With the new batches having started at all the top B Schools, time is not far when the buzz will start off for Summer Placements at all the top B Schools. While we have multiple articles lined up to help our B School friends prepare better for their MBA Summer Internship Placements, let us first begin by understanding the important of MBA Summer Internships. Here we bring to you 5 Reasons why MBA Summer Internships are important.
5 Reasons why MBA Summer Internships are important
1. Best Chance for students to get middle management industry exposure
Despite the fact that MBA Summer Internships start after the first year, they provide the first platform to any B School student to experience the middle management experience in real industry scenario.
MBA Summer Internships prepare the students with core knowledge and enable them to be better prepared for the specialized electives awaiting for them in the second year of MBA.
This exposure becomes even more important for freshers, who have never worked in the industry earlier. MBA Summer Internships provide the hands on experience to all the students. This helps them in getting better informed about their interests and the field they would want to work in. This finally enables the students to make a better career choice when the time of Final Placements comes.
For example: At times, we would have always believed that we are made for Sales and Marketing in a FMCG Company but the experience of Sales at FMCG company may make us rethink and we realize that B2C sales is not meant for us.
2. Indicator of Final Placements
Since there is just a few months gap between Summer Placements of the junior batch and Final Placements of the senior batch, they act as a good indicator of Industry mood and its acceptance in the current year for the respective B School.
The number of Pre Placement Offers (popularly known as PPOs in B School arena), are also the strong indicator of the trends to be expected in Final Placements. Also, if the institute is able to secure a decent number of PPOs for a batch, the process of final placements becomes easier, because you have so many fewer students to place that year.
Summer placements also indicate to B-Schools which sectors are likely to generate more jobs in the immediate future.
3. Feedback from Industry
MBA Summer Internships also provide an opportunity for the B School Placements Team to get feedback from industry about their expectations in the current fiscal year, how are they perceiving the students from respective B School, what are their expectations, what kind of profiles will they prefer among the students, and more.
This feedback enables Placement Teams to ensure that students are well prepared and in sync with the industry expectations.
In addition, a growing number of institutes are setting up advisory boards for their curriculum comprising people from companies in order to make the courses more relevant to the industry needs. The feedback from the corporate where a student complete his summer internships is often used an as input for curriculum upgrades.
4. Stiff Competition among B Schools in the same tier
With the number of new B Schools including multiple new IIMs opening every year, the competition to sustain themselves in the job market is cutthroat, especially for private B Schools whose fate for the next year depends on their placement figures of the current year. After all in India, Placements are perceived as the ultimate reward for investing the time, effort and money for two years, and hence an important point of reference in admission decisions for MBA applicants.
This competition has become even more fierce with the increasing batch size across B Schools. To get companies to visit the campus and conduct interviews with the MBA batch, the first thing B Schools need to do is break ice with recruiters and get a working relationship going. Chances that a company will make higher number of offers to it in final placements is higher if the company visited the campus for the summer placements too.
With the number of summer internship projects and the number of institutes to recruit from being more or less fixed for most recruiters, B Schools try to get in the queue first. Summers is the chance where the schools start up their relationship with companies and being the early bird can put them at great advantage.
5. Growing strategic importance for Corporates
With the aim to prevent investing time and efforts twice, most of the corporates have PPOs in mind while they are recruiting for MBA Summer Internships. They have started looking for a better cultural fit as well and not just a temporary aptitude fit to do some short term project. This has increased the expectations from students when it comes to their MBA Summer Internship Preparation.
These days the testing and training of students start right from the summer internship so that the companies are more assured of getting the ready products that fit the company needs as soon as they graduate from respective B Schools.
If you feel we missed any point, do comment below the article! And do share your views on these reasons in comment section.