(IIT) Bombay are yet to secure jobs this placement season, the institute has released comprehensive data to address concerns and provide clarity regarding the job prospects for its students.
According to a survey conducted among graduating students for the academic year 2022-23, only 6.1% of graduates are actively seeking employment. The majority of students, accounting for 57.1%, have successfully secured jobs through IIT Bombay’s placement process. Additionally, 12.2% of students have opted to pursue higher degrees, while 8.3% have chosen careers in public service. Around 712 out of 2,000 students who signed up are still waiting for job offers this time.
Further breakdown of employment preferences reveals that 10.9% of students have secured jobs outside of IIT Bombay, with 1.6% venturing into startup ventures. However, a small percentage, 4.3%, remain undecided about their career paths.
The institute’s effort to reassure students comes amidst challenges in the current economic landscape. A representative from IIT Bombay’s placement cell noted the struggle in inviting companies to the campus compared to the previous year due to the global economic downturn.
Moreover, negotiations regarding salary packages have proven to be challenging for both the institute and participating companies. Many companies have faced difficulties in accepting the salary packages predetermined by the institute, leading to several rounds of negotiations before reaching agreements.Surprisingly, for the first time, students enrolled in the Computer Science and Engineering branch, typically highly sought-after, have not achieved full placement. This development underscores the complexity of the current job market landscape.
The placement process at IIT Bombay is currently underway and will continue until May 2024. However, this year has witnessed a rise in the percentage of students without placements, with 35.8% remaining unplaced, marking a 2.8 percentage point increase compared to the previous session.
In 2023, out of the 2,209 students registered at IIT Bombay, 1,485 had secured jobs, leaving 32.8% unplaced. The report further indicates that a significant number of the 380 companies participating in the placement drive were domestic, contrary to the usual trend of more international firms.
Earlier reports had highlighted that 85 students at IIT Bombay received job offers with annual packages worth ₹1 crore
Later on, the college said that only 22 students got job offers worth ₹1 crore.
“The first phase of job placements, which took place from December 1 to December 20, 2023, mistakenly reported that 85 students accepted job offers with annual salaries of over ₹1 crore. The accurate number of students who accepted such high-paying offers is actually 22. The rest of the information provided in the report is correct. The Placement Office of IIT Bombay sincerely apologizes for this error.”
In conclusion, while the job market presents challenges, IIT Bombay remains committed to supporting its students in securing meaningful employment opportunities. The institute continues its efforts to navigate the evolving dynamics of the job market and ensure the success of its graduates in their chosen career paths.
