IIT Bombay's First-Phase Placements Conclude With Fewer Job Offers Compared To Last Year

The first phase of campus placements at the Indian Institute of Technology of Bombay (IITB) ended on a somber note, with fewer students getting jobs compared to last year.

The students at the premier institute received 1,340 offers, including pre-placement offers (PPOs), of which 1,188 were accepted. By comparison, the institute had recorded 1,648 received offers and 1,431 accepted offers in the first phase of placements in 2022-23.

Proportion of PPOs higher this year

However, the proportion of PPOs was higher this year, with 297 students getting placed through internships. Last year, only 194 students got jobs through this route.

The institute saw an uptick in the average first-phase salary from last year’s Rs23.26 lakh to Rs24.02 lakh. The number of international offers remained the same (63) as last year. 

Jane Street Capital, a New York-based trading firm, which made the highest offer of Rs3.67 lakh per annum (cost to company), offered the biggest package of Rs29 lakh Hong Kong dollars (Rs3.07 crore) this year as well. As many as 85 students got compensation above Rs1 crore.

IIT-B had been expecting dip in number of companies and job offers

The FPJ had earlier reported that IIT-B is expecting a dip in the number of companies and job offers, especially from the Information Technology (IT) sector owing to slow down in the global economy and layoffs in tech companies. The institute also expects the pay packages to remain stagnant.

IIT-B has been facing the impact of the tech slowdown since last year when only 302 out of 1,516 (20%) placements were for IT-related roles. By comparison, in 2021-22, 370 out of 1,441 (26%) students were hired for software positions. The proportion of students getting jobs had also dropped from 89% to 82%, as more students had registered for placements. The limited recruitment by tech companies had an impact on salaries, as fewer students figured in higher salary bands.