IIT-Bombay Placement Report 2024: 25% Graduates Unplaced, Minimum Salary Drops to Rs 4 Lakh

The 2024 placement season at the Indian Institute of Technology (IIT) Bombay ended with mixed results. While the average salary package increased slightly, the placement rate and minimum salary saw a decline, raising concerns about the evolving job market.

Decline in Placement Rate and Minimum Salary

This year, only 75% of students who actively participated in the campus drive secured jobs, down from 82% last year. Out of the total, 1,475 students accepted job offers. Surprisingly, the minimum salary package dropped to Rs 4 lakh per annum, a significant decrease from last year’s Rs 6 lakh.

Despite this, the average annual package rose by 7.7%, reaching Rs 23.5 lakh, up from Rs 21.8 lakh the previous year. This increase shows that while fewer students found placements, those who did received higher-paying roles on average.

Increase in International Offers

IIT Bombay saw a rise in international job offers, with 78 offers accepted across both phases of the placement season. Of these, 22 offers exceeded Rs 1 crore per annum, reflecting the continued interest of global companies in IIT Bombay graduates.

Sector-Wise Placement Insights

The engineering and technology sector led the placement season, recruiting the highest number of students. A total of 430 students were hired for entry-level positions across 106 core engineering companies. The Information Technology sector also saw a slight increase in hiring compared to last year.

The finance sector remained strong, with trading, banking, and fintech companies making 113 offers from 33 financial service firms. Multinational corporations in India hired 775 students, while 622 students secured positions in Indian firms. The education sector, however, saw a slight decline, with 11 companies offering only 30 jobs.

R&D and Emerging Sectors

The research and development (R&D) sector, which includes areas such as automation, energy science, battery technology, and AI/ML, saw 36 organizations offering 97 positions. This sector is growing in importance as industries continue to innovate and seek specialized talent.

Conclusion

The 2024 placement season at IIT Bombay presented a mixed bag of outcomes. While average salary packages increased, the drop in placement rates and minimum salary suggests that the job market may be becoming more competitive. The rise in international offers is a positive sign, indicating strong global demand for IIT Bombay graduates. However, the overall decline in placements is a concern that needs to be addressed as the institute prepares for future placement seasons.