The first time in years, median salary at IIT-B drops
For the first time in six years, median salary offered during campus placements at the prestigious IIT-Bombay has dropped. In 2016-17, it fell to Rs. 9.38L annually from Rs. 9.8L the previous year. Usually, it witnesses an annual rise. The number of offers by IT companies also fell from 270 to 184. A slump in IT and manufacturing sectors seems like the main reason.
During 2011-2016, median salary offered at IIT-B went up from Rs. 7.6L to Rs. 9.8L. This year, half the students received offers lower than Rs. 9.3L. In 2015-16, the highest bracket was above Rs. 11L. 96 companies had offered higher amounts to 435 candidates. In comparison, in 2016-17, 111 companies offered in the highest bracket, but only 403 candidates received such packages.
Number of students getting placed also fell: in 2015-16, 1,143 of 1,628 students (70%) who registered for placements found jobs. Last year, 1,114 of 1,718 students (65%) were placed. However, IIT-B said it doesn't necessarily indicate a trend: many who register opt out of placements.
According to Kamal Karanth, HR executive, offers made by IT services industry have shrunk. "Many high-paying companies haven't made campus visits. They aren't making many offers either. The offers made by engineering firms too seem static." Karanth adds abundant availability of non-IIT engineers is also working against the IITs. However, an IIT-B student coordinator said students preferred better career prospects than higher salaries.