Graduate from Harvard, Stanford and not getting any jobs? Here's why

An MBA from prestigious institutions like Harvard, Stanford, or Wharton was once considered a golden ticket to a high-paying job. However, the current job market is proving this no longer holds true, as even graduates from top programs are struggling to secure employment.

Declining Job Placement Rates
Recent data highlights a concerning trend. According to a Wall Street Journal report, 23% of Harvard Business School (HBS) MBA graduates from 2024 were still looking for jobs three months after graduating. This marks a noticeable increase compared to 20% in 2023 and just 10% in 2022. Kristen Fitzpatrick, Harvard's career development head, acknowledged the issue, saying, “We’re not immune to the difficulties of the job market. Going to Harvard is not going to be a differentiator. You have to have the skills.”

Other elite schools, such as Stanford, Wharton, and NYU Stern, are also facing declining job placement rates. Northwestern University’s Kellogg School of Management reported 13% of its 2024 MBA graduates were unemployed three months post-graduation, a significant rise from earlier years.

Why the Job Market Is Tough
Several factors are contributing to this slowdown. Post-pandemic, companies have been restructuring to focus on efficiency, often preferring candidates with specialised technical skills over generalist MBA graduates. Key industries like tech and consulting, traditionally strong employers of MBAs, have scaled back hiring. Companies like Amazon, Microsoft, and Google have reduced recruitment, while consulting firms such as McKinsey have significantly cut MBA hires.

Automation and artificial intelligence (AI) have also transformed the job landscape, with many roles being eliminated. Employers are now favouring candidates with alternative education backgrounds, like coding boot camps or specialised certifications, that align better with modern workforce needs.

Graduate Struggles and School Responses
The challenging market has left many graduates disheartened. Ronil Diyora, a University of Virginia Darden graduate, applied for over 1,000 jobs while networking extensively. Similarly, Yvette Anguiano, a graduate who landed a role at EY-Parthenon, had her start date delayed until mid-2025, leaving her with mounting loans and uncertainty.

In response, some institutions are adapting. Harvard is piloting an AI tool that helps match students with roles and recommends courses to bridge skill gaps. Despite these challenges, MBA graduates still have high earning potential, with median starting salaries often exceeding $175,000.

Ultimately, students are adjusting their expectations and exploring non-traditional career paths. As industries evolve, MBA programs and graduates alike must adapt to meet the demands of an ever-changing job market.