No surety of a good job even you study at the Harvard Business School

Harvard Business School reported that 23 per cent of its 2024 MBA graduates were still job-hunting three months after graduation, up from 20 per cent the year before

The job market for MBA graduates has grown more competitive, even for those from prestigious business schools like Harvard. Kristen Fitzpatrick, who oversees career development at Harvard Business School, US, said that an MBA alone, even from Harvard, no longer guarantees a job, according to a report by The Wall Street Journal.

 

Graduates struggle for job

Harvard Business School (HBS) revealed that 23 per cent of its 2024 MBA graduates were still job-hunting three months after graduation, up from 20 per cent the previous year and more than double the 10 per cent rate in 2022. This trend is not unique to HBS. Other top schools like Wharton, Stanford, and NYU Stern School of Business are also witnessing a decline in job placements, reaching historic lows. 

Employers such as Amazon, Google, and McKinsey have scaled back hiring for MBA graduates. For instance, McKinsey hired less than half as many MBAs from the University of Chicago’s Booth School compared to the previous year.

 

Changing strategies for graduates

To cope with the declined hiring across the industry, students are trying more rather than just relying on the brand of their school. For example, students are focusing more on networking, building connections with alumni, and upgrading their skills. Some schools, like HBS, are even testing AI tools to help graduates identify skill gaps and take relevant courses.

MBA graduates who do secure jobs still command high salaries, with starting pay averaging $175,000. However, many have had to take on temporary work or wait months for postponed start dates.

 

Job market uncertainty looms

The uncertainty for many students is unsettling. “You constantly ask yourself, ‘Am I good enough?’” said Nikhil Sreekumar, a Duke graduate who applied for 500 jobs before finally landing a role. For many graduates, the wait has been both financially and emotionally challenging. Yvette Anguiano, a Kellogg graduate, faces a delayed start date for her consulting job until 2025, forcing her to depend on a stipend that falls far short of her expected salary. “The super-selective environment isn’t a blip but the new reality,” said Fitzpatrick.