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The dream of high-paying jobs seems to be over for engineers graduating from IITs. A combination of factors including the global economic slowdown and changes in industry hiring practices have resulted in a decline in both salaries and the number of placement offers for the Class of 2024.
- According to studies by Deloitte and TeamLease, the median annual salary for IIT graduates in 2024 is ₹15-16 lakh, down from ₹18-20 lakh in 2023 for old IITs.
- The median salary for IIT graduates at new IITs has also dropped to ₹12-14 lakh per annum from ₹15-16 lakh in 2023.
- There has been a significant decline in the number of students getting placements this year compared to last year. In 2022, the unplaced rate was 19%, while in 2024, it is a staggering 38%.
- Reasons for the decline:
- Global economic slowdown
- Increased focus on sectors like manufacturing and electric vehicles
- More competition for jobs
- Companies prefer internships over full-time positions
- Skill-based hiring leads to a wider salary range
- While there are reports of some graduates getting offers as low as ₹6 lakh, some exceptional students are still commanding hefty packages exceeding ₹1 crore.
This situation highlights the need for IIT graduates to develop all-round skills that are in demand in the industry. It is also important to stay updated with the latest trends and adapt to the changing requirements of the job market.
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