The median CTC in FY24 stands at ₹20 lakh versus ₹22 lakh in FY23 and ₹19 lakh in FY22, as per an analysis of placement data from IITs by Careernet. The highest overseas package offered this year was ₹3 crore, up from ₹2 crore in the previous year. The analysis is based on the salary packages offered in the first one week of the current placement season across 22 IITs.
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While there is a slowdown in hiring in IT services and consulting, R&D and core sector hiring is up from the previous year, the data showed.
Campus insiders said though the IITs are trying to put up a brave face so far – having placed 40-45% of its students in the first week – there is a lot of anxiety about what Round 2 of placements hold.
“A lot of manoeuvring is going on in the campuses such as preponing the coming of many companies (that would earlier get a later slot) to the first week to make the start of the placements look good,” said some insiders.
There is an overall dip of 10-15% in phase 1 of placements, according to the data.
“Overall IITs are hovering around 45-50% placement and we can expect another 5% this week. Phase 1 on an overall basis should be 52-55%, which is a 10-15% dip compared to a usual year,” said Anshuman Das, CEO, Careernet.
“The number of offers has dropped this year. There is a lot of anxiety. There is a decision internally not to highlight crore-plus compensation and placements,” said an official at one of the leading IITs.
The IITs are now putting a lot of focus in Phase 2. “They will try to get to 75-77%. In this, the top 8 IITs should cover around 30% more in Phase 2 to get their usual target of 90-95%,” said Das.
“The problem could be likely more pronounced for the next rung IITs that may have difficulty in getting to their usual mark of 60-65%,” said industry experts.
Of the top 8-9 IITs, the older IITs are leading with usual 70-75% placement post Phase 1 but a lot of loading has happened in the initial one week. The later part of the Phase 1 pipeline is weak across IITs, but they are expected to catch-up in Phase 2.
The data showed this year about 17,800 students have enrolled in IITs, out of which 15,100 have signed up for placements. In the previous year, about 77% of the total batch of 17,300 students across IITs was placed. On the overall post Phase 2, all IITs may stand around 70% placement as compared to 77%, according to the analysis by Careernet.