Average Salaries Offered to IIT Bombay Students Witness a Marginal Dip

In the last six years, the average salaries offered during job placements to the students of Indian Institute of Technology, Bombay has witnessed a marginal dip. The annual placement report of IIT Bombay clearly indicates that the average salary offered by various companies during the placements fell by 4.3% during the previous academic session. Steady growth in the manufacturing and Information Technology (IT) sectors might be the reasons for the dip in the salaries offered by various companies. Lower industry demand and abundant availability of non-IIT engineers might be some other reasons for the shrinking salary packages.

The placement report of IIT Bombay clearly indicates that the average salary offered by companies during the placements of 2016-17 stood at Rs. 9.38 lakh, which was relatively less than 2015-16 placements (9.8 lakh). Many students IIT Bombay who secured jobs during the academic session 2016-17 bagged annual salary packages less than 9.38 lakh.

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Between the academic sessions 2011-12 and 2015-16, the average salaries offered by companies visiting IIT Bombay increased from Rs. 7.6 lakh to Rs. 9.8 lakh. Only a limited number of students managed to bag packages that were more than Rs. 10 lakh per annum. Majority of students managed to settle with smaller packages.

Over the past few years, Information Technology (IT) has been witnessing a massive redundancy. The contemporary scenario in IT sector is the major reason for lower salaries. The number of job offers made by IT sector to the students of IIT Bombay declined from 270 (2015-16) to 184 (2016-17).

IIT Bombay also witnessed fewer students being placed during the 2016-17 placement season. Over 1,718 students registered for the placements last year, out of which only 1,114 students were able to secure a job. The placement percentage was just 64%, which was comparatively less than the placement percentage of 2015-16 (70%).

An official associated with the placement cell of IIT Bombay pointed that students preferred better career prospects as compared to higher salaries during the previous placement season. Many students also opt for research, as it provides them with better exit options.

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Placement Report of IIT Bombay for the Academic Session 2015-16 & 2014-15: -