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German bank eyes talent at IIMs
Shelley Singh
MUMBAI, Dec 28: Deutsche Morgan Grenfell, the investment banking arm of the Deutsche Bank Group, will be recruiting executives from the three Indian Institutes of Management at Ahmedabad, Calcutta and Bangalore for their global operations. The selected MBAs will be put through 12 months of intensive training before being posted either in London or the New York offices of the Deutsche Morgan Grenfell (DMG) bank.This is the first time that DMG is recruiting MBAs from India. Says Anshu Jain, managing director, global markets, DMG, ``We are here to recruit 15 MBAs from these IIMs. This forms 10 per cent of our annual recruitment. For lach MBA selected from India, we will be spending on an average $350,000 on training. The one year training programme will be a combination of six months class room training to hone the financial concepts and skills and another six months on-the-desk assignments across various divisions, before they are given charge of the operations.'' DMG, which was set up two-and-a-half years
ago offers a unique opportunity for highly qualified individuals to join a major international firm at a decisive point in its development. Commenting on the profile of the prospective candidates and opportunities with the investment bank Jain says, ``DMG career programmes take into account the skills required to be successful in a highly competitive environment. New recruits benefit from working alongside professionals who are highly respected in their fields. We expect the IIM MBAs to develop long and successful careers with us. We need people with an international perspective and the ability to adjust to different business and social cultures. We are also looking for innovative and entrepreneurial individuals who harbour a commitment to progress and achieve success in an environment of strong team work and cooperation.'' On the needs to recruit Indian MBAs for their global operations, Jain says, ``Indian MBAs are unique in the sense that majority of them do not have any work experience as compared to
their counterparts in the West. The IIMs are a reservoir of the best management talent that India can offer. These students already have a portfolio of skills which we can mould to our requirements.'' Interestingly, apart from honing the financial skills, the DMG training programme will look into the ``softer'' side of the recruits. It seeks to improve the general outlook of the candidates, to prepare them for a global environment through a cultural orientation programme. The recruits will be advised even on personal matters such as shoes, shirts and suits as part of their overall grooming. As for the selection procedure it will not be entirely based on the the curriculum vitaes of the candidates. It will be a combination of assessment and information from the CV. A recruitment panel will be visiting the institutes in January to conduct tests on quantitative ability and a battery of interviews. Informs Jain, ``The IIM students are exceptionally bright and we are looking for the best among them. The
selection procedure seeks to bring out students with commitment, ingenuity and entrepreneurial skills.''DMG recruits management graduates from premier institutes around the world like Harvard Business School, Wharton and Stanford. The investment bank is offering an annual salary of $60,000 to $70,000 to these recruits. The direct cash component will be $45,000 to $55,000 per year, while the rest will be perks which include housing, insurance, car finance etc. On the response to DMG's recruitment drive Jain says, ``At the pre-placement talks held at IIM Calcutta, 175 students participated and this reflects the level of interest in DMG. We are willing to pay for skills and are looking for smart, young, ambitious and hardworking students. If we get the right candidates this year, we will be back again next year to look for Indian students keen on a rewarding career in investment banking with DMG.'' With offices in over 30 countries and a workforce of 8,000, DMG has a significant presence in global
investment banking. Its business is centered around seven core activities which include global markets, corporate finance, equities, structured finance, emerging markets, asset management and development capital. The creme de la creme from the IIMs have this opportunity to work with this successful investment bank and in the process create a niche for the premier Indian management institutes in a global environment.
Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.
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