In a surprising turn of events, the Indian Institute of Technology (IIT) Bombay has witnessed a significant drop in its minimum salary package during the recent placement season.Â
While the average annual package has seen a slight increase, the decline in the lowest offer has raised concerns within the education industry.
The Numbers
Minimum Salary Package: In the previous placement season, IIT Bombay’s minimum salary package stood at Rs 6 lakh per annum.
However, during the 2024 placement season, the lowest package offered to students plummeted to Rs 4 lakh per annum—a stark decline of 33%.
Average Annual Package: Despite the decrease in the minimum salary, there’s a silver lining. The average annual package at IIT Bombay has experienced a modest increase of 7.7%, rising from last year’s Rs 21.8 lakh to the current Rs 23.5 lakh.
“This year, we saw a 12 per cent increase in companies recruited from IIT Bombay. 78 international offers were accepted in both Phases of the IIT Bombay Placements for A.Y. 2023 – 24, while 22 offers of above Rs 1 crore per year were accepted during this drive,” stated a report by the premiere institute.
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Placement Rate and Student Outcomes
A total of 75% of students who actively participated in the campus drive secured jobs. This marks a decline from last year’s impressive 82% placement rate. Among the participating students, 1,475 job offers were accepted.
IIT Bombay witnessed an uptick in international offers. Across both phases of the placement season, a total of 78 such offers were accepted. Notably, 22 of these international offers exceeded Rs 1 crore per annum, highlighting the global demand for IIT talent.
“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 to Times Of India.
Sector-Wise Placements at IIT Bombay
Engineering and Technology Sector: The core engineering companies recruited the highest number of students. A total of 430 students secured entry-level positions across 106 such companies.
Information Technology (IT) Sector: The IT sector also remained robust. Hiring increased slightly compared to the previous year, reflecting the industry’s continued reliance on tech talent.
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Finance and Fintech: Trading, banking, and fintech companies actively recruited from IIT Bombay. The finance sector made 113 offers from 33 financial service firms.
Multinational Corporations (MNCs) and Indian Firms: A total of 775 students found placements in MNCs within India, while 622 students secured positions in Indian firms.
Design and Education Sectors: Seventeen design companies offered 33 jobs, although this was fewer than last year. The education sector saw participation from 11 companies, offering only 30 jobs.
Research and Development (R&D): R&D organizations, spanning fields like automation, energy science, battery technology, chemical and mechanical research, energy efficiency solutions, application development, materials research, semiconductors, power electronics, AI/ML, and research laboratories, offered 97 positions during the 2023-24 placement season.
Despite the dip in the minimum salary package, IIT Bombay remains a powerhouse of talent, adapting to changing industry dynamics.
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