The placement season for 2024 at IIT-Bombay has concluded with an average annual package of ₹23.5 lakh, marking a modest increase from last year’s ₹21.8 lakh. Despite this rise, the placement figures reflect some concerns, as the lowest annual packages offered were as low as ₹4 lakh, sparking discussions within the education sector.
This year, ten students accepted offers in the ₹4 lakh to ₹6 lakh range. Despite a 7.7% increase in the average salary, fewer students secured placements compared to the previous year. The overall placement rate stands at approximately 75%.
The placement drive saw a total of 558 offers from 123 companies with annual packages exceeding ₹20 lakh, while 230 offers ranged between₹16.75 lakh and ₹20 lakh. The report highlights a 12% increase in the number of companies recruiting from IIT-Bombay this year. Notably, 78 international offers were accepted, and 22 offers exceeded ₹1 crore per annum.
The second phase of the placement season began slowly but gained momentum after April, with around 300 job offers reported during this period. Approximately 775 students secured positions in multinational corporations within India, while 622 were placed in Indian firms. An additional 15% of students found employment independently.
The institute saw 543 companies register for placements, with 388 participating and 364 making offers. The report indicates that the placement percentage, factoring in all participating students, is nearly 75%. Many of the unplaced students are exploring other employment opportunities or pursuing further studies.
Sector-specific trends show that engineering and technology firms were the largest recruiters, selecting 430 students for entry-level roles across 106 core engineering companies. The IT and tech sectors experienced a slight uptick in hiring compared to last year, while consulting offers declined, with 29 consulting firms hiring 117 students.
The finance sector emerged as a significant recruiter, with 33 firms offering 113 positions. Hiring was also robust in artificial intelligence (AI), machine learning, product management, mobility, 5G, data science, analytics, and education. Design companies offered 33 positions, a decrease from the previous year, and the education sector had 11 companies offering just 30 jobs.
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In research and development, 36 organizations provided 97 positions across various fields, including automation, energy science, battery technology, and AI/ML. Among the PhD students, 32 out of 118 active participants received job offers.
