IIT Bombay placements see lowest salary package drop to Rs 4 lakh

IIT-Bombay has successfully completed the campus recruitments for its 2024 Placement Process, where the average annual salary offer stood at Rs 23.5 lakh, which is a 3% increase from last year’s Rs 21.8 lakh. However, concerns have emerged within the education sector regarding the IIT Bombay Placements, as some students have been offered as low as Rs 4 lakh per annum. About students received job offers with pay packages starting from Rs 4 lakh per annum to Rs 6 lakh per annum.

Despite a 7.7 percent increase in the average compensation, the total number of students placed through campus placement stands lower than the placement of the previous year. As indicated in the premier institute’s report, the overall placement rate could not go beyond 75% this year.

In the 2024 placement session of IIT-Bombay, 558 job offers were secured from 123 firms, from all of which the minimum gross compensation offered was over Rs 20 lakh per annum. Further, there were 230 offers within the salary bracket of Rs 16.75 lakh to Rs 20 lakh per annum.

The report stated, “This year, we saw a 12 percent increase in companies recruited from IIT Bombay. 78 international offers were accepted in both phases of the IIT Bombay Placements for A.Y. 2023–24, while 22 offers of above Rs 1 crore per year were accepted during this drive.”

Phase 2 Success in IIT Bombay Placements Despite Delays

In total, 775 students from IIT-Bombay have been placed in multinational companies in India, and 622 students have been placed in Indian companies. The second phase of the placement began late but gained momentum after April and culminated in around 300 job offers, as per the TOI report. While speaking to the Times of India, a source said, “We received 300 odd job offers in Phase 2. Also, while 75% of students were placed through the campus drive, another 15% of students found jobs on their own.”

Out of 543 companies that registered for placements at IIT-Bombay, only 388 participated, and 364 of them offered jobs. The IIT Bombay report further stated, “Considering the total number of participating students, the placement percentage is nearly 75%. Most of the remaining unplaced students have identified avenues to be gainfully employed.”

The report also had a comment that said that some students preferred to take up further education instead of job employment. Trends in the data show that engineering and technology offered the most internships to students and hired 430 students in entry-level positions to work in 106 of the core engineering companies. Furthermore, there was a marginal improvement in the hiring rate in the information technology sector and the tech industry in comparison to the previous year’s hiring process.

Consulting saw fewer offers this year, whereas 29 firms recruited 117 students. On the other hand, the trading, banking, and fintech sectors offered the most jobs after combining the offers made by 33 firms, amounting to 113 offers. Hiring trends were biggest in artificial intelligence (AI), machine learning, product management, mobility and 5G, data science, and analytics, besides the educational sector.

Altogether, 17 design companies provided 33 vacancies, which is less than the previous year. Out of 11 companies that participated in the education sector, only 30 job positions were offered. In the research and development segment, 36 organizations have provided 97 openings, which includes areas such as automation, energy science, battery technology, chemical/mechanical research, energy management, application development, materials research, semiconductors, power electronics, and AI/ML. Among the respondents who are PhD students, only 32 out of the 118 active participants received job offers.

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