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Blue chip firms make appointments to hire at IIMs

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Blue Chip companies have already made appointments in advance for the recruiting season four months away in Indian Institute of Management - Ahmedabad (IIM-A), which is the first in IIMs to hold summer placements.

Day Zero for the first year students of the 2009-11 batch saw blue-chip recruiters like i-banks, Goldman Sachs, Morgan Stanley and Barclays, JP Morgan, Nomura, HSBC, Deutsche Bank, Citigroup, and consultants like McKinsey, The Boston Consulting Group and Bain returning to the IIM-A campus with gusto, picking up more number of students than they did on the first day last year, for the two-month internship. While IIM-A did not give out the total number of offers made on the first day, unconfirmed reports put the figure at around 100, much higher than the 55 offers made on Day Zero last year, according to Economic times.

"Day Zero of the summer placement process saw enthusiastic response from our regular partners from the fields of investment banking and consulting. Most students today were placed in investment banking and consulting roles," said Himanshu Nema, Secretary, Placement Cell, IIM-A. Top consulting firms like McKinsey, Boston Consulting Group and Bain will each have 3-5 students joining them for summer internships in April next year. Among other top consulting companies that recruited were AT Kearney, Booz and Arthur D Little.

The collapse of Lehman Brothers followed by the global economic slowdown had almost halted the placement offers in IIMs. To the relief of IIM students, the recession phase has almost passed and many people are now looking to hire. The sentiment turned upbeat in the first hour of the day when the word got out that Goldman Sachs, now in an aggressive hiring mode, picked up students. "A day that began with great apprehension for the first-year students gradually brought relief and cheer to the students as they found that placements on expected lines, with regular partners back to recruit and some new firms to choose from," said Rohan Desai, Secretary, Media Cell at IIM-A.

The positive mood prevailed throughout the day with students pressing for a chance to intern with companies representing banking and finance sectors - a trend that had seen a beating in the 2008 summers when only 32 percent students opted for finance, a sharp decline from 57 percent students opting to intern with the sector the year before. Finance has always been the most sought-after sector at the IIM-A.

Apart from i-banks, major global consulting firms, too, made internship offers to the first-year students of the flagship Post-Graduate Programme. Global banks and consulting firms like Goldman Sachs, Morgan Stanley, Barclays, among others, made five offers each on the first day of the internship process. While Royal Bank of Scotland hired more than 10 students in investment banking profiles in Hong Kong, Singapore, New Delhi and London, global banks like JP Morgan, Nomura, HSBC, Deutsche Bank and Citigroup, too, picked up students for internship.

As many as 315 students of PGP and agri-business management (ABM) of 2009-11 batch are participating in the summer internship process. Summer internships are a mandatory requirement of the course and students will spend 8-10 weeks in these companies in the months of April-May next year.

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