New Delhi: The placement season for the Indian Institute of Technology (IIT) Bombay for 2024 has concluded, revealing a mixed picture for the prestigious institution. The average annual salary package for the class of 2024 stands at Rs 23.5 lakh, marking a modest increase from last years Rs 21.8 lakh. Despite this rise, the industry is facing concerns due to the lower end of the salary spectrum and a slight decrease in overall placement rates.Average compensation and low-end salariesThe data indicates that while the average salary package has improved, with a 7.7 percent increase from the previous year, there are still significant concerns. The lowest salary packages offered were as low as Rs 4 lakh per annum, which has sparked discussions about the adequacy of compensation for graduates. Notably, ten students accepted positions with salaries in the Rs 4 lakh to Rs 6 lakh range, highlighting a discrepancy in the job market.Placement statistics and company participationThis year, IIT-Bombay reported a total of 558 offers from 123 companies with gross compensation packages exceeding Rs 20 lakh per annum. Additionally, 230 offers ranged between Rs 16.75 lakh and Rs 20 lakh per annum. The institute saw a 12 percent increase in the number of companies participating in the placement drive. Among these, 78 international offers were accepted, and 22 offers exceeded Rs 1 crore per year.However, despite these figures, fewer students were placed through the campus drive compared to the previous year. The placement percentage this year was recorded at 75 percent, slightly lower than previous years. A total of 775 students secured positions with multinational corporations in India, while 622 were placed in Indian firms. The second phase of placements, which started slowly, picked up momentum after April, with around 300 job offers received during this period.Sector-wise hiring trendsThe engineering and technology sectors remained the largest recruiters, with 430 students placed in entry-level positions across 106 core engineering companies. Information Technology and tech hiring saw a slight uptick compared to the previous year. In contrast, consulting offers decreased, with 29 consulting firms hiring 117 students.The finance sector was particularly active this year, with 113 offers from 33 financial service companies. Other sectors such as artificial intelligence (AI), machine learning, product management, mobility, 5G, data science and analytics and education also showed strong hiring trends. Design companies, however, offered fewer positions this year, with 17 design firms providing 33 jobs, compared to the previous year.32 out of 118 receive job offers in PhDThe research and development sector also played a significant role, with 36 organizations offering 97 positions in areas like automation, energy science, battery technology, and semiconductor research. Among PhD students, 32 out of 118 active participants received job offers, reflecting the sectors ongoing demand for advanced research skills.
