In fact, MBAs are part of a corporate mythology that hardly existed during the depression. As late as the 1950s our universities turned out less than 5,000 MBAs a year. By 2005 these schools graduated 142,000 MBAs. In the other words, in the 1950s it would take two centuries to produce a million MBAs. By 2005, with huge trade and budget deficits, a disappearing auto industry, one of our most costly and disastrous wars, a growing gap between rich and poor, a constantly projected inability to care for our ill or elderly and a pessimism repeatedly confirmed in polls, we could produce a million MBAs in only seven years.
Business Week - According to the latest data reported to Business Week, 16% of job-seeking students from the top 30 MBA programs did not get even one offer by the time schools collected their final fall employment data three months after graduation. Last year that was true of just 5% of students. And despite the meteoric rise of salaries over the past several years, starting pay was down this year for the top 30, dipping from roughly $98,000 in 2008 to $96,500. For many programs, it marked the first time since the tech bubble burst that salaries didn't increase. Signing bonuses, too, fell both in value and quantity.
Even students at top schools have been affected by the slump. With MBA mainstays like the consulting and financial services sectors still hurting from the crisis, industries that were once elite schools' bread and butter have hit lean times. The average number of students without job offers three months after graduation at the top 10 programs was 15%, just three percentage points better than the rest of the top 30. Heavyweights such as the Wharton School, the University of Michigan's Ross School of Business, and Duke University's Fuqua School of Business are reporting close to 20% of students without job offers.