Exhibit 99.1

For Immediate Release

Contacts: For investors:

Gary Burnison (310) 226-2613

For media:

Don Spetner (310) 843-4176

Korn/Ferry International Announces Third Quarter Fiscal Year 2004 Results

Highlights:

Los Angeles, CA, March 10, 2004 - Korn/Ferry International (NYSE:KFY), a leading provider of recruitment and leadership development services, announced third quarter fiscal 2004 diluted earnings per share of $0.10 compared to $0.06 in Q2’04 and a loss per share of $0.07 in Q3’03.

“With the strength in corporate profits and overall economic expansion, we continue to witness a recovery in the executive recruitment business,” said Paul C. Reilly, Chairman and CEO of Korn/Ferry International. “Additionally, we are seeing increased acceptance of our global client strategy and broad based product solutions in the marketplace.”

Financial Results

Actual and Adjusted Results

(dollars in millions, except per share amounts)

Fiscal third quarter fee revenue of $81.4 million increased $4.7 million or 6.1% from Q2’04 of $76.7 million and increased $5.9 million or 7.8% from Q3’03 of $75.5 million. The sequential increase in fee revenue is due to the increase in the average number of billable engagements, primarily in North America, combined with exchange rates which impacted fee revenues favorably by $2.0 million in the current quarter. The year over year increase in fee revenue, which includes an increase of North America fee revenue of $4.4 million, is attributable to an improvement in the number of new engagements opened across all regions. Exchange rates impacted fee revenues favorably by $4.3 million in the current quarter compared to prior year.

Compensation and benefits expense was $53.6 million compared to $51.3 million in Q2’04 and $54.5 million in Q3’03. The increase from Q2’04 partially relates to the impact of exchange rates of $1.3 million combined with an increase in bonus expense. The decline from Q3’03 reflects a reduction in the number of employees from approximately 1,550 at January 31, 2003 to approximately 1,400 at January 31, 2004, which reduced compensation and benefits expense by $3.7 million. This decline in compensation and benefits expense was offset by the impact of exchange rates by $2.8 million.

General and administrative expense was $18.7 million compared to $17.5 million in Q2’04 and $16.7 million in Q3’03. The increases of $1.2 million and $2.0 million, respectively, are due to increased facilities expense in Europe related to the relocation of one of our larger offices in addition to the impact of exchange rates.

Depreciation and amortization expense of $2.5 million was consistent with Q2’04 and decreased $1.5 million compared to Q3’03 as a significant amount of fixed assets became fully depreciated in the second half of fiscal 2003.

Operating income of $6.2 million improved $1.1 million or 21% compared to Q2’04 and improved $6.0 million compared to Q3’03. Operating EBITDA of $8.8 million improved $1.1 million or 14.8% compared to Q2’04 and improved $4.6 million compared to Q3’03.

Balance Sheet and Liquidity

Cash and cash equivalents was $76.9 million at January 31, 2004 compared to $64.4 million at October 31, 2003.

Interest expense, primarily related to the borrowings under Company Owned Life Insurance (COLI) policies and Korn/Ferry’s convertible securities, was $2.4 million in the current quarter, which decreased slightly compared to Q2’04. At January 31, 2004, Korn/Ferry had no outstanding borrowings under its credit facility.

EXECUTIVE RECRUITMENT

Korn/Ferry is one of the world’s leading executive recruitment brands. Operating in 36 countries, the Executive Recruitment business delivers customized executive search services, including the identification of CEOs, COOs, CFOs, board members and other senior-level executives, to clients worldwide.

Selected Executive Recruitment Data

Actual and Adjusted Results

(dollars in millions)

In the Executive Recruitment business, fiscal third quarter fee revenue was $72.8 million, an increase of $3.6 million or 5.2% from $69.2 million in Q2’04 and an increase of $4.6 million or 6.7% from $68.2 million in Q3’03. The sequential increase in fee revenue is attributable to an increase in the average number of billable engagements, primarily in North America. Sequentially, exchange rates impacted fee revenue favorably by $1.6 million. The year over year increase in fee revenue is due to an increase in the number of new engagements opened across all regions. Year over year, exchange rates impacted fee revenue favorably by $3.5 million.

Executive recruitment operating income was $11.4 million in the current quarter, an increase of $2.2 million or 23.9% compared to $9.2 million in Q2’04, and an increase of $3.0 million or 35.7% compared to $8.4 million in Q3’03. Operating EBITDA was $13.5 million in the current quarter, an improvement of $2.3 million or 20.5% compared to $11.2 million in Q2’04 and an improvement of $1.8 million or 15.4% compared to $11.7 million in Q3’03.

The increases in both operating income and operating EBITDA in Q3’04 compared to Q2’04 reflect the increase of revenue partially offset by an increase in general administrative expenses.

The increases in both operating income and operating EBITDA in Q3’04 compared to Q3’03 reflect the increase of revenue as well a decrease of depreciation and amortization expense, which only affected operating income. These amounts were partially offset by an increase of general administrative expenses, primarily due to foreign exchange rates.

The total number of consultants at January 31, 2004 was 385, consistent with the number of consultants at October 31, 2003, and a reduction of approximately 25 compared to January 31, 2003.

FUTURESTEP

Futurestep provides customized middle management recruitment solutions to companies, offering clients a portfolio of services ranging from individual search assignments to on-site managed recruitment services.

Selected Futurestep Data

Actual and Adjusted Results

(dollars in millions)

Futurestep fiscal third quarter fee revenue was $8.5 million, an increase of $1.1 million or 14.2% from Q2’04 and an increase of $1.2 million or 16.0% from Q3’03. The increase in fee revenue is attributable to North America which was driven by our strategic movement toward larger fee engagements. Exchange rates impacted fee revenue favorably by $0.4 million and $0.8 million, sequentially and year over year, respectively.

A restructuring charge of $1.6 million was recognized in Q3’03 as a result of revised estimates for previous restructuring initiatives related to Futurestep facilities.

Futurestep operating income was $0.6 million compared to $0.5 million in Q2’04 and an adjusted operating loss of $1.3 million in Q3’03. Operating EBITDA was $0.9 million in the current quarter compared to $0.7 million in Q2’04 and a negative adjusted operating EBITDA of $0.8 million in Q3’03. Operating income and operating EBITDA, including restructuring, was negative $2.9 million and negative $2.4 million, respectively, in Q3’03.

Outlook

Korn/Ferry estimates that fourth quarter fiscal 2004 fee revenue is likely to be in the range of $81 million to $85 million, assuming constant foreign exchange rates, and earnings per share is likely to be in the range of $0.10 to $0.16.

Earnings Conference Call Webcast

The earnings conference call will be held today at 10:00 AM (EST) and hosted by Paul Reilly, Chairman and CEO, and Gary Burnison, Chief Operating Officer. The conference call will be webcast and available online at www.kornferry.com, accessible through the Investor Relations section.

Korn/Ferry International (NYSE:KFY), with over 70 offices in 36 countries, is the executive recruitment firm with the broadest global presence. The firm works closely with clients to provide solutions tailored to their recruitment and assessment needs, through its executive search business, identifying CEOs, COOs, CFOs, board members and other senior-level executives; through the firm’s Management Assessment business, which provides evaluation of senior management teams; and through Futurestep, which provides customized middle management recruitment solutions to employers, offering clients a portfolio of services ranging from individual search assignments to on-site managed recruitment services. For more information, visit the Korn/Ferry International Web site at www.kornferry.com and the Futurestep Web site at www.futurestep.com.

Statements in this press release and our conference call that relate to future results and events (“forward-looking statements”) are based on Korn/Ferry’s current expectations. Readers are cautioned not to place undue reliance on such statements. Actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties which are beyond the control of Korn/Ferry. The potential risks and uncertainties relate to competition, the dependence on attracting and retaining qualified and experienced consultants, the portability of client relationships, local political or economic developments in or affecting countries where we have operations, risks related to the growth and results of Futurestep, restrictions imposed by off-limits agreements, reliance on information systems and employment liability risk. For a detailed description of risks and uncertainties that could cause differences, please refer to Korn/Ferry’s periodic filings with the Securities and Exchange Commission. Korn/Ferry disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

[Tables attached]

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

FINANCIAL SUMMARY BY SEGMENT

(in thousands)

*Adjusted operating income (loss) on this page and adjusted operating EBITDA on the following page excludes restructuring charges related to severance and facilities of $16.3 million and $8.5 million for the nine months ended January 31, 2003 and 2004, respectively. Executive recruitment restructuring charges were $11.4 million and $5.4 million for the nine months ended January 31 ,2003 and 2004, respectively. Futurestep restructuring charges were $1.6 million for the three months ended January 31, 2003, $5.4 million for the nine months ended January 31, 2003 and $3.0 million for the nine months ended January 31, 2004. Corporate restructuring charges were $(1.6) million for the three months ended January 31, 2003, $(0.5) million in the nine months ended January 31, 2003 and $0.1 million in the nine months ended January 31, 2004.

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF OPERATING EBITDA