The next few months are crucial for final-year college students. It involves selecting a line of work, going through placement processes and interviews, and generally taking the first steps towards the rest of their lives. The process can lead to more questions than answers.

This series, the Class of 2024, aims to simplify the way to navigate the world beyond the campus by talking about the sectors with opportunities, ways to use online platforms and preparing resumes, among other things.

Salary is a major factor that pushes first-time jobseekers towards or away from a job. Some candidates from courses such as computer science or engineering chose a career stream that is not in line with their core subject because of better pay.

Having an idea about pay packages can help students decide on the kind of money they would get to live on if they pick up certain jobs. It can also help them decide if they can afford to relocate to another city, and plan how to live away from parents on such salaries. Students who are planning to work for a while before pursuing higher education should be especially aware of the salary structures of various roles to make a better career decision.

Data from multiple sources throws up a range across various job functions and sectors.

Job platform Naukri says from September 2022 to September 2023, some industries that saw a sharp fall in salaries included IT hardware, networking, architecture, internet, e-commerce and waste management. Industries such as animation, aerospace, defence and steel saw a good rise in salaries on a percentage basis.

Tech and analytics salaries

There has been a slowdown in tech hiring, especially at the campus level. But Great Learning reports that the higher salaries tracked by them were still in the tech segment.The learning platform says its analysis for the active roles where people learn from Great Learning (tech and analytics) shows that freshers in 2023 can get paid in a range of Rs 3-8 lakh per annum (LPA) for in-demand roles. Salaries are around Rs 7.8 LPA for roles in AI and machine learning, and Rs 7 LPA for cloud computing roles.

Salaries for freshers in software development roles are expected to be Rs. 6.3 LPA, for data science roles are Rs 5.8 LPA and cybersecurity roles are Rs 4.7 LPA. Digital marketers can expect to get around Rs 3 LPA. The ranges are approximate and depend on multiple factors, says Great Learning.

The salary range for a graduate can vary significantly based on several factors, says S Pasupathi, Chief Operating Officer, HirePro. The important elements that decide the remuneration package are experience, campus of study, branch, location, the industry of employment, and the specific skills and expertise of the individual.

The general salary range for a fresher starting as a data scientist can vary as widely as Rs 10-60 LPA, says Pasupathi. Software engineers and core engineers can get an average of Rs 3 LPA in mass recruitment, depending on the campus and roles. The COO of HirePro says these numbers are estimates. 

TeamDigital Digital says higher salaries are likely in cybersecurity engineering (Rs 6.9 LPA), cloud engineering (Rs 6.8 LPA), data science (Rs 12.7 LPA), AI/ML (Rs 8.7 LPA), computer network engineering (Rs 4.3LPA).

Roles beyond technology

Pasupathi estimates science graduates’ salaries to be Rs 2.5-6 LPA. Management freshers can get Rs 5-6 LPA in mass recruitments, he says. Non-tech roles in banking, finance, digital marketing can start off with Rs 3 LPA, he estimates.

TeamLease Digital says the fresher salary range for graduates of liberal arts courses depends on the jobs they pick. Public relations and graphic design jobs pay Rs 3-3.5 LPA. Medical representative and specialised roles such as clinical data manager and research scientist can earn Rs 3.4-Rs 8.6 LPA. It says roles in science such as biochemist and microbiologist can get job offers of Rs 2.3-3 LPA, finance and data roles such as financial analyst can get Rs 5.7 LPA and investment banking roles can go up to Rs 6.5 LPA).

In hospitality and travel management roles, TeamLease Digital says salaries are between Rs 4.3 LPA and Rs 6 LPA. Specialised roles in management such as operations managers can expect Rs 10.2 LPA and supply chain managers can expect Rs 15.1 LPA.

Green jobs are not far behind. Environmental engineers (Rs 4 LPA) and sustainable engineers (Rs. 5.1 LPA) are some of the other jobs likely to be offered to the Class of 2024.