Rs 3.7 crore annual salary for overseas placement at IIT-Bombay

MUMBAI: The Indian Institute of Technology Bombay, which has concluded its annual placements, recorded its highest annual international and domestic salaries at Rs 3.7 crore and Rs 1.7 crore respectively. Last year’s highest annual international salary was lower at Rs 2.1 crore, but the annual domestic salary was higher (Rs 1.8 crore).
The engineering and technology sector recruited the highest numbers with average compensation a tad above the figures recorded in the previous year. IT/software hiring was less than in the previous year. The average salary this season on the campus is Rs 21.8 lakh per annum (CTC) in comparison to Rs 21.5 lakh and Rs 17.9 lakh in 2021-22 and 2020-21 respectively.
This year, 16 offers of over Rs 1 crore per annum were made. And of the total 300 pre-placement offers, 194 were accepted by students, including 65 international offers. But international offers were less than in the previous year.
“This year’s international offers were made by firms based in the US, Japan, UK, Netherlands, Hong Kong and Taiwan. Due to the war in Ukraine and the subdued global economy, the number of international offers were similar to last year,” said the placement office.
Placements in IITs are held in two phases: phase one in December and the second between January and June/July. The engineering and technology sector recruited the highest numbers – 458 were selected by 97 core engineering companies at entry-level positions; 302 students have been offered IT/software jobs by over 88 companies, making the IT sector second largest recruiters after engineering. Nevertheless, IT and software hiring were less compared to last year.
Of students in the B.Tech, dual degree and M.Tech programs, close to 90% of those participating in placements bagged jobs. Overall, 82% (1,516) of the total students (1,845) who actively participated in placement season 2022-23 were placed. The PhD recruitment was a bit damp with barely 31% getting jobs.

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