Business schools nationwide were among the first to see the labor market shift in early 2023 as tech industry cuts bled into other sectors, said Maggie Tomas, Business Career Center executive director at Carlson. Tariffs and stock market volatility have only added to the uncertainty, she said.
In 2022, when workers had their pick of jobs, 98% of full-time Carlson MBA graduates had a job offer in a field related to their degree within three months of graduation, according to the school. That number, which Tomas said is usually 90% or higher, dropped to 89% in 2023 and 83% in 2024.
Part of the challenge, she said, is recent graduates are now competing with more experienced workers who are re-entering the market amid layoffs and hiring freezes.
“There are very few companies that are saying, ‘We’re no longer going to recruit this year,’” Tomas said. “They’re still hiring; they’re just hiring less.”
Abdallah Mohammed chats with coworkers during a last day celebration for the Metropolitan State student apprenticeship program at Securian Financial in St. Paul. Mohammed a recent graduate Metropolitan State was hired as an engineering analysts after his apprenticeship by Securian Financial. (Carlos Gonzalez/The Minnesota Star Tribune)
After doing a lot of hiring in 2021 and 2022, Securian Financial in St. Paul is prioritizing internal hires, said Human Resources Director Leah Henrikson. Many entry-level roles have gone to current employees looking for a change, she said.
“We are still looking externally, it’s just the folks that we are looking for externally tend … to fulfill a specific skill gap we may have at that moment in time,” Henrikson said.
