IIT Bombay Placements 2024: Growth in Salaries, But Challenges Persist
The competition to secure a seat in the Indian Institutes of Technology (IITs) is intense, but the journey doesn’t end once students get in. The 2024 placement season at IIT-Bombay has shown both growth and challenges. According to a report by the Times of India, the average salary package increased by 7.7%, reaching Rs 23.5 lakh. However, despite this growth, the number of students placed through campus drives slightly decreased.
High-Paying Offers on the Rise
This year, 123 companies participated in the placement process at IIT-Bombay. They made 558 offers with annual packages exceeding Rs 20 lakh, and 230 offers between Rs 16.75 lakh and Rs 20 lakh. The number of companies recruiting at IIT-Bombay also increased by 12%. A total of 78 international offers are accepted, and 22 offers with packages above Rs 1 crore per year are secured. However, global issues like the Ukraine war and a sluggish economy led to fewer international recruiters this year.
Decline in Lowest Packages
While top packages saw an increase, the lowest salary offered during placements at IIT-Bombay dropped from Rs 6 lakh per year to Rs 4 lakh. Ten students accepted offers in this lower salary range.
Major Recruiters and Placement Success
Multinational corporations (MNCs) in India recruited 775 students, while 622 graduates joined Indian companies. Although Phase-II of the placement season started slowly, it picked up pace after April. Overall, 75% of students were placed through the campus drive, with another 15% finding jobs independently. Out of 543 registered companies, 388 participated, and 364 made offers.
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Sector-Specific Trends
Engineering and technology were the leading sectors, hiring 430 students from 106 companies for entry-level roles. While consulting roles declined, with only 117 offers from 29 firms, the finance sector saw strong performance with 113 offers across 33 companies. Emerging fields like AI, machine learning, and data science also showed strong hiring trends, though design roles saw a slight dip with 33 positions from 17 companies.
Growth in Research and Development
The research and development (R&D) sector showed significant growth, with 36 organizations offering 97 positions in fields like automation, energy science, and battery technology. Of the 118 PhD students who participated, 32 were successfully placed. Meanwhile, the education sector, with 11 companies, offered 30 jobs.
