IIT Placements 2024 | Check the average salary package, job offers, hiring companies and more details

Press statements issued by the leading IITs were more optimistic than the mood among the job seekers that CNBC-TV18 spoke to. "In the first phase this year, approximately 600 companies are expected to visit the campus, representing a decrease of around one-third in the available roles compared to the previous year. The reduction in roles is observed across a limited number of courses, leading to an overall decline in package offerings," a student from the placement cell in IIT Delhi told CNBC-TV18 on the condition of anonymity.

Hiring by the consulting firms has seen a sharp decline, when compared to previous years.

Another placement coordinator from one of the campuses told CNBC-TV18 that the US-based companies have not come in big numbers for hiring this time.

While the majority of placements last year were in information technology (IT) and software companies, Careernet fears the big names in the IT services may not show up except for some niche hires.

However, the top eight companies have increased their hiring by 10-15% this year.

Meanwhile, the IIT campuses Gandhinagar, Patna where the placement process started earlier — the average salary package ranged anywhere between ₹10 lakh and ₹18 lakh per year.

About half of all the students up for placements this year have got an offer.

The institute said there was a substantial increase in hiring from the core sector, along with a significant rise in international offers for postgraduate students compared to last year.

The median salary of all the offers made by companies in the first phase was over ₹19 lakh.

More than 55% of the placed students hailed from socially and economically challenging backgrounds, the institute's statement added.

802 job offers were recorded in the first 15 days of the placement season for the class of 2024.

These offers came from 172 recruiters, including pre-placement offers (PPOs).

The institute said that students received 23 international offers and more are expected as some international companies are lined up in Phase 2 of the placement round.

According to media reports, over 350 companies participated and more than 200 pre-placement offers were made.

Three Public Sector Undertakings (PSUs), Hindustan Petroleum Corporation Limited (HPCL), The Centre for Development of Telematics (C-DOT), and Oil and Natural Gas Corporation (ONGC), have extended offers and recruited students even before the official commencement of the placement season, according to the Press Trust of India, a news agency. .

During the first day (December 1) of placement activities, the Indian Institute of Technology, Delhi (IIT-D), recorded approximately 480 full-time job offers, inclusive of pre-placement offers.

By the conclusion of the first day of placements on December 1, IIT Delhi students secured about 450 selections, reported Indian Express.

Meanwhile quoting a source Career360 reported that 749 offers have been made by 218 companies till December 4.

On the day 1 of Phase I campus placements for 2023, the Indian Institute of Technology Kanpur (IITK) said that a total of 485 job offers were extended to its students. The institute further reported that, thus far in the current year, 428 students have successfully secured sought-after positions, encompassing both campus placements and pre-placement offers (PPOs).

Meanwhile a student from the placement cell at IITK told CNBC-TV18 that over 800 students have been placed in Phase I of the placements.

A total of 164 offers were extended by 59 companies at the campus. This is more than the 160 offers made by 46 companies on the first day of last year's placement season, according to the institute.

There have been 214 pre-placement offers (PPOs) during in this academic year starting MM 2023. Many of them have been in core engineering and finance profiles.

11 placement offers have come with a salary package of at least ₹1 crore, a significant increase compared to the 7 such offers (of ₹1 crore or more) last year.

A total of 147 students have bagged job offers from 65 companies in the first phase.

The average salary package offered stands at  ₹22.23 lakh, with 32 offers exceeding ₹30 lakh and 66 offers of at least ₹20 lakh.

IIT Patna highlighted that approximately 75% of placements have been for students with Bachelor of Technology (B. Tech) degree in the Computer Science, and Engineering (CSE) branch. The average cost to company (CTC) in this segment was ₹27.60 lakh.