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IITs Brace for Tough Placement Season in 2024 With Likely Decrease in Hirings: Report

High-frequency trading and quant firms are expected to offer crore-plus packages, but the overall number of pre-placement offers may be lower this year, Mint reported.

New Delhi: The Indian Institutes of Technology (IITs) are bracing for a challenging placement season, as the number of hirings may decrease in 2024, even as salaries see no reduction, Mint reported.

The number of positions available per role has reduced, the business daily reported.

“This year, we added more companies, but there is a 20% dip among the regular recruiters since many say they had over-hired last year. The compensation has not changed much, but the number of positions available per role has reduced,” a placement team member of one of the top three IITs told Mint on condition of anonymity.

High-frequency trading (HFT) and quant firms, such as Quadeye and Maverick Derivatives, are expected to offer crore-plus packages, including joining bonus and variable payouts, but the overall number of pre-placement offers (PPOs) may be lower, placement team members in IITs Delhi, Kanpur, Bombay and Roorkee told the newspaper.

HFT and quant companies use mathematics and statistics to predict market movements. Such companies hire candidates who can analyse markets using mathematical and statistical models.

These companies are mostly based in India, the US, Singapore, and Amsterdam.

HFT is a trading method that uses powerful computer programs to transact a large number of orders in fractions of a second. These companies have been garnering attention at a time when global markets are going through a volatile period.

The demand for roles such as algorithm engineers, data scientists, data language experts, and product managers is high in quant and trading firms, e-commerce and logistic companies, banks, IT product firms, and startups. However, the number of positions available per role is decreasing, the business daily said.

IITs in Chennai, Mumbai, Delhi, Kharagpur, Roorkee, Kanpur, and Guwahati started their campus placements on 1 December (Friday). The IITs in Varanasi, Mandi, and Bhilai had begun their placements in September.

“We had offered Rs 20 lakh, including Rs 2 lakh joining bonus last year, but while we picked up 15 engineers last year from the IITs on the first day of campus placements, this year we will recruit barely five. The offers are in the same range and could be marginally lower,” the recruitment head of a leading consulting firm told Mint on Friday.

Electronics giant Samsung, consulting and IT services leader Accenture, and engineering conglomerate Larsen & Toubro (L&T) were among early recruiters in September, placement executives told the business daily. Salaries offered ranged from Rs 6 lakh to Rs 48 lakh. These companies are now expected to visit the IITs on Friday.

In the tech and product sector, Zomato is on the hunt for machine learning and data scientist roles for Rs 40-45 lakh. Google is offering Rs 30-35 lakh for domestic roles. Microsoft will offer salaries ranging from Rs 40-45 lakh for roles based out of Bengaluru and Hyderabad.