Why IITians Are Getting Less Salary Packages: After facing competition among lakhs of students, one gets admission in IIT after clearing JEE and the even more difficult JEE Advanced exam. Even after coming here, one has to work very hard and struggle to get a bachelor’s degree. In such a situation, when after years of challenges, the salary package offered is Rs. 4 lakhs per year, what must be going through the mind of the candidate. Something similar has happened in IIT Bombay. A student here has been offered a salary package of Rs. 4 lakhs.
what is the matter
Ever since the students of IIT Bombay were offered an annual salary package of Rs 4 lakh, a new debate has started in the job market. If the students who pass out from IIT will get so much money, then what will happen to the candidates of other industries. If we talk in US dollars, then this amount is 4800 US dollars.
It is not clear yet which company has offered such a high salary, but if media reports are to be believed, this package has been offered by a startup.
Salary decreased from last year
If we compare it with last year, this is the lowest salary package. Last year, i.e. in the year 2023, the lowest salary package was 6 to 8 lakhs. This time the package has become even less.
What are the possible reasons
There are many reasons behind why IIT candidates are being offered low salary packages in the past years. According to various reports, the main reason behind this is the economic slowdown. There has been a decline in the job market in the last few years, due to which the pandemic has also been a big reason. Some other possible reasons could be these.
Disturbed balance of supply and demand – There are not enough jobs in the number of candidates graduating from IITs. Especially in the branches they are in, there is a shortage of both jobs and salaries.
Changing needs of the industry – The increasing use of automation and AI has changed the demands of the job market. This has reduced the role of traditional engineers and has also affected their salaries.
Startup is also the reason – Nowadays many IIT pass outs are starting new startups. Many start new businesses and do not believe much in jobs. The inclination of candidates towards their own business has increased.
Global Competition- Competition has increased a lot at the global level. There is no dearth of talent and companies are getting good candidates at low salaries, so they do not want to spend more money.
Demand did not decrease here
Broadly speaking, there is a discussion of a reduction in the salary of IIT candidates, but even today they are being readily accepted in the fields which are in demand. If you choose a branch which is in demand in today’s time, then there is not much of a problem and you get a good salary package. For example, candidates who choose fields like computer science, data science and AI are still getting jobs with good salaries.
How much salary decreased
The average annual salary of IIT graduates has declined in the last few years. For example, in the year 2020, it was Rs 18 to 20 lakh per year which has decreased to Rs 15 to 18 lakh in the year 2024.
Candidates from some branches like Computer Science and Engineering are still being offered salary packages ranging from 25 to 40 lakhs. Salary of candidates from Electrical and Mechanical Engineering has decreased and has reached between 10 to 18 lakhs per year.
The biggest drop has happened in the salary of the candidates of Civil, Chemical and Metallurgy which has reached 8 to 15 lakhs per year. This information is based on various media reports.
Also read: This year’s salary package of IIM Ahmedabad was the lowest in the last 6 years, what is the reason?
Education Loan Information:
Calculate Education Loan EMI
