IIMs or the Indian Institutes of Management are a group of 20 Institutes of Management Education and Research in India, that are public and autonomous. The IIMs offer Postgraduate, Executive Education and Doctoral programmes, and are registered as societies, under the Indian Societies Registration Act.
Although each IIM is an autonomous body and exercises control over its day to day operations, independently, the administration of all the IIMs and the overall strategy of the IIMs is looked after by the IIM council, which is headed by the Ministry of Human Resource Development, consisting of the chairpersons and the directors of all IIMs, and senior officials of the Ministry of HRD of the Government of India.
Across all the IIMs, the two-year Post graduate Programme in Management (PGP), offering the Post Graduate Diploma in Management (PGDM), is the flagship Programme, which is considered equivalent to regular MBA Programmes. Other Programmes offered by the IIMs include FPM (Fellow Programme in Management), PGPX (Post Graduate Programme in Management for Executives), PGP-FABM (Post Graduate Programme in Food and Agri-Business Management, ePGP (E-Post Graduate Programme), etc., along with several other unique programmes like IIM Indore’s Five Year Integrated Programme in Management, or IIM Lucknow’s Working Managers’ Programme of three years.
IIM comes under the chain of the top-ranking Business Schools of India, with all aspiring MBA Candidates, aiming for admissions in the foremost Institutes coming under IIMs, like IIM Calcutta, IIM Ahmedabad, IIM Bangalore, IIM Lucknow, IIM Indore, etc. One of the most famous National Entrance Examinations, to get admitted in several Management Programmes, across hundreds of Business Schools in India, along with the IIMs, CAT, is convened by the IIMs every year. The popularity of CAT has been increasing with time. CAT 2017, held on November 26, 2017, saw more than 2.32 Lakh aspiring candidates, appearing in the exam. Looking at the current trend, this number is most likely to increase.
No wonders that the Placement Scenario at the top-ranking IIMs, is equally remarkable as the buzz around it. In fact, within 7 years of establishment of the new IIMs- IIM Raipur, IIM Trichy, IIM Rohtak, IIM Vishakhapatnam, they have already achieved a scale of the average salary being INR 13L-14L. This trend shows that in a few years from now, these new IIMs shall surpass many of the top established PPGDM Business School.
The Placements at IIMs are of two types: Summer Internships, and the Final Placements. The Placement Scenarios are taken care of, by the Placement Committee, that contacts the companies for recruitments, and is responsible for coordinating the recruitment process, while overviewing it entirely.
The 8-week long Summer Internship Program, is a compulsory course requirement for the PGPM students, wherein each student is expected to work in the Industry, for a period of 2 months, during the months of April and May. The process helps the students with an opportunity to apply their learnt managerial concepts in the first year, to live projects, in order to get a better understanding and analyzation of the actual world business problems.
The batch 2017-19, at IIM Calcutta, saw 457 students getting recruited for Summer Internships, at 180 Firms, carrying 458 offers. The average monthly stipend, came out to be about INR 1.1 Lakh.
“We have been recruiting from IIM Calcutta for nearly half a decade now. The outstanding financial curriculum and academic fundamentals taught at IIM Calcutta continue to produce exceptional graduates. Accordingly, our internship hiring from this year’s class has doubled from last year. Notably, showcasing the gender diversity of this class, we see that 57 percent of these hires are female.”
-Vidya Lakshmi, Head of Human Capital Management at Goldman Sachs
For the Final Placement Process, the students are recruited at the end of their 2nd year, for permanent, full-time positions. Every year, the eminent Institutes under IIMs, witness fruitful placement seasons, with 400+ offers, along with 100s of Pre-Placement Offers, that are bagged by the students during their Summer Internships itself.
IIM Bangalore, this year, received 150 Pre-Placement Offers (PPOs), which made about 38% of its entire batch size. IIM Lucknow saw 20% increase in the number of PPOs, and a 30% increase in the number of offers from the Higher Entry Placement Process. At IIM Calcutta, a total of 481 offers were made, out of which 50% hailed form the Financial and Consultancy Sectors. IIM Calcutta, is known to be the Finance Campus of India, rightly so.
IIMs are known for having prestigious and eminent recruiters adding on to their list year after year. This year, the IIMs saw visiting recruiters like: Accenture, Air India, Philips, PepsiCo, Google, Amazon, Hewlett Packard, American Express, Raymond, Reebok, Barclays Capital, Intel, Britannia, CARE, Coca Cola, TISCO, and so on.
IIMs are considered to have one of the largest alumni networks across all Business Schools of the country, and consider it to be one of their biggest assets. Over the years, the students graduating from the IIMs have successfully been taking up strategic positions and shouldering critical responsibilities in the corporate setup, throughout the world. The success of these students is a testimony to the rigor attached with the selection process, as well as the quality education provided here.
“Leadership is about doing the right thing, even if it going against a vast number of naysayers and mediocre people.”
- N. R. Narayana Murthy
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