Getting a chance to do mtech in iit needs a lot of hard work and intelligence. now getting the required job depends on several factors like how you are excelling in your course, you marks while persuading your btech and mtech. having a good grade and a strong CV  will surely help you to get a job .

Hello Yash

As a M.Tech student you most certainly get an opportunity to answer placement tests of Google, Microsoft and other large companies. They also get salaries ranging from $80k to $120k p.a. 

Many MTech students go for further studies in United States and some of them get into really good universities like CMU. 

Now, is it reallly very common that most MTech students get into universities like MIT, CMU etc ? The answer to that question is no but most certainly having an IIT MTech degree will only add to your chances. Most certainly it wont hurt your chances with these universities. 

If lucrative job is what you are aiming at then rest assured that you will get one. However if your objective is to study further you will have to be very careful about your grades, the kind of electives you pot for, the kind of Masters Project guide you chose, his reputation etc. In short to maximise your chances to get into good universities abroad you will have to play smart.