Placement season is on! In the first phase, 85 students of IIT Bombay landed jobs with annual packages of over ₹1 crore through campus placements. Despite worries about fewer tech jobs globally and amid recession period, the institute got 1,340 job offers from 388 companies, both in India and abroad, and 63 students accepted international job offers.
IIT Bombay informed, "International offers with locations in Japan, Taiwan, South Korea, Netherlands, Singapore and Hong Kong were 63. Accepted job offers with CTC greater than ₹1 crore per annum were 85.”
A lot of top recruiting companies, such as Accenture, Airbus, Apple, Google, Intel, Tata Group, Arthur D. Little, Bajaj, Barclays, Cohesity, Da Vinci, DHL, Fullerton, Future First, GE-ITC, Global Energy and Environ and more, came for campus placement. Students going into research and development got higher average salaries (₹36.9 lakh), while finance jobs saw a bit of a drop (₹32.4 lakh).
This year at IIT Bombay, the research and development sector saw a boost in salaries, with an average annual pay of ₹36.9 lakh, up from ₹32.25 lakh last year. On the other hand, the finance sector, mainly involving algo trading firms, experienced a 22% decrease in average yearly compensation, dropping to ₹32.4 lakh from ₹41.7 lakh last year.
Sectors like IT, software, and consulting experienced a slight increase in the overall average pay. The institute, in its report released on Thursday night, acknowledged the dedicated efforts of students in meeting company requirements. The challenges of online interviews were also highlighted, but the institute noted that offers have been substantial, arriving in gradual waves.
By December 20, 2023, a total of 1,340 job offers were made, leading to 1,188 students securing placements. This included seven students in Public Sector Undertakings (PSUs) and 297 Pre-Placement Offers (PPOs) through internships, of which 258 were accepted.
The overall average salary went up a bit from ₹23.26 lakh last year to ₹24.02 lakh this year.
The 20-day placement phase concluded on December 20, and IIT Bombay released its phase one placement report on Friday evening. Despite market concerns, the placement office made significant efforts to maintain a similar pool of offers, albeit with more companies involved. Plans are underway to attract additional companies for the next phase, recognizing the gradual nature of the process. Over 2,000 students have registered for placements this year, with 60 percent already covered in the first phase. The second phase of placements is scheduled for January.
As the first phase wrapped up this year, students at IIT Bombay accepted a higher rate of Pre-Placement Offers (PPOs) with 258 out of 297 being embraced. This signifies a substantial increase in the acceptance rate compared to the previous year when, by the end of the first phase, only 194 out of 300 PPOs were accepted by students.
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