During the first stage of this year’s placements, over 1500 job offers were made to students at the Indian Institute of Technology, Bombay. Nearly 400 recruiters participated in the drive. The number of positions provided has fluctuated over the previous five years at IIT-B, one of the premier engineering schools in the nation.
According to a study, there were 1,114, 1,112, and 1,319 job offers during the first round of placements in 2017, 2018, and 2018 correspondingly. Due to the COVID-19 pandemic, an exact number could not be provided in 2020, but the following year saw a sudden increase. In the first round, 1,878 employment offers were offered to the students at the institutions. The number has surpassed 1500 for the 2022 placement season.
Despite a general slowdown in the job market and layoffs in many large companies, the institute was still able to record a high number of job offers. 1,224 applicants have accepted the entire number of offers offered this year, which also included 71 overseas offers. 25 applicants have allegedly each got compensation packages totaling more than Rs 1 crore. 63 of the accepted job offers are for jobs abroad.
American Express, Honda Japan, McKinsey & Company, Morgan Stanley, Sprinklr, Reliance, Taiwan Semiconductor Manufacturing Company (TSMC), Boston Consulting Group, Adani, and Tata were among the top employers during this placement season, according to sources.
Along with the increase in jobs available, the average wage has increased over the previous five years. According to the statistics provided, the average compensation for the 2017 placement season was roughly Rs. 11.41 lakh per year. After that, it increased to almost Rs 18.5 lakh annually in 2018. By 2019, it had surpassed the $20,000 threshold and was about around $20,34,000. The average pay fell somewhat in 2020, to around Rs 18.40 lakh per year, which might have been caused by COVID-19. The average pay at IIT Bombay increased by 2021 and reached around Rs 22.7 lakh per year. The average wage for this year has not yet been disclosed in numbers.