American businesses are hiring at their lowest rates since April 2020, per the U.S. Bureau of Labor Statistics. The marketplace is competitory capable that moreover graduates from apical business schools are having problem uncovering work.
A Monday Bloomberg report analyzed occupation placement outcomes astatine the apical 7 MBA programs successful the state (Harvard Business School, Columbia Business School, the MIT Sloan School of Management, Northwestern University's Kellogg School of Management, the Stanford Graduate School of Business, the University of Chicago's Booth School of Business, and the University of Pennsylvania's Wharton School of Business) and recovered that occupation placement outcomes for each 7 schools decreased successful 2024 compared to 2021.
At Harvard Business School, for example, the percent of MBA students without a occupation connection 3 months aft graduation astir quadrupled from 4% of the graduating people successful 2021 to 15% successful 2024. The MIT Sloan School of Management reported astir identical numbers, increasing from 4.1% successful 2021 to 15% successful 2024.
Related: Graduates From This Midwestern School Are More Likely to Start a Billion Dollar Company Than Founders Who Went To Stanford, Harvard, aliases MIT: Study
Kristen Fitzpatrick, caput of profession improvement and alumni relationships astatine Harvard Business School, told The Wall Street Journal past period that MBAs were "not immune to the difficulties of the occupation market."
"Going to Harvard is not going to beryllium a differentiator," Fitzpatrick said. "You person to person the skills."
The University of Chicago's Booth School of Business, meanwhile, saw its percent of grads without a occupation connection summation astir sixfold, from 2.3% successful 2021 to 13.2% successful 2024, while Columbia's percent astir doubled from 6% successful 2021 to 11% successful 2024.
Stanford's percent tripled from 4% successful 2021 to 12% successful 2024, while Northwestern's grew much than threefold from 2.9% to 10.2%.
The University of Pennsylvania's Wharton School of Business had the champion occupation placement rates overall, pinch only 1% of its students incapable to find a occupation 3 months aft graduating successful 2021. However, moreover Wharton saw that percent summation to 6.9% successful 2024.
Harvard Business School. Photographer: Brent Lewin/Bloomberg via Getty Images
A full-time residential MBA astatine a top-seven schoolhouse for illustration Wharton aliases Harvard tin costs complete a 4th of a cardinal dollars, per MBA tract Poets and Quants. Still, the grade usually touts a beardown return connected investment: A study from the Graduate Management Admissions Council (GMAC) recovered that the median starting net for MBA graduates astatine U.S. companies was $120,000 successful 2024.
So why are occupation placement rates going down? Poets and Quants noted that complete 70% of the people of 2022 astatine Harvard, Wharton, and Columbia Business Schools ended up successful the finance, consulting, aliases tech industries. According to the WSJ, cardinal players successful these industries person trim backmost connected MBA hiring.
For example, consulting patient McKinsey decreased the number of MBAs it hires from the University of Chicago's Booth schoolhouse from 71 students successful 2023 to 33 successful 2024, per The Journal. According to the aforesaid report, Amazon, Google, and Microsoft person besides reduced their MBA hiring targets.
Across the tech sector, economists besides told Business Insider that companies were hiring less MBA graduates arsenic they invested much successful artificial intelligence. Recent layoffs astatine Meta, Microsoft, and Google earlier this twelvemonth show that large tech companies are making costs cuts while besides committing billions of dollars to AI investments.
Related: The Top 50 Graduate Programs for Entrepreneurs successful 2025
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