IIT student gets Rs 70 lakh job offer from Facebook.com Top Social networking

KOLKATA: Just six days into the process, the IIT placement season has seen top salaries jump between 40% and 172% and average salaries go up between 15% and 30% over last year. Placement officials say going by the rush of recruiters, the number of foreign offers may show a two to threefold increase over last year. The number of recruiters and the offers have already surpassed last year’s figures.
“The market is extremely buoyant,” said SK Srivastava, professor in charge of training and placements at IIT Kharagpur, which has bagged the highest offer of the season so far. A student at the Kharagpur institute was offered a $135,000 compensation package (Rs 60 lakh) for a US-based position by Facebook, the world’s most popular social networking site.
The Facebook offer is a near three-fold increase over last year’s highest offer of Rs 22 lakh a year from financial services major Barclays at the institute and tops its Rs 38-lakh offer to a student of IIT Madras on Saturday.
New York-based financial services firm Tower Research Capital was the highest paymaster at IIT Madras last year with a Rs 28 lakh per annum offer.
“The number of offers (at IIT Bombay) is twice that of last year, with around 350 offers in the first five days,” said Ravi Sinha, who heads placement at IIT Bombay.
While IIT Madras received 200 offers in the first five days, IIT Kharagpur reported more than 220 during the period. IIT Guwahati had more than 100 offers from 25 recruiters by the fourth day of the season, an increase of more than 50% over last year, according to professor-in-charge (training and placement cell) Saurabh Basu.
Among the global firms that have queued up at IIT campuses to offer foreign positions this year are electronics equipment maker Sony, miner Rio Tinto, marine transporter Tanker Pacific and consumer goods firm P&G.
The world’s leading oil field services company, Schlumberger, a regular at the tech campuses in India, has offered a Rs 22 lakh per annum package to a student of IIT Guwahati. This is a 57% jump over last year’s top offer of Rs 14 lakh, which was made by IBM India. Schlumberger is at the top at IIT Roorkee, too, with its Rs 26 lakh offer, a 44% jump over last year’s highest offer of Rs 18 lakh made at the campus.
More recruiters are offering foreign postings this year as compared with last year. “From three companies offering foreign positions last year, we have 6-7 this time around already,” said Anurag Nallapati, academic affairs secretary at IIT Madras.
The institute has already seen 260 recruiters signing up so far, 40 more than till May last year. “Last time, we had 15 foreign offers. We expect to double or triple that,” said PK Jain, professor and coordinator (training and placement) at IIT Roorkee. Jain said IIT Roorkee students have received more than 170 offers so far, almost double that of last year.
About 150 companies have registered at Roorkee as against 70-80 last year. The average pay packets offered by these firms have registered a 30% jump so far. IIT Delhi, too, has seen a significant increase in the number of offers.

Besides regulars such as Shell, Morgan Stanley, McKinsey, ONGC, SAIL and ITC, new recruiters on the tech campuses include Facebook, Amazon and Opera Solutions. Placements will continue until the end of this month, when there will be a break of a few days. Recruitment will begin again in January. The placement season normally continues until April or May.
But things may be different this time around. “The way things are going, we hope to wrap up (the placements) by February-March,” said Nallapati of IIT Madras.
In the last three days, no other company , domestic or foreign, has come close to offering this kind of a compensation package.
While Facebook is still interviewing more IITians, the student in question, who gives his name as DKS — he is to graduate from the school of computer science and engineering at IIT-Kharagpur in 2011 and doesn’t want his full name to be revealed — has received a ” join-us” post from the website.
On his wall, DKS announces how he is hooked to Facebook, which cuts his day by half. He now knows that the social networking site, known as the Big Boss of the web-world , will eat up his days.
On the offer letter, officials from IIT-Kharagpur said Facebook offered a starting salary of $90,000, a relocation bonus of $10,000 and a one-time signing amount of $25,000 to the 21-year-old from Jamshedpur. But on the Kharagpur campus , students said DKS had also been offered ESOPs and the entire offer translates to about Rs 1.7 crore.
However, sources in the placement cell did not confirm this. DKS, whose father is a government employee, has in his time at IIT interned as a research assistant at the University of British Columbia and at Microsoft India.
Interviews were on till late Friday at IIT-Madras where Facebook shortlisted 10 students. But, after several rounds of interviews, it did not select anyone from IIT-Delhi. Close to 30 students were placed from IIT-B on Friday.
At IIT-Madras , the highest domestic offer on Friday came from Transocean, which offered Rs 28 lakh and the high point of the day was when Intel offered positions to 30 students.
At IIT-B , Tower Research which offered jobs to six students, was among the high paying companies . Several financial institutions — Goldman Sachs, Bank of American, Deutsche Bank, Citibank, Capital One — have made a come back after lying low in the recessionary years.
N Ramesh Babu, adviser (training and placement), IIT Madras, is both excited as well as in a dilemma of sorts with 250-odd recruiters comprising a mix of old and new economy having lined up in close slots till end-January 2011.
” We are in a position where, say, after 20 days you may not have enough students for recruitment. We have not been able to give dates for some companies.


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