IIT Placements Day Zero: Lucrative Offers, Crore-Plus Salaries, and Ola's Diverse Profiles

New Delhi: Day Zero marks the initiation of placements in December for older IITs, which may extend into the early months of the following year. As usual, this day recorded the presentation of numerous salary packages exceeding one crore.

Ola's Role in IIT Placements

A student from one of the IITs shared insights into the placements, revealing that Ola extended offers for approximately 14 profiles. These included roles such as program manager for the founder's office, business strategy manager for the founder's office, research engineer, software developer, data scientists, chemical engineers, and machine learning experts. However, it was not specified whether these positions were for the electric vehicle (EV) business or the ride-hailing business.

Ola's Recruitment Plans

Ola's Aggarwal announced on social media on November 30, that he would be returning to his alma mater, IIT Bombay, for recruitment purposes.

An Ola spokesperson conveyed that as an expanding organization, they are actively seeking to recruit additional talent across various sectors. 

As a component of this initiative, they are engaging with students from IITs and Tier 1 engineering colleges, aiming to hire approximately 150 top talents across engineering domains, including Autonomous Technologies, AI, ML, Silicon Design, Vehicle Engineering, Cell R&D, and more.

 Check: IIT Bombay Placements 

Clean Energy Recruitment Beyond Ola

Ola is not the only one who is in its pursuit of students fitting into the clean energy sector. As per IIT placement teams, Reliance Industries Ltd is offering approximately INR 15 lakh to engineers for positions within its new energy business.

IIT-Bombay Placement Overview

During the IIT-Bombay placement sessions, 40 companies were present, with approximately 80% of the regular recruiters participating compared to the previous year. Distinguished recruiters, including Google India, Apple, Microsoft India, Procter and Gamble, Sony Japan, Texas Instruments, Qualcomm, and Tata group, were among those present, as reported by IIT. 

While more than 250 pre-placement offers were accepted, the engineering college anticipates the participation of over 350 companies in the ongoing placement season.

High-End Salary Offers from Trading Firms and Software Companies

High-end trading firms and software companies have extended salary offers ranging from INR 80 lakh to INR 1.4 crore, as reported by placement executives across IIT Delhi, IIT Bombay, IIT Madras, IIT Kharagpur, and IIT Kanpur.

These companies, which include Databricks, Quadeye, Graviton Research Capital, Maverick Derivatives, Da Vinci, Optiver, NK Securities, Cumberland (a DRW Company), Quantbox Research, and Squarepoint, have provided roles that are both India-based and, in certain instances, located in the UK, the US, Singapore, and Hong Kong.

Insights into Trading Companies' Offers on Day One

A member of the placement team from one of the top three IITs mentioned that the offer incorporates a joining bonus, and for certain trading companies, the domestic salaries are comparable to their global counterparts. 

On the initial day of IIT placements, which commenced in the early hours of December 1, the trading companies maintained salaries at a level similar to the previous year, but with a reduced number of available roles. 

Placement Season Due to Global Economy 

In comparison to the previous year, this year's placement season is relatively modest due to the global economy and the over-hiring practices conducted by companies from the batch of 2023. Among finance and consulting majors such as Barclays, Goldman Sachs, McKinsey & Company, and Arthur D. Little presented job opportunities for graduates with salaries ranging from INR 17-35 lakh.

Success Stories from IIT Roorkee and IIT Guwahati

IIT Roorkee reported securing three global and 358 domestic offers in less than half a day. Meanwhile, IIT Guwahati received 164 offers from 59 firms by evening, spanning core, software, and business analyst job profiles. 

Also, it received 11 placement offers with salary packages exceeding INR 1 crore, displaying an increase from the seven offers received in the previous year.

In the ongoing academic year, over 50 startups and seven public sector undertakings have registered for recruitment, the announcement said. 

Prominent firms conducting campus visits include Flipkart, Google, Microsoft, Texas Instruments, Navi, Jaguar Land Rover, Plutus Research Pvt. Ltd, and Squarepoint.

According to information shared by students across various IITs, Google is offering salaries ranging from INR 30-35 lakh for domestic roles, while Microsoft is set to recruit students for roles based out of Bengaluru and Hyderabad with salaries ranging from INR 40–45 lakh. 

Further, Axtria, a data analytics and cloud software firm, reported that it is actively recruiting for computer science, IT, maths, and industrial engineering positions from campuses. 

The older IITs initiated campus recruitments in December, whereas the newer ones commenced placements in September to gain an early advantage. Colleges anticipate that pre-placement offers (PPOs), extended to selected students with prior internships, will feature higher salary packages. 

In the previous year, trading firm Jane Street set records with PPOs ranging from ₹3.7-4.3 crore at IIT-Delhi, IIT Kanpur, and Bombay.

Read More:

• IIT Bombay Launches Campus Placement Season Amid Global Economic Concerns

• IIT Roorkee to Organise Google Research Sponsored Mentorship Program 2023; Registration Open till Dec 15

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