NEW DELHI: The Indian Institute of Technology (IIT) Bombay has unveiled its placement report for the academic year 2023-24, showcasing a successful season with 75 registered students securing jobs through campus recruitment.
This year, 2,414 students signed up for the placement drive, an 11 per cent increase from the previous year.
Despite the economic challenges, 1,475 students successfully landed job offers, marking the second-highest number of placements in the institute’s history, just short of last year's record of 1,516 placements.
The average salary package offered this year was Rs 23.5 lakh per annum, representing a 7.7 per cent increase from last year's Rs 21.82 lakh per annum.
This uptick indicates a positive recovery in the job market as economic activities pick up pace post-pandemic. Notably, 22 students received lucrative offers exceeding Rs 1 crore per annum, underscoring the strong demand for IIT Bombay graduates.
A total of 364 companies participated in this year’s placement season, a 12 per cent increase from the previous year’s 324 companies. Among the sectors, Engineering and Technology emerged as the top recruiter, with 430 students placed in 106 core engineering companies.
The Information Technology (IT) sector also saw significant hiring, with 307 students securing roles in 84 companies, making it the second-largest recruiting sector.
While there was an increase in placements for mechanical engineering students, rising from 171 to 217 this year, the computer science stream experienced a decline. This year, 242 computer science students were placed, down from 273 last year.
The report also highlighted a decrease in consulting roles, with only 117 offers made by 29 consulting firms, compared to higher numbers in previous years.
In contrast, sectors such as trading, banking, and fintech remained active, with 113 offers made by 33 financial services firms. Emerging fields like artificial intelligence (AI), machine learning, product management, 5G, data science, analytics, and education showed a growing interest in hiring, reflecting current industry trends.
IIT Bombay also saw a 12 per cent increase in the number of recruiting companies, with 543 companies registering for the placement process. Of these, 388 actively participated, and 364 extended offers, with over 1,350 unique job profiles offered to students.
The 2023-24 placement season also saw a rise in international job offers, with 78 students accepting positions abroad. This represents a significant increase from the previous year, with firms from Japan, Taiwan, Europe, UAE, Singapore, USA, Netherlands, and Hong Kong participating in the recruitment process.
Despite these successes, IIT Bombay acknowledged a gap between the number of registered students and those who secured jobs. Of the 435 students who deregistered from the placement drive, many chose to pursue higher studies or entrepreneurial ventures, while others opted for civil services.
Overall, IIT Bombay’s placement season for 2023-24 reflects a strong performance across various sectors, with significant hiring trends in both traditional and emerging industries.