IIT Bombay's lowest pay package falls to Rs 4 lakh from Rs 6 lakh pa, 25% left with no placements

The Indian Institute of Technology (IIT) Bombay has reported a notable drop in its minimum salary package during the recent placement season. The lowest offer to students has fallen to Rs 4 lakh per annum, a significant decrease from last year’s Rs 6 lakh figure.

While the minimum salary package has declined, the average annual package at IIT Bombay rose by 7.7 percent, increasing to Rs 23.5 lakh compared to last year’s Rs 21.8 lakh. However, the overall placement success rate has taken a hit, with only 75 percent of students who actively participated in the campus drive securing jobs. This represents a decline from last year’s 82 percent placement rate, with 1,475 job offers accepted.

The campus drive saw participation from 364 companies, a noticeable increase from 324 companies in the previous year, highlighting a robust interest from employers despite the declining job acceptance rate.

Rise in international offers

In a positive development, IIT Bombay recorded a surge in international job offers, with 78 accepted across both phases of the placement season, including 22 offers that surpassed the Rs 1 crore per annum mark. The engineering and technology sector led recruitment, selecting 430 students from 106 core engineering companies.

Additionally, the Information Technology sector experienced a slight uptick in hiring compared to the previous year. Prominent recruiters from the trading, banking, and fintech domains made 113 offers from 33 financial service firms.

Total placements

Overall, 775 students secured placements in multinational corporations in India, while 622 found positions within Indian firms. Although the design sector offered 33 positions from 17 companies, this was a decrease from last year, and the education sector attracted participation from 11 companies, yielding only 30 job offers.

The research and development sector, encompassing diverse fields such as automation, energy science, and artificial intelligence, witnessed 36 organisations offering a total of 97 positions during the 2023-24 placement season.