Diwali Update - or Halfway Hell

I’m currently sitting in the library typing this, relieved that most of my mid term examinations are over. I have taken the paper in Macroeconomics and Operations Research the two “main” papers in this term – and I can rest easy for “Information Technology Systems” which we take tomorrow. All we have to do is solve a case about how a particular organisation should incorporate technology into its operations. That should be simple enough, no? Well – tomorrow shall tell.

Anyway, this might be a long post as I have a lot to talk about. Once the midterms tomorrow are done, I shall be done with 3 of the six exams I take for this year. So that shall mean that I’ve done effectively half of year one. That’s pretty neat, considering that it’s certainly not felt like that long. I’m chugging along nicely academically too – and what is reassuring is the fact that I still have the appetite for a good intense mental workout before an exam. It’ needed, and it’s something which I had totally not done during the four years of engineering. There, so that covers the academics. In case you’re really interested in the subjects that we did in this half-term here they are : Organisational Structure and Design, Marketing Research, Operations Research, Macroeconomics and IT in Management. Maybe I’ll talk more about a few of these courses in forthcoming posts.

It’s ironic that I leave the commentary on the impending placements for the third paragraph. It’s certainly one thing which has been looming large on campus, and it’s something which is staring every first year straight in the eye, like it or not. For those who came in late this is what happens.

The Summers Process
Summer placements are placements for Summer internships that first year students are expected to complete as a part of their course. This internship will take place over April to June. Why is it such a big deal? Basically the top firms on campus, especially to do with consulting and banking use the internship route for final placements. This is especially true for investment banks which hire exclusively through this route. So if you land yourself a summer at one of these firms, and impress sufficiently (or as some say, don’t screw up) then it’s quite likely that you’ll get a final offer. This also means that you don’t have to worry too much about getting high grades for final placements in your second year, making life on campus much easier.

How does it work
Prior to placement week, firms come up with shortlists of students they would like to interview on the actual day. Making this shortlist with your CV speaking for you is the first step. Then, there is the actual placement week. Firms are ordered in order of priority and the top firms will come and hire on the first day, the next in row on the next day and so on. The firms which get chosen to recruit on the first day are called “Slot Zero” firms, the day going under the appellation of “Day Zero”. Obviously banks and consulting firms dominate this list, and I’m guessing its quite tough for people wanting to work for less “glamorous” professions to ignore the lure of Slot Zero firms. There are a lot of things wrong about how the process works from a philosphical point of view, but ground realities dictate the process – and the truth is most people would prefer these firms above any others.

I have heard a lot about Day Zero pressures when you are supposed to “crack” the interview. I have also heard a lot about the “magic” scheduling software which takes care of the firms preferences of students and vice versa and ensures that the right students interview at the right time. The main aim is to get students “out of the process” as quickly as possible (i.e. get them a job that they like) so that other people can try out earlier. I have very vague ideas about how this works, and it something that I shall definitely write about once the day has passed.

The Prep
Students are expected to prepare for the Summers process quite vigorously. There is a huge support system with senior students mentoring the first years on the kind of firms that they interviewed with, their experiences, tips and tricks etc. Senior students conduct mock interviews, give advice and conduct classes to help the juniors with theory. For students gunning for a job with on the finance firms the bible is the “Options, Futures and Derivatives” book by John.C.Hull and “Corporate Finance” by Brealy-Myers. There is also a huge emphasis placed on “personals”; basically personal questions about the interviewee, what he wants to do in life, and other such generic questions. They tell us that this makes all the difference.

What’s Happening Now
This year IIM Calcutta goes for summer placements on November 9th. The same(or similar) firms will then go to IIMA and IIMB immediately after. Currently as people get done with their midterms focus will shift to preparing for interviews, knowing more about the firms you have received shortlists for etc. Life shall resume to normal only after November 9th.

*PS: The objective of this article is meant to be mainly informative. I want to dispel a few myths about what exactly happens on campus during such times. I’ve taken care to avoid inserting my personal opinions even though I might have failed. I apologize in advance.

October 30th, 2008 / 1 Comment / Trackback