IIT Bombay Placements: 22 Students Got a Package of More Than Rs 1 Crore

IIT Bombay Placements: The placement season for 2023-2024 for 2414 students at the Indian Institute of Technology, Bombay (IIT-B) is over. According to data released by IIT Bombay, a total of 1979 students ‘actively participated’ in this year’s placement season, but only 1475 students accepted job offers.

This year, a total of 364 companies made 1650 job offers for IIT Bombay students, out of which 1475 offers were accepted. Additionally, 258 students have accepted pre-placement offers (PPOs).

435 unregistered students want to pursue higher studies like MS/MTech/PhD and MBA courses, while others have opted for entrepreneurship or civil services, and did not appear or had minimal participation in the placement drive.

This year, IIT Bombay received 78 international offers from various firms based in Japan, Taiwan, Europe, UAE, Singapore, USA, Netherlands and Hong Kong, an increase from 65 last year. “Due to the war in Ukraine and the weak global economy, we saw fewer international recruiters,” IIT Bombay said in an official release.

According to data provided by IIT Bombay, 775 students in India have got jobs in MNCs, 622 have got jobs in Indian companies and 78 students have got international offers.

IIT Bombay Placement: Salary Distribution

While in the latest All IIT Placement Committee (AIPC) IITs had decided that institutes will not disclose the highest annual packages in their placement reports, IIT Bombay revealed that the total average package offered during their placements 2023-2024 was Rs 23.5 lakh per annum.

The decision at AIPC was taken as a part of the discussion on the IIT-B placement report, which claimed over 85 offers worth more than an annual package of Rs 1 crore. In a corrigendum issued on Wednesday, IIT-Bombay revised the number of offers above Rs 1 crore in the first phase of placements to 22, citing a “technical error”.

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IIT Bombay Placements: Average Salary

The number of companies offering salaries above Rs 20 lakh per annum stood at 123, which collectively made 558 offers. IIT Bombay data shows that more companies are offering higher salary packages (above Rs 20 lakh), with 123 companies contributing to this category.

After this, 230 offers were made by 70 companies in the range of Rs 16.75 to 20 lakh per year. A total of 227 offers were made in the range of Rs 14 to 16.75 lakh per annum and 93 offers in the range of Rs 12 to 14 lakh, 161 offers between Rs 10 to 12 lakh, 128 offers Rs 8 lakh, 68 offers were made in the range of Rs 6 to 8 lakh annually.

The lowest annual package has now come down to Rs 4 lakh and seven companies have given 10 offers ranging from Rs 4 to 6 lakh annually. This year the average salary has been recorded at Rs 17.92 lakh. Additionally, 22 students have received job offers worth more than Rs 1 crore.