It is a record of sorts, an IIM student is earning a stipend of Rs 12.5 lakh for summer internship, that too, in times of recession. Last year, an IIM student had become the highest paid intern earning half the amount. It is a student of the Indian Institute of Management (Calcutta) who outdid the previous record holder.
Interned with an investment bank in Hong Kong for a stipend of Rs 12.5 lakh, the IIM Calcutta student, who preferred to remain anonymous, has become the highest paid had IIM graduate ever. An engineer from IIT Delhi, the student earlier worked with Delhi based firms for more than two years in the finance domain.
The record holder intends to invest part of the amount he had earned by way of stipend in the market. He would pay his MBA fees from the stipend money.
Should the company change the stipend into a pre-placement offer, it would pay the student around Rs 75 lakh as a basic salary, bonus, perks and variable pay excluded.
Incidentally, it was another I-bank which had paid the highest stipend last year. The bank is based in London. Coming as it does against the backdrop of 15-30% decline in the average salary packages being offered to IIM grads by the companies in the wake of the ongoing downturn, it is a silver lining for the IIM fraternity.