The 2024 placement season at IIT Bombay has presented a mixed bag of results, highlighting both the successes and challenges faced by students and recruiters alike. While the average salary package witnessed a noticeable increase, the number of students securing jobs through campus placements slightly declined. This paradox reflects the broader trends in the global economy and the shifting dynamics of the job market, particularly in the technology and engineering sectors.
Average Salary Packages See a 7.7% Increase
One of the most striking outcomes of this year’s placement season was the rise in the average salary package offered to IIT Bombay graduates. The average salary package increased by 7.7%, reaching ₹23.5 lakh per annum. This increase is a testament to the continued value that companies place on IIT graduates, who are often seen as some of the most capable and skilled engineers in the country.
High-Paying Offers Dominate the Scene
The placement drive at IIT Bombay saw an impressive number of high-paying job offers. Out of the 123 companies that participated, 558 offers were made with a gross compensation exceeding ₹20 lakh per annum. Additionally, 230 offers ranged between ₹16.75 lakh and ₹20 lakh. This year also witnessed a 12% increase in the number of companies recruiting from IIT Bombay, demonstrating the institute’s growing appeal among top employers.
International placements continued to be a significant draw for students, with 78 international offers being accepted. Among these, 22 offers came with packages exceeding ₹1 crore per year, highlighting the premium that global companies place on IIT Bombay talent. However, the number of international recruiters saw a dip due to global challenges, such as the ongoing Ukraine conflict and sluggish economic conditions.
Decline in the Lowest Packages Offered
While the top-tier packages saw an increase, the lower end of the salary spectrum experienced a decline. The lowest package offered during the placements dropped from ₹6 lakh per year to ₹4 lakh. Ten students accepted offers within the ₹4 lakh to ₹6 lakh range, underscoring the widening gap between the highest and lowest earners among IIT graduates.
Key Recruiters and Job Offers
This year, 775 students were recruited by multinational corporations (MNCs) operating in India, while 622 graduates accepted positions with Indian companies. The second phase of the placement season, which initially started slow, gained momentum post-April. Approximately 300 job offers were made during Phase-II, with a total of 75% of the students securing placements through the campus drive. An additional 15% of the students found jobs independently, bringing the overall success rate to 90%.
Out of the 543 registered companies, 388 participated in the placement process, and 364 made offers. The engineering and technology sector emerged as the largest recruiter, hiring 430 students from 106 companies for entry-level roles. The information technology and tech sectors also saw a slight increase in hiring compared to the previous year.
Consulting Offers Decline, Finance and Emerging Tech Shine
Consulting roles, traditionally a popular choice among IIT graduates, saw a decline this year. Only 117 offers were made by 29 firms. However, the finance sector had a strong showing, with 113 offers across 33 companies. Emerging fields such as artificial intelligence, machine learning, product management, mobility, 5G, data science, and education also displayed robust hiring trends.
The design sector, while not as prominent, still offered 33 positions across 17 companies, although this marked a slight dip compared to previous years.
Growth in Research and Development (R&D) Sector
The research and development (R&D) sector saw a positive uptick, with 36 organisations offering 97 positions across various fields, including automation, energy science, battery technology, chemical and mechanical research, and power electronics. This growth indicates a rising interest in innovative and forward-looking research areas that are critical to India’s industrial and technological advancements.
Among the 118 PhD students who participated in the placements, 32 were successfully placed. This reflects the increasing demand for highly specialised skills in both academic and industrial research settings.
The 2024 placement season at IIT Bombay underscores the complex dynamics of the job market for engineering graduates. While the average salary packages have increased, and high-paying offers remain abundant, the slight decline in the overall placement rate reflects broader economic challenges. Nevertheless, the diverse range of opportunities, particularly in emerging technologies and R&D, suggests that IIT Bombay continues to be a hub for innovation and talent. As global and domestic companies alike vie for the best minds in the country, IIT graduates remain well-positioned to drive future growth and technological advancements.