IIT-Bombay begins placements, 40 firms interview students

The phase one of placement season will last until December 15. File pic

The Indian Institute of Technology-Bombay (IIT-B) began the first phase of campus placement season on Friday. Although there are concerns over a global economic slowdown, the premier institute is expecting a good placement season.

Around 40 companies interviewed candidates on Friday. Compared to last year, 80 per cent of the regular recruiters have participated this year.

As per the statement shared by the institute on Friday evening, over 350 companies are expected to participate in the first phase of placement season which is to continue till December 15. "The placement drive at the institute has started on a positive note with over 200 pre-placement offers (PPO) accepted. Three Public Sector Undertakings (PSU) - Hindustan Petroleum Corporation Limited (HPCL), Centre for Development of Telematics (C-DOT) and Oil and Natural Gas Corporation (ONGC) - have recruited students before day one," the statement from IIT-B read.

Past trends

IIT-B's phase one of placement season 2022-23 began on December 1 and ended on December 16, 2022. The first day of that season saw 46 companies interviewing candidates in person and online, 250 job offers, and 300 pre-placement offers.

Participating companies this year, for domestic profiles, include Google India, Apple, and Microsoft India, Procter & Gamble, Sony Japan, Texas Instruments, Qualcomm, Tata Group, etc. Participating companies on day one last year were Accenture Solutions, Airbus India, Microsoft India, Morgan Stanley, McKinsey & Company, Procter & Gamble, Qualcomm, Shell India, Texas Instruments, and Tata Steel.

According to data provided by IIT-B, there were fewer offers in phase one of placement season 2022-23 (1,648) than the phase one of 2021-22 (1,723). However, after factoring in accepted offers, including PPOs, accepted job offers were at an all-time high in phase one of placement season 2022-23.

Following phase one last year, 63 international offers were accepted by students, with 25 offers exceeding Rs 1 crore per annum. The highest annual salaries on a cost-to-company (CTC) basis for domestic and international offers were R3.67 crore and R1.31 crore, respectively.

Taking into account all accepted offers in last year's phase one, the average annual salary stood at Rs 23.26 lakh (CTC basis). Last year's phase one marked a significant achievement in the placement of IIT-B's PhD scholars, with 36 offers accepted, boasting an average CTC package of Rs 16 lakh per annum. The highest salary package reached Rs 29 lakh per year.

Considering the trends observed in IIT-B's placement seasons in the past two years, it would be intriguing to see how placement season unfolds this year.

350
Companies expected to participate in ongoing phase one