Only 75% got jobs in IIT Bombay Campus Placement 2024, minimum annual package dropped to Rs 4 lak

Placement 2024 at IIT-B was completed with an average annual package of Rs 23.5 lakh. At the same time, this year the minimum annual package fell to Rs 4 lakh, which was Rs 6 lakh earlier.

Placement 2024 at the Indian Institute of Technology Bombay i.e. IIT Bombay has been completed. According to a TOI report, placement in 2024 at IIT-B was completed with an average annual package of Rs 23.5 lakh, while last year it was Rs 21.8 lakh. At the same time, the average compensation has increased marginally by 7.7%, on the other hand, fewer students have been placement through campus drive this year compared to last year. The lowest package ever in IIT-B placements has dropped further from Rs 6 lakh per annum to Rs 4 lakh this year.

Ten students accepted job offers between Rs 4 lakh and Rs 6 lakh

Ten students have accepted job offers with annual packages between Rs 4 lakh and Rs 6 lakh. Of the total 558 offers made by 123 companies, their gross compensation package was more than Rs 20 lakh per annum, and another 230 offers were between Rs 16.75 lakh and Rs 20 lakh. "This year, we saw a 12% increase in companies recruiting from IIT-B. Overall, 78 international offers were accepted across both phases, while 22 offers above Rs 1 crore per annum were accepted during this campaign," the report said. "Due to the war in Ukraine and the sluggish global economy, we saw fewer international recruiters." Additionally, 775 students have been placed in multinational companies in India and 622 will join Indian firms.

'Out of 388 companies, 364 companies made offers'

Sources said the second phase of the placement season was slow, but it picked up after April. "We received over 300 job offers in the second phase. Also, 75% of the students got jobs through campus drives, while 15% of the students found jobs on their own," said a source. The institute had 543 companies registered; of these, 388 participated in the placements and 364 companies made offers.

"Taking into account the total number of students who participated, the placement percentage is around 75%. Most of the remaining unplaced students have found gainful employment opportunities," the report said. Others opted for higher education, it added.

Which sector saw the highest recruitment

The engineering and technology sector saw the highest recruitment this year. 430 students were selected for entry-level positions in 106 core engineering companies. If we compare it with last year, this season the IT and technology hiring was slightly higher.

Compared to last year, there were fewer selections, i.e. 117 consulting offers, by 29 consulting companies. Trading, banking, and fintech companies were the major recruiters. The finance sector has seen 113 offers from 33 financial services firms this year. Artificial intelligence, machine learning, product management, mobility, 5G, data science and analytics, and education also saw strong hiring trends. Seventeen design companies offered 33 jobs and fewer selections.

Only 11 companies participated in the education sector

Only 11 companies participated in the education sector. While only 30 jobs were offered. Research and development saw participation from companies in automation, energy sciences, battery technology, chemical and mechanical research, energy efficiency solutions, application development, materials research, semiconductors, power electronics, AI/ML, and research laboratories, where 36 organizations offered 97 positions in 2023-24. The total number of PhD students recruited was 32 out of 118 active participants.