In what is touted to be one of the highest salary packages to be offered during the first phase of campus placements at the Indian Institute of Technology Bombay (IIT-B), app-based cab aggregator Uber will offer an annual gross salary of Rs 1.04 crore.
However, at Rs 1.5 crore, sources claim that Microsoft is still offering the highest salary package.
Last year, Microsoft had offered the highest package of ($2,14,600), which annually amounted to Rs 1.39 crore. This was followed by Uber which had offered a student Rs 99.87 lakh ($1,55,000) at IIT-B.
The first phase of placements will take place across IITs over the next two weeks, starting December 1.
“The job offer by Uber is for the position of software engineer at the company’s office in San Francisco, United States. However, those hired will be based at Uber’s office out of India for a year before joining the US office,” said a student from the institute on condition of anonymity.
Uber will offer a gross salary of US $1,10,000 (US $ 1,49,900 (₹1.04 crore) cost-to-company).
Over 1,650 students have registered for placements at IIT-B this year and the number of companies registered for the first phase has also increased by over 17% and stands at 364, compared to 310 last year. “More and more students have been opting for summer internships, which automatically leads to more job offers. The total number of pre-placement offers (PPOs) has increased this year and we are hoping the same trend continues during placements as well,” said a senior professor from the institute.
This year, IITs across the country have ensured that students are aware and sure about what they want in terms of jobs. Be it making students wary of start-ups (some start-ups have offered jobs then backed out in the previous years) or getting rid of the ‘graveyard shift’ wherein students end up sitting for interviews till 2-3am. “IIT Madras stopped the graveyard shifts because it was putting too much stress on students, which is uncalled for. Our placement will run in two slots every day and the second slot will end at 11pm,” said a spokesperson. IIT Delhi too avoids graveyard shifts, said an official from the placement team.
Other than companies from the US, IITs are also expecting more Japanese companies to offer jobs at placements this year. “Many students interned with Japanese companies this year, which has helped bring more companies on campus for the first phase of placements too,” said the official from IIT-Delhi.
At IIT-B, the top slot for the first four days have been allotted to leading international and domestic management consulting, core engineering, information technology (IT) and finance companies. International companies participating include Japanese, European, Singaporean, Taiwanese, and some American and Canadian companies by job location. The slotting of companies for each day is decided based on the student preference, which is governed by the job profile, reputation of the companies, alumni feedback, salary offered, and past relations with the IITS. Around 45 first-time recruiters are participating this year, which include firms in the area of semi-conductors, financial services, data analytics and IT.
Highlights of first phase of placements at Indian Institute of Technology-Bombay (IIT-B) 2017
*Total students registered for placements – 1,620
*Total students offered jobs in first phase – 1,011
*Pre-placement offers – 100/142 (accepted/offered)
*Number of companies visited the campus in the first phase – 310
*Highest salary package offered to a student this year— Microsoft offered Rs 1.39 crore to an IIT-B student. This was followed by app-based aggregator Uber with an offer of Rs 99.87 lakh per annum
*International job offers in first phase – 38 companies offered about 74 jobs in countries including USA, UK, Japan, Korea, Singapore and some European countries as well
Placement 2018 at IIT-B:
Total registered companies–364
Total registered students–1650
Placement dates–December 1 to 18
Placement in IIT Kharagpur
IIT Kharagpur said it has received over 250 fresh job offers for its graduates since Saturday when the placement season started. This is over and above the 256 pre-placement offers (PPOs) its students bagged before the campus hiring started. PPOs are offered by companies based on the performance of students during internships. Along with PPOs, the offers have crossed 500, the IIT said.
At IIT Kharagpur, technology firm EXL and Intel were the lead recruiters with 35 and 29 offers each, while at IIT Roorkee, Microsoft offered the maximum of 31 offers including three international postings. IIT Roorkee said so far, the highest salary offered by domestic firms is ₹47 lakh per annum and the best international package was ₹1.5 crore per annum.
At IIT Bombay, the highest domestic salary was ₹45 lakh and in case of international offers, it was ₹1.1 crore on the very first day. “The number of offers whose salary is greater than ₹25 lakh per annum is more than last year, resulting in better opportunities for our students,” the IIT said in an email.
Consulting firms like McKinsey, Boston Consulting Group, taxi aggregator Uber, tech majors Google and Qualcomm and financial companies like Goldman Sachs were top names across the campuses on the first two days.
IITs said up to 25% more companies have registered with them for hiring their engineering and tech graduates, Mint reported on 30 November, indicating a better hiring season ahead. Several IITs said from core engineering to new age jobs in artificial intelligence (AI), companies are showing greater interest in hiring than the previous year, and hoped to complete the placement process faster.
IIT Delhi has said that its students graduating in 2018-19 will be having ample choice during the campus placement as there are already over 500 job profiles. At least 350 firms have confirmed they will hire from IIT Delhi alone.
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