Mumbai MBA student lands 2-month internship for Rs 5.5LCATKing
The highest stipend offered to a student of Jamnalal Bajaj Institute of Management Studies (JBIMS) for the two-month summer internship programme has touched Rs 5.5 lakh this year, an 18% increase over last year and probably the highest among the city’s B-schools so far. The student is part of JBIMS’s first-year master of management studies (MMS) batch. The internship is for an investment banking role. The average stipend offered to the current batch (passing out in 2020) too has gone up-from Rs 1.61 lakh to Rs 1.89 lakh. At some of the IIMs, highest stipends haven’t crossed Rs 3 lakh.
While summer placements at the School of Business Management of Narsee Monjee Institute of Management Studies (NMIMS) are a rolling process, the highest package offered so far for the 2020 batch stands at Rs 3 lakh per month, said an official from the institute. The highest stipend may increase as a few more companies are keen on visiting the campus, she said.
SP Jain Institute of Management and Research (SPJIMR), another popular B-school, conducts autumn placements, instead of in summer. In their last autumn placements, the highest package offered was Rs 3 lakh per month and the institute is expecting a hike in the next season. Both institutes have bigger batches than JBIMS.
At the Tiss School of Management, the average stipend for the two-month summer internship programme crossed Rs 1 lakh per month this year, the highest being around Rs 1.5 lakh.
“JBIMS students are groomed well in the few months they join. This batch will be graduating in 2020. The banking and consulting sectors have hired more students this year. The diversity of our students’ pool helps us get eminent firms. Many visit for the final placements too,” said the institute’s director, Kavita Laghate. “This year, regular firms have offered more roles and stipends too have risen.” The average stipend for the batch and the average stipend of the top 10% students are the highest now than in the last five years.