Nearly 23% of MBA graduates from Harvard University, one of the most prestigious Ivy League institutes, are still searching for jobs even after three months of finishing the course, according to a Wall Street Journal (WSJ) report. Similar problems have been highlighted in other top institutes, demonstrating the toughening job market.
The top MBA programs in the US, including the University of Pennsylvania’s Wharton School, Stanford’s Graduate School of Business, and New York University’s Stern School of Business, had the worst job placement outcomes last year.
The share of MBA graduates in 20024 still available in the job market months after graduation is more than doubled from 2022. For universities such as the University of Chicago’s Booth School and Northwestern University’s Kellogg School, the share of MBA graduates has tripled.
However, this has not stopped Indian students from applying to top universities in the US, particularly in Magnificent 7 (M7), which consists of Harvard, Stanford, Wharton, Columbia, MIT, Kellogg, and Booth, according to a report by The Economic Times (ET).
This trend shows growing interest in business schools when the economy is slowing down.
“Finding a job in the USA is tough currently, with a pullback in consulting and technology hiring. However, we are also seeing top business schools report a 15-40% surge in applications,” Rajdeep Chimni, chief mentor at Admissions Gateway, told ET.
“Fears of a slowdown/recession typically result in higher applications as candidates have a three-year horizon to matriculation and are not deterred by the current market,” Chimni added.
Many students opt for such courses as a long-term investment instead of just looking at monetary gains, as such schools give access to networks.
However, many students have not got jobs as they are looking for other opportunities or better jobs, the report said.
According to the WSJ report, nearly 20% of students were not placed in 2023, while it was 10% in 2022.