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Journalism of Courage
The placement season for 2023-2024 at the Indian Institute of Technology, Bombay (IIT-B) has concluded for 2414 students. As per the data released by IIT Bombay, a total of 1979 students ‘actively participated’ in this year’s placement season, but only 1475 students accepted job offers.
This year, a total of 364 companies put forth 1650 job offers for IIT Bombay students, out of which 1475 offers were accepted. Also, 258 students accepted pre-placement offers (PPOs).
Additionally, some of the 435 deregistered students want to pursue higher studies, such as MS/ MTech/PhD and MBA courses, while others opted for entrepreneurship or civil services, and didn’t appear or had minimal participation in the placement drive.
This year, IIT Bombay received 78 international offers from different firms based in Japan, Taiwan, Europe, UAE, Singapore, USA, Netherlands, and Hong Kong, which has increased from 65 in the previous year. “Due to the war in Ukraine and the subdued global economy, we saw fewer international recruiters,” IIT Bombay said in an official release.
As per the data provided by IIT Bombay, 775 students have been placed in MNCs in India, 622 have been placed in Indian companies and 78 students have bagged international offers.
While the IITs in the latest All IITs Placement Committee (AIPC) had decided that the institutes will not be disclosing the highest annual packages in their placement reports, IIT Bombay revealed that the overall average package offered during their placements 2023-2024 stood at Rs 23.5 lakh per annum. This decision in AIPC was taken as a part of the discussions on an IIT-B placement report which claimed over 85 offers surpassing an annual package of Rs 1 crore. In a corrigendum issued on Wednesday, IIT-Bombay, while citing a “technical error”, revised the number of Rs 1 crore-plus offers in the first phase of placement to 22.
The number of companies that offered salaries above Rs 20 lakh per annum was 123, who made a collective 558 offers. IIT-B’s data shows that more companies are offering higher salary packages (above 20 lakh), with 123 companies contributing to this range.
This was followed by 230 offers made by 70 companies in the range of Rs 16.75 to 20 lakh per annum. A total of 227 offers were made in the range of Rs 14 to 16.75 lakh per annum and 93 in the range of Rs 12 to 14 lakh, 161 offers between Rs 10 to 12 lakh, 128 between Rs 8 to lakh, 68 in the range of Rs 6 to 8 lakh per annum.
The lowest annual package has now decreased to Rs 4 lakh, and 10 offers were made by seven companies in the range of Rs 4 to 6 lakh per annum.
This year, the median salary has been recorded at Rs 17.92 lakh. Additionally, 22 students have bagged job offers above Rs 1 crore.
IIT Bombay placements for the academic year 2023-2024 saw participation from multiple sectors such as Core Engineering, Information Technology, Software programming, Research and Development, Consulting, Finance, Banking, High-end Technology, and Technical Services. The job opportunities offered by the recruiting firms provide real-world experience, extensive learning, travelling, and experiencing diverse work cultures.
Like last year, the Engineering and Technology sector recruited the highest numbers of students. In various engineering domains, 430 students were selected in 106 core engineering companies at entry-level positions. Information Technology and Tech hiring have slightly more this season compared to last year. Around 307 students have been offered 4 IT/Software jobs by over 84 companies through campus placement, making the IT sector the second biggest recruiter after the engineering sector.
Compared to last year fewer selections, i.e. 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 also saw brisk hiring trends. Seventeen design companies have offered 33 jobs and have seen fewer selections.
The education sector saw 11 companies participating with only 30 jobs offered. The Research & 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.
