Chicago Booth’s Class of 2025 reported a second consecutive year of lower median total compensation, falling to $194,500 amid a cautious hiring cycle and uneven sector demand. Offer rates at graduation were 80.9% with three‑month offer rates rising to 89.1%, but delayed hiring and prolonged searches left more than one in five graduates without offers at commencement. Consulting and financial services remained top destinations, while technology hiring—once a major channel for Booth graduates—lagged notably. Schools and career offices are adapting recruitment calendars and employer outreach as firms reassess headcount amid AI investments and shifting budgets. New industry research also underscored the continued relevance of the GMAT: data from business‑school recruiters and employers suggests standardized testing still correlates with predictive skills admissions committees value. MBA programs and applicants must navigate an admissions market that remains selective, with test‑optional policies competing against evidence that the GMAT signals key competencies.