Harvard Business School (HBS), which is part of the Ivy League and M7, is consistently ranked as one of the best business schools in the world. The Harvard MBA program is known for bringing together some of the brightest young business minds.
Students in the Harvard MBA class of 2025 come from a wide variety of backgrounds and industries, including finance, consulting, technology, manufacturing, the non-profit sector, and the arts.
If getting into Harvard Business School is a goal of yours, our Harvard MBA Class Profile Analysis will provide insight into the kind of applicants who are successful in getting into the school. Additionally, we will also provide employment reports, cost of attendance, and scholarships at Harvard Business School.
- General Information on Harvard Business School
- Harvard MBA – By the numbers
- Harvard MBA Class Profile 2025
- Harvard MBA Application Deadlines
- Harvard MBA employment numbers – Class of 2023
- Start-Ups
- Entrepreneurship
- 5-year hiring trend at Harvard Business School
- Harvard MBA – Cost of Attendance
- Harvard MBA Scholarships
- Final Thoughts
General Information on Harvard Business School
Location – Soldiers Field, Boston, MA 02163
Dean – Srikant Datar
Admissions Office – MBA Admissions, Harvard Business School, Dillon House, Soldiers Field Boston, MA 02163
Phone: +1-617-495-6128
Email: admissions@hbs.edu
Social media – Facebook, Twitter, YouTube, Instagram, LinkedIn, Apple Podcasts, TikTok
Harvard MBA – By the numbers
Here are a few important statistics for the latest class i.e. class of 2025 of the Harvard Business School
| Applications Received | 8149 |
| Class Size | 938 |
| Median GMAT Score | 740 |
| GMAT Range | 500-790 |
| Median GRE Score | 326 |
| GRE Range | 295-340 |
| Average GPA | 3.73 |
| Work Experience (Average) | 4.9 years |
| Tuition Cost for a Single Person (first year of the 2-year MBA) | $74,910 |
| Percentage of students that received a job offer | 95% |
| Median Base Salary | $175,000 |
| Median Signing Bonus | $30,000 |
| Median Performance Bonus | $40,000 |
Now, let’s take a look in detail at the latest incoming class i.e., the class of 2025 of Harvard Business School.
Harvard MBA Class Profile 2025
Enrollment
A total of 8,149 people applied to be a part of the HBS class of 2025. However, HBS gave a chance to 11.5% of the applicants and 938 students enrolled.
- Applications Received by Harvard Business School – 8,149
- Total Enrolled – 938
- Enrollment rate – 11.5%
Diversity
Business Schools care a lot about maintaining diversity in the class. 45% of the HBS class of 2025 is female and 39% of students are foreign-born. The biggest chunk of international students comes from Asia (15%) followed by Europe (10%) and Mexico, Central, and South America put together (5%). More details are below.
- % women in the HBS class of 2025 – 45%
- % international students in the HBS class of 2025 – 39%
| Geographical Area | % of HBS class of 2025 |
| United States | 61% |
| Asia | 15% |
| Europe | 10% |
| Mexico, Central, and South America | 5% |
| Canada | 3% |
| Middle East | 3% |
| Africa | 2% |
| Oceania | 1% |
Test Scores and GPA
Harvard Business School is home to some of the brightest minds in the world. So, it’s quite understandable that the GPA and test scores will be on the higher side. The average GPA of the HBS class of 2025 is 3.73, the median GMAT score is 740, and the median GRE score is 326.
Average GPA – 3.73
GMAT Score
- Median GMAT – 740
- GMAT Range: 500-790
- Median GMAT Quant – 49
- GMAT Quant Range: 31-51
- Median GMAT Verbal – 42
- GMAT Verbal Range: 25-51
GRE Score
- Median GRE – 326
- GRE Range – 295-340
- Median GRE Quant – 163
- GRE Quant Range: 145-170
- Median GRE Verbal – 163
- GRE Verbal Range: 150-170
- Percent applicants submitting GRE Scores – 34%
Undergraduate Major
The highest number of HBS class of 2025 students have a background in engineering (25%) followed by Business and Commerce (22%) and Economics (21%).
More details are in the table below:
| Undergraduate Major | Percentage of HBS class of 2025 |
| Engineering | 25% |
| Business/Commerce | 22% |
| Economics | 21% |
| Math/Physical Sciences | 17% |
| Social Sciences | 12% |
| Arts/Humanities | 4% |
Pre-MBA industry of HBS MBA Class of 2025
Every student in the HBS class of 2025 has work experience. The average work experience being 4.9 years. 17% of the HBS class of 2025 has a background in Consulting and Venture Capital/Private Equity followed by Technology (13%) and Financial services & Consumer Products / Retail / E-Commerce (10%).
More details are in the table below:
| Pre-MBA industry | % of HBS class of 2025 |
| Consulting | 17% |
| Venture Capital/Private Equity | 17% |
| Technology | 13% |
| Financial Services | 10% |
| Consumer Products/Retail/E-Commerce | 10% |
| Manufacturing/Industrial/Energy | 9% |
| Health Care/Biotech | 7% |
| Nonprofit/Government/Education | 6% |
| Military | 6% |
| Media/Entertainment/Travel | 3% |
| Services | 2% |
Harvard MBA Application Deadlines
The application dates for the MBA Class of 2026 (incoming class of 2024) are
| Application Round | Deadline | Decisions |
| Round 1 | Sep 6, 2023 | Dec 6, 2023 |
| Round 2 | Jan 3, 2024 | Mar 27, 2024 |
The application deadline for 2024 HBS 2+2 applicants is:
| Application Round | Deadline | Decisions |
| 2+2 Round | Apr 25, 2024 | TBD |
Now that you know the education and industry background of the latest class of Harvard Business School, you must have an idea of where you stand compared to them. To get into Harvard Business School try to match or exceed these numbers. Now, let’s take a look at the compensation that HBS MBA students get after they graduate.
Harvard MBA employment numbers - Class of 2023
The Harvard Business School class of 2023 received a median base salary of $175,000. Moreover, 57% of the class received a median signing bonus of $30,000, and 70% received a median performance bonus of $40,000.
Here are the details:
- Median Base Salary - $175,000
- Median Signing Bonus - $30,000 - 57% Receiving
- Median Performance Bonus - $40,000 - 70% Receiving
- 95% received an offer within 3 months of graduating
Employment by Industry
The data represents the industry distribution of the Harvard Business School (HBS) class of 2023 hires. The top industries include Consulting (25%), Private Equity (17%), Technology (16%), Investment Management/Hedge Fund (6%), Venture Capital (6%), Manufacturing (6%), Health Care (5%), Nonprofit/Government (5%), Consumer Products (4%), Investment Banking (3%), Other Financial Services (3%), Services (2%), Retail (1%), and Entertainment/Media (1%).
More details are in the below table.
| Industry | % HBS class of 2023 hired |
| Consulting | 25% |
| Technology | 16% |
| Private Equity | 17% |
| Investment Management / Hedge Fund | 6% |
| Venture Capital | 6% |
| Investment Banking | 3% |
| Other Financial Services | 3% |
| Health Care | 5% |
| Manufacturing | 6% |
| Consumer Products | 4% |
| Entertainment / Media | 1% |
| Nonprofit / Government | 5% |
| Retail | 1% |
| Services | 2% |
Harvard MBA Median Salary by Industry
- Salary Variations:
- The highest median base salary is in the Consulting industry at $192,000, followed by Private Equity and Investment Banking at $185,000 and $175,000, respectively.
- The Nonprofit/Government sector has the lowest median base salary at $120,000.
- Signing Bonuses:
- Investment Banking offers the highest median signing bonus at $54,000, followed closely by Investment Management/Hedge Fund at $50,000.
- Nonprofit/Government and Retail industries do not provide signing bonuses.
- Performance Bonuses:
- Private Equity has the highest median performance bonus at $181,000, significantly higher than other industries.
- Investment Banking also offers a substantial median performance bonus of $100,000.
- Nonprofit/Government, Retail, and Entertainment/Media industries do not have reported performance bonuses.
More details are in the following table.
| Industry | Median Base Salary | Median Signing Bonus | Median Performance Bonus |
| Consulting | $192,000 | $30,000 | $32,000 |
| Consumer Products | $140,000 | $35,000 | $30,000 |
| Entertainment / Media | $153,000 | N/A | $16,000 |
| Health Care | $165,000 | $20,000 | $24,000 |
| Investment Banking | $175,000 | $54,000 | $100,000 |
| Investment Management / Hedge Fund | $175,000 | $50,000 | $120,000 |
| Manufacturing | $150,000 | $25,000 | $26,000 |
| Nonprofit / Government | $120,000 | N/A | N/A |
| Other Financial Services | $176,000 | $35,000 | $20,000 |
| Private Equity | $185,000 | $30,000 | $181,000 |
| Retail | $159,000 | N/A | N/A |
| Services | $140,000 | N/A | $73,000 |
| Technology | $158,000 | $30,000 | $22,000 |
| Venture Capital | $175,000 | $20,000 | $50,000 |
Employment by function
33% of the HBS MBA class of 2023 found employment in Finance, followed by 26% in Consulting, and 16% in General Management.
More details are below.
| Function | % HBS class of 2023 hired |
| Finance | 33% |
| Consulting | 26% |
| Marketing | 10% |
| General Management | 16% |
| Strategic Planning | 7% |
| Business Development | 6% |
| Other | 3% |
Harvard MBA Median Salary by Function
- Finance and Consulting have the highest median salaries:
- Finance and Consulting both have a median salary of $175,000, which is the highest among the listed functions.
- Finance offers the highest median signing bonus:
- The median signing bonus in Finance is $43,000, which is the highest among the listed functions.
- Marketing has the lowest median salary:
- Marketing has the lowest median salary of $160,000 among the listed functions.
- General Management and Strategic Planning have similar compensation structures:
- Both General Management and Strategic Planning have the same median salary ($150,000) and a similar median performance bonus ($30,000).
- Business Development has a relatively lower median salary but a higher performance bonus:
- Business Development has a median salary of $155,000, which is lower compared to Finance and Consulting. However, it offers a higher median performance bonus of $31,000.
- Other category has competitive overall compensation:
- The "Other" category has a median salary of $175,000, a median signing bonus of $30,000, and a median performance bonus of $29,000. It appears to have competitive overall compensation similar to Finance and Consulting.
| Function | Median Salary | Median Signing Bonus | Median Performance Bonus |
|---|---|---|---|
| Business Development | $160,000 | $14,000 | $26,000 |
| Consulting | $192,000 | $30,000 | $30,000 |
| Finance | $175,000 | $40,000 | $150,000 |
| General Management | $150,000 | $30,000 | $22,000 |
| Marketing | $153,000 | $50,000 | $20,000 |
| Strategic Planning | $170,000 | $20,000 | $25,000 |
| Other | $150,000 | $28,000 | $79,000 |
Harvard MBA Employment by Location
- Domestic Employment Dominance:
- The majority of the class of 2023 graduates secured employment within the United States, constituting 89% of the total placements.
- Regional Distribution in the U.S.:
- Within the United States, the Northeast region had the highest employment rate, with 54% of graduates finding opportunities there.
- The West and the Southwest regions also had significant representation, with 16% and 7% of graduates securing employment, respectively.
- The Mid-Atlantic and Midwest regions had lower percentages, at 3% and 4% respectively, indicating a relatively lower concentration of placements in these areas.
- International Placements:
- Approximately 11% of the graduates secured employment outside the United States, indicating a considerable international mobility among the class of 2023.
- Global Distribution:
- Among the international placements, Europe had the highest representation with 5%, followed by Asia with 3%.
- Other regions, including Australia & Oceania, Canada, Latin America, Middle East & North Africa, and Sub-Saharan Africa, had minimal representation, each accounting for less than 1%.
Location
- United States - 89%
- International - 11%
| United States | 89% |
| Mid-Atlantic | 3% |
| Midwest | 4% |
| Northeast | 54% |
| South | 5% |
| Southwest | 7% |
| West | 16% |
| International | 11% |
| Asia | 3% |
| Australia & Oceania | <1% |
| Canada | <1% |
| Europe | 5% |
| Latin America | <1% |
| Middle East & North Africa | 1% |
| Sub-Saharan Africa | <1% |
Start-Ups
13% of the HBS class of 2023 joined a Start-up. A start-up is defined here as an organization that is still private and 10 years of age or younger.
Median Base Salary at start-ups - $165,000
By Industry
- Technology - 49%
- Consumer Products - 6%
- Financial Services - 10%
- Health Care - 14%
- Manufacturing - 16%
- Services - 3%
- Nonprofit/Government - 3%
By Function
- Business Development - 17%
- Finance - 7%
- General Management - 31%
- Marketing - 24%
- Strategic Planning - 17%
- Other - 3%
Entrepreneurship
106 students set up their own businesses. 39% decided to start a business in the Technology space and 20% in financial services.
More details are below.
- Number of Founders - 127
- Have a Cofounder - 53%
- Connected with a Cofounder at HBS - 52%
- Businesses Making a Social Impact - 66
Founded a business in Industry
- Technology - 43%
- Financial Services - 22%
- Health Care - 10%
- Services - 10%
- Manufacturing - 6%
- Consumer Products - 4%
- Entertainment / Media - 3%
- Consulting - 1%
- Nonprofit / Government - 1%
- Retail - 1%
5-year hiring trend at Harvard Business School
Trend by industry
The employment by industry trends has remained fairly the same for the last 5 years at Harvard Business School.
More details are below
| Industry | 2019 | 2020 | 2021 | 2022 | 2023 |
| Consulting | 21% | 24% | 23% | 26% | 25% |
| Consumer Products | 3% | 3% | 3% | 3% | 4% |
| Entertainment / Media | 3% | 2% | 3% | 3% | 1% |
| Health Care | 7% | 7% | 6% | 5% | 5% |
| Biomed / Pharmaceutical | 2% | 3% | 4% | 2% | 2% |
| Health-Related Services | 4% | 3% | 2% | 3% | 3% |
| Investment Banking | 3% | 3% | 4% | 3% | 3% |
| Investment Management / Hedge Fund | 4% | 7% | 8% | 8% | 6% |
| Manufacturing | 7% | 4% | 4% | 5% | 6% |
| Aero / Auto / Transport Equipment | 2% | 1% | 1% | 1% | 2% |
| Cleantech | <1% | 0% | <1% | <1% | <1% |
| Energy / Extractive Minerals | 2% | 1% | <1% | 2% | 2% |
| Highly Diversified | 2% | 1% | <1% | <1% | <1% |
| Other Manufacturing | <1% | <1% | <1% | <1% | 1% |
| Nonprofit / Government | 5% | 4% | 3% | 3% | 5% |
| Government | 2% | 1% | 1% | <1% | 2% |
| Nonprofit | 2% | 2% | 2% | 2% | 3% |
| Other Financial Services | 1% | 1% | 2% | 1% | 3% |
| Private Equity | 15% | 18% | 14% | 15% | 17% |
| Retail | 3% | <1% | 1% | 1% | 1% |
| Services | 3% | 3% | 3% | 1% | 2% |
| Real Estate | 2% | 2% | 2% | <1% | 1% |
| Other Services | 1% | <1% | 1% | <1% | <1% |
| Technology | 20% | 19% | 19% | 19% | 16% |
| Consumer Electronics | 1% | 1% | <1% | 1% | <1% |
| E-Commerce | 2% | 3% | 2% | 2% | 2% |
| Equipment / Hardware / Networking | 0% | <1% | <1% | <1% | 0% |
| Internet Services | 5% | 6% | 6% | 3% | 4% |
| Software | 8% | 5% | 6% | 5% | 5% |
| Other Technology | 4% | 3% | 4% | 7% | 4% |
| Venture Capital | 5% | 5% | 7% | 7% | 6% |
Trend by function
| Job Function | 2019 | 2020 | 2021 | 2022 | 2023 |
| Business Development | 9% | 5% | 6% | 7% | 6% |
| Consulting | 22% | 26% | 25% | 26% | 26% |
| Finance | 29% | 32% | 33% | 33% | 33% |
| Corporate Finance | 1% | 1% | 0% | 0% | 0% |
| Investment Banking / Sales & Trading | 3% | 3% | 4% | 3% | 3% |
| Investment Management / Hedge Fund | 4% | 5% | 7% | 7% | 6% |
| Venture Capital / Private Equity | 18% | 21% | 17% | 21% | 20% |
| Other Finance | 2% | 2% | 4% | 3% | 3% |
| General Management | 16% | 14% | 11% | 10% | 16% |
| Logistics | 0% | 0% | <1% | 0% | 0% |
| Operations / Manufacturing | 3% | 2% | 2% | 2% | 1% |
| Project Management | 2% | <1% | <1% | <1% | 2% |
| Rotational / Leadership Development | 3% | 4% | 3% | 3% | 2% |
| Other General Management | 9% | 6% | 5% | 4% | 10% |
| Marketing | 13% | 13% | 11% | 12% | 10% |
| Brand Management | <1% | <1% | <1% | 2% | <1% |
| General Marketing | 2% | 2% | 3% | <1% | <1% |
| Product Management | 8% | 9% | 7% | 10% | 8% |
| Sales | <1% | 1% | <1% | <1% | <1% |
| Other Marketing | <1% | <1% | 0% | 0% | <1% |
| Strategic Planning | 6% | 7% | 10% | 8% | 7% |
| Other | 4% | 4% | 4% | 4% | 3% |
| Human Resources | 0% | <1% | <1% | 0% | <1% |
| Product Development | <1% | <1% | <1% | <1% | <1% |
| Real Estate | 1% | 1% | 1% | <1% | 2% |
| All Other | 2% | 2% | 2% | 3% | <1% |
This is what the salaries look like at Harvard Business School. However, you should also know how much will it cost to attend Harvard Business School. The next section explains this in detail.
Harvard MBA - Cost of Attendance
The HBS Cost of Attendance includes both direct and indirect expenses. Direct expenses, tuition and fees, are charged directly to the student bill. Indirect expenses, such as living expenses, are more flexible. This annual cost of attendance assumes a nine (9) month academic year and a moderate student lifestyle
| SINGLE | MARRIED | MARRIED WITH ONE CHILD | MARRIED WITH TWO CHILDREN | |
| TUITION | $74,910 | $74,910 | $74,910 | $74,910 |
| HUHS STUDENT HEALTH FEE (SHF) | $1,408 | $1,408 | $1,408 | $1,408 |
| STUDENT HEALTH INSURANCE PLAN (SHIP) | $4,120 | $4,120 | $4,120 | $4,120 |
| HUSHP FOR STUDENT SPOUSES/DEPENDENTS | $0 | $8,692 | $13,310 | $15,634 |
| COURSE & PROGRAM MATERIALS FEE | $2,600 | $2,600 | $2,600 | $2,600 |
| HOUSING (9 MONTHS) | $16,200* ($1,800/mo) | $25,200** ($2,800/mo) | $31,500*** ($3,500/mo) | $31,500*** ($3,500/mo) |
| FOOD (9 MONTHS) | $6,030 ($670/mo) | $8,010 ($890/mo) | $9,990 ($1,110/mo) | $11,090 ($1,232/mo) |
| TRANSPORTATION (9 MONTHS) | $2,240 ($249/mo) | $3,900 ($433/mo) | $3,900 ($433/mo) | $3,900 ($433/mo) |
| OTHER LIVING EXPENSES (9 MONTHS) | $8,130 ($903/mo) | $10,500 ($1,167/mo) | $13,130 ($1,459/mo) | $16,340 ($1,815/mo) |
| TOTAL | $115,638 | $139,340 | $154,868 | $161,502 |
| COMPUTER (VARIABLE; NOT INCLUDED IN ABOVE BUDGETS) | $1,500 | $1,500 | $1,500 | $1,500 |
*based on average area market rate for 2 bedroom apartment w/roommate
**based on average area market rate for 1 bedroom apartment
***based on average area market rate for 2 bedroom apartment
Harvard MBA Scholarships
Business school is a valuable investment in your future. HBS supports this investment by offering need-based scholarships to both domestic and international students. HBS Scholarships are gifts that do not need to be paid back. Approximately 50 percent of students receive a need-based scholarship from HBS and the average scholarship is approximately $42,000 per year, or $84,000 total.
In August of 2022, HBS announced that it will provide full-tuition scholarships to students with the greatest financial need and will offer new scholarships to more students from middle-income backgrounds.
How ‘Need’ is determined
The financial aid team determines financial need based on the following factors:
- Gross income from the prior three years
- Assets
- Socioeconomic background
- Undergraduate debt
Scholarships are based on a standardized formula for all students. Students with higher earnings contribute at a higher rate than students with lower earnings. If you are married and/or have children, we also consider a portion of your spouse’s income and assets, as well as your higher cost of living.
Each financial aid package is different and may include a combination of need-based scholarships and student loans. Some HBS students receive additional funding through HBS Complementary Fellowships. As part of the shared investment, HBS students meet the remaining cost of their MBA using personal savings and/or outside funding.
Final Thoughts
Getting an MBA from Harvard Business School is a dream for most MBA applicants. Harvard Business School is one of the best business schools in the world, so getting into it can be hard. Even though there is no foolproof method to ensure admission to HBS, you can improve your chances significantly by working diligently on your application. We can help you get into Harvard Business School. Our consultants include HBS alumni who will give you the most accurate advice and guidance you’ll need to get into HBS. So, get started now.
