Summer internships for 2019 witness 15% increase in Chennai
As there is a jump of 15% in the summer internship in the Chennai market, potential candidates can rejoice for the fact that the 2019 placements will be more, says a TOI report. Summer jobs or internships for next year, considered as a bellwether of the job market are witnessing an upward spiral as there is near about 15% increase in the intake of engineering and management students, noted the report.
For instance, the IIT-Madras announced that there was an increase of 15% in summer jobs or pre-placement offers made during the academic year 2018-19, noted the report. An estimated 152 students that include 22 children from the department of management studies received pre-placement offers this year as of October 22 in contrast with 133 students the previous year including 19 students from DOMS. Citing IIT Madras statement, the report further said that it was an outcome of excellent performance of students during the internships.
Elaborating on the summer internship, the report said that the pre-placement offers or internship offered at most large universities act as a precursor to the final placement, as firms most often offer jobs to student interns after they complete their course.
Manu Santhanam, Advisor, Training and Placement, IIT-Madras told the daily, “The good number of PPOs is hopefully indicative of a strong placement season. What is more, the steady increase over the years in PPOs also points to the value placed by recruiters on the internship program.”
The highest number of PPOs, according to the report, were made by firms such as Qualcomm (19 offers), Samsung Research (16) and Microsoft (9). Similarly, the electric scooter manufacturer Alter Energy, which incidentally has roots in IIT-M also made an internship offer, said the report and added that at the institute’s DOMS, major recruiters included Accenture, VIP Industries, Dell, Ford, Amazon and Freshworks, said the report.
Stating that the median salary was around Rs.2 lakh for internships, the report went on to add that regarding leading profiles, most PPOs came from the core engineering and R&D space (61%), followed by Analytics, consulting and finance domains (19%). As a policy, IIT do not disclose stipends and salaries offered to the students, the report added.
Citing the city-based Loyola Institute of Business Administration (LIBA), the report further said that 25 firms had come so far for summer internships with ten more entities expected in this month. In 2018, around 27 firms offered PPOs to students. While average stipends were found to be 15% higher this year, LIBA told the daily that 83% of students received pre-placement offers this year, as against 80% students who received offers during the previous year. TAFE, V-Guard, Bata, ITC Paper and Packaging and others were first-time recruiters for internships, while regulars such as JLL, Nestle and Vedanta also visited LIBA, where international summer internships were also offered, said the report.
In IIM-Kozhikode, summer placements of the largest batch of 423 students in its history were completed in a record 3.5 days. PPOs witnessed a 21% increase in average stipend and 43% jump in median stipend. Around 105 firms took part with 27 new recruiters making offers to 421 students (two opted out), the report held.
Prof Debashish Chatterjee, Director of IIM-K said, “Summer placements were unparalleled. Students have triumphantly converted all the offers from recruiters. Considering the volatility of the economy, recruiters are bound to be hesitant, but the merit of our students attracted a whole new list of firms visiting our campus.”
The median stipend was increased at Rs.2 lakh for an internship, an increase of 43% over the previous year, said the report and added that 27 students received the highest stipend of Rs.3 lakh, almost three times the number last year.