The year 2024 is witnessing rapid shifts in job market trends and in the financial sector. Amidst the evolving trends, IIT Bombay Placement report of 2024 reveals a significant 7.7% increase in average salary packages. However, this expansion also saw the drop of lowest salary package to INR 4 lakh per annum. This change reflects the blended scenario of progress and hurdles within the industry. It also highlights the broad spectrum of employment landscape where graduates are facing competition every year, for job interviews. 

The report by Times of India shows the average salary package for 2024 graduates hiked up to 7.7% to ₹23.5 lakh. Nonetheless, there was a slight decline in the number of students securing jobs through campus placements.  

CNBC-TV18 report reveals that a total of 2,414 students enrolled for the recruiting process, out of which only 1,979 actively participated and 1,475 of them accepted the job offers. 

Details of IIT Bombay Placement Report 2024 

Highest Package  

Among the 123 companies taking part in IIT Bombay’s placement drive, there were 558 job offers with salaries exceeding ₹20 lakh annually and 239 offers ranging between ₹16.75 lakh and ₹20 lakh. The campus saw an increase of 12% in recruiting firms, which suggests the high demand of IIT Bombay graduates.  

Additionally, 22 students were offered job packages exceeding ₹1 crore.  

International Offers 

The drive saw the participation of around 78 international companies, featuring Japan, Taiwan, Hong Kong, UAE, Singapore, USA, Europe and Netherlands. The global economic uncertainty like the Ukraine-Russia conflict is one factor hindering the participation of global recruitment.  

Top Recruiters  

The 2024 placement drives the active engagement from sectors like , Core Engineering, Software programming, Information Technology, Research and Development, Banking, Consulting, Finance, High-end Technology and Technical services.  

Certainly, the engineering and technology sector attracted the largest number of new student recruits. The placement rates of different programs were;  

BTech- 83.39%, 

MTech- 83.5% 

MS Research- 93.33% 

MSc Programs- 55.06% 

Dual Degree Programs (BTech and MTech)- 79.16% 

Amongst the several engineering disciplines, with 232 job offers, Electrical Engineering received the most job offers. Mechanical engineering came in third place with 229 offers, followed by computer science engineering offering 230 jobs.  

Lowest Packages 

The year 2024 also saw the lowest offering package during the placements was which was ₹4 lakh annually. Compared to last year’s, the offer saw the drop from ₹6 lakh to ₹4 lakh. Ten students accepted job offers between ₹4 lakh and ₹6 lakh.  

Previous Years Offerings 

This report by College Dunia (a site providing educational info.), shows the year-wise average packages by IIT Bombay: 

The year-wise data of the highest package offered by IIT Bombay; 

Factors Leading to Decline in Average Salary Package 

There are several changes that have affected the placement trends at IIT Bombay, over the past five years.   

• Rise of Start-Ups- There has been a rapid increase in the number of start-ups. The start-ups do offer growth opportunities but often at lower initial salaries, in comparison to known firms.  

• Economic Conditions- Economic downturns like COVID-19 pandemic have impacted the hiring dynamics and salary offering rates over the years.  

• Remote Work Trend- The remote-work trend, ramped up following the lockdown, has influenced the placement trends. Many companies are now offering remote roles, that have varying compensation structures compared to the in-office positions.