Around 85 students of the Indian Institute of Technology (IIT) Bombay have received job offers worth over Rs 1 crore in the first phase of placements that concluded on December 20. The institute's placement report, released on Thursday evening, showed that the research and development (R&D) domain emerged as the frontrunner and contributed to the majority of high-paying vacancies on the IIT Bombay campus.
This year, more than 2,000 students registered for an internship, of which 60 percent received their offer in the first phase. The second phase will begin towards the end of the month.
Sectoral average annual salaries
The average annual salary in R&D stood at Rs 36.9 lakh, an increase of 12.6 per cent from last year's figure of Rs 32.25 lakh. In contrast, the financial sector, which is mainly dominated by algo trading firms, witnessed a 22 percent decline in average annual compensation, from Rs 32.4 lakh in the previous year, according to a report by The Times of India (TOI).
Last year, the closing of the placement season saw an average package of Rs 21.82 lakh per annum (LPA), which shows a significant increase from the averages of Rs 21.50 LPA and Rs 17.91 LPA in the previous two year (2021-22 and 2020-21).
International IIT Bombay Placements
About 63 students accepted international job offers, with Japan, Taiwan, South Korea, the Netherlands, Singapore and Hong Kong being the top contributing countries. As of December 20, a total of 1,340 offers had been made, securing a place for 1,188 students. This included seven students placed through internships in public sector undertakings (PSUs) and 297 pre-placement offers (PPOs), of which 258 were accepted. However, the total number of offers received during this phase was marginally lower than the previous year.
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IIT Bombay noted that the pace of international recruitment has been relatively slow due to global geopolitical uncertainties. The ongoing election year in India has further prompted many companies to adopt a cautious wait-and-see policy.
Top recruiters during phase one of IIT Bombay placements
During Phase I placements, a total of 388 companies, both national and international, made 1,340 offers. The top recruiters for this season included industry giants such as Airbus, Air India, Apple, Google, Intel, Jaguar Land Rover, Morgan Stanley, Qualcomm, Tata Group, Texas Instruments and Wells Fargo. Top sectors contributing to the highest number of offers included engineering and technology, IT/software, finance/banking/fintech, management consulting, data science and analytics, research and development, and design.
First print: January 5, 2024 | 10:18 am IST