In the first phase of placements, which ended on December 20, 85 students from the Indian Institute of Technology (IIT) Bombay received job offers worth more than Rs 1 million. According to the institute's placement report, which was released on Thursday night, the research and development (R&D) domain emerged as the leader, accounting for the majority of high-paying job offers on the IIT Bombay campus. More than 2,000 students applied for placements this year, with 60% receiving offers in the first phase. The second phase will start by the end of the month.

The average annual compensation in R&D was Rs 36.9 lakh, a 12.6% rise from Rs 32.25 lakh the previous year. According to a study in The Times of India (TOI), the average yearly salary in the finance sector, which is dominated by algo trading firms, fell by 22% to Rs 32.4 lakh from Rs 41.7 lakh the previous year.

Overall, the average annual compensation package provided was Rs 24.02 lakh. The average package for engineering and technology was Rs 21.88 lakh, IT and software was Rs 26.35 lakh, finance was Rs 32.38 lakh, and consulting was Rs 18.68 lakh. ALSO READ: IIT Madras aims to incubate 100 companies in various sectors by 2024. Last year, at the end of the placement season, the average package was Rs 21.82 lakh per annum (LPA), a significant rise from the previous two years' averages of Rs 21.50 LPA and Rs 17.91 LPA (2021-22 and 2020-21).

International internships at IIT Bombay

Approximately 63 students received job offers from other countries, with Japan, Taiwan, South Korea, the Netherlands, Singapore, and Hong Kong leading the way. By the 20th of December, 1,340 offers had been made, with 1,188 students being placed. This comprises seven students who were placed in PSUs and 297 pre-placement offers (PPOs) through internships, 258 of which were accepted. However, the total number of proposals received during this round was slightly lower than the previous year. ALSO READ: IITs Madras and Kanpur find a way to recycle waste from iron ore mining. According to IIT Bombay, the rate of international recruitment has been slow due to global geopolitical instability. The ongoing election season in India has prompted many firms to adopt a cautious "wait and watch" stance.

Top recruiters at IIT Bombay during Phase One of Placements

During phase I placements, 388 domestic and international companies offered 1,340 offers. Airbus, Air India, Apple, Google, Intel, Jaguar Land Rover, Morgan Stanley, Qualcomm, Tata Group, Texas Instruments, and Wells Fargo were among the top recruiters this season. Engineering and technology, IT/software, finance/banking/fintech, management consulting, data science and analytics, research and development, and design were the key areas contributing the most offers.