Bangalore: Summer internship placements of the Indian Institute of Management Bangalore, which concluded here on Monday, have turned out to be a major stepping stone for students looking to land lucrative jobs in international companies that conduct on-campus recruitment.

All students who took up the internship offers had an engineering background.

However, the highest stipend offered remains at $ 7,000 a month. The average overseas stipend is $ 5,000 a month. The number of overseas placements has increased to 12 from five last year.

As for stipends in India, it has gone up to Rs. 90,000 a month from Rs. 70,000 a month. While the average stipend stands at Rs. 17,000 a month, the lowest offered is Rs. 7,500 a month.

Sources at IIMB said the year 2005 saw more placements with about 90 companies holding on-campus recruitment drives.

The number of offers made was 348 (to 233 students). The acceptances on day one of the summer internship placement were 60 against last year's 27. The number of foreign acceptances was 71 (53 men and 18 women) against last year's 40. The largest overseas recruiter has been Lehman Brothers with 13 acceptances and IBM India with a similar number has come out on top among Indian companies. The new companies that participated this year include Credit Suisse First Boston; Merryl Lynch; and Citigroup Global Matrix.

The new sectors for summer internship were reinsurance; private equity; treasury; retail and hedge firms.

Some of the locations of foreign offers are London, New York, Tokyo, Hong Kong, Singapore, Germany, Bangkok and Shanghai.

IIMB Director Prakash G. Apte expressed satisfaction over the placements and said the students had a major role in this and not the faculty.

He said IIMB was awaiting government approval to get its Singapore campus started.

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