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Graduating in the midst of the pandemic, Harvard Business School MBAs set yet another record in median pay. The total median compensation for an HBS grad this year reached $173,500. The total including sign-on bonuses and other guaranteed first-year compensation was less than a percent of an increase over last year’s $172,090 yet nevertheless a new record for MBA graduates.

Even so, the pandemic clearly had an impact on the employment rate, even at Harvard. Three months after graduation, nearly one in five graduates had yet to land a job. Some 90% of them had a job offer in hand, down four percentage points from a year earlier, but only 83% had accepted their offers, down five percentage points from 88% in 2019.

That trend of higher pay and fewer job offers and acceptances has played out at one business school after another this year, as the outbreak of the coronavirus led many companies to freeze their hiring plans and in some cases claw back offers they had already made to forthcoming MBA graduates (see below). Harvard’s 2020 employment report is coming out more than six weeks later than typical due to disruptions caused by the pandemic