IIT Bombay Placements 2024: 22 students get offers of ₹1 crore plus, average package ₹23.5 lakh.

As many as 1,475 students secured placements at the Indian Institute of Technology (IIT) Bombay after the prestigious institute concluded the placement season for the academic year 2023-24. The average annual package offered to students saw a slight increase this year, while the total number of placements was lower than last year.

Average package offered

According to the IIT-Bombay placement report, the average salary of students was recorded at ₹23.5 lakh per annum, an increase of 7.7 per cent over the previous year.

Out of a total of 2,414 recruitment applications, only 1,979 students actively participated in the process. Of these, 1,475 accepted the offers.

This time, 22 students accepted offers with annual packages exceeding Rs 1 crore. The placement percentage recorded for the year did not exceed 75 per cent, the data showed.

Minimum wage

The offers offered this time were only Rs 4-6 lakhs per year, which raised concerns in the education sector. A total of 10 students accepted offers ranging from Rs 4-6 lakhs per year.

The lowest salary during the last placement round was ₹6 lakh per annum.

The best recruiters

The largest number of students were recruited in the engineering and technology sector.

A placement rate of 83.39% was recorded for BTech courses, 83.5% for MTech and 93.33% for MS Research. Moreover, the placement percentage for dual degrees (BTech and MTech) was 79.16% and for MSc it was 55.06%.

Electrical engineering recorded the highest number of job openings with 232, computer engineering ranked second with 230 openings and mechanical engineering third with 229.

IIT Bombay saw a 12% increase in the number of companies hiring this year, with 543 companies registering for the placement process. However, only 388 companies actively participated in the process and 364 companies made offers.

International offers

During the 2023-2024 placement round, 78 international companies based in Japan, Taiwan, the United States, Europe, the United Arab Emirates, Singapore, the Netherlands and Hong Kong participated and submitted bids. This is up from 65 last year.

This year’s placement season saw active participation from several sectors such as basic engineering, software programming, information technology, research and development, banking, consulting, finance, high technology and technical services.