The problem of jobs is not only in developing countries like India. It is now more difficult than ever to get a prestigious job despite studying from premier institutions in the world’s economic superpower like America. Even graduates from prestigious institutions like Harvard Business School are facing this challenge.
According to HBS data
-23 percent MBA graduates of 2024 batch are looking for jobs
-Which is much higher than 20 percent in 2023 and 10 percent in 2022
Regarding this problem, Harvard’s Career Development Department says that Harvard’s name no longer guarantees a job. It is important for you to have the right skills for the job.
This problem is not limited to Harvard alone. The job placement records of top business schools like Stanford, Wharton and NYU Stern have also been weak, the HBS report said. The number of unemployed graduates at Chicago Booth and Northwestern Kellogg has tripled by 2022.
This challenge is even bigger for international students. According to a graduate of University of Virginia Darden, shifting careers in technology has been very difficult. He made more than 1 thousand applications and did a lot of networking but the struggle is still going on. Finding a job has become more difficult for graduates requiring visa sponsorship.
The job trend for MBA has changed completely. On-campus recruitment is now less frequent and companies are focusing on smaller, targeted hiring programs closer to graduation. There itself
Tech companies like Amazon, Google and Microsoft have cut down on recruitment. Consulting firms like McKinsey have also reduced the recruitment of MBA graduates.
To improve the situation, Harvard Business School has launched a new AI tool, which helps in finding jobs based on skills and filling the skill gap through courses. Additionally, a four-day class has been launched that imparts skills to employers through networking as well as impactful presentations.
However, for some graduates the wait is proving emotionally and financially challenging. Some graduates have to wait till 2025 for jobs and are forced to work at salaries lower than their expectations. And some graduates have achieved success after hundreds of applications and networking. It is being said that this super-selective environment is no longer a temporary phase but the new reality.