Nearly a quarter of Harvard Business School’s 2024 M.B.A. graduates remained jobless three months after graduation, highlighting deepening employment challenges at elite U.S. business schools. The unemployment rate for Harvard M.B.A.s rose to 23% from 20% a year earlier, more than double the 10% rate in 2022.

Major employers including McKinsey, Amazon, Google, and Microsoft have scaled back M.B.A. recruitment, with McKinsey cutting its hires at University of Chicago’s Booth School to 33 from 71. “We’re not immune to the difficulties of the job market,” said Kristen Fitzpatrick, who oversees career development at Harvard Business School. “Going to Harvard is not going to be a differentiator. You have to have the skills.” Columbia Business School was the only top program to improve its placement rate in 2024. Median starting salaries for employed M.B.A.s remain around $175,000.