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November 11, 2009

Recession takes backstage at IIM-C summer placements

Kolkata: The Indian Institute of Management, Calcutta (IIM-C) conducted its summer placements for the batch of 2009-11 from November 4 to November 9, 2009. The process, which lasted for six days (including a Sunday), ended with all 407 students of the batch landing with an offer.

With the new Ministry of Human Resource Development (MHRD) stipulations, IIM-C had a larger intake than any other IIM. This gave rise to a batch, which was bigger than any other seen in any IIM's history, recording a 33% increase from last year.

The batch had its highly diverse background, with students who held offers from colleges such as NYU Stern, Cornell, University of Bocconi (Italy), London School of Economics and HEC Paris among others. Many had worked in firms such as Deutsche Bank, JP Morgan, Goldman Sachs, Credit Suisse, McKinsey and Merrill Lynch before coming to IIM-C.

The 2009-11 batch boasted of diversity generally unseen in Indian B-schools.

The diversity varied from highly accomplished sportspersons (international and national level basketball, chess, swimming, rowing and archery competitors) to people who have worked with firms such as the World Bank and the Reserve Bank of India.

There were those who taught as rock-climbing instructors, those who are working on starting butterfly farm chains; there are others who have been involved in massive projects such as the modernizing of the Bangladesh Railway System. At least seven of the students have their own startup ventures.

Keeping the large batch size in consideration, IIM Calcutta declared that the placement process would remain open as long as students are without offers.

There was no placement window announced this time.

IIM-C follows a one-offer policy in its summer placements: students are not required to apply for firms they are not interested in, and they are out of the process once they accept an offer.

The process, which lasted six days, consisted of three slots, each of two days. Slot Zero (Nov 4-5) saw some of the most coveted recruiters come to campus and make some of the largest offers in recent times.

The Royal Bank of Scotland made the largest number of offers by any investment bank, by taking in 11 students while Barclays Capital and Bank of America - Merrill Lynch (BoA-ML), closely followed it.

Nomura too recruited from campus, burying the past of Lehman Brothers, which was a highly favored recruiter until last year.

Some of the other banks that recruited from here were UBS, Credit Suisse, JP Morgan Chase, HSBC Global, Macquarie, Rothschild, Morgan Stanley, Deutsche Bank and Goldman Sachs.

The leading consulting firms too kept their date with IIM-C, with McKinsey, Bain, BCG and AT Kearney recruiting students from here.

"Private Equity firms finally returned to the campus. Among the prominent ones were Baring Private Equity Partners and Mount Kellett Capital Management. Mount Kellett was a first-time recruiter at IIMC. More importantly, along with Morgan Stanley (London), IIM-C was the only college in India it recruited from," said an official at the campus.

Baring attempted to recruit from four campuses in India, but ended up recruiting only from Calcutta.

Marketing and general management firms too made their presence felt. Leading recruiters were Hindustan Unilever, Procter and Gamble, Diageo, Tata Administrative Services (TAS), Aditya Birla and Edelweiss. TAS made an unprecedented 10 offers on campus, making it one of the largest recruiters at the campus.

The college also played host to other highly sought-after recruiters. Some of the leading finance firms were American Express, Citibank, Standard Chartered, HSBC India and DBS India. Other big players were Cadbury, Coca Cola, Pepsi and RPG Group.

A large number of international offers were made this time. As many as 61 students have internship offers in locations across the world, such as New York, London, Hong Kong, Singapore, Dubai and South Africa, with the possibility of more getting confirmed soon.

Signaling the end of the bad times, finance dominated the scenario with 43% of the students taking up jobs in banks.

This included 80 offers in investment banks and private equity firms, as compared to last year's 58. The Slot Zero consulting firms made 20 offers, up from 16 in 2008.

Marketing firms recruited 50% more than last time, gathering up more than a quarter of the students in the process. Leading marketing companies like HUL made more offers this year than any other year in recent times.

Apart from media houses like HT Media and Star, the campus was visited by NGOs such as CRY and Akanksha.

Public sector firms such as Union Bank of India and SEBI also made internship offers here.For the first time, IIM-C played host to sports marketing and event management companies. source:

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