The Indian Institute of Technology (IIT) Bombay undertook its first phase of placement drive for batch 2023-24 students, which ended on December 20, with a successful turnout of 85 students securing job offers with annual packages surpassing ₹ 1 crore. The recruitment drive invited a total of 388 domestic and international companies.
The higher-paying jobs mostly came from the research and development field. People working in this area received an average yearly salary of Rs 36.9 lakh, which is higher than the Rs 32.25 lakh from the previous year. On the other hand, jobs in the finance sector, especially those related to algo trading, saw a 22% decrease in average yearly pay. It dropped from Rs 41.7 lakh last year to Rs 32.4 lakh this year.
A total of 1,340 job offers were made, and 1,188 students successfully got placed. Among them, seven students secured positions in public sector units (PSUs), and 297 received pre-placement offers (PPOs) through internships, out of which 258 were accepted.
Many well-known companies like Accenture, Airbus, Apple, Barclays, Google, JP Morgan Chase, Microsoft, and Tata Group took part in the placement process. The sectors that saw the highest number of job offers were Engineering & Technology, IT/Software, Finance/Banking/Fintech, Management Consulting, Data Science and Analytics, Research & Development, and Design.
The placement also had 63 job offers with international locations such as Japan, Taiwan, South Korea, the Netherlands, Singapore, and Hong Kong. Companies conducted interviews either in person or through virtual meetings, and all students participated from the designated venue.
In addition, other sectors like IT/software and consulting saw a slight increase in the overall average pay during the first phase of campus placements. The institute released the report of the first phase on Thursday night.