New Delhi: Almost 3 students from IIT Delhi, Bombay, and Madras have been offered INR 3.6 crore by Jane Street, a quantitative trading company, for the Hong Kong posting.
During this placement season 2022-23, It appears that IIT graduates are travelling to Hong Kong and Singapore, with trading companies making the majority of the high-paying offers in those cities. For a record salary of Rs 3.6 crore, Jane Street chose at least one student from each of IIT-Bombay, Delhi, and Kanpur for its Hong Kong office.
However, these were given out as pre-placement offers (PPOs) prior to the start of the season on December 1.
Quantbox Research, a different high-frequency trading company, has made an offer of Rs. 1.6 crore at multiple IITs for its Singapore branch. Recession-hit US has witnessed less IT giants making the large crore-plus offers on these elite campuses, though some, like Cohesity, have hired students for domestic roles with the promise of moving them to the US a year later.
According to the latest reports from IIT-B, there are other PPOs that have made offers to students that are close to Rs 2 crore, while Jane Street has made the largest offer to one IIT-Bombay student.
However, the job offers received on campuses have not exceeded Rs 2 crore. There are a total of 15 organisations with international locations and multiple Rs 1 crore job offers, but the majority are enrolling students in their India office due to US and Japanese visa issues, the source revealed. Further, a post was available from Quantbox Research for Rs. 1.6 crore.
IIT-Bombay hosted 46 firms for in-person or online interviews with applicants on the first day of placements. On Day 1, more than 175 of the 250 employment offers were accepted. There were 48 companies present at IIT-B on Day 2.
At IIT Guwahati, 50 companies lined up to interview candidates on Day 2, and more than 80 offers had been made up until 6 o'clock.
IIT-Kanpur offered 519 offers in all by the end of Day 1, which also included 207 PPOs offered till date. Almost 488 students bagged lucrative job offers on Day 1 after accepting PPOs and placement offers.
This year, the highest compensation offered domestically till date was Rs 1.9 crore, and there are also a significant number of packages from international recruiters. The highest domestic package last year was Rs 1.2 crore. Further, 33 offers totaling more than Rs 1 crore have been received.
So far, a total of 72 international offers have been received by IIT Kanpur this season, in comparison to 47 last year. Also, the trading company, Quantbox Research visited IIT-Kanpur.
The highest package at IIT-Kharagpur, was Rs 2.6 crore, which was also provided by a trading company. On Day 1, the institute received 16 international offers from various industries, and 760 offers in all, including pre-placement offers, were acquired.
Meanwhile, some of the top-notch companies are expected to offer international roles to students at IITs this year, that include Squarepoint Capital for Canada, Rakuten for Japan, and Tolaram Group for Nigeria.
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