'Applied for over 1,000 jobs...': Harvard, Stanford MBAs face shocking unemployment

The job market has turned unforgiving, even for graduates from elite institutions like Harvard Business School (HBS). A staggering 23% of HBS’s 2024 MBA graduates were still job-hunting three months after graduation, according to The Wall Street Journal.

This sharp increase from the 10% unemployment rate in 2022 highlights a tough economic climate where prestige is no longer enough. "Going to Harvard is not going to be a differentiator. You have to have the skills," said Kristen Fitzpatrick, HBS’s head of career development.

Harvard’s struggles are part of a larger trend. Institutions like Wharton, Stanford, and NYU Stern have reported their worst job placement figures in years. At Northwestern’s Kellogg School, 13% of MBA graduates remained unemployed three months post-graduation, triple the number from previous years.

Liza Kirkpatrick, assistant dean at Kellogg, reassured, "No one is left on the field," as schools ramp up efforts to support graduates.

The tech and consulting industries, traditionally key recruiters, have reduced hiring significantly. Companies like Amazon, Google, and McKinsey have scaled back MBA recruitment. McKinsey hired only 33 MBAs from Chicago Booth in 2024, down from 71 in 2023, WSJ reported.

The fierce competition has left graduates like Ronil Diyora, a University of Virginia Darden alumnus, disheartened. Diyora, who switched careers to technology, applied for over 1,000 roles and attended numerous networking events but remains uncertain about the value of his MBA.

Others, like Yvette Anguiano, who secured a consulting role with EY-Parthenon, face delayed start dates. Anguiano, whose start was postponed until June 2025, said, "I was pretty devastated," as she juggles mounting student loans.

Despite challenges, MBA graduates who do find jobs report strong starting salaries, often exceeding $175,000. Columbia Business School even reported an increase in employed graduates compared to the previous year. However, Fitzpatrick warns, "I don’t think it’s going to change," indicating that hiring difficulties could persist.

Harvard and other institutions are turning to AI to navigate this evolving landscape. Tools now recommend job matches and courses to address skill gaps, reflecting a shift in how graduates and institutions tackle an increasingly selective job market.