The latest placement report from IIT Bombay for the 2023-24 academic year reveals that 75% of students secured employment, with an average Cost to Company (CTC) of INR 23.5 lakh per annum (LPA) and a 7.7% increase in salaries. Despite this, the minimum salary for graduates has dropped to INR 4 LPA, highlighting a stark contrast in the job market dynamics.
According to the report, 2,414 students registered for the placement drive, representing an 11% increase from the previous year. The institute achieved its second-highest placement figure, with 1,475 students securing positions, just shy of the record set in 2022-23 when 1,516 students were placed.
However, while the Indian Institutes of Technology (IITs) often boast impressive placement statistics, a deeper analysis paints a concerning picture for many students. A recent examination of the data shows a notable increase in the number of unemployed graduates, suggesting that the situation may not be as rosy as it appears.
Alarming Unemployment Numbers at IITs
A detailed analysis conducted by Dheeraj Singh, an IIT Kanpur alumnus and placements mentor, reveals that a significant number of students at the IITs found themselves without jobs in 2024. Using data gathered from 23 Right to Information (RTI) responses, annual reports, media coverage, and student insights, Singh found that out of 21,500 students registered for placements in 2024, only 13,410 managed to secure jobs, leaving 8,090 students still searching for employment.
This represents a sharp increase in the number of unplaced students compared to 2023 when approximately 20,000 students registered for placements. Of those, 15,830 successfully landed jobs with an average annual package of INR 17.1 lakh per annum, while 4,170 students were left without job offers through campus recruitment.
In 2022, the situation was also challenging, with over 3,000 out of 17,900 registered students remaining unplaced during campus placements at IITs. Singh’s LinkedIn post highlights that the median CTC for that year was INR 17.2 lakh per annum.
A Mixed Bag of Results
The report notes that despite these challenges, three out of four students managed to secure their desired job profiles, resulting in a 75% placement rate. The average salary packages, calculated based on CTC, saw a 7.7% increase, rising from INR 21.82 LPA last year to INR 23.5 LPA. This increase reflects a recovery in the job market as economic activities resumed post-COVID-19.
There was also a 12% rise in the number of recruiting companies, with 364 organizations participating this year, compared to 324 companies last year. Additionally, placements for mechanical engineering students saw a noticeable improvement, with 217 students placed this year compared to 171 in the previous academic year. However, there was a decline in computer science placements, with only 242 students securing jobs this year compared to 273 last year.
Exploring Alternative Paths
The report also highlights that many of the remaining unplaced students have chosen alternative career paths. Some have opted for higher studies, self-employment, or entrepreneurship instead of accepting available job offers. Furthermore, nearly all participating companies honored their job offers, and 32 out of 118 registered PhD students accepted job opportunities.
Key Placement Statistics
– Total number of registered students: 2,414
– Number of active participants: 1,979
– Total number of accepted offers: 1,475
– Total number of job offers: 1,650
– Job offers above INR 1 crore accepted: 22
– Pre-placement offers accepted: 258
– International job offers: 78
– Average CTC from allocated offers: INR 23.50 LPA
– Median Salary: INR 17.92 LPA
– Top recruiting sector: Engineering and Technology
Salary Distribution Breakdown
– Above 20 LPA: 558
– Between 16.75 to 20 LPA: 230
– Between 14 to 16.75 LPA: 227
– Between 12 to 14 LPA: 93
– Between 10 to 12 LPA: 161
– Between 8 to 10 LPA: 128
– Between 6 to 8 LPA: 68
– Between 4 to 6 LPA: 10
While IITs continue to attract top companies and provide lucrative job opportunities, the rising unemployment rate among graduates is a concern. The mixed results from the latest placement season underscore the need for students to be adaptable, explore diverse career paths, and continually upgrade their skills to remain competitive in a fluctuating job market.
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