Chicago Booth’s Class of 2025 reported a decline in median total compensation to $194,500, marking a second consecutive year of weaker pay outcomes for an elite MBA pipeline. Offer rates at graduation were 80.9% with acceptance at 78.1%; three months after graduation those figures rose but still lag pre‑2022 hiring cycles. Consulting and financial services remained the dominant destinations; technology hires were down materially. Median base salary held at $175,000 but sign‑on bonuses and other compensation measures fell, reflecting employer caution amid economic and AI‑driven restructuring. The results signal a softer environment for MBA recruiting at top schools and could influence prospective applicant decisions and program career services strategies going into 2026.