“Apply for 1,000+ jobs…”: Harvard and Stanford MBAs face horrific unemployment

The job market has become unforgiving, even for graduates of elite institutions like Harvard Business School (HBS). According to the Wall Street Journal, a staggering 23% of Harvard Business School’s 2024 MBA graduates are still looking for work three months after graduation.

This sharp increase from the 10% unemployment rate in 2022 highlights the harsh economic climate where prestige is no longer enough. “Going to Harvard doesn’t make a difference,” said Christine Fitzpatrick, head of career development at Harvard Business School. “You have to have the skills.”

Harvard’s struggles are part of a larger trend. Institutions like Wharton, Stanford, and NYU Stern reported their worst hiring numbers in years. At Northwestern University’s Kellogg School, 13% of MBA graduates remained unemployed three months after graduation, triple the number in previous years.

“There’s no one left in the field,” reassured Lisa Kirkpatrick, associate dean at Kellogg University, as schools ramp up their efforts to support graduates.

The technology and consulting industries, traditionally major employers, have reduced hiring significantly. Companies like Amazon, Google, and McKinsey have cut back on MBA hiring. McKinsey hired just 33 MBAs from Chicago Booth in 2024, down from 71 in 2023, the Wall Street Journal reported.

The fierce competition has left alumni like University of Virginia Darden alumnus Ronil Deora frustrated. Deora, who switched careers to technology, has applied to more than 1,000 jobs and attended numerous networking events but is still unsure of the value of his MBA.

Others, like Yvette Anguiano, who has taken a consulting role at EY-Parthenon, face delayed start dates. “I was pretty bummed out” as she tried to juggle mounting student loans, said Anguiano, whose start was postponed until June 2025.

Despite the challenges, MBA graduates who find jobs earn strong starting salaries, often exceeding $175,000. Columbia Business School even reported an increase in the number of employed graduates compared to the previous year. However, Fitzpatrick warns, “I don’t think it will change,” noting that recruitment difficulties may continue.

Harvard and other institutions are turning to artificial intelligence to navigate this evolving landscape. The tools now recommend job matches and training courses to address skills gaps, reflecting a shift in how graduates and institutions navigate an increasingly selective labor market.