Class of 2023 MBA grads are still struggling to find jobs nearly a year after graduation.
At Harvard Business School, only 86% of Class of 2023 job seekers received offers within 90 days—a significant slowdown compared to the 95% job placement rate for 2022 and 96% for 2021.
The slowdown isn’t only impacting Harvard. At Stanford’s Graduate School of Business, only 89% of MBA grads had a job offer by the three-month mark—a drop from 93% in 2022.
“I had no idea, a year later, I’d still be searching for full-time employment,” AJ Edelman, a Yale MBA grad, tells The Wall Street Journal.
A SLOWDOWN IN HIRING
Like many 2023 MBA grads, Edelman has submitted hundreds of applications and is still looking for a job nearly one year after graduation.
That’s in large part due to the slowing of hiring in popular MBA industries, such as tech and consulting. At large consulting firms, such as Bain and Ernst & Young, start dates for new hires have been delayed as business remains slow. Tech companies, such as Meta, have pulled back on hiring and laid off thousands of workers as they seek to cut back on overspending from the pandemic.
“This year’s slow hiring market created unique dynamics as students with deferred start dates sought gap employment or alternative full-time roles,” Kristin Fitzpatrick, HBS’s managing director of MBA Career & Professional Development, tells P&Q.
While MBA grads are usually hired with little experience, Abigail Kies, head of the Yale School of Management’s career center, says companies are now much more selective in their hiring opting for candidates who can demonstrate relevant experience.
“The choices employers were making were more based on history and experience than has usually been the case for MBAs being hired,’ Kies says.
Even those with tech backgrounds—once considered ‘recession-proof’ careers—are now faced with an industry cutting thousands of jobs.
“Very quickly, the landscape started turning very, very grim,” Enrique Melendez, an engineer who graduated in May from UT’s MBA program, says. Melendez, who took on debt for the degree, says he is now living on savings and has cut his spending, such as on dining out and a gym membership.
Despite facing a tough economic reality, Melendez is hopeful that he’s better off with his MBA in the long run.
“Over the short term,” he says, “it’s been really painful to have to go through this.”
Sources: The Wall Street Journal, Daily Mail, P&Q, Business Insider, Nerd Wallet
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FAQs
Class of 2023 MBA grads are still struggling to find jobs nearly a year after graduation. At Harvard Business School, only 86% of Class of 2023 job seekers received offers within 90 days—a significant slowdown compared to the 95% job placement rate for 2022 and 96% for 2021.
Are some MBA graduates struggling to find a job? ›
Graduates Are Struggling to Find a Job. As many as 20% of graduates from the nation's top business schools are awaiting lucrative job offers three months after getting their degree.
Why is it so hard to get a job with an MBA? ›
Career-change challenges
Students who chose business school to change careers appear to be having the toughest searches. Employers are hiring more selectively than they did in recent years, often picking candidates with relevant experience over new graduates, according to alumni and career coaches. One Harvard M.B.A.
What is the salary of MBA in USA 2023? ›
The MBA salary in the USA on average is USD 115,000 as per US Labor Report 2023. This article aims to discuss all major aspects of MBA salaries in the USA based on US university of study, job roles and specialisation-based job roles.
Is MBA worth it after 30? ›
If you believe in the value of professional development, lifelong learning, and growing as a contributor and leader—then it's never too late. As you age and your goals change, an MBA can still provide valuable opportunities, be it through a career change, a promotion, or simply adding more value in your current role.
Do employers still value MBA? ›
Do employers value an MBA? The quick answer is yes. An MBA on your resume helps you stand out and shows employers that, in addition to your other attributes, you have knowledge, leadership skills, and an interest in making an impact.
Is an MBA worth it with no work experience? ›
As an MBA graduate, you can access many leadership jobs in different industries without prior experience. Employers may offer entry-level management roles as part of an extended training period, for example, which can be appealing for professionals with an MBA.
What is the most difficult field in MBA? ›
Which is the toughest MBA specialization? MBA in operations management is one of the toughest MBA specialisations. Which MBA is most in demand? MBA in Marketing is one of the most in-demand specialisations in MBA.
How easy is it to find a job with an MBA? ›
Class of 2023 MBA grads are still struggling to find jobs nearly a year after graduation. At Harvard Business School, only 86% of Class of 2023 job seekers received offers within 90 days—a significant slowdown compared to the 95% job placement rate for 2022 and 96% for 2021.
Does an MBA make you more employable? ›
According to a 2022 Graduate Management Admission Council (GMAC) study, 84 percent of graduate management education (GME) graduates believe their degrees helped them achieve their professional goals; 87 percent report that the degree increased their employability; and 76 percent feel the degree prepared them for ...
Average MBA salary after five years
| Years of experience | Average salary (women) | Average salary (men) |
|---|
| 0-2 | $133,511 | $144,956 |
| 3-5 | $151,951 | $172,469 |
| 6-8 | $174,387 | $194,460 |
| 9+ | $179,159 | $241,607 |
Feb 2, 2024
The average annual MBA salary after five years averaged approximately $142k for women and $152 for men, while the average MBA salary after 10 years ranged from $179k to $242k for women and men, respectively.
How much should an MBA increase my salary? ›
Generally, you can expect a nearly 50% increase in your salary after completing an MBA. A study from Transparent Career showed that MBAs reported about a 46% increase in salary after earning their degree, with a $41,000 average higher salary, and $95,000 extra in total compensation.
Is 45 too old for an MBA? ›
45 is not too old to get an MBA, because there is no age that is too old to gain a new qualification. An MBA is a useful and widely applied degree, so it can be a great qualification for pursuing roles across a variety of industries.
Is 35 too old for a full time MBA? ›
“You're never too old,” NYU Stern's longtime Associate Dean of MBA Admissions and Program Innovation Isser Gallogly told us at the CentreCourt MBA Festival a few years ago. “It comes down to work experience, it depends on what your background is and what your goals are.”
Is MBA worth it at 50? ›
The short answer is that there is no such thing as too old. You can decide to pursue your MBA at any age if it makes personal and professional sense to do so.
Do jobs care where you get your MBA? ›
Does it matter where you get your MBA? The short answer is: Yes! The Master of Business Administration (MBA) is one of the most popular graduate degrees in the world. Business professionals seek this degree to enhance their business and management skills, boost their career prospects, or transition into a new field.
Do most people work while getting MBA? ›
MBA students often work while completing their education for two reasons. First, some employers offer tuition assistance, including reimbursem*nt for part or all of the cost of an MBA.
Is an MBA needed anymore? ›
Earning your MBA can qualify you for higher salaries and more job opportunities. According to a 2022 survey of corporate recruiters, the Graduate Management Admissions Council (GMAC) projected that MBA graduates working at US companies would earn a median annual salary of $115,000 in 2022.
