Securing a prestigious job in the US has become increasingly challenging, with even Harvard Business School (HBS) graduates feeling the pinch. According to HBS data, 23% of its job-seeking MBA graduates from the class of 2024 were still unemployed three months after graduation, a notable increase from 20% the previous year and 10% in 2022.
Kristen Fitzpatrick, head of career development at HBS told The Wall Street Journal, that the school's name alone no longer guarantees employment. “Going to Harvard is not a differentiator; you need the skills to back it up,” she remarked.
This trend extends beyond HBS. Elite business schools such as Stanford, Wharton, and NYU Stern reported some of the weakest job-placement rates in recent memory. At Chicago Booth and Northwestern Kellogg, the percentage of job-seeking graduates still unemployed months after graduation more than tripled compared to 2022.
For international graduates, the situation is even tougher. Ronil Diyora, a University of Virginia Darden graduate from India, shared his struggles transitioning from manufacturing to technology. Despite applying to over 1,000 positions and networking rigorously, the job hunt has been arduous. Graduates requiring visa sponsorship face lower employment rates than their US counterparts.
A Shifting Recruitment Landscape
The job market for MBAs has shifted significantly. Tech giants like Amazon, Google, and Microsoft have scaled back hiring, while consulting firms such as McKinsey have reduced their intake of MBAs at schools like Booth. Companies have also moved away from on-campus recruitment, favoring smaller, more targeted hiring strategies closer to graduation.
Susan Brennan from MIT Sloan highlighted how startups and returning to previous employers mitigate jobless statistics but acknowledged that nearly a quarter of their 2024 graduates were still job-seeking three months post-graduation.
Innovative Solutions to the Job Crisis
HBS is piloting an AI-driven tool to help alumni match their skills to job opportunities and identify gaps that can be bridged through additional courses. Additionally, a new four-day intensive class focuses on networking and presenting skills effectively to employers.
For some graduates, the wait has been financially and emotionally draining. Yvette Anguiano, a Kellogg graduate, had her consulting job start date delayed to 2025, leaving her relying on a stipend far below her anticipated salary. Others, like Duke Fuqua graduate Nikhil Sreekumar, found success after hundreds of applications and networking connections.
As Fitzpatrick summarized, “The super-selective environment isn’t a blip but the new reality.”
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