The number of accepted Rs one crore plus offers in phase I placements (December 1-20, 2023) was incorrectly reported as 85. According to IIT Bombay, the correct number of accepted one crore plus offers is 22.
IIT Bombay clarifies placement figures : Introduction
In a surprising turn of events, the prestigious Indian Institute of Technology, Bombay (IIT-B), recently issued a correction regarding its phase-I placements held from December 1-20, 2023. Initially, the institute had reported an impressive 85 candidates receiving salary packages exceeding Rs 1 crore. However, a subsequent statement from the IIT-B placement office clarified that the actual number of students securing such lucrative offers was only 22, sparking a significant revision in the earlier figures.
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The correction statement
On January 4, the official placement office of IIT Bombay released a statement, acknowledging the error in the reporting of the number of candidates receiving offers above Rs 1 crore during phase-I placements. The corrected figure of 22 students, as opposed to the initially reported 85, was emphasized in the statement. The institute expressed regret for the misinformation and assured that all other placement data remained accurate.
Details of the correction
Out of the 22 students receiving offers surpassing Rs 1 crore, three accepted offers from domestic organizations, while the remaining 19 opted for international placements. This correction puts the recent placement season in perspective, revealing that the numbers were not as groundbreaking as initially presented. Comparisons with the previous year’s figures showed an increase, but the reality is far more modest than the earlier reported statistics.
Comparisons with previous years
The correction statement not only clarified the discrepancy in the number of students receiving offers exceeding Rs 1 crore in the recent placement season but also offered a comparative insight into the preceding year’s figures. In the corresponding phase of the placement season in 2022-23, IIT Bombay recorded a total of 16 accepted offers that exceeded the Rs 1 crore benchmark. Among these, two were domestic placements, reflecting the demand for top-tier talent within the country, while an overwhelming 14 were international placements, indicating the global allure of IIT Bombay graduates.
Interestingly, the correction also highlighted that the total number of accepted international offers remained remarkably consistent at 63 for both the 2022-23 and 2023-24 placement seasons, showcasing a sustained international interest in the institute’s pool of talented students. This stability in the global placement scenario reinforces the institute’s reputation for producing graduates sought after not only within India but also on an international scale.
Notable insights from previous years
In the 2022 placement season, IIT Bombay received over 1500 offers from more than 400 organizations. The top recruiters included renowned names like American Express, TSMC, Honda Japan, McKinsey & Company, Boston Consulting Group, Morgan Stanley, Sprinklr, Reliance, Adani, and Tata. Last year, 25 students secured packages exceeding Rs 1 crore. The trend of increasing average salaries for IIT Bombay students has been evident in recent years, with the figure reaching Rs 22.7 lakh per annum in 2021.
Conclusion
The recent correction by IIT Bombay regarding the number of students securing offers above Rs 1 crore during phase-I placements serves as a reminder of the importance of accurate reporting in educational institutions. While the revised figures may not be as groundbreaking as initially suggested, the institute’s commitment to transparency and prompt correction of the error reflects its dedication to maintaining credibility in placement statistics. As students navigate through the competitive landscape of placements, these accurate figures provide a clearer picture of the opportunities available at IIT Bombay.
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