IIT-Bombay placements: Fewer students get placed but average salary offers see hike

Indian Institute of Technology (IIT) Bombay student placement figures saw a decline this year, but the salary packages saw an uptick. According to its placement report for the academic year 2023-24, 1,475 students were placed this year, which is fewer than the placement figures from last year of 1,516 students.

While the numbers might have dropped, the average salary package offered was higher. It increased from Rs 21.82 lakh per annum to Rs 23.50 lakh. Twenty-two IIT-Bombay students received offers that were over Rs 1 crore.

The report added that 558 students accepted offers of over Rs 20 lakh, 230 students were offered salaries in the range of Rs 16.75-20 lakh per annum, and 10 students got jobs with packages of Rs 4-6 lakh per annum.

However, the institute stated that last year’s numbers were the highest and this year’s second-highest. Moreover, most of the remaining students have identified avenues to be gainfully employed, while some preferred higher studies, self-employment or entrepreneurship over the jobs that were offered.

According to IIT-B’s report, this year, out of 1,979 students who actively participated, 1,475 were placed. There was an increase of 12 per cent in the number of companies that recruited on campus this year from 324 last year to 364.

As many as 78 students received international offers, which also is an increase from last year’s 65 offers. These offers came from different firms based in Japan, Taiwan, Europe, UAE, Singapore, USA, Netherlands, and Hong Kong. 

The Engineering and Technology sector emerged as the top recruiter, hiring the most students. A total of 430 students were placed in 106 core engineering companies, mainly in entry-level roles. The IT sector also saw significant hiring activity, with over 84 companies offering positions to 307 students, making it the second-largest recruiting sector after engineering. 

Sectors like trading, banking, and fintech remained active, contributing to 113 offers from 33 financial services firms. New fields such as AI, machine learning, product management, mobility, 5G, data science, analytics, and education saw increased hiring, reflecting industry trends. 

This placement season also saw a decline in consulting offers, with only 117 offers from 29 consulting firms compared to the previous year.