Lowest Salary Packages at Leading IITs: An Overview from 2019 Onwards
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The 2024 placement season at IIT Bombay has brought a mix of positive and challenging developments. This year, the average annual salary for graduates increased to Rs 23.5 lakh, up from Rs 21.8 lakh last year. However, this good news is tempered by a decline in placement rates, with 25% of graduates failing to secure campus positions.
A closer look at the placement trends reveals a notable shift. While IIT Bombay saw an increase in the number of recruiting firms—543 registered, with 364 extending offers—the lowest salary package offered dropped to Rs 4 lakh per annum from Rs 6 lakh last year. This decrease reflects broader economic uncertainties affecting job offers across various sectors.
Comparatively, other top IITs show varied trends. IIT Madras, ranked the top engineering institute in the NIRF 2024, has experienced a significant rise in average salaries, climbing from Rs 29.28 lakh in 2018-19 to Rs 41.72 lakh in 2021-22. Despite this, the lowest salary at IIT Madras has remained stable between Rs 5.4 lakh and Rs 6 lakh per annum.
IIT Delhi, ranked second in the NIRF 2024, reported that the lowest salary could be as high as Rs 10 lakh per annum, reflecting its strong placement performance. Meanwhile, IIT Kanpur and IIT Kharagpur also recorded diverse salary offers, with IIT Kharagpur witnessing significant high-value offers early in the placement season.
Sector-specific trends highlight a decline in consulting roles, with fewer positions available this year. In contrast, sectors such as finance, trading, and fintech have seen increased recruitment. Emerging fields like artificial intelligence and data science are also experiencing strong demand.
In response to concerns about student stress from salary comparisons, IITs have decided to withhold detailed salary information. An AIPC member noted, “Majority of these (crore-worth) offers are international offers, and people often forget that while looking at the figures. This can negatively affect students’ mental health, so we requested IIT-Bombay, and other IITs too, to not share any information on CTC in the public domain.”
Overall, while IIT Bombay’s placement season reflects impressive salary figures and sector growth, the challenges and economic fluctuations highlight the need for continued adaptation and support for graduates entering the job market.
