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IIT Placements: Former IITs Receive Highest Salary Offers Of Rs 1 Crore Despite Economic Uncertainty

In a year of massive tech layoffs and looming global recession, the class of 2023 at seven former Indian Institutes of Technology (IITs) landed at least 133 offers with pay packages of 1 crore or more.

IITs that received these offers include Delhi (50+ offers), Kanpur (33), Madras (25), Kharagpur (12 offers), Guwahati (8), Varanasi (4) and Roorkee (2).

However, there has been some impact: job offers with remuneration of more than 1 crore have fallen at most IITs this year compared to last year when these campuses, as well as IIT Bombay, hit an all-time record for crore offers. plus during the final placements at around 185, as reported by ET previously.

IIT Bombay is yet to reveal the number of offers of more than 1 crore that its 2023 batch students have received. Last year, at the end of the first round of final placements, IIT Delhi students received around 60 offers with salaries of more than 1 crore, while other IITs with crore-plus packages included Kanpur (49), Madras (27), Kharagpur (22+), Mumbai (12), Roorkee (11), Guwahati (5) and BHU (1).

crore-plus dealsETtech

In some IITs, there has also been an increase in bids of more than 1 crore.
These exceptions include IIT Guwahatiwhere the number of bids has doubled this year from last year’s four bids, while at IIT-BHU (Varanasi) it has jumped to four from just one last year.

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At IIT Guwahati, seven offers of 1 crore and above are for domestic profiles. It also recorded an international bid of 2.4 crore.

Abhishek Kumar, head of career development center at IIT Guwahati, attributes the rise in bids of over 1 crore to the offline placement unit after two years when it was fully online due to the pandemic. “Recruiters were better able to assess candidates in offline mode,” he told ET.

“Domestic offerings are getting more profitable this year as companies are waiting and watching the global situation. They are currently placing these candidates in India with the intention of transferring them to international locations once global conditions improve.”

At IIT Roorkee, the number of bids over 1 crore has dropped from 11 to two last year. “Despite the drop in crore plus offers, all courses have received better job profiles this year with an increased number of offers. There is also a substantial increase in job offers at leading companies,” said Kaushik Pal, faculty in charge of placement and internship cell at IIT Roorkee.

Companies migrate to IITsETtech

Illustration: Rahul Awasthi

The top international bid is 1.06 crore while the top domestic bid is over 1.3 crore. The trend of domestic offerings accounting for a significant share of these crore-plus bundles started last year when it surpassed the 1 crore level. Like last year, high-frequency trading firms are getting IITs’ technological talent at a premium.

Last year, among Delhi, Bombay, Kanpur, Madras, Kharagpur, Roorkee, Guwahati and Varanasi IITs, the highest domestic packages were 1.8 crore per annum, rising to 1.9 crore this year.

International packages last year reached 2.16 crore compared to Jane Street’s maximum offer of around 4 crore (pre-placement offer for international localization) this year.

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