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Day 1 of IIT placements: Record figures as recruiters come back virtually to engineering campuses

There was close to 20 percent increase in the number of job offers and average compensation in the first day of placements at IITs. The highest domestic compensation (CTC) stood at Rs 80 lakh

The first day of placements at Indian Institutes of Technology (IITs) saw recruiters coming back as usual, though placements took place virtually. There was a 20 percent increase in the number of offers and salary figures as per initial estimates.

Campus placements at IITs give an indication of the employment market in the country in that particular year. This year despite the Coronavirus (COVID-19) pandemic, placement sentiment has been positive at the campuses.

At IIT Madras, the institute saw record placements in the session 1.1 on December 1. The institute said in a statement that a total of 123 offers were made by 22 companies during session 1.1 on the first day. This was compared to 102 offers made by 20 companies in the year-ago period in session 1.1.

The big recruiters of this year’s first session include Microsoft (19 offers), Texas Instrument (12 offers), Bajaj Auto (10 offers), ISRO (10 offers), Alphonso (9 offers), and Qualcomm (8 offers).

The Phase I of placements is expected to continue till December 8, 2020. Session 1.1 of placements at IIT Madras began at 7 am and concluded at 2 pm today (December 1, 2020). It saw the participation of 22 companies covering 43 job profiles.

In the second and final slot of the day (Session 1.2) of the day one of placements at IIT Madras that is being held between 4 pm and 11 pm, 24 companies with 48 profiles are scheduled to participate. These companies include TSMC, KLA Tencor, GE and Wipro.

C S Shankar Ram, professor and advisor (training and placement), IIT Madras, said: “The IIT Madras placement team has worked with our recruiting partners to seamlessly enable this transition. I am happy to share that we have exceeded the number of offers made in the 1.1 session from the previous academic year. I am optimistic that a similar trend would continue over the next few days.”

At IIT Madras, a total of 1,443 students have registered for placements in the 2020-21 Academic Year, across different streams of study. The total number of companies registered for phase I of placements is 256. These firms will be recruiting for a total of 472 profiles. As many as 71 startups have registered for recruitment in the ongoing academic year 2020-21.

Moneycontrol had reported that IIT Madras also saw an increase in the number of pre-placement offers (PPOs) for the students this year.

IIT Roorkee

At IIT Roorkee, there were 25 companies in two slots upto 2 pm as of December 1. There are 272 offers including pre-placement offers.

The institute said in a statement that companies like Alphonso, Amazon, Analog Devices, Bajaj Auto, Codenation, Cohesity, Flipkart, Goldman Sachs, Intel Technology, Jaguar Land Rover, JPMorgan Chase & Co, Microsoft, Oracle, Qualcomm India, SAP Labs, Texas Instruments, Uber, and Vedanta Limited (Cairn Oil & Gas) were part of these slots.

The highest domestic compensation (CTC) stood at Rs 80 lakh as of 2pm on December 1 compared to Rs 60 lakh in the ear-ago period. There were 153 PPOs compared to 139 last year.

IIT Bombay

At IIT Bombay, there were 18 companies who participated in the Slot 1.1 on December 1.

The institute said in a statement that for the domestic jobs, highest numbers of offers were made by Microsoft, Google, Texas Instruments, Qualcomm, Boston Consulting Group, Apple, Bain and company, while the lucrative International offers were made by Optiver.

So far 153 PPOs have been accepted by students at IIT Bombay.

Amongst the sectors, prominent hiring was done by IT/Software, core engineering and consulting.

As far as compensation is concerned, Qualcomm offered the highest package of Rs 46.41 lakh per annum. This was followed by WorldQuant with CTC of Rs 39.70 lakh per annum. Morgan Stanley offered a package of Rs 37.25 lakh per annum while Uber offered Rs 35.38 lakh per annum.

As far as international offers at IIT Bombay in slot 1.1 are concerned, Optiver offered a package of Euro 1.57 lakh (Rs 1.38 crore approximately) per annum.

Moneycontrol had reported that corporates will be back for the online campus recruitment across institutes, though there could be a marginal drop in the number of offers. Due to the COVID-19 pandemic, it was widely anticipated that campus placement numbers will be abysmally low since companies are being cautious about hiring.