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Journalism of Courage
The Indian Institute of Technology (IIT), Bombay, has concluded Phase 1 of its campus placement process this year. The institute witnessed an all-time high number of accepted job offers, as 1,431 of its students were employed by 293 companies.
The institute’s placement cell on Friday released a report on the Phase 1 of the placement process, which had concluded on December 16. Considering all offers accepted by the students, the average annual salary for Phase I this year was Rs 23.26 lakh per annum on CTC basis – a marginal dip from last year’s Rs 25 lakh per annum. The finance sector continued to top the chart of high average salary packages with Rs 41.66 lakh per annum. But this is a whopping jump from last year’s average package of Rs 28.4 lakh per annum offered in Finance.
With an average salary of Rs 32.25 lakh per annum, the research and development (R&D) sector has emerged a close second. Meanwhile, at Rs 24.31 lakh per annum, the generally dominant IT/Software sector saw a reduction in average CTC.
“Phase 1 also saw an all-time high placement of PhD scholars… 36 offers were accepted with average CTC package of Rs 16 lakh per annum… The highest salary package was Rs 29 lakh per year. The substantial job offers for PhDs as well as the increase in R&D sector salaries confirm that IIT-Bombay is a preferred institute for recruiters,” read a statement issued by the institute.
It added that 63 international offers were accepted, of which 25 were offered a salary of Rs 1 crore per annum. While the highest international offer was Rs 3.67 crore per year, the highest domestic offer is of Rs 1.31 crore per year. In all, 1,648 offers were made in Phase 1 of the placement process, slightly lesser than last year’s 1,723 offers.
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