IIT Bombay placements: Minimum salary package drops to ₹4 LPA
A recent placement drive at the prestigious Indian Institute of Technology Bombay (IIT-Bombay) has sparked concern due to a significant drop in the minimum salary package offered to fresh graduates. The minimum salary offered during the placement drive fell to ₹4 lakh per annum, which is considerably lower than the packages typically associated with IIT graduates. The institute also reported a decrease in the number of students placed through campus recruitment compared to the previous year.
10 students got job offers in ₹4-6 LPA range
Ten students accepted job offers in the bracket of ₹4 lakh to ₹6 lakh per annum, marking the lowest end of the spectrum. On the other hand, 558 offers from 123 companies were for gross compensation packages exceeding ₹20 lakh per annum. An additional 230 offers fell between ₹16.75 lakh and ₹20 lakh per annum. On the positive side, the average compensation rose to ₹23.5 lakh from last year's ₹21.8 lakh, marking a 7.7% increase.
IIT Bombay sees increase in recruiting companies
The institute reported a 12% increase in companies recruiting from IIT Bombay this year. A total of 78 international offers were accepted during both phases of the placement season, with 22 offers exceeding ₹1 crore per year. The institute's report also highlighted that as many as 775 students secured placements in multinational corporations in India, while 622 were placed in Indian firms.
Second phase of placement season gains momentum
The second phase of the placement season at IIT Bombay started slow but gained momentum after April, with around 300 job offers being received during this period. A source revealed to TOI that while 75% of students were placed through the campus drive, another 15% found jobs on their own. The institute had 543 companies register for placements, out of which 388 participated and made offers to students.
Engineering and technology sector leads in recruitment
The engineering and technology sector hired the highest number of students, selecting 430 for entry-level positions in 106 core engineering companies. Information Technology and tech hiring saw a slight uptick compared to last year. However, fewer consulting offers were made with 29 consulting companies recruiting 117 students. Trading, banking, and fintech companies were significant recruiters this year with the finance sector seeing 113 offers come from 33 financial service firms.
