Salaries offered to IIT graduates
In this day and age, many top corporate houses are placing a lot of importance on campus recruitment. As the Indian economy showed signs of recovery last year, some companies offered IIT graduates over Rs. 1 crore per annum. IITs are among the world’s premier engineering colleges in India and abroad. Under the Indian Institute of Technology Act, IITs have a special status as Institutes of National Importance. IIT students typically get internship/full-time job opportunities in some of the top MNCs. They also usually travel abroad and work under professors in universities across USA, Germany etc. during their IIT years, allowing students to explore and experiment with various career options.
A student from IIT Kharagpur was offered an annual salary of more than Rs. 1.5 crore (Source: The Hindu). Another IIT-Bombay student is said to have received a job offer of Rs. 2 crore from social networking site Facebook (Source: The Times of India). Majority of students who bagged premium packages were into software engineering. Most job offers are from finance companies and business analytics firms. Additionally, a big rise has been witnessed in IT and consultancy/analysts sectors.
A Varanasi student of IIT, Banaras Hindu University was offered a whopping sum of Rs. 2.03 crore from Oracle US, while another student received an offer from Google Mountain View for a pay package of Rs. 1.63 crore (Source: The Times of India). Google offered a B-Tech student of IIT Indore an annual salary of Rs. 1.7 crore (Source: The Hindu). In engineering education rankings, most IITs ranks above other engineering colleges in the country.
Recruiters are emphasizing more on variable components compared to the base salaries. IIT placement cell officials have said that sign-on bonus, leave travel allowance, stock options and other variable components in salaries had pushed up annual salaries to over Rs. 1 crore. Meanwhile, the recent trend seen is the overwhelming participation of startups and e-commerce companies. This is because foreign investors seem keen on investing in ready ideas. The startups are offering higher packages so as to compete with other companies.
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