Harvard and MIT MBA grads face significant job market struggles as placements drop in 2024

In a surprising twist, job offers for MBA graduates from top US business schools have dropped significantly in 2024, with even the most prestigious names struggling to place their grads. Once viewed as a golden ticket to success, an MBA degree no longer seems to guarantee an easy transition into a high-paying job. According to a recent Bloomberg report, job placement outcomes at leading programs like Harvard, MIT, and Stanford have taken a sharp turn downward.
The data reveals a worrying trend: the percentage of MBA students without a job offer just three months after graduation has risen notably across several top schools, highlighting the growing challenges in today’s competitive job market.
A rising wave of unemployed grads
As per the Bloomberg report, the job placement rate at top schools has worsened since 2021. Harvard Business School saw its jobless rate jump from just 4% in 2021 to a concerning 15% in 2024. MIT Sloan reported nearly identical numbers, with the rate climbing from 4.1% in 2021 to 15% in 2024 as well. For these Ivy League and prestigious institutions, such a significant increase in unemployment is a stark contrast to previous years, when these schools were known for their impressive job placement rates.
Kristen Fitzpatrick, head of career development at Harvard Business School, noted that MBA graduates are now “not immune to the difficulties of the job market,” emphasizing the shift in dynamics. The days when an MBA from Harvard was a guaranteed ticket to success seem to be fading, as more graduates face uncertainty.
Other top schools feeling the pinch
The trend isn’t isolated to Harvard and MIT. At Stanford, the percentage of grads without job offers tripled, going from 4% in 2021 to 12% in 2024. Northwestern University’s Kellogg School of Management saw an increase from 2.9% to 10.2%, while the University of Chicago’s Booth School of Business saw a nearly sixfold increase, from 2.3% to 13.2%. Even the University of Pennsylvania’s Wharton School, which traditionally boasts strong job placement numbers, experienced a rise from 1% in 2021 to 6.9% in 2024.
As the Bloomberg report highlights, this increase in unemployment at top schools underscores a significant shift in the hiring landscape, with fewer opportunities in sectors like consulting, finance, and technology.
Why is this happening?
The explanation behind this decline, as per Bloomberg, lies partly in the broader economic climate and the changes in hiring patterns among major industries. Big consulting firms, like McKinsey, have reduced their MBA hiring from Booth School, dropping from 71 hires in 2023 to 33 in 2024. Similarly, tech giants such as Google, Microsoft, and Amazon have also scaled back their hiring targets, focusing more on artificial intelligence investments and fewer full-time hires.
Despite the median starting salary for MBA grads holding steady at $120,000 in 2024, the market has become more competitive, making it harder for even the most prestigious business schools to secure job placements for their graduates. With the job market tightening and companies cutting back on hires, the value of an MBA degree may need a reassessment in this new, evolving economy.