The 2024 placement season at IIT Bombay concluded with mixed outcomes. The average annual package offered to students reached Rs 23.5 lakh, marking a 7.7% increase from last year’s Rs 21.8 lakh. Despite this rise, fewer students secured placements through the campus drive compared to the previous year, highlighting the challenges of the current job market.
Key Highlights
Average and Lowest Packages
The increase in the average package is a positive development, but it contrasts sharply with the drop in the lowest package, which fell from Rs 6 lakh to Rs 4 lakh per annum. This significant decline suggests a wider disparity in compensation offers and reflects the broader economic uncertainties impacting job markets globally.
Sector-Wise Recruitment
The core engineering and technology sectors emerged as the top recruiters, with 430 students securing positions in 106 companies. The Information Technology sector also saw an increase in hiring, while the finance sector offered 113 positions from 33 firms. However, consulting saw a decline, with only 117 offers made by 29 companies, compared to previous years.
Global and Domestic Influences
The global economic slowdown and geopolitical issues, such as the war in Ukraine, played a crucial role in shaping this year’s placement dynamics. Fewer international recruiters participated, and a slow start to the second phase of placements was observed, though it eventually picked up momentum.
Placement Statistics and Trends
A total of 558 offers had compensation packages exceeding Rs 20 lakh per annum, and 78 international offers were accepted. Additionally, 22 offers exceeded Rs 1 crore annually, showing that top-tier compensation is still achievable for a select few. The placement percentage hovered around 75%, with another 15% of students finding jobs independently.
Conclusion
IIT Bombay’s 2024 placement season reflects the dual reality of a rising average compensation alongside significant challenges in securing job offers. While core sectors like engineering, IT, and finance continue to show robust hiring trends, the drop in the lowest package and fewer placements indicate a tough job market. Despite these challenges, IIT Bombay remains a significant talent pool for recruiters, both in India and globally.
