IIT Bombay’s batch of 2024 average salary increases 7.7%; 22 students accept ₹1 crore-plus offers

Average salary packages for the Indian Institute of Technology Bombay’s batch of 2024 increased 7.7% in the wake of “robust” job generation, the engineering college said.

The institute, which placed 1,475 students as of June end, noted that the “job scenario remains optimistic,” although international recruiters were impacted by the war in Ukraine and a “subdued global economy.”

“The job scenario remains optimistic based on placement data over the last two years as the job generation has been robust after the resumption of economic activity subsequent to the COVID-19 pandemic and uncertainty in the job market,” IIT Bombay said in its placement report.

The average salary packages increased to ₹23.5 lakh from ₹21.82 lakh last year. However, IIT Bombay also said 10 students received salaries of ₹4 lakh- 6 lakh, the lowest for one of the top engineering colleges in the country.

“Due to the war in Ukraine and the subdued global economy, we saw fewer international recruiters,” the college said. The number of companies registered was 543, of which 388 participated in the placements and 364 companies made offers.

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IIT Bombay received 78 international offers from companies in Japan, Taiwan, Europe, the UAE, Singapore, the US, the Netherlands and Hong Kong, an increase from 65 international offers in the previous year.

A total of 22 students accepted salary offers of ₹1 crore and above. Placements at older IITs typically start in December. The top paymasters are high-frequency trading and quant firms and global consulting companies.

Companies from core engineering, information technology, software programming, research and development, consulting, finance, banking, high-end technology and technical services took part in the recruitment.

The engineering and technology sector recruited the highest numbers of students, with 430 selected in 106 core engineering companies at the entry level.

IT and tech hiring was slightly higher this season than last year - 307 students were offered IT/software jobs by over 84 companies through campus placement, making the sector the second-biggest recruiter after the engineering sector, IIT Bombay said.

Consulting companies made fewer selections this time - 117 offers from 29 firms.