IIT-Madras bags more jobs in less salary

Chennai: On the first day of its placement season on Monday, over 80 students of IIT-Madras bagged jobs in top-notch companies, although the highest international salary package has fallen from $220,000 (Rs 1.40 crore) per annum last year to $129,500 (Rs 80.47 lakhs) this year. The highest salary (per annum) offered by an Indian company was Rs 30 lakh.

Prof. Babu Viswanathan, faculty, mechanical engineering department and advisor (training and placement) at IIT-M , said an international core computer company had offered $129,500 to a student on day one of the placements.

“We have a policy not to reveal the student’s name and the companies don’t want us to name them as it involves a lot of risk. One student at IIM with a big salary was kidnapped a few years ago. This year core placements appear to be very promising and we are hoping for an increase in placements in this sector,” he added.

The graveyard session for this year’s placement started at 00.01 a.m on December 1 and went on till 6 a.m with 17 students getting placed in seven multinational companies, mostly IT- based and 13 companies offering  jobs to 64 students during the forenoon session. Goldman Sachs offered jobs to 13 students. While salaries may have fallen, students say placement this year are promising with several companies, including start-ups and analytics companies offering more jobs.  Said K.Jaichandran, a B.Tech (Metallurgy) student, “This year more start-ups have come forward to recruit students.”  Nine students opted out of placements this year, as they either wanted to pursue higher education or set up businesses themselves.