MBAs face a tough job market

The MBA Class of 2009 was hit harder than expected by the recession. At some top schools, 1 in 5 are jobless 3 months after graduation

According to the latest data reported to BusinessWeek, 16.5% 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.

One factor that made this recession different was that it hit MBA students where it hurt the most, with thousands of high-paying finance jobs going up in smoke. The companies usually responsible for doling out generous bonuses dramatically scaled back both their hiring and incentive packages. The percentage of employed graduates who got signing bonuses fell to 71% from 81% the year before, and their median value dropped by $5,000. In 2007 signing bonuses went to about 76% of students who accepted jobs across the top 30. That number fell to 65% in 2009.