IIT placements dip 15% in phase 1, but pay unchanged amid slump

Despite a market slump and macroeconomic headwinds, compensation packages at the country’s leading Indian Institutes of Technology (IITs) remains at the same level as the previous two years, but they are anxious about fewer placements in the next round, according to an analysis by Careernet, a campus-to-boardroom talent solutions company.

The median CTC in FY24 stands at Rs 20 lakh versus Rs 22 lakh in FY23 and Rs 19 lakh in FY22, as per an analysis of placement data from IITs by Careernet. The highest overseas package offered this year was Rs 3 crore, up from Rs 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.

“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 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.

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