IIT-B placement 2024: Pay soars, placements slide

The placement season at Indian Institute of Technology Bombay (IIT-B) for the year 2024 concluded with an average annual salary package of ₹23.5 lakh, marking a slight increase of 7.7% from last year’s ₹21.8 lakh.

Despite this rise in average compensation, there was a notable decline in the number of students placed through campus recruitment compared to the previous year.

This year, the lowest salary package offered dropped from ₹6 lakh per annum last year to ₹4 lakh. Ten students accepted job offers within this lower salary range.

On the other hand, a substantial number of lucrative offers were made: 558 offers exceeding ₹20 lakh per annum were extended by 123 companies, while 230 offers ranged between ₹16.75 lakh and ₹20 lakh.

The report highlighted a 12% increase in the number of companies recruiting from IIT-B. In total, 78 international offers were accepted across both phases of the placement drive, and 22 offers surpassed ₹1 crore annually.

However, due to the ongoing conflict in Ukraine and a sluggish global economy, there was a decrease in international recruiters.

Despite these challenges, 775 students secured positions with multinational corporations in India, and 622 were placed with Indian firms.

The second phase of the placement season began slowly but gained momentum after April. Approximately 300 job offers were extended during this phase.

While 75% of the students were placed through the campus drive, an additional 15% found employment independently.

The placement season saw participation from 543 companies, out of which 388 took part in the recruitment process and 364 companies made offers.

The placement percentage, considering the total number of participating students, stands at nearly 75%. Many of the students who were not placed through the campus drive have found alternative employment opportunities, while some have chosen to pursue higher education.

This year, the engineering and technology sectors were the largest recruiters, with 430 students being hired by 106 core engineering companies for entry-level positions.

There was a slight increase in hiring within the information technology sector compared to the previous year. However, the consulting sector saw a reduction, with 117 offers made by 29 consulting firms.

Trading, banking, and fintech companies were also prominent recruiters. The finance sector alone accounted for 113 offers from 33 financial service firms.

Hiring in fields such as artificial intelligence, machine learning, product management, mobility, 5G, data science, and analytics was notably breezy.

Design companies offered 33 jobs, though the number of positions was lower compared to previous years. The education sector had 11 companies participating, offering a total of 30 jobs.

Research and development saw participation from companies in various advanced fields, including automation, energy science, battery technology, chemical and mechanical research, energy efficiency, application development, materials research, semiconductor technology, power electronics, AI/ML, and research laboratories.

In total, 36 organizations provided 97 positions for the 2023–24 period. Out of 118 active participants in research roles, 32 PhD students were successfully recruited.