Placement offers at IITs in 2023 may not be as high as last year: Report

The highest packages at IITs for this year may come for domestic roles, unlike last year when international roles offered the highest salaries

The average placement packages at the Indian Institutes of Technology (IITs) may see a dip in 2023. Owing to tech layoffs and concerns around the global recession, the final placements may not fetch the graduates packages as high as Rs 2 crore, like in 2022, a report by the Economic Times (ET) said. 

The final placement season will kick off on December 1. Also, the highest packages for this year may come for domestic roles, unlike last year when international roles offered the highest salaries. 

ET reported that trading firm Quantbox Research is most likely to offer the highest packages for domestic roles at IITs this year. It may offer packages as high as Rs 1.3 crore to Rs 1.9 crore. Its base salary is Rs 45 lakh and the candidates will have to work from Bengaluru. It is visiting IIT Bombay, Delhi, Kharagpur, Kanpur and Roorkee. 

"We have already made 6-7 offers through PPOs (pre-placement offers), we may hire another 6-10 students during final placements...There may even be a Singapore posting where the CTC (cost to company) will be higher, but the focus is to build the team in India," its Managing Director Prashant Singh told ET.

SaaS start-up Glean hired 10-12 employees from IITs last year. This year it is visiting Kanpur, Madras and Kharagpur. It is offering postings in the US as well. 

"The market is very competitive, and we are offering the best salaries to get top-of-class talent. Total CTC for India is Rs 1.01 crore per annum (includes a base salary of Rs 40 lakh and rest equity)," Garvit Juniwal, Glean India’s site lead told ET. 

Last year, the highest package of Rs 2.16 crore was offered by Uber. 

Other companies that are expected to visit IITs for placements this year are Apple, Samsung, Google, Qualcomm, JP Morgan and McKinsey.