Seven old IITs record over 133 one crore-plus offers
ETtechIn a year of big tech layoffs and looming global recession, the class of 2023 across seven old Indian Institutes of Technology (IITs) has bagged at least 133 offers with pay packages of 1 crore and above.
The IITs that have received these offers include Delhi (50-plus offers), Kanpur (33), Madras (25), Kharagpur (12 offers), Guwahati (8), Varanasi (4) and Roorkee (2).
There has been some impact though: job offers with compensation of over 1 crore have dropped at most IITs this year compared to last year when these campuses, as well as IIT Bombay, hit an all-time high record of crore-plus offers during final placements at about 185, as reported by ET earlier.
IIT Bombay has not yet revealed the number of 1-crore-plus offers its 2023 batch students have received. Last year, at the end of the first phase of final placements, students at IIT Delhi had bagged around 60 offers with salaries of more than 1 crore, while other IITs with crore-plus packages included Kanpur (49), Madras (27), Kharagpur (22-plus), Bombay (12), Roorkee (11), Guwahati (5) and BHU (1).
At a couple of IITs, there has also been an increase in 1-crore-plus offers. These exceptions include IIT Guwahati, where the number of such offers doubled this year from last year’s tally of four offers while at IIT-BHU (Varanasi) it jumped to four from only one last year.
At IIT Guwahati, seven offers of 1 crore and above are for domestic profiles. It also recorded one international offer of 2.4 crore.
Abhishek Kumar, head of centre for career development at IIT Guwahati, pins the increase in 1-crore-plus offers on the placement drive going offline after two years when it was completely online due to the pandemic. “Recruiters were better able to assess the candidates in offline mode,” he told ET. “Domestic offers are getting more lucrative this year as companies are waiting and watching the global situation. They are currently placing these candidates in India with an intention to shift them to international locations once global conditions improve.”
At IIT Roorkee, the number of 1-crore-plus offers has dropped to two from 11 last year. “Despite the drop in crore-plus offers, all the courses have received better job profiles this year with a larger number of offers. There is also a substantial rise in the job offers in core companies,” said Kaushik Pal, faculty in-charge of placement and internship cell at IIT Roorkee.
The top international offer is 1.06 crore while the top domestic offer is higher at 1.3 crore. The trend of domestic offers accounting for a significant chunk of these crore-plus packages had kicked in last year when it breached 1-crore level. Like last year, high-frequency trading firms are grabbing the tech talent from the IITs at a premium.
Last year, among the IITs of Delhi, Bombay, Kanpur, Madras, Kharagpur, Roorkee, Guwahati and Varanasi, the highest domestic packages were 1.8 crore a year, which has inched up to 1.9 crore this year. The international packages last year ranged as high as 2.16 crore compared to the top offer of around 4 crore (pre-placement offer for international location) from Jane Street this year.

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