The recent designation of the National Institute of Industrial Engineering (NITIE) as the Indian Institute of Management (IIM) Mumbai has significantly enhanced the placement opportunities at the institute this year.
Despite the evident impact of the global economic slowdown on placements at various IIMs and IITs, there has been a noteworthy surge of over 20 percent in the count of companies participating in campus recruitment at the recently designated IIM Mumbai, in comparison to the previous year.
This increase encompasses several renowned organizations that are recruiting from the campus for the first time, including Microsoft, Goldman Sachs, Pine Labs, Meesho, Blinkit, Gestamp, SUD Life, and Birla Paints, among others.
During a period when the worldwide technology slump is being widely discussed among prestigious higher education institutions in the country, impacting job placements, including at IIM Bangalore, IIM Mumbai has experienced a significant increase in the number of new recruiters. The placement process commenced last week. In a remarkable turn of events, Microsoft made its inaugural visit to IIM Mumbai and astonishingly presented the highest annual salary package of Rs 51 lakh.
The salary package offered at the campus this year is significantly higher than the average of 31 lakh per annum. Despite this, the placement process is still in progress. In August of this year, NITIE received IIM status, which has resulted in a change in the market’s perception of the institution, according to Prof Manoj K Tiwari, Director of IIM Mumbai.
As per the information provided, the increased interest in campus placements this year to the development of gaining IIM status in August. He also acknowledged the institute’s specialized curriculum for incorporating current industry needs and promoting digital technology in all areas of management. The initial phase of placements is prioritizing students who have accumulated significant work experience prior to joining NITIE.
As per the information received, Common Recruitment Program for fresh graduates is scheduled for January. The institute is optimistic about the success of phase II due to the high level of interest shown by companies. Prof Pandey also mentioned that they have already received interest from new recruiters offering both domestic and international opportunities. In addition to their regular participating companies with international offers, such as Landmark (Dubai) and Tolaram Group (Africa), Sobha Realty from Dubai is a confirmed new entry, with several others currently in talks.
Contrary to recent reports suggesting difficulties in placing students for summer internships at IIM Bangalore, IIM Mumbai has the luxury of selecting from a pool of opportunities this year. The campus placements for the Summer Internships Programme (SIP) have attracted a total of 130 companies, with 20 new entries joining the list. According to Prof Rauf Iqbal, the Dean of Student Affairs at the institute, almost all students have secured SIPs, with only a few still awaiting placement. However, this delay is not due to a lack of companies offering SIPs, but rather because the institute is carefully assessing whether these companies have the intention and capacity to convert the internships into Pre-Placement Offers (PPOs).