B-School students keen on working with MFCs

 | May 27,2013 05:00 pm IST

The micro-finance sector which was facing a dearth sometime back is now getting back in order. MFCs are heading to top b-schools in the country to hire able talent as banks and investors make a cautious reentry into the market.

Even students are looking forward to working with companies that are neither profit-focused nor engrossed in social activity.

Micro-finance firms are picking students from premier b-schools like IIMs and XLRI for internship and recruitment opportunities. The trend indicates that students are willing to give up hefty pay packages to walk the middle path.

Janalakshmi Financial Services, ranked 30th in CRISIL list of Top 50 Microfinance Institutions in India by Loan Amount Outstanding for 2009, hired its first IIM graduate from Lucknow (IIM-L) in 2011 and another from IIM Bangalore (IIM-B) this year. As much as 17 people applied for the position this year of which five were shortlisted and finally one offer was made to an IIM B student.

The firm hired 65 b-school graduates this year of which two are from TISS Mumbai. However, last year it hired only 20 graduates. The firm also hired about 40 interns from tier II b-schools in last three years and is planning to look at all IIMs for 2014 placements.

IIM B students will be handling technology, strategy and planning while students from TISS will look at operations such as running branches.

Another micro-lending company, Bandhan Microfinance, have been hiring interns from IIM Calcutta for over last five-six years.

"Dynamics of the microfinance industry and the exposure it gives attract MBA graduates these days," Rajiv Mishra, chairperson, placement, XLRI told the TOI. The first microfinance company to hire from XLRI was FINO PayTech, this year. It hired a student for a project management profile.

Companies believe that it is tough for them to get students from top b-schools at an average package of Rs.8 lakh.