Last week BusinessWeek ran an article titled “MBAs Confront a Savage Job Market,” which painted a pretty rough picture for graduates at many top business schools. At some top schools, as many as 20% of grads were still unemployed three months after graduation, a statistic that economists haven’t seen for decades.
Fortunately, the world of top-30 business schools is not universally gloomy. Some business schools’ career offices have been able to direct their students into more stable industries, such as government, health care, energy, and the non-profit sector. While working for the government may not quite be as appealing as being a six-figure-making banker, many grads have opened their eyes and realized that these sectors are where the jobs are right now, and are taking these jobs when they can.
In other cases, hiring did happen, although it happened later than it normally does. The Kellogg School of Management, for instance, reported that 85% of of its grads received at least one offer, although many students received offers late in the spring — months later than they normally would. Other top MBA programs have also been able to weather the storm pretty well. BusinessWeek ranked the schools in terms of how well they’ve held up job-wise in the recession, with Yale, Washington University, HBS, Stanford, and MIT Sloan coming out on top. At Yale, for example, only 8% of grads were without any job offers three months after graduation, just two percentage points higher than a year ago. While not all of these placed grads landed the exact jobs they envisioned when they first applied to business school, you can be sure that they’re glad to have jobs at all.