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Photo: Indranil Bhoumik/Mint
Photo: Indranil Bhoumik/Mint

IIT graduates see higher salary offers

IT, financial firms dominate first week of placements, along with some large start-ups

Engineering students at Indian Institutes of Technology (IITs) are winning job offers with salaries that are up to 15% more than last year at the annual placements that began on 1 December, said officials at these institutions, indicating better hiring sentiment.

At IIT Bombay, Kharagpur, Kanpur and Roorkee, around 30-40% of the students won job offers by the end of the third day of the placement, the officials said on condition of anonymity.

“Last year was a record year for us with over 1,000 students already placed in the first phase (which lasted about seven days) itself. We expect this year to be even better since more than 500 students have already been placed in just three days," said a student coordinator at IIT Bombay’s placement cell, who declined to be identified.

The student coordinator did not reveal salary packages received by the students but said that there has been a marginal increase of around 5-10% over last year. More than 1,200 final-year engineering students at IIT Bombay are participating in the placement season that will go on till 22 December.

Large IT and global financial companies dominated the first week of placements, along with some large start-ups. While multinational companies such as Google, Microsoft, Goldman Sachs, Morgan Stanley, American Express, Visa and Credit Suisse have grabbed some of the top talent in the first two days, big start-ups like Flipkart, Snapdeal and Ola are not far behind.

Apart from software engineers, placements saw huge demand for non-technical job profiles such as data analysts, business analysts and operational managers from firms across sectors.

IIT Bombay has already received more than 500 job offers, while other premier IITs, including Kharagpur, Kanpur and Roorkee, have got more than 300 offers. On the first day itself, 100 job offers were made to students of IIT Madras.

According to Babu Vishwanath, placement adviser at IIT Madras, pay packages in some cases have reached $120,000, particularly from global IT firms. However, the institute has put on hold its placement activity due to heavy rains in the city.

IIT Delhi declined to provide details of the number of job offers received so far.

At IIT Roorkee, more than 90% of students placed have received salary packages between 15 lakh to 20 lakh a year. N.P. Padhy, professor in charge, training and placement office at IIT Roorkee, said it had received nearly 300 offers by the end of the third day, while it took four days to cross the figure last year. “In the last 48 hours, we have received an overwhelming number of job offers. This year, it has crossed our expectations. We are seeing an improvement on the average salary packages by about 10-15% as compared to last year."

About 300 offers have come through for students at IIT Kharagpur and Kanpur as well, mostly from IT, consulting and financial firms. Firms such as Rolls Royce, Mercedes, Airbus and Uber also recruited in the first three days.

“We have gone the traditional way and have given slots to the large core and IT companies in the first two-three days. We do not encourage start-ups this time for the simple reason that there is too much uncertainty with them, be it financial or their businesses," said Sudhirkumar Barai, chairman, career development centre at IIT Kharagpur.

The number of start-ups hiring from these institutes has almost doubled over last year. Most start-ups, apart from large e-commerce firms, have been given slots to recruit students from Days 3 and 4 onwards.

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