EXHIBIT 99.1

For Immediate Release

Contacts: For investors:

Gary Burnison (310) 226-2613

For media:

Anneli Ballard (212) 984-9350

Korn/Ferry International announces a 17% increase in

earnings per share, without giving effect to a loss recovery

on investment

Highlights:

Los Angeles, CA, March 7, 2006 - Korn/Ferry International (NYSE:KFY), the leading provider of executive search, outsourced recruiting and leadership development solutions, announced third quarter fiscal 2006 diluted earnings per share of $0.37 compared to $0.23 in Q3’05. Diluted earnings per share was $0.27 in Q3’06 excluding the loss recovery on an investment sold by the company during the quarter.

“We continue to see strong demand for all of our service offerings across all geographic regions,” said Paul C. Reilly, Chairman and CEO of Korn/Ferry. “We are pleased to report the highest quarterly net income in the company’s history and look forward to continuing to increase shareholder value.”

Financial Results

(dollars in millions, except per share amounts)

Fee revenue of $129.6 million in Q3’06 increased $12.7 million, or 11%, from $116.9 million in Q3’05. Fee revenue improved globally due to an 11% increase in the number of executive search engagements opened compared to prior year. Exchange rates impacted fee revenue in Q3’06 unfavorably by $4.0 million compared to Q3’05.

Compensation and benefits of $86.9 million in Q3’06 increased $12.3 million, or 16%, compared to $74.6 million in Q3’05. The increase is a reflection of higher headcount in North America Europe and Futurestep, as the company continues to invest in its operations. Variable compensation also increased due to improved profitability.

General and administrative expense of $21.3 million in Q3’06 decreased by $1.4 million, or 6%, from $22.7 million in Q3’05 as a result of decreased meetings and other administrative expense as compared to the same period last year.

Operating income was $18.7 million in Q3’06, an improvement of $1.6 million, or 9%, compared to $17.1 million in Q3’05. Operating margin for the quarter decreased slightly to 14.4% from 14.6% in the prior year quarter, due primarily to increased compensation and benefits costs resulting from increased headcount, as the Company continues to make strides in growing the business across industries worldwide.

The company recorded a $4.5 million loss recovery on an investment sold during the third quarter to other income. The investment was impaired in the first quarter of fiscal 2002. Excluding the impact of the sale, quarterly basic and diluted EPS was $0.30 and $0.27, respectively.

Balance Sheet and Liquidity

Cash, cash equivalents and marketable securities was $232.1 million at January 31, 2006 compared to $206.9 million at April 30, 2005. The increase in cash at January 31, 2006 was due to cash provided by operating and financing activities.

Interest expense in Q3’06 was $2.5 million, compared to $2.7 million in the same period last year. Interest expense in both years primarily related to borrowings under Korn/Ferry’s convertible securities and COLI policies. At January 31, 2006, Korn/Ferry had no outstanding borrowings under its credit facility.

Results by Segment

Selected Executive Recruitment Data

(dollars in millions)

Fee revenue was $111.7 million in Q3’06, an increase of $9.1 million, or 9%, from $102.6 million in Q3’05. Fee revenue improved in all regions due to an increase in the number of engagements, as compared to the same quarter last year.

Executive recruitment operating income improved $3.3 million in Q3’06, or 16%, to $24.4 million compared to $21.1 million in Q3’05. Operating margin for the quarter improved to 21.9% compared to 20.5% in the prior year.

We continue to invest in our people as we continue to secure engagements across various regions and industries. The total number of consultants at January 31, 2006 was 436, an increase of 45 consultants from January 31, 2005.

Selected Futurestep Data

(dollars in millions)

Fee revenue was $18.0 million in Q3’06, an increase of $3.7 million, or 26%, from $14.3 million in Q3’05. Improvements in fee revenue were driven by an increase in the number of new engagements opened and continuing development of Futurestep’s recruitment process outsourcing operations.

Futurestep operating income was $1.4 million in Q3’06, an increase of $0.7 million or 100% from $0.7 million in the prior year quarter. Operating margin for Futurestep increased to 7.8% from 5.0% in Q3’05, as the company has experienced increasing demand for Futurestep’s services worldwide.

Outlook

Assuming constant foreign exchange rates, Korn/Ferry estimates that fourth quarter fiscal 2006 fee revenue is likely to be in the range of $131 million to $136 million and diluted earnings per share is likely to be in the range of $0.27 to $0.31, excluding a one-time tax benefit to be received by the company in the fourth quarter. Including the tax benefit, diluted earnings per share is likely to be in the range of $0.37 to $0.45. The tax benefit is the result of the conclusion, on February 16, 2006, of an audit of our U.S. Federal Income Tax returns for the years ended April 30, 1997 through April 30, 2003.

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 70 offices in 36 countries, is the leading provider of executive search, outsourced recruiting and leadership development solutions. Based in Los Angeles, the firm partners with clients worldwide to deliver unparalleled senior-level search, management assessment, coaching and development and middle management recruitment services through its Futurestep subsidiary. For more information, visit the Korn/Ferry International Web site at www.kornferry.com or 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 INCOME

(in thousands, except per share amounts)

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

FINANCIAL SUMMARY BY SEGMENT

(in thousands)

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)