The 2024 placement season at IIT Bombay concluded with mixed results. The average annual package offered to students reached Rs 23.5 lakh, up 7.7% from last year's Rs 21.8 lakh. Despite this increase, fewer students secured placements through campus drives than last year, highlighting the challenges of the current job market.
Headlines
Average and lowest package
The increase in the average package is a positive development, but it sharp contradiction The lowest package declined from Rs 6 lakh to Rs 4 lakh per annum. This significant drop reflects the wide disparity in compensation offered and reflects the macroeconomic uncertainties impacting job markets globally.
Area wise recruitment
Core engineering and technology sectors emerged as the top recruiters, with 430 students securing positions in 106 companies. The information technology sector also saw a rise in hiring, while the finance sector offered 113 positions from 33 firms. However, consulting saw a decline compared to previous years, with only 117 offers made by 29 companies.
Global and domestic impact
Geopolitical issues such as the global economic slowdown and the war in Ukraine played a significant role in shaping the dynamics of this year’s placements. Fewer international recruiters participated, and the second phase of placements saw a slow start, though it eventually picked up pace.
Placement Statistics & Trends
A total of 558 offers had compensation packages of over Rs 20 lakh per annum, and 78 international offers were accepted. Additionally, 22 offers were over Rs 1 crore per annum, indicating that top-tier compensation is still attainable for a select few. The placement percentage remained around 75%, while another 15% of students found jobs independently.
conclusion
IIT Bombay's 2024 placement season reflects the dual realities of an increase in average salaries and significant challenges in securing job offers. While core sectors such as engineering, IT and finance are showing strong hiring trends, a decline in the lowest packages and low placements indicate a tough job market. Despite these challenges, IIT Bombay continues to be an important talent pool for recruiters in India and globally.