Around 85 students from the Indian Institute of Technology (IIT) Bombay secured job offers exceeding Rs 1 crore in the first phase of placements that concluded on December 20. The institute's placement report, released on Thursday night, revealed that the research and development (R&D) domain emerged as the frontrunner, contributing to the majority of high-paying job offers on the IIT Bombay campus.
More than 2,000 students registered for placements this year, of which 60 per cent have received their offers in the first phase. The second phase will begin towards the end of the month.
Sector-wise average annual salaries
The average annual salary in R&D was Rs 36.9 lakh, a 12.6 per cent increase from the previous year's figure of Rs 32.25 lakh. In contrast, the finance sector, particularly dominated by algo trading firms, witnessed a 22 per cent decline in the average yearly compensation, falling to Rs 32.4 lakh from Rs 41.7 lakh in the preceding year, according to a report by The Times of India (TOI).
Overall, the average salary package offered was Rs 24.02 lakh per annum. For engineering and technology, the average package was Rs 21.88 lakh, IT and software was Rs 26.35 lakh, finance stood at Rs 32.38 lakh, and consulting Rs 18.68 lakh.
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Last year, the conclusion of the placement season saw an average package of Rs 21.82 lakh per annum (LPA), showcasing a significant increase from the averages of Rs 21.50 LPA and Rs 17.91 LPA in the preceding two years (2021-22 and 2020-21).
International IIT Bombay placements
Around 63 students accepted international job offers, with Japan, Taiwan, South Korea, Netherlands, Singapore, and Hong Kong being the primary contributing nations. A total of 1,340 offers were made by December 20, resulting in 1,188 students securing placements. This included seven students placed in public sector undertakings (PSUs) and 297 pre-placement offers (PPOs) through internships, out of which 258 were accepted. However, the overall number of offers received during this phase was marginally lower than the previous year.
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IIT Bombay did note that the international recruitment pace has been relatively slow due to global geopolitical uncertainties. The ongoing election year in India has further prompted many companies to adopt a cautious "wait and watch" policy.
Top recruiters during phase one of IIT Bombay placements
During phase I placements, a total of 388 companies, both domestic and international, made 1,340 offers. Top recruiters for this season included industry giants such as Airbus, Air India, Apple, Google, Intel, Jaguar Land Rover, Morgan Stanley, Qualcomm, Tata Group, Texas Instruments, and Wells Fargo. Key sectors contributing to the highest number of offers included engineering and technology, IT/software, finance/banking/fintech, management consulting, data science and analytics, research and development, and design.