IIT-Bombay's Lowest Salary Package Hits Rs 4 Lakh

The 2024 placement season at IIT-Bombay concluded with mixed results, as the average annual package rose to Rs 23.5 lakh, up from Rs 21.8 lakh the previous year. However, concerns have emerged over some job offers being as low as Rs 4 lakh per annum, raising questions within the education industry.

While the average compensation increased by 7.7 per cent, reaching Rs 23.5 lakh, the placement drive also saw offers as low as Rs 4 lakh per annum, with ten students accepting packages in the Rs 4-6 lakh range. This discrepancy in offers has sparked debate about the variability in job opportunities for graduates from one of India’s premier institutes.

Despite the rise in average compensation, fewer students secured placements compared to the previous year. According to the institute's report, the overall placement percentage did not exceed 75 per cent, indicating a slight drop in campus placements.

A total of 558 offers from 123 companies exceeded Rs 20 lakh per annum, with an additional 230 offers falling between Rs 16.75 lakh and Rs 20 lakh per annum. The report also highlighted a 12 per cent increase in the number of companies recruiting from IIT-Bombay, with 78 international offers being accepted across both phases of the placement season. Notably, 22 offers exceeded the Rs 1 crore per year mark.

In total, 775 students secured placements with multinational corporations in India, while 622 were placed with Indian firms. The second phase of placements, which began slowly, eventually picked up momentum after April, resulting in approximately 300 job offers during this period.

The engineering and technology sector emerged as the top recruiter, with 106 core engineering companies hiring 430 students for entry-level positions. The IT and tech sectors also saw a slight increase in hiring compared to the previous year.

However, there was a decline in consulting offers, with only 29 consulting firms recruiting 117 students. On the other hand, the finance sector remained strong, with 113 offers from 33 financial services firms. The placement season also witnessed robust hiring trends in AI, machine learning, product management, data science, and other emerging fields.

The design sector saw a reduction in job offers, with 17 companies offering 33 positions, while the education sector provided only 30 jobs through 11 companies. The research and development sector attracted interest from companies specialising in automation, energy science, battery technology and other advanced fields. A total of 36 organisations offered 97 positions for the 2023-24 period. Among PhD students, 32 out of 118 active participants received job offers, reflecting the specialised nature of their expertise.