IIT Placement: Average Package (2023-2024), Placements and Procedure, Sector-Wise Average Packages

Average Package of IIT Overview

The Indian Institutes of Technology (often referred to as the IITs) are institutions of national significance created by a parliamentary act to promote educational excellence. Currently, there are 15 IITs, with campuses in Bhubaneswar, Bombay (Mumbai), Delhi, Gandhinagar, Guwahati, Hyderabad, Indore, Kanpur, Kharagpur, Madras (Chennai), Mandi, Patna, Ropar, Jodhpur, and Roorkee. The IITs have developed world-class educational platforms over the years, supported by internationally renowned research and built on top-notch infrastructure. IIT academic members and graduates continue to significantly impact society in India and beyond the world.

Every year, thousands of students compete for a place in an IIT through the JEE Advanced exam since admission to these prestigious technical universities ensures that they will have a job with a competitive salary package after they graduate. The average package of IITs has been luring students to enroll in engineering programs there, and the JEE exam rivalry has been growing yearly. Every year, IIT placements for final-year engineering students start in December. Pre-Placement Offers (PPOs), internships, and final placements all occur throughout the placement season. IIT postings include participation from both domestic and foreign recruiters. Every year, the highest compensation that has been offered throughout the placement process at each IIT has gone up. Companies seek to hire students who have good abilities and topic understanding.

About IITs- Indian Institute of Technology 

The Indian Institutes of Technology (IITs) are public technical universities controlled by the Indian government and spread throughout the country. The Government of India's Ministry of Education is the owner of them. The Institutes of Technology Act, of 1961, established them as Institutes of National Importance and established their authority, accountability, and governance framework as the nation's top technological institutions, govern them. In accordance with the Institutes of Technology Act of 1961, there are currently 23 IITs. Each IIT is independent and connected to the others via an inter-institutional council (IIT Council), which is in charge of managing its operations. The IIT Council is officially presided over by the Indian Minister of Education. The Viceroy's Executive Council's Sir Jogendra Singh established a committee tasked with considering the establishment of Higher Technical Institutions for India's post-war industrial development in 1946, which is almost where the history of the IIT system begins. The development of these schools, modeled after the Massachusetts Institute of Technology (MIT), with connected secondary institutions, was suggested by the 22-member committee, which Nalini Ranjan Sarkar led.

In May 1950, the first Indian Institute of Technology was established in Kharagpur, West Bengal, on the site of the Hijli Detention Camp.

Prior to Maulana Abul Kalam Azad's official opening of the institute on August 18, 1951, the name "Indian Institute of Technology" was chosen. The Indian Institute of Technology (Kharagpur) Act, which designated it as an Institute of National Importance, was passed by the Indian Parliament on September 15, 1956.

Also read about-  IIT Delhi Cut-offs

Average Package of IIT Placements 2023-2024

 Following table will provide all the details about the average package of IITs as well as the highest packages offered by them-

Also read about- IIT Madras Cut-offs, IIT Delhi Placement

Average Package of IIT Placements Procedure

All the IITs follow a set procedure for placements. Here is the step-by-step description of the procedure followed by them:

Step-1: Student representatives assist the Training & Placement Cell (all IITs have a separate T&P cell) in sending invitations to businesses along with the necessary information and paperwork, such as the Placement Brochure and Job Announcement Form (JAF).

Step 2: A corporation may also express interest in hiring students by getting in touch with the T&P Cell of the relevant IIT. To the T&P cell of the IITs of interest, they must write an email.

Step-3: T&P Cell will respond to corporations via email after receiving a completed JAF and pertinent information from the company. Based on the data in the JAF, dates for campus interviews are assigned.

Step-4: Discussions between the companies and the T&P Cell determine an appropriate date for the Pre-Placement Talk (PPT). Students are informed of the PPT date after receiving confirmation from the companies.

Step-5: To conduct PPT, the companies go to IIT campuses.

Step-6: During the placement drive, the businesses may also choose pre-final year students for summer internships if they are interested.

Step-7: Students who are interested in working for a certain company can register online to submit their CVs and resumes for consideration.

Step-8: Prior to the campus visit for the final interviews, companies email the T&P Cell the list of students who have been shortlisted.

Step-9: On the scheduled dates, the companies conduct group discussions, aptitude tests, technical tests, personal interviews, and other placement-related activities on campus.

Step-10: After the selection process is complete, the companies provide the final list of chosen students either immediately or within a short period of time.

Read more about IIIT Ranking.

Highest Packages offered at IIT-B in 2023

IIT Bombay Placement 2022: The media has reported that the phase 2 placement drive for IIT Bombay in 2022 is over. As of May 15, 2022, 1,441 job offers had been accepted out of a total of 1,878 job offers given during the 2022 placements. Previously, 1,150 job offers from the IIT Bombay placements 2021 were accepted. The top hiring industries were Core Engineering, IT/Software, Finance, and Consulting. The highest domestic and foreign package offered for placement in 2022 was INR 1.8 crore per year and INR 2.1 crore per annum, respectively. Additionally, the 2022 average package offered on the domestic and foreign levels was INR 22.7 LPA and INR 60.9 LPA, respectively. Read about IIT Bombay. 

Sector-Wise Average Package of IIT-B 2023

Here is the sector-wise bifurcation of an IIT-B in 2022: 

Also read about- IIT Engineer Salary.

Indian Institute of Technology Madras

MIT, the Indian Institute of Technology One of India's top centers for technological education, Madras is well known for its connections to industry. Recruiters from all around the country frequently travel to the institute. For second- and third-year students, the institute offers internship programs to give them professional experience. The length of the internship varies from 6 weeks during the winter to 8 to 12 weeks during the summer break. Banks, analytics corporations, and core engineering organizations all employ recruiters for internships. In India, INR 88.82 LPA was the highest domestic CTC ever observed in 2019–20. The highest CTC for B.Tech was 82.5 LPA. In total, 64% of students were placed during the 2019–20 placement cycle.

Indian Institute of Technology Delhi

In December 2019, IIT Delhi will begin its final placement season. Out of 1000 registered students, 900 received job offers of their choosing in 2018. Additionally, 43 students were chosen for opportunities abroad in the European region, Japan, Singapore, South Korea, Taiwan, the US, and other countries, with 33 of them choosing to further investigate these opportunities. The highest CTC reported in 2019–20 was INR 100 LPA, and the average package of IIT-Delhi was INR 16 LPA.

Indian Institute of Technology Kharagpur

In IIT Kharagpur placements, the average package of IIT-Kharagour  was INR 15 LPA, and about five offers crossed the crore threshold. There were 220 companies in total that took part in the placement drive. Below is a list of some of the Indian Institute of Technology Kharagpur's top recruiters.

1. Silverman Sachs
2. McKinsey & Company Texas Instruments
3. Schlumberger
4. Facebook
5. Google

Indian Institute of Technology Kanpur

A total of 273 students reportedly received PPO offers during IIT Kanpur placements for the 2023 batch, according media sources. Additionally, the average package of IIT Kanpur placements in 2022 was INR 22 LPA. It should be noted that the IIT Kanpur final placement process will start the first week of December 2022 for the class of 2023.

According to the official placement report, phase I of the final placements for 2022 was successfully completed by the Indian Institute of Technology Kanpur on December 15, 2021. At the conclusion of phase I, the institute also got an astounding 47 overseas offers. The top domestic package at IIT Kanpur was INR 1.2 crore per year, while the highest international package was INR 2 crore per year.

Also read about- IIT JAM and IIT Fee Structure