IIT-Bombay witnesses avg salary increase by 7.7% amid decline in student placements
Mumbai: Yet another placement season unfolded at the Indian Institutes of Technology (IITs) this year, bringing to light the growing competition the graduates have to face every year in campus job interviews.
The 2024 season at IIT-Bombay revealed a mixed landscape of progress and hurdles.
According to a report by the Times of India, the average salary package increased by 7.7 percent, reaching Rs 23.5 lakh.
However, despite the rise in salary offers, the number of students securing placements through the campus drive experienced a slight drop.
Rise in high-paying job offers
Among the 123 companies participating in the placements at IIT-Bombay, 558 offers were made with gross compensation exceeding Rs 20 lakh per year, while another 230 offers ranged between Rs 16.75 lakh and Rs 20 lakh.
According to the placement report, the number of companies recruiting from IIT-Bombay increased by 12 percent this year.
A total of 78 international offers were accepted across both phases, including 22 job offers with packages above Rs 1 crore per year.
However, the number of international recruiters decreased due to global factors such as the Ukraine conflict and a sluggish economy.
Drop in lowest salary packages at IITs
The lowest salary package offered during placements at IIT-Bombay fell from Rs 6 lakh per year to Rs 4 lakh this year. A total of ten students accepted offers in the Rs 4 lakh to Rs 6 lakh range, as per the report.
Main recruiters at IITs in 2024
A total of 775 students were recruited by multinational corporations (MNCs) within India, while 622 graduates accepted roles with Indian companies. Although the second phase of the placement season started slowly, it picked up pace after April, according to the Times of India.
Around 300 job offers were made during Phase-II. Altogether, 75 percent of the students secured placements through the campus drive, while another 15 percent found jobs independently.
Of the 543 companies that had registered, 388 participated in the placement process, and 364 extended job offers.
Decline in consulting offers, robust growth in finance
Sectors like trading, banking, and fintech emerged as major recruiters.
The finance sector alone extended 113 offers across 33 companies this year.
Hiring trends remained strong in emerging fields such as artificial intelligence, machine learning, product management, mobility, 5G, data science, and education.
There was a decline in consulting roles, with only 117 offers made by 29 firms.
Meanwhile, 17 design companies offered a total of 33 positions, reflecting a slight decrease compared to previous years.
R&D sector witnesses growth
Eleven companies from the education sector took part in the placements, offering just 30 jobs. In contrast, research and development (R&D) saw a boost in activity.
As many as 36 organizations provided 97 positions across diverse fields such as automation, energy science, battery technology, chemical and mechanical research, and power electronics. Out of the 118 PhD students who appeared for campus job interviews, 32 secured placements.
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