The Wharton School’s Class of 2025 posted a higher median base salary—$185,000, up $10,000 year over year—while placement metrics cooled for a second consecutive year. Of 879 graduates, 608 were seeking employment; 90.5% reported at least one offer and 87% accepted, both modest declines from the prior class. School officials and career‑services teams described a bifurcated market in which those who secure roles capture strong pay, but fewer students convert interviews into offers. The share of graduates seeking employment dropped to 69.2%, the lowest in more than a decade. Business schools should brace for continued volatility in placement outcomes and may need to expand employer diversification, micro‑credentialing and career coaching to sustain student value amid tougher recruiting conditions.