The 2024 placement season at IIT Bombay has wrapped up with a notable increase in average annual packages, but a significant percentage of graduates faced challenges in securing campus placements. The average annual package for this year stood at Rs 23.5 lakh, marking a 7.7 percent increase from last year’s Rs 21.8 lakh. Despite this, the placement rate dropped, with 25% of graduates unable to secure positions through campus drives.
This year witnessed a 12 percent rise in the number of companies recruiting from IIT-Bombay, with 543 companies registered and 388 participating in the placements. Of these, 364 companies extended offers. The lowest salary package offered was Rs 4 lakh per annum, a decrease from Rs 6 lakh last year. Ten students accepted offers within this lower salary range.
Conversely, there was a strong presence of high-paying offers, with 558 offers exceeding Rs 20 lakh annually from 123 companies. Additionally, 230 offers ranged between Rs 16.75 lakh and Rs 20 lakh. Notably, 78 offers were international, and 22 packages exceeded Rs 1 crore annually. However, the presence of international recruiters was impacted by the ongoing war in Ukraine and a weakened global economy.
The second phase of the placement season saw a slow start but gained momentum post-April, resulting in approximately 300 job offers during this period. Overall, 75 percent of students secured positions through the campus drive, and an additional 15 percent found jobs independently.
Sector-specific trends revealed a decline in consulting offers, with 117 positions available from 29 consulting firms. On the other hand, trading, banking, and fintech companies emerged as significant recruiters, with the finance sector alone offering 113 positions from 33 financial service firms. Significant hiring was also observed in fields such as artificial intelligence, machine learning, product management, and data science.
In the education sector, 11 companies participated, offering a total of 30 jobs. The research and development sector saw participation from 36 organizations providing 97 positions in fields including automation, energy science, and semiconductor technology. Of the 118 active PhD students, 32 were successfully recruited.