer hirings.
What Happened: Only 20% of the 21 IIMs have completed summer placements, while 80% are continuing placements in a rolling process, Moneycontrol reported, citing a study from campus recruitment platform HirePro. This struggle is unprecedented, lasting for two months, compared to the traditional few days of the placement process.
Among the premier IIMs, Ahmedabad, Calcutta and Lucknow have achieved 100% placements, while Bangalore, Indore and Kozhikode are still in the process. Out of the new IIMs, only IIM Mumbai has completed the placement process. The delayed completion of summer placements is likely affecting the upcoming lateral/final placement for the outgoing batch set to graduate in 2024.
Despite challenges, even during the COVID-19 pandemic, almost every IIM managed to achieve 100% placements, even increasing the median and highest stipends offered.
Why It Matters: Summer internships are crucial for academic requirements, and a delay or compromise in securing internships could lead to students missing out on pre-placement offers (PPOs) or receiving less suitable job-fit pre-placement offers.
Lower stipends and offers are also observed this year, impacting the overall placement scenario. The median stipend at premier IIMs has reportedly ranged from ₹1.5 lakh to ₹2.7 lakh per month in the past two years, now reduced to ₹1.3 lakh to ₹1.7 lakh. For second and third-generation IIMs, maintaining the stipend range is a priority.
Despite the challenges, some IIMs that completed placements saw a slight increase of around 10% compared to the previous year.
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