MUMBAI: Placement at IIT-B concluded in 2024 with an average annual package of Rs 23.5 lakh compared with last year’s Rs 21.8 lakh. While the average compensation is marginally up by 7.7%, on the flip side, fewer students as compared to last year were placed this year through the campus drive. Worse, the rock bottom of Rs 6 lakh that a company must pay to hire an IIT-B graduate was brought down to Rs 4 lakh, and 10 students had to make do with a job offer that will pay them between Rs 4 lakh and Rs 6 lakh.
A total of 558 offers made by 123 companies had their gross compensation packages of more than Rs 20 lakh per annum, and another 230 offers ranged between Rs 16.75 lakh and Rs 20 lakh.”This year, we saw a 12% increase in companies recruited from IIT-B. In all, 78 international offers were accepted in both phases, while 22 offers of above Rs 1 crore per year were accepted during this drive,” said the report. “Due to the war in Ukraine and the subdued global economy, we saw fewer international recruiters.” Additionally, 775 students have been placed in MNCs in India and 622 will go on to join Indian firms.
Sources said the second phase of the placement season was slow but picked pace after April. “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,” said a source. The institute saw 543 companies register; of these, 388 participated in the placements and 364 companies made offers.
The report added, “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.” Others have opted for higher studies, it added.
This year, the engineering and technology sector recruited the highest numbers of students; 430 students were selected in 106 core engineering companies at entry-level positions. Information Technology and tech hiring were slightly higher this season compared to last year.
Compared to last year, fewer selections, that is, 117 consulting offers, were made by 29 consulting companies. Trading, banking and fintech companies were prominent recruiters. The finance sector has 113 offers from 33 financial service firms this year. Profiles in artificial intelligence, machine learning, product management, mobility, 5G, data science and analytics, and education too saw brisk hiring trends. Seventeen design companies offered 33 jobs and have seen fewer selections.
The education sector saw 11 companies participating with only 30 jobs offered. Research and development witnessed companies in automation, energy science, battery technology, chemical and mechanical research, energy efficiency solutions, application development, materials research, semiconductor, power electronics, AI/ML and research laboratories, where 36 organisations offered 97 positions in 2023-24. The total recruited PhD students, though, totalled 32 out of 118 active participants.