Day 1 of placements at IIT-Bombay: Financial firm offers ₹45 lakh, highest domestic pay
The first day of placements at IIT-B on Friday saw financial services firm Blackstone offering the highest domestic package of Rs 45 lakh per annum in cost to company (CTC) to one student.mumbai Updated: Dec 03, 2017 00:55 IST
The first day of placements at Indian Institute of Technology Bombay (IIT-B) on Friday saw financial services firm Blackstone offering the highest domestic package of Rs 45 lakh per annum in cost to company (CTC) to one student.
Investment management company WorldQuant, which selected three candidates, and software giant Microsoft offered annual salaries (CTC) of Rs 39.6 lakh and Rs 39.02 lakh for domestic job profiles.
Last year, Blackstone and WorldQuant had made offers to the tune of Rs 35 lakh and Rs 25.2 lakh in base salaries.
The first day saw 30 companies — mostly from consultancy, finance, software and engineering sectors — making 139 international and domestic offers. Additionally, public sector organisations such as Indian Space Research Organisation (ISRO) and Bharat Petroleum Corporation Limited (BPCL) selected 13 students, taking the total number of offers to 150 on Day 1.
Microsoft, Palantir, Rubrik, Uber and NEC Japan offered overseas jobs, with Microsoft leading with an annual package of $2.14 lakh (CTC). NEC Japan offered Rs 45.70 lakh to one student. At 12, electronics company QualComm made the highest number of offers, followed by Goldman Sachs (11), IBM and Microsoft (10 each).
Around 250 companies have so far registered for the first phase of placement. More than 1,600 students from various undergraduate and post-graduation course will participate in the recruitment process.
Start-up firms were conspicuous by their absence on Friday. Students are wary of them after some firms withdrew job offers in 2015. Last year, IITs had blacklisted and banned 31 start-ups for campus placements for withdrawing their job offers. The ban was revoked earlier this year, allowing the companies to participate. IIT-B considers various factors, such as students’ preference, job profile and salary, while deciding the roster of companies on the first day of the placement. The companies offering jobs in the US have decided to place the selected candidates in their offices in India and other countries, in case of visa issues. This is because some students who were hired to work in the US last year failed to obtain a visa. “It will be a temporary measure, and these candidates will be shifted to the US as soon as possible,” said a source.