IIT Bombay Placements: Average Salary Recorded Is Rs 23.5 LPA, 22 Accept 1 Crore Package

IIT Bombay has released the placement report for 2023-24 academic year. Of the total 2,414 students who registered for recruitment, only 1,979 actively participated in the process. Of these, 1,475 students accepted the offers. The average salary of students was recorded as Rs 23.50 LPA and median salary as Rs 17.92 LPA. A package of Rs 1 Crore and above was accepted by 22 students and 78 offers were accepted for international jobs. Around 364 companies offered nearly 1,650 jobs. The top recruiting sector which saw major job offers has been Engineering and Technology. 

The placement percentage of 83.39 has been recorded for BTech, 83.5 per cent for MTech and 93.33 per cent for MS Research. A placement percentage of 79.16 is recorded for dual degree (BTech and MTech) and for MSc it is 55.06 per cent. Electrical Engineering has received the highest job offers of 232, while Computer Science Engineering is second in the list with 230 offers and Mechanical Engineering with 229 has the third highest offers.  

In the 2023-2024 placement session, a total of 78 international jobs were offered from different firms based in Japan, Taiwan, Europe, UAE, Singapore, USA, Netherlands, and Hong Kong. This has been an increase of 65 from the previous year. The session saw the participation from multiple sectors such as Core Engineering, Information Technology, Software programming, Research and Development, Consulting, Finance, Banking, High-end Technology and Technical Services.

The official report by IIT Bombay reads, “In various engineering domains, 430 students were selected in 106 core engineering companies at entry-level positions. Information Technology and Tech hiring have slightly more this season compared to last year. Around 307 students have been offered 4 IT/Software jobs by over 84 companies through campus placement, making the IT sector the second biggest recruiter after the engineering sector. Compared to last year fewer selections, i.e. 117 consulting offers were made by 29 consulting companies. Trading, Banking, and Fintech companies were prominent recruiters.”

The report adds, “The finance sector has 113 offers from 33 financial service firms this year. Profiles in Artificial Intelligence, Machine Learning, Product Management, Mobility, 5G, Data Science and Analytics, and Education also saw brisk hiring trends. Seventeen Design companies have offered 33 jobs and have seen fewer selections. The education sector saw eleven companies participating with only 30 jobs offered. The Research and Development witnessed companies in Automation, Energy Science, Battery Technology, Chemical and Mechanical Research, Energy Efficiency Solutions, Application Development, Materials Research, Semiconductor, Power Electronics, AI/ML and Research Laboratories, where 36 organisations offered 97 positions in 2023 – 24.”

Explaining the gap in the number of registered students and those who secured jobs, IIT Bombay highlights, “Some of the 435 deregistered students want to pursue higher studies, such as MS/MTech/PhD and MBA courses, while others opted for entrepreneurship or civil services, and did not appear or had minimal participation in the placement drive. Due to the war in Ukraine and the subdued global economy, we saw fewer international recruiters.”