Leading MBA programs reported softer compensation and slower hiring cycles for the Class of 2025. Stanford’s total compensation fell for a second straight year as expected performance bonuses declined sharply, even while base salaries and placement metrics held steady. The school reported a modest rise in base pay but noted the average bonus dropped nearly 11 percent. Yale School of Management saw job offers and acceptances slip further: within three months of graduation, fewer students had received offers or accepted positions compared with prior years. Recruiters and career centers described longer timelines and fiercer competition for roles that in previous cycles were filled earlier. Business‑school career teams say industry hiring patterns are shifting—technology is rebounding at some schools while finance and high‑bonus sectors have cooled—prompting students and administrators to recalibrate recruiting strategies and employer engagement.