As the rush for a seat in the prestigious Indian Institutes of Technology (IITs) increases every year, students face a grim reality once they achieve their dream of entering these institutes. The 2024 placement season at IIT-Bombay has painted a complex picture of both growth and challenges. The average salary package rose to Rs 23.5 lakh, a 7.7 per cent increase from the previous year, according to a report by the Times of India.
However, despite the rise in compensation, the number of students placed through the campus drive saw a slight decline.
High-paying offers see an increase
Out of 123 participating companies, 558 offers with gross compensation exceeding Rs 20 lakh per year were made. An additional 230 offers ranged between Rs 16.75 lakh and Rs 20 lakh. According to the placement report, there was a 12 per cent increase in the number of companies recruiting from IIT-Bombay this year.
A total of 78 international offers were accepted across both phases, and 22 job offers with packages above Rs 1 crore per year were also taken up. However, due to global factors such as the Ukraine war and a sluggish economy, fewer international recruiters participated in the process.
Drop in the lowest package offered in IITs
The lowest package offered during placements at IIT-Bombay dropped from Rs 6 lakh per year to Rs 4 lakh this year. Ten students accepted job offers with annual packages in the range of Rs 4 lakh to Rs 6 lakh, the report said.
Who were the main recruiters at IITs this year?
A total of 775 students were recruited by multinational corporations (MNCs) in India, while 622 graduates accepted positions with Indian companies. Although the second phase of the placement season was initially slow, it gained momentum after April, the Times of India added.
During Phase-II, approximately 300 job offers were made. In total, 75 per cent of the students were placed through the campus drive, while an additional 15 per cent found jobs independently. Out of the 543 registered companies, 388 participated in the placement process, with 364 making offers.
What was the placement success rate?
The report highlighted that about 75 per cent of the participating students secured placements. Most of the remaining students have either found alternative employment opportunities or opted for higher studies. The engineering and technology sector was the largest recruiter, hiring 430 students from 106 companies for entry-level roles. Information technology and tech hiring also saw a slight uptick compared to the previous year.
Fewer consulting offers, strong showing in finance
Consulting roles saw a decrease, with only 117 offers made by 29 firms, while sectors such as trading, banking, and fintech were prominent recruiters. The finance sector made 113 offers across 33 companies this year. Hiring in emerging fields like artificial intelligence, machine learning, product management, mobility, 5G, data science, and education showed strong trends. Meanwhile, 17 design companies offered a total of 33 positions, a slight dip compared to previous years.
Research and development sector sees growth
Eleven companies from the education sector participated in the placements, offering a modest 30 jobs. However, research and development (R&D) saw increased activity, with 36 organisations offering 97 positions across various fields, including automation, energy science, battery technology, chemical and mechanical research, and power electronics. Among the 118 PhD students participating, 32 were successfully placed.
First Published: Sep 03 2024 | 9:26 AM IST
