Record $1.50K/year salary offer for Madras IITian

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Recruiting companies are offering students of the Indian Institute of Technology (IIT)-Madras startlingly high salaries this year.

Samsung Electronics has topped with a salary offer of $1.5 lakh (approximately Rs 81,78,000) an annum, which is higher than the best offer of $1.35 lakh (about Rs 73,60,200) an annum by a US gaming firm last year.

While placement officially starts on December 1, pre-placement talks have already begun.

Speaking to the Deccan Chronicle on Friday, deputy registrar (training and placement), IIT- Madras, B. Nagarajan, said Samsung was looking for software engineers in its facilities in South Korea and the United States.

“Of the 10 students who sent their application to the company eight were shortlisted and they wrote a test on Friday. We will know on Saturday how many have made it to the final interview,” he added.

Career counsellor and analyst, Jayaprakash A. Gandhi, recalls that in the past only marketing and finance firms from the United States, United Kingdom and Europe offered such high salaries.

“But with growing competition, top electronic companies, which are under pressure to produce something out of the box, are now willing to hire the best for huge salaries as well,” he says.

As many as 1,263 students have registered for placement and 266 companies have come to recruit IITians this year.

IIT-M’s placement office expects the average salary of students to cross last year’s Rs 8.9 lakh considering the current trend.