 "IIT Bombay placements: Avg package hits Rs 23.5L, 22 offers exceed Rs 1 cr")
The Indian Institute of Technology Bombay (IIT Bombay) has successfully concluded its placement season for the academic year 2023-24, with 1,475 students securing positions, according to a report by The Financial Express, citing an official statement from the institute.
The average package offered during the IIT Bombay placements for 2023-24 was an impressive Rs 23.5 lakh per annum (LPA). Remarkably, 22 students received offers with annual packages exceeding Rs 1 crore, highlighting the strong demand for talent from this esteemed institution.
Engineering and technology sector leading recruiter
The Engineering and Technology sector emerged as the leading recruiter, employing the highest number of students. A total of 430 students were placed in 106 core engineering companies, primarily in entry-level roles. The information technology (IT) sector also saw considerable recruitment activity. More than 84 companies offered positions to 307 students, making it the second-largest recruiting sector after engineering.
This placement season also witnessed a decline in consulting offers compared to the previous year, with only 117 offers made by 29 consulting firms. Nevertheless, sectors such as trading, banking, and fintech remained active in recruitment, contributing to the 113 offers extended by 33 financial services firms. Emerging fields such as artificial intelligence (AI), machine learning, product management, mobility, 5G, data science, analytics, and education saw a rise in hiring, reflecting evolving industry trends.
IIT Bombay's placement season also recorded a 12 per cent increase in the number of recruiting companies, with 543 companies registering for the placement process. Of these, 388 companies actively participated, with 364 making offers. The institute recorded over 1,350 unique job profiles.
IIT Bombay: International offers
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The placement drive also featured a significant international element, with students accepting 78 international offers from companies based in Japan, Taiwan, Europe, the UAE, Singapore, the USA, the Netherlands, and Hong Kong, marking an increase from 65 international offers in the previous year. However, ongoing global economic challenges and geopolitical tensions appeared to have impacted the number of international recruiters this season.
This placement season at IIT Bombay recorded participation from companies from several sectors -- including research and development, consulting, finance, core engineering, information technology, software programming, banking, high-end technology, and technical services. The placement drive, which commenced in July 2023, concluded on July 7, 2024.