IIT Bombay on Tuesday announced that nearly 75 per cent of its students have secured jobs during the campus placement season for the academic year 2023-24. Hindustan Times reported.
According to the recently released placement report, 2,414 students registered for the placement drive, an increase of 11 per cent over the previous year. This year, the institute achieved its second-highest placement figure ever, with 1,475 students securing seats, just shy of the record of 1,516 placements set in 2022-23.
While Indian Institutes of Technology (IITs) often boast impressive placement statistics, a recent analysis paints a more worrying picture. Contrary to widely publicized success stories, a significant number of students from these prestigious institutions found themselves jobless after the 2024 campus placement season.
A recent analysis of placement data revealed that a significant number of students from Indian Institutes of Technology (IITs) have been left jobless in 2024. According to Dheeraj Singh, an IIT Kanpur alumnus and placement mentor, who shared three years of data on LinkedIn, the number of unplaced students has almost doubled this year compared to 2023.
The data, which Singh compiled from 23 Right to Information (RTI) responses, annual reports, media coverage and student feedback, shows that out of 21,500 students registered for campus placements at IITs in 2024, only 13,410 got jobs, leaving 8,090 students still looking for employment.
This marks a sharp increase in the number of unplaced students compared to 2023, when approximately 20,000 students signed up for internships. Of these, 15,830 successfully secured employment, with an average annual package of INR 17.1 lakh per annum, while 4,170 students were left without job offers through on-campus recruitment.
Similarly, in 2022, over 3,000 of the 17,900 registered students did not get placements on IIT campuses. Singh noted in his LinkedIn post that the average cost to company (CTC) for that year was INR 17.2 lakh per annum.
The report highlighted that three out of four students successfully landed the job they wanted despite the current economic challenges, resulting in a 75 per cent placement rate. Average salary packages, calculated on a cost to company (CTC) basis, saw a 7.7 per cent increase from INR 21.82 LPA last year to INR 23.5 LPA, indicating a strong recovery in the job market as economic activities resumed. post-COVID-19.
There was also an increase in the number of recruiting firms, with 364 organisations taking part this year, up 12 per cent from the 324 firms that took part last year. The report noted a significant increase in placements for mechanical engineering students, with 217 students placed this year compared to 171 in the previous academic year. However, there was a decline in the number of computer science students placed, with 242 placements this year compared to 273 last year.
The report also mentions that most of the students who have not found a job have found alternative employment opportunities. Some students opted for higher education, self-employment or entrepreneurship instead of the available job offers. In addition, almost all participating companies honoured their job offers. It is noteworthy that 32 PhD students out of 118 registered accepted the job offers.
Placement Statistics:
Total number of students enrolled: 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 of the allotted offers: INR 23.50 LPA
Average Salary: INR 17.92 LPA
Sector with the highest number of recruits: Engineering and Technology
Salary distribution:
Above 20 LPA: 558
Between 16.75 and 20 LPA: 230
Between 14 and 16.75 LPA: 227
Between 10 and 12 LPA: 161
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