Large chunk of IIT grads grapple with lack of placement, claims alumni support group

IIT Madras responded to the query, saying placements are still ongoing. “Students have varied interests - to pursue higher studies, some want to establish their own startups and venture into entrepreneurship, while some want to attempt competitive exams including civil services. They take time to decide. The placement data will be available at the end of July 2024, post convocation,” the institute told Moneycontrol in a statement.

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Last week, IIT Bombay contradicted the reports of alarmingly high joblessness among its latest graduates by releasing data from an official exit poll on April 4 indicating only 6.1 percent of its 2023 class remains unemployed.

However, Singh claimed that 36 percent of IIT Bombay students, 712 out of the 2,000 registered for placements, are yet to secure jobs. The placement that began in December ends in May this year.

“These large numbers of unplaced students are dealing with a high level of stress and anxiety and hopelessness staring at the bleak future prospects due to the poor job placement scenario… Furthermore, the salaries offered by the recruiting companies have gone down substantially from crore-plus packages in phase one to barely Rs 5 lakh per annum and paradoxically at the same time the number of billionaires our country is producing is at an all-time high,” Singh told Moneycontrol.

‘Get employed first’

According to him, IIT students are facing twin challenges, high unemployment and severe underemployment.

“IIT Bombay has clarified that 57 percent are placed via campus placements" and that the remaining 43 percent are pursuing other options. Is it by choice or discouraged by the job scenario?” Singh questioned, adding that “IITs should share the percentage of students placed via campus placements in the past 5-6 years with average salary figures.”

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For students who are not able to secure jobs, Singh suggested that they try to accept the available job offer as getting employed is much more important in a down market than maximising salary which is done in an up market.

“Improve skills levels, learn to do networking and seek job stability over high CTC initially. First gain experience and visibility in the job. Value will come later. Don't chase savings in the first job in a down market. Downmarket this year can change into up market next year,” he added.