Harvard MBA Class Profile 2025, Employment Reports, Average Salary, Fees, Scholarships

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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.

Harvard Business School

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 Received8149
Class Size938
Median GMAT Score740
GMAT Range500-790
Median GRE Score326
GRE Range295-340
Average GPA3.73
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 offer95%
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 States61%
Asia15%
Europe10%
Mexico, Central, and South America5%
Canada3%
Middle East3%
Africa2%
Oceania1%

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 MajorPercentage of HBS class of 2025
Engineering25%
Business/Commerce22%
Economics21%
Math/Physical Sciences17%
Social Sciences12%
Arts/Humanities4%

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
Consulting17%
Venture Capital/Private Equity17%
Technology13%
Financial Services10%
Consumer Products/Retail/E-Commerce10%
Manufacturing/Industrial/Energy9%
Health Care/Biotech7%
Nonprofit/Government/Education6%
Military6%
Media/Entertainment/Travel3%
Services2%

Harvard MBA Application Deadlines

The application dates for the MBA Class of 2026 (incoming class of 2024) are

Application RoundDeadlineDecisions
Round 1Sep 6, 2023Dec 6, 2023
Round 2Jan 3, 2024Mar 27, 2024

The application deadline for 2024 HBS 2+2 applicants is:

Application RoundDeadlineDecisions
2+2 RoundApr 25, 2024TBD

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
Consulting25%
Technology16%
Private Equity17%
Investment Management / Hedge Fund6%
Venture Capital6%
Investment Banking3%
Other Financial Services3%
Health Care5%
Manufacturing6%
Consumer Products4%
Entertainment / Media1%
Nonprofit / Government5%
Retail1%
Services2%

Harvard MBA Median Salary by Industry

  1. 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.
  2. 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.
  3. 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.

IndustryMedian Base SalaryMedian Signing BonusMedian Performance Bonus
Consulting$192,000$30,000$32,000
Consumer Products$140,000$35,000$30,000
Entertainment / Media$153,000N/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$120,000N/AN/A
Other Financial Services$176,000$35,000$20,000
Private Equity$185,000$30,000$181,000
Retail$159,000N/AN/A
Services$140,000N/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
Finance33%
Consulting26%
Marketing10%
General Management16%
Strategic Planning7%
Business Development6%
Other3%

Harvard MBA Median Salary by Function

  1. 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.
  2. Finance offers the highest median signing bonus:
    • The median signing bonus in Finance is $43,000, which is the highest among the listed functions.
  3. Marketing has the lowest median salary:
    • Marketing has the lowest median salary of $160,000 among the listed functions.
  4. 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).
  5. 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.
  6. 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.
FunctionMedian SalaryMedian Signing BonusMedian 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

  1. Domestic Employment Dominance:
    • The majority of the class of 2023 graduates secured employment within the United States, constituting 89% of the total placements.
  2. 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.
  3. International Placements:
    • Approximately 11% of the graduates secured employment outside the United States, indicating a considerable international mobility among the class of 2023.
  4. 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 States89%
Mid-Atlantic3%
Midwest4%
Northeast54%
South5%
Southwest7%
West16%
International11%
Asia3%
Australia & Oceania<1%
Canada<1%
Europe5%
Latin America<1%
Middle East & North Africa1%
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

Industry20192020202120222023
Consulting21%24%23%26%25%
Consumer Products3%3%3%3%4%
Entertainment / Media3%2%3%3%1%
Health Care7%7%6%5%5%
Biomed / Pharmaceutical2%3%4%2%2%
Health-Related Services4%3%2%3%3%
Investment Banking3%3%4%3%3%
Investment Management / Hedge Fund4%7%8%8%6%
Manufacturing7%4%4%5%6%
Aero / Auto / Transport Equipment2%1%1%1%2%
Cleantech<1%0%<1%<1%<1%
Energy / Extractive Minerals2%1%<1%2%2%
Highly Diversified2%1%<1%<1%<1%
Other Manufacturing<1%<1%<1%<1%1%
Nonprofit / Government5%4%3%3%5%
Government2%1%1%<1%2%
Nonprofit2%2%2%2%3%
Other Financial Services1%1%2%1%3%
Private Equity15%18%14%15%17%
Retail3%<1%1%1%1%
Services3%3%3%1%2%
Real Estate2%2%2%<1%1%
Other Services1%<1%1%<1%<1%
Technology20%19%19%19%16%
Consumer Electronics1%1%<1%1%<1%
E-Commerce2%3%2%2%2%
Equipment / Hardware / Networking0%<1%<1%<1%0%
Internet Services5%6%6%3%4%
Software8%5%6%5%5%
Other Technology4%3%4%7%4%
Venture Capital5%5%7%7%6%

Trend by function

Job Function20192020202120222023
Business Development9%5%6%7%6%
Consulting22%26%25%26%26%
Finance29%32%33%33%33%
Corporate Finance1%1%0%0%0%
Investment Banking / Sales & Trading3%3%4%3%3%
Investment Management / Hedge Fund4%5%7%7%6%
Venture Capital / Private Equity18%21%17%21%20%
Other Finance2%2%4%3%3%
General Management16%14%11%10%16%
Logistics0%0%<1%0%0%
Operations / Manufacturing3%2%2%2%1%
Project Management2%<1%<1%<1%2%
Rotational / Leadership Development3%4%3%3%2%
Other General Management9%6%5%4%10%
Marketing13%13%11%12%10%
Brand Management<1%<1%<1%2%<1%
General Marketing2%2%3%<1%<1%
Product Management8%9%7%10%8%
Sales<1%1%<1%<1%<1%
Other Marketing<1%<1%0%0%<1%
Strategic Planning6%7%10%8%7%
Other4%4%4%4%3%
Human Resources0%<1%<1%0%<1%
Product Development<1%<1%<1%<1%<1%
Real Estate1%1%1%<1%2%
All Other2%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

SINGLEMARRIEDMARRIED
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.

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