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December 05, 2010

USD 85,000 offered by Facebook for IIT Madras students

CHENNAI:  One of the world's top social networking site Facebook has offered a package of  $85,000 (Rs. 38 lakh) for IIT Madras students during the ongoing placement season. Although companies selecting prospective candidates from the country's premier educational institute IIT Madras began on Dec 1.

N Ramesh Babu, IIT Madras Advisor of Training & Placement said that "Every year the selection process commences in December & this time too it began on Dec 1. Every year students eagerly await to participate in the campus selection & this year too more than 260 companies 've registered so far. But we expect it to cross 300 companies." 

Regarding the selection processes Babu said that the final round of interview would be done later. "For example, Facebook after conducting all the rounds, will conduct another interview via Skype from the US & when a student gets selected he/she will be offered USD 85,000 package," Babu explained. He said around 1000 students from various streams including B Tech, MTech, MS, Doctoral programmes, MBA, 've registered for placements this year & so far around 30 students 've received offers from various multi-national companies including Goldman Sachs, IBM & Boston Consulting Group.

Last year the highest package was offered by Tower Research Capital at Rs 28 lakh per annum & about 225 companies had visited the institute for selecting 700 candidates. This time, while the leading package was offered by Facebook, an oil company has offered to pay a package of Rs 28 lakh, Babu added.
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