IIT Bombay Placements 2023 - Average and Highest Package, and Top Recruiters (2024)

According to the media reports, IIT Bombay, also known as the Indian Institute of Technology Bombay, performed its 2023 placement drive. And, 1516 students, out of 1898 offers, were placed in 332 companies during IIT Bombay Placements 2023.

After Phase I of IIT Bombay Placements 2023, IIT Bombay highest package under domestic and international provided was INR 3.67 crore per annum and INR 1.31 crore per annum, respectively. 63 overseas offers were accepted in Phase I of the IIT Bombay Placements 2023, while 25 offers of above INR 1 crore per year were accepted during this drive.

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Reportedly, IIT Bombay average package for 2023 was INR 23.26 LPA, while INR 22.7 LPA in 2022.

However, when it comes to the higher salaries provided in the IIT Bombay campus over a four-year period 2014-18, it seems to have majorly come from the Finance sector, a report by the Centre of Policy Studies says. Let’s find out in detail:

IIT Bombay Placements 2023 Reports Average Package of INR 23.26 LPA and Highest Package: INR 1.31 CPA

As per the reports of the Centre of Policy Studies, it is found that the most liberal offers made by the IIT Bombay Placements under domestic area was from the Finance Sector. However, still, they were far lower compared to the international ones.

An analysis of IIT Bombay placements offers, including 11 recruiting sectors, highlights that over a five-year period, IIT Bombay highest package was Rs 21 lakh in 2018 and in the finance sector. The lowest placement offer was reported in Education in 2015, worth INR 2 Lakh. The maximum salary offered under the IIT Bombay placements over the same five years was INR 45 LPA in both 2017 and 2018, coming from the Finance sector.

“It seems that even though a few students get lucrative offers, the majority of them satisfy themselves with much smaller packages.” says a report published in Current Science.

Over the same period, the authors, Namit Agrawal, Sailakshmi Sreenath, Shishir K. Jha, and Anurag Mehra, also reported that 60% B.Tech graduates from IIT Bombay were accepted under “Non-core jobs' such as Consulting or Financial sector while 40% offers were from IT/software and engineering.

The paper, ‘Placements, internal ‘brain drain’ and academic life of undergraduates at the Indian Institute of Technology, Bombay’ collected data on IIT Bombay Placements from 2013 to 2019, including undergraduate students from third, fourth, and fifth years of batches of 2020, 2021, 2022 and 2023 to thoroughly understand the candidates’ preferences regarding core and non-core job roles. As a result, the authors only got 269 responses from 2109 students for courses like BTech, dual-degree, BS, etc.

Check out IIT Bombay Placements 2023 Report

From the above table, it is clear that IIT Bombay highest package for Domestic and International reportedly was INR 3.67 CPA and INR 1.31 CPA.

The IIT Bombay average package was INR 23.26 LPA for 2023 while INR 22.7 LPA for 2022.

IIT Bombay Placements Branch-Wise 2023

As per the reports, 49 companies have participated till now in Phase 1 and Phase 2 placements for 2023 batches at IIT Bombay. Following are the branch-wise placements for the 2023 batch.

IIT Bombay Highest Package for 2022

Here are the details of the Highest Domestic And International packages during 2022 at IIT Bombay:

IIT Bombay Average Package For 2022

IIT Bombay Placements 2022 Branch wise

Why Do Many IITians Prefer Non-Core Jobs in Their Placements?

First, understand the difference between core and non-core B.tech jobs.

The core B.tech jobs are available in engineering main branches and require a skill set to be eligible by the students. For example, if a student has studied civil engineering and joined a job as a Civil engineer or in the same field is considered a core job.

On the other hand, non-core jobs are not directly related to the student’s field of study, i.e. engineering. For example, an engineering graduate joins a role as a content writer after completing his/her B.tech program.

Now, when it comes to the factors influencing students’ choices, the authors figured out that overall salary, career growth, and flexibility are some of those while choosing a role during the IIT Bombay Placements. They found that the curriculum's lack of core opportunities and internships affects students’ placement priorities.

Scope Availability

Though there is a wide scope of core jobs, companies offering core engineering jobs are less available. On the contrary, the market is quite favourable for non–core B.tech graduates as several IT companies offer a vast range of non-core jobs to engineering graduates.

Requirement of Skills

Compared to core engineering jobs, non-core jobs require fewer or generic skills, and candidates can remove the burden of keeping up with the updated specialised technical domain knowledge. Apart from this, the lack of internships and projects under the core sector also makes it difficult for students to go with these jobs.

Salary

As per the paper, a significant decrease has been seen in the average salary of traditional core jobs over the years, including engineering and technology, RandD, and IT/Software.

Simultaneously, students encounter a lot of pressure to get placed during a placement session. Due to this, many of them end up taking jobs in the non-core sectors instead of waiting for the later core slots, stated the study.

Wrapping Up

The paper suggests to lure students’ focus on core jobs, the IIT Bombay placement cell must endeavour to collect more lucrative core job offers to extend opportunities in core engineering fields. It also suggests that the cell should conduct surveys across sectors, students, and faculty to evaluate available job profiles and salaries.