The Wharton School reported a median base salary increase to $185,000 for its MBA Class of 2025 while job‑offer and acceptance rates fell for a second straight year. Offer and acceptance percentages declined modestly from the prior year, and the share of grads actively seeking employment dropped to 69.2%. Career‑services teams and deans at elite business schools face a bifurcated market: higher pay for those who place, coupled with increased competition and selectivity that depresses placement conversion rates. Employers and students are recalibrating expectations about recruiting timelines and outcomes.