For many top business schools, career statistics made public earlier this year indicated relatively high percentages of 2024 MBAs still seeking jobs three months after graduation.
The statistics generated trend-story coverage from publications including the Wall Street Journal and the Economist, with headlines such as “Even Harvard M.B.A.s Are Struggling to Land Jobs” and “Why elite MBA graduates are struggling to find jobs.”
As it turns out, Darden has a different story to tell, once you dig behind the headlines — Darden is out-performing peers. Only 7% of 2024 Darden MBAs were still pursuing jobs three months after graduation.
The Journal article included three-month results from Harvard University and MIT (23% each), Stanford University (20%), Duke University (18%), University of Michigan and the University of Chicago (16% each), among others. The figures include MBAs who had received job offers but did not accept them.
The Darden Report checked in with Jeff McNish, senior assistant dean of Darden’s Career Center, to gather a more complete picture about the School’s 2024 figures and to discuss the School’s approach to assisting MBAs with landing a job and developing rewarding careers.
Jeff McNish is senior assistant dean of Darden’s Career Center.
Q: Darden’s results compare favorably to many top schools, but it’s also true that we are not immune to a tough market.
A: To be sure, the job market fluctuates, with offers and hiring ebbing and flowing across cycles depending on broad economic conditions and trends in individual career sectors. That being said, MBA hiring is remarkably resilient and consistent, which is reflected in the historical trends. Looking back 10 years there have been several peaks and valleys but ultimately, Darden’s employment outcomes have never dipped below 90 percent for graduates accepting a job three months following graduation.
We’re proud of our numbers even in a more challenging market this year, but we’re not satisfied until we’ve done everything we can to help every Darden MBA start their career after graduating.
Q: Have Darden’s career outcomes changed much since the results were gathered three months after graduation?
A: In line with industry standards, our team doesn’t formally collect outcome data beyond three months post-graduation. Darden and fellow business schools collect and report outcomes according to agreed-upon standards outlined by the Career Services and Employer Alliance.
The CSEA standards provide valuable comparability and transparency for students and employers, but you have to remember that it has a strict cut-off of 90 days after graduation. That means that a student could land his or her dream job on the 91st or 102nd day and not be counted in the statistics. There’s more to the story.
As the Career Center continues to engage with the Class of 2024, we’ve certainly been hearing good news. For example, I just spoke with one of our recent graduates, who secured a terrific finance position with a major international corporation back in September. She is just one among many.
After graduation, Darden alumni have the unique benefit of lifelong career support offered by the Armstrong Center for Alumni Career Services. Wherever a graduate is in his or her career, that career team is a valuable resource.
Q: What’s different about the job market and conditions that 2024 graduates have been encountering?
A: The 2023-2024 hiring cycle faced some uncertain economic markets and demand shifts in certain industries, and continued course correction from over-hiring. Election years inevitably introduce another element of uncertainty to the business world. It’s not a stretch to think that may have led to more conservative hiring strategies in 2024.
One pattern we are seeing emerge is a change in the MBA recruiting ecosystem across all business schools. There are fewer dedicated MBA recruiting teams from companies and firms participating in structured recruitment, whether in-person or virtual. Instead, companies are posting open roles on an as-needed basis throughout the year. What this means for students is a more complex job search.
Darden MBAs are undoubtedly top-tier candidates. We’ve received direct feedback from recruiters that our students are well-rounded, hard workers who exhibit intellectual curiosity and a desire for continuous learning. It’s now about making sure their resumes get to the top of the pile — they are prepared to nail their interviews whenever the opportunity presents itself.
Q: What is the Career Center’s approach to helping students? Does it change when the market is more challenging?
A: It’s a case-by-case approach guided by the unique situations of each student. Our mission is to help students identify their goals and values, align their skill sets with MBA-level roles and secure internships and post-graduation positions that will launch their careers.
We work with students to connect the dots of their background with their career goals and guide them through the MBA job search. We are here to boost confidence, provide resources on ways to close knowledge-gaps while at Darden, identify transferable skills, and offer strategic guidance for the search and interview process.
Fundamentally, our approach stays the same. However, the one-on-one conversations may sound different.
Q: What’s the Center’s advice to students who are earning MBAs and preparing to enter the workforce?
A: One of our favorite pieces of advice to give is to “run your own race.” Recruiting is and always will be competitive regardless of the market. Be confident in yourself and your goals, identify skills-gaps and put in the work to best position yourself for success.
How should students prepare while at Darden? Engage in their classes and stay plugged in to the academic community! The faculty here are teaching the skills and fundamental knowledge that employers are looking for. Darden is regularly recognized for the quality of the education experience and when students seek to get the most out of that, that prepares them not just for their first post-grad job but a lifetime of career success, as we see from Darden alumni over the years. Get involved with the initiatives and research that is happening all around you and engage with some of the 19,000 Darden alumni! This is your network, and these experiences are invaluable resume-builders that will help you stand out.
View the Full-Time MBA Class of 2024 employment report here.