IIT Bombay's placement season for 2024 has concluded with an average annual package of Rs 23.5 lakh, a slight increase of 7.7% from last year's Rs 21.8 lakh. However, fewer students were placed this year compared to last year.
The lowest package at IIT Bombay placement so far - Rs 6 lakh per annum - was further reduced to Rs 4 lakh this year.
"This year, we saw a 12% increase in companies recruited from IIT-B. In all, 78 international offers were accepted in both phases, while 22 offers of above Rs 1 crore per year were accepted during this drive," said the report.
The placement season saw 558 offers made by 123 companies with gross compensation packages of more than Rs 20 lakh per annum, and another 230 offers ranged between Rs 16.75 lakh and Rs 20 lakh. Ten students have accepted job offers with annual packages ranging between Rs 4 lakh and Rs 6 lakh.
"Due to the war in Ukraine and the subdued global economy, we saw fewer international recruiters," the report added.
A total of 775 students have been placed in MNCs in India, and 622 will join Indian firms. The institute saw 543 companies register; of these, 388 participated in the placements, and 364 companies made offers.
The report stated, "Considering the total number of participating students, the placement percentage is nearly 75%. Most of the remaining unplaced students have identified avenues to be gainfully employed."
Others have opted for higher studies, it added.
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The engineering and technology sector recruited the highest number of students, with 430 students selected in 106 core engineering companies at entry-level positions. Information Technology and tech hiring were slightly higher this season compared to last year.
Compared to last year, fewer selections, that is, 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 too saw brisk hiring trends. Seventeen design companies offered 33 jobs and have seen fewer selections. The education sector saw 11 companies participating with only 30 jobs offered.
Research and 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.
The recruited PhD students totalled 32 out of 118 active participants.
Placement highlights include:
- Total registered students: 2414
- Total accepted offers: 1475
- Total job offers: 1650
- Job offers above INR 1 crore accepted: 22
- Pre-placement offers accepted: 258
- International job offers: 78
- Average CTC: INR 23.50 LPA
- Median salary: 17.92 LPA
- Top recruiting sector: Engineering and Technology
Salary-wise job acceptance:
- Above 20 LPA: 558
- Between 16.75 to 20: 230
- Between 14 to 16.75: 227
- Between 12 to 14: 93
- Between 10 to 12: 161
- Between 8 to 10: 128
- Between 6 to 8: 68
- Between 4 to 6: 10
