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Insiders Guide

Harvard Business School


Harvard University
Boston, MA
20142015

EVERY CANDIDATE HAS A STORY TO TELL.


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About mbaMission
Since Ambassadorial Speechwriter and MBA Jeremy Shinewald founded mbaMission in 1999, we have worked

closely with business school candidates from around the world, successfully guiding them through the entire
admissions process (from start to finish) and ensuring that each of their unique attributes is showcased in a

creative, compelling and focused way. We are published authors with elite MBA experience who work oneon-one with clients to discover, select and articulate the unique stories that will force admissions committees
to take notice. We work on all aspects of the application process, helping to reduce candidates stress levels and
maximize applicants chances of gaining admission to top American and international business schools.
mbaMission offers all candidates a free half-hour consultation (www.mbamission.com/consult/).

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Introduction
After more than a decade of helping hundreds of MBA applicants get into top American and international

business schools, we have learned a thing or two about what it takes to compel an admissions committee to
send that coveted letter of acceptance. While we always work closely and meticulously with our clients to ensure
their unique stories and qualities shine through in their applications, some of our advice boils down to key

fundamentals: approach each essay with a brainstorming session, draft an outline, make personal statements truly
personal, tailor your resume to the admissions committees needs, approach your recommenders strategically
and prepare extensively for your interviews. Now, via this e-book, we offer you our thoughts on these subjects
so that you too can begin your journey toward the MBA of your dreams.

Many applicants are terrified at the prospect of applying to business school, and some approach the application
process in a haphazard and ill-advised manner. As a result, the process often becomes extremely stressful, and

results can be disappointing. We truly believe that with some basic organization, a simple strategy and helpful

professional guidance, applying to business school can actually be enjoyable and rewarding, not to mention
successful!

We encourage you to visit our Web site, www.mbamission.com, which includes complete and detailed analysis

of all the top American and international business schools essay questions, as well as a free weekly essay-writing
tip. Explore our blog frequently, as we are constantly updating it and adding new, free resources.

Of course, the information in this guide and the analysis and tips on our site are no substitute for working with
a dedicated mbaMission professional. Each MBA candidate is unique. We all have distinct personal stories to
tell, and we all face challenges in telling them. mbaMission consultants are specifically trained to ensure that

you tell your stories in the most interesting and compelling wayand that you take advantage of even the tiniest
opportunity that might help you gain admission to your ideal MBA program.

We hope you enjoy this guide. If you need any advice at all with respect to any element of applying to business
school, please feel free to contact us for a free consultation.

Jeremy Shinewald

info@mbamission.com

www.mbamission.com
646-485-8844

Skype: mbaMission

mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

The following guides are also available from mbaMission (online at www.mbamission.com/store/), and
more are being added regularly:

Admissions Guides
mbaMission Complete Start-to-Finish Admissions Guide
mbaMission Brainstorming Guide
mbaMission Essay Writing Guide
mbaMission Interview Guide

mbaMission Letters of Recommendation Guide


mbaMission Long-Term Planning Guide
mbaMission Optional Statement Guide

mbaMission Personal Statement Guide *free*


mbaMission Resume Guide

mbaMission Selecting Your Target MBA Program E-Book *free*


mbaMission Waitlist Guide

mbaMission What Can I Do with My MBA? White Paper *free*

Insiders Guides
mbaMission Insiders Guide to Columbia Business School

mbaMission Insiders Guide to Duke Universitys Fuqua School of Business

mbaMission Insiders Guide to the Haas School of Business at the University of California-Berkeley
mbaMission Insiders Guide to Harvard Business School

mbaMission Insiders Guide to the Indian School of Business

mbaMission Insiders Guide to the Kellogg School of Management at Northwestern University


mbaMission Insiders Guide to the MIT Sloan School of Management

mbaMission Insiders Guide to New York Universitys Leonard N. Stern School of Business
mbaMission Insiders Guide to the Stanford Graduate School of Business

mbaMission Insiders Guide to the Stephen M. Ross School of Business at the University of Michigan
mbaMission Insiders Guide to the Tuck School of Business at Dartmouth

mbaMission Insiders Guide to the UCLA Anderson School of Management

mbaMission Insiders Guide to the University of Chicago Booth School of Business

mbaMission Insiders Guide to the University of Virginias Darden School of Business Administration
mbaMission Insiders Guide to the Wharton School of the University of Pennsylvania
mbaMission Insiders Guide to the Yale School of Management

www.mbamission.com

Interview Guides
mbaMission Interview Guide to Columbia Business School
mbaMission Interview Guide to Harvard Business School

mbaMission Interview Guide to the Leonard N. Stern School of Business

mbaMission Interview Guide to the Stanford Graduate School of Business

mbaMission Interview Guide to the Tuck School of Business at Dartmouth

mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

Free Resources from mbaMission


In addition to our paid client services, we offer a number of free resources to aspiring MBAs on our Web site.
Download one or both of the following guides at no charge, to help you pinpoint the right school for you and
master the ever-important personal statement essay.

mbaMission Selecting Your Target MBA Program E-Book


mbaMission Personal Statement Guide
mbaMission What Can I Do with My MBA? White Paper
In addition, you will find a number of regular series on our blog that focus on recent happenings in the MBA

world, special offerings and top professors at the leading schools, lesser-known programs that deserve attention,
advice for strengthening your application and other valuable topics:

Monday Morning Essay Tips


Mission Admission
Professor Profiles

Beyond the MBA Classroom

Admissions Myths Destroyed


Friday Factoids

GMAT Impact

What I Learned at

B-School Chart of the Week


Diamonds in the Rough

Each application season, we also provide essay question analyses for the top schools and exclusive interviews with
admissions directors.

Finally, be sure to follow us on Twitter (@mbaMission) and Like us on Facebook, where we frequently run
contests for the chance to win our school-specific Insiders Guides and general Admissions Guides.

www.mbamission.com

Table of Contents
11

The MBA Program in Context: Choosing Harvard

12

Location: Urban Campus Versus College Town

18

Curriculum: Flexible Versus Mandatory Core

15
22
25

27
30
31

36

Class Size: Smaller Versus Larger

Pedagogy: Lecture Versus Case Method

Academic Specializations/Recruitment Focus: Resources and Employers


Alumni Base: Opportunities to Engage

Facilities: Shaping the Academic/Social Experience

Rankings and Reputation: Important Metrics or Arbitrary Measures?

Harvard Business School

36 Summary
37

38

The Dean

Professional Specializations

38 Consulting
39

Entrepreneurship, Private Equity, and Venture Capital

43 Finance

45 General Management
47

Health Care and Biotechnology

49 International Business
50 Marketing

52 Nonprofit/Social Entrepreneurship
55

Notable Professors and Unsung Heroes

60

Academic Summary

58
61

68

Social/Community Life
Admissions Basics

HBS Facts and Figures

68 Basics
68
69

Class Profile (Class of 2015)

Employment Statistics (Class of 2013)

73 Bibliography

10

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The MBA Program in Context:


Choosing Harvard
Over the years, we have met many aspiring

MBA students who have tried to identify their


target schools and quickly become overwhelmed,

wondering, How are the top MBA programs really


different? and How do I choose the one that is
right for me?

Frustrated, many applicants ultimately choose


schools based simply on rankings or the opinions

of friends or alumni. Although these inputs have


a place in your evaluative process, you should also

do the necessary research to find the program that


is truly best for your personality and professional

You may not find a


single program that
meets all your needs
and preferences, but
you should be able to
identify ones that fulfill
the factors that are most
important to you.

needs. In doing so, you will find significant


differences between, for example, programs that

have a class size in the low 200s and those that have classes of more than 900 students. As you are undoubtedly
aware already, an MBA is a significant investment in the short term and a lifetime connection to an institution

in the long term. So we strongly encourage you to take time now to think long and hard about this decision and
thoroughly consider your options. We hope this guide will prove helpful to you in doing just that.

At mbaMission, we advise candidates evaluating their potential target schools to consider the following eight
specific characteristics (in no particular order) that shape MBA programs:
1. Location: Urban Campus Versus College Town
2. Class Size: Smaller Versus Larger

3. Curriculum: Flexible Versus Mandatory Core


4. Pedagogy: Lecture Versus Case Method

5. Academic Specializations/Recruitment Focus: Resources and Employers


6. Alumni Base: Opportunities to Engage

7. Facilities: Shaping the Academic/Social Experience

8. Rankings and Reputation: Important Metrics or Arbitrary Measures?

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11

You will not likely find a single MBA program that meets all your needs and preferences across the eight criteria
listed here, but you should be able to identify schools that fulfill the factors that are most important to you.

Although this guide is intended to familiarize you on a deeper level with this particular potential target school,

nothing will prove more valuable in your decision making than visiting the programs that appeal to you and
experiencing them firsthand. Inevitably, no matter what your research may reveal, some schools will simply

click with you and others will not. Thus, collecting information about programs via tools such as this guide is
an important step, but it should not serve as the sole basis for your final decision.

Note: The authors and editors at mbaMission have made every effort to ensure the accuracy and timeliness of the

information included in this guide. However, some discrepancies may exist or develop over time between what is presented

here and what appears in the schools official materials, as well as what may be offered by other content providers in print
or online. For the most up-to-date information, always check with your target school directly. The opinions expressed

by the people interviewed are those of the attributed individuals only and may not necessarily represent the opinion of
mbaMission or any of its affiliates.

We also wish to thank the students, alumni, faculty members, and administrators who gave generously of their time to
provide valuable input for this guide.

1. Location: Urban Campus Versus College Town


MBA programs can be quite intense, and even though students can sometimes feel as though they practically

live at their chosen school, the environment and community surrounding the campus can still profoundly
affect and even shape their MBA experience. For example, imagine yourself stepping out of a class at New

York Universitys (NYUs) Stern School of Business and into the energetic bustle of New York Citys West

Village. Now imagine yourself walking outside after a course at the Tuck School of Business at Dartmouth and
being surrounded by the tranquility and natural beauty of New Hampshires Upper Valley. Neither scenario is
necessarily better than the other, but one may speak to you more.
Urban Campus Schools

Urban/College Hybrid Schools

College Town Schools

Chicago Booth

Northwestern Kellogg

Dartmouth Tuck

Harvard Business School

UC-Berkeley Haas

Michigan Ross

Columbia Business School


MIT Sloan

NYU Stern

Stanford GSB
Yale SOM

UCLA Anderson
UPenn Wharton

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mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

Duke Fuqua

UVA Darden

An urban campus can undoubtedly offer students social and cultural opportunities that a college town simply
cannot match. This is not to suggest, however, that college towns are devoid of cultureindeed, intense
intellectual and cultural programs exist in college towns precisely because the academic institution is at the core

of the community However, a smaller and comparatively quieter setting like Ann Arbor (home of Michigan

Ross), for example, simply cannot offer the scale of opportunities that a larger cultural capital like Los Angeles
(home of UCLA Anderson) can.

Still, proponents of college towns would argue


that students make trade-offs when they choose
an urban campus, where distractions abound and

can even, in some cases, undermine the schools


sense of community. Quite often, students at

business schools that are located in college towns


live very close to campus (or even on campus), and

the schools grounds serve as the focal point of


students academic and social lives. In these smaller

towns, many students tend to work and play with

The environment and


community surrounding
your chosen school
can profoundly affect
and shape your MBA
experience.

classmates exclusively and thus have fewer social


relationships outside their class.

While schools in college towns tout their close-knit atmosphere and the tight bonds classmates form in such
a setting, this environment can be welcoming for some students and overwhelming for others. In contrast,

urban campuses are more decentralized, with students often living in various parts of a city and even in the

surrounding suburbs. Someone who has a greater need for privacy or personal space might therefore find an

urban environment more appealing. In addition, in major urban centers, some studentsparticularly those who

lived in the city before enrolling in business schoolmay already have well-developed social groups, and this

scenario may again be better for those who find an academically and socially all-encompassing environment
less attractive.

One aspect of the MBA experience that candidates often fail to consider when evaluating their school options is
weather. Although factoring climate into your MBA school decision may initially seem superficial, if you know

you cannot comfortably manage frigid conditions or soaring temperatures, certain schools should be stricken

from your list. We encounter many applicants each year who wisely stave off a potentially miserable experience
by choosing to not apply to certain schools in locations that they just do not feel are livable for them.

In addition, housing may present a hidden cost that can be easily overlooked when you are comparing programs.
By speaking with students and examining market prices at the top programs, we identified economical one-

bedroom apartments in locations that are either popular or close to campus and found that the cost differential
between renting in a Midwestern college town and renting near Greenwich Village in New York City, for

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13

example, can be significantadding up to tens of thousands of dollars on a cumulative basis across two years.
This is something to consider as you weigh your options and calculate your projected budget.
Monthly Rents for One-Bedroom Apartment
Columbia Business School

$2,789

Dartmouth Tuck

$995

NYU Stern

$2,789

Chicago Booth

$950

Harvard Business School

$2,000

UVA Darden

$850

Stanford GSB

$1,475

UC-Berkeley Haas

$850

UCLA Anderson

$1,295

Yale SOM

$750

MIT Sloan

$1,280

Duke Fuqua

$730

UPenn Wharton

$1,100

Michigan Ross

$600

Northwestern Kellogg

$1,000

Figures represent approximations of the lower end of monthly rental costs that one might encounter at each program.

In summary, the intimacy of a college town can be appealing for some candidates in that it creates strong bonds

within the business schools community, whereas for others, it can be overwhelming because of the lack of
privacy. Furthermore, some find a slower pace of life calming and comfortable, whereas others need the energy

and bustle of a city. If you strongly prefer one or the other, you should be able to quickly eliminate certain
schools from your list.

Harvard Business School (HBS) is located in Boston, Massachusetts, across the Charles River

from Cambridge, where most of Harvard Universitys historic campus is located. Over 80% of HBS

students live on campus in dorms or apartment complexes, including Soldiers Field Park and One
Western Avenue, a Leadership in Energy and Environmental Design Silver Certified tower that
offers views of Boston, Cambridge, and the Charles River.

Because of the high demand for on-campus housing, spaces are assigned via a lottery. Bostons
housing market can be quite expensive, and on-campus housing is no different. For instance, rents

for a one-bedroom apartment in Soldiers Field Park (which includes several pet-friendly buildings)
range from just under $2,000 to $2,200 per month, as do rents for a one-bedroom apartment in One
Western Avenue (which is smoke free).

Although Boston is a major city with a large, diverse population, most HBS students, particularly

during their first, or Required Curriculum, year, spend their time socializing almost exclusively with

classmates. Between preparing for daily case discussions, participating in student club activities,

14

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applying for internships or full-time jobs, and getting to know classmates, students find that the HBS
experience can truly be all-encompassing.

Boston is a large city, characterized by numerous quaint old neighborhoods and historical

monuments, many of which are showcased on the Freedom Trail, a 2.5-mile walk that leads followers

past 16 historic sites that tell the story of the American Revolution. A day at Fenway Parkhome
of the Boston Red Sox baseball team since 1912is not to be missed. Boston also boasts high-end

shopping, rich culinary offerings, and a vibrant club scene that caters to the citys large student
community. Other cultural amenities include the Boston Pops, the Museum of Science, and the New
England Aquarium.

HBS students can make the most of Bostons location to visit such places as New York City and Quebec

City, and can take weekend trips throughout New England to ski, go whale watching, or simply tour
the regions fall foliage. Most students are able to get around town without a car, thanks in large part

to the easy availability of taxis, buses, and, especially, the T (short for MBTA, or Massachusetts
Bay Transit Authority), Bostons subway system.

2. Class Size: Smaller Versus Larger


Another element that affects the character of a

schools MBA experience is class size. Indeed,


UC-Berkeley Haass small class size offers a very

different experience than does Michigan Rosss

medium class size and HBSs large one. You might


want to reflect on your high school, college, and
work environments to help you determine whether
you would be more comfortable in a larger class or a

smaller oneor whether this is even a consideration


for you at all.

Students at smaller schools (which we define as


having approximately 350 students or fewer per
class) tend to interact with most of their peers and

professors at some point during the typical two-year

MBA period. Thus, the smaller schools are generally

Reflect on your past


academic and work
environments to
determine whether
you would be more
comfortable in a larger
or smaller class
or whether this is a
consideration for you
at all.

considered more knowable, and their communities

tend to be quite closely knit. Also, consider that


assuming a leadership position is easier in a smaller

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15

Class Size
900 to 1,000

Harvard Business School

800 to 900

UPenn Wharton

700 to 800

Columbia Business School1

500 to 600

Chicago Booth

400 to 500

Northwestern Kellogg2
Michigan Ross
Duke Fuqua

Stanford GSB
MIT Sloan

300 to 400

NYU Stern

UCLA Anderson
UVA Darden

200 to 300

Yale SOM

Dartmouth Tuck

UC-Berkeley Haas
Schools are listed in order from largest class to smallest within each category.
1

Includes J-Term students

Includes one-year MBA students

environment, because, for example, the Finance Club may have only one president at both a small school and a
large school, but obviously the competition for such a position would be greater in the larger program.

Some individuals might prefer to be at a larger school where they can better maintain their anonymity if they so

choose. A student at a school with close to 900 people or more in each class will not likely get to know each and

every one of his/her classmates by the end of the program, and some people might prefer this. Further, advocates
of larger classes tout the advantage of being able to interact with more people during ones MBA experience

and to thereby develop a broader and more robust network of peers. Note that many schools, both large and

small, divide students into sections, clusters, cohorts, or even oceans, in which approximately 6090

students take a number of classes together, and this approach can help foster a stronger sense of community
within the larger programs.

HBS is one of the countrys largest business schools, with an incoming class of approximately 900

students each year (932 in 2013, up from 919 in 2012 and 905 in 2011). One of the benefits of such a
large class is that students can easily find others who share their personal and professional interests. A

student at a school the size of HBS will not likely know all his/her 900 or more classmates by the time

he/she graduates, but the school organizes students into smaller, more intimate groups that allow

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Year-Over-Year Class Profile Data:


Harvard

Class of
2015

Class of
2014

Class of
2013

Class of
2012

Class of
2011

9,315

8,963

9,134

9,524

9,093

Number of Full-Time Students

932

919

905

903

937

Median GMAT

730

730

730

730

719

GMAT Range

550780

570790

490790

550790

670760

27

27

27

26

26

Female Representation

41%

40%

39%

36%

36%

U.S. Ethnic Minorities

25%

24%

23%

23%

22%

International Representation

34%

34%

34%

34%

36%

Number of Applicants

Average Age of Candidates

the classmates to get to know one another well. And the general interaction among students does

appear to be positive. A first year we interviewed reported that she wished more people knew about the
schools collaborative energy, saying, The people here are not competitive. We support each other.

Most notably, HBSs first-year class is divided into sections, each of which includes approximately
90 students of various ethnicities and nationalities and who have diverse professional backgrounds.

During the first year, students take all their courses exclusively with those in their section and

always in the same classroomprofessors rotate in and out. Students are given assigned seats at
the beginning of each first-year semester. According to those we interviewed for this guide, rather
than being oppressive, this arrangement creates a kind of family environment within what might
otherwise be an overwhelmingly large student body.

Sections are a large part of student identity at HBS; each one elects student representatives (akin to

student government) and develops section norms or protocol. This protocol addresses classroom

issues such as what to do when a section mate is speaking too softly (knock on your desk) or how to
signal the professor to indicate that you have a clarifying question, rather than a comment (wave your

name card). Sections also plan group trips and compete against other sections to win the Student

Association Cup. This ongoing competitionwhich entails such athletic activities as flag football,

tennis, and ultimate Frisbeeis described on the schools site as a quest for year-round bragging
rights and culminates in the Section Olympics. Not at all academic, the one-day Section Olympics

take place toward the end of the second semester of the first year and include such events as Twinkieeating contests, three-legged races, and dodge ball games. Some sections even arrange reunions

during the second year, when students have split up to pursue their individual interests as a part of the
Elective Curriculum.

Several years ago, HBS established formal Learning Teams, organizing first-year students into six-

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17

School

Women

International

Minorities

Chicago Booth

35%

37%

24%

Columbia

36%

36%

34%1

Dartmouth Tuck

33%

31%

16%1

Duke Fuqua

33%

10%

38%

Harvard

41%

34%

25%1

Kellogg

36%

36%

20%1

Michigan Ross

33%

31%

24%

MIT Sloan

34%

41%

NA

NYU Stern

39%

35%2

16%

Stanford

36%

41% 2

21%1

UC-Berkeley Haas

29%

37%

40% 1

UCLA Anderson

34%

32%

30%

UPenn Wharton

42%

35%

30%1

UVA Darden

30%

37%3

16%1

Yale SOM

39%

32%

10%1

Bolding indicates highest figure in each category.


1

Specified as U.S. minorities

Includes dual citizens

Specified as students born outside the United States

to seven-person teams during orientation, before classes start. Each team is made up of students

from different sections. Before the Learning Team approach was instituted, Required Curriculum

students simply met each morning in informal study groups to prepare the days cases. Students
also interact outside the classroom through student club meetings and events, Field Study research,
Career Treks, and Global Immersion experiences. And because most HBS students live on or very

near the relatively compact urban campus, informal interactions take place daily in the dining hall,
the Shad Gymnasium, and the Spangler Center (see the Facilities section).

3. Curriculum: Flexible Versus Mandatory Core


Many top business schools have a core curriculuma standard series of courses that students must take,

usually as part of the initial stages of the MBA experience. However, these core requirements vary tremendously
from school to school. For example, one school may teach its required curriculum for the entire first year

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mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

Sections

School

Yes

No

Average # of Students

Harvard

90

UCLA Anderson

75

Duke Fuqua

70

Michigan Ross

70

UPenn Wharton

70

Yale SOM

70

MIT Sloan

68

Dartmouth Tuck

60-70

NYU Stern

60-70

Columbia

65

UVA Darden

60-65

UC-Berkeley Haas

60

Kellogg

50-60

Chicago Booth

Stanford

Chicago Booth groups its students into sections only for its LEAD course.

Stanford GSB students are divided into sections of approximately 18 students for the Critical Analytical Thinking course in the autumn quarter

of the first year.

of the MBA program, meaning that students may

not begin taking any elective courses until their


second year. Another school may stipulate only
one or two specific courses that all students are

required to take, and otherwise, students may enroll


in whichever classes they please. While these are

extreme examples, many schools fall somewhere in


the middle.

The rigidity or flexibility


of a schools first-year
curriculum affects
students education and
socialization.

The rigidity or flexibility of a schools firstyear

curriculum

affects

students

education

and socialization. At a school with a rigid core

curriculum, all students take the same classes, regardless of their professional experience. At some schools, for

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19

Can Waive/Test Out of Classes

Cannot Waive/Test Out of Classes

Chicago Booth

Harvard

Columbia

MIT Sloan

Duke Fuqua

UVA Darden

Dartmouth Tuck
Kellogg

Michigan Ross

Stanford

Yale SOM

NYU Stern

UC-Berkeley Haas
UCLA Anderson
UPenn Wharton

example, even CPAs must take the required accounting course, whereas at others, students can waive courses
if they can prove a certain level of proficiency. Again, both approaches have pros and cons, and what those are
depends on your perspective.

Proponents of a strong core curriculum would argue that academics understand what skills students need to
become true managers and that when students overspecialize in one area, their overall business education

can ultimately suffer. A significant body of academic writing has been devoted to critiquing programs that
give students a narrow view of business, notably Henry Mintzbergs Managers Not MBAs: A Hard Look at the

Soft Practice of Managing and Management Development (Berrett-Koehler, 2004) and Rakesh Khuranas From
Higher Aims to Hired Hands: The Social Transformation of American Business Schools and the Unfulfilled Promise of
Management as a Profession (Princeton University Press, 2007).

Further, an advocate of the core curriculum approach would argue that having all students take the same

classes creates a common language and discussion among the classmates, because, for example, the students can

share the experience of the days case. In addition, proponents contend that a rigid core curriculum facilitates
student learning, because students who have applicable experience bring their knowledge to the classroom and

can thereby help teach others. Finally, schools with mandatory cores generally keep students together in their
sections each day, and students who interact every day for a semester or longer ultimately forge strong bonds
and this can quickly create a sense of community among the students.

In contrast, those who would argue for a flexible curriculum model feel that students benefit from the opportunity

to specialize immediatelythat time is short, and students need power and choice. So if, for example, a student
were determined to enter the world of finance, an advocate of flexibility would argue that the student should be
able to study finance in depth throughout the MBA program, possibly even from day one, so as to gain as much

experience as possible in this areaand especially before interviewing for a summer internship. Furthermore,

proponents for flexible curricula caution that experienced students could end up wasting hours taking courses
in subjects in which they already have expertise. Finally, they would argue that a flexible schedule allows students

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mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

the opportunity to meet a greater number and wider variety of their classmates, though such interactions would
be less consistent and may be less likely to result in strong, long-lasting relationships.

The academic year at Harvard is divided into three sections: fall semester, winter semester, and

January term, which takes place between the two other semesters. January term, or J-term, was
launched in 2010 and spans roughly the first three weeks of the month. As mentioned earlier, the

first-year curriculum at HBS is called the Required Curriculum (RC), because students must take all
the same classes, without exception. The RC consists of the following 13 courses:
Term 1

FIELD Foundations: Leadership Intelligence

Finance I

Term 2

FIELD 2: Global Intelligence (extends into J-term)


Financial Reporting and Control

Leadership and Organizational Behavior


Marketing

Technology and Operations Management

Business, Government, and the International Economy

FIELD 3: Integrative Intelligence

The Entrepreneurial Manager


Finance II

Leadership and Corporate Accountability


Strategy

The HBS Web site states that the first semester of the RC focuses on businesses internal functional
operations and that the second-semester RC courses cover the relationship of the organization

to larger economic, governmental, and social environments. Although some might bemoan the

subsequent lack of choice with respect to first-year courses, one of the schools stated goals is to foster

leadershipand this begins in the RC classroom, as students provide their insight and share personal
lessons based on their professional experience. A second year with whom we spoke appreciated the

schools emphasis in this area, saying, Leadership is fascinating to study, and HBS does a great job
of driving the discussion.

HBSs use of the case method allows for nuanced discussion of business problems and of all possible

solutions, so even students who have years of experience in one or two particular areas can ultimately

be exposed to new angles and approaches on otherwise familiar topics and subject areas. One firstyear student with whom mbaMission spoke said, Even though I worked in finance for four years,

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21

the first-year finance courses taught me things I didnt know different ways to approach the same
problem and the thinking behind formulas that I had used for years but didnt really understand.

In the 20092010 academic year, the previously required Negotiation half-course was eliminated

and the Leadership and Corporate Accountability course, formerly a half-course, was lengthened
to a full semester. In addition, the school began experimenting with longer RC cases taught by
multiple professors. For instance, in an interview with mbaMission, one first-year student said, We

did a case on online retailer Zappos. We had three professors who led the case discussion, one each

hour for a three-hour classwe had a short break, though. The case discussion included leadership,
operations, and finance, one discipline discussed per hour. The school is trying to integrate subjects,
which is really interesting. When one professor is teaching, the others are in the room. The student

continued, The finance professor can relate to what you said about operations and ask about the

implications for the companys financial situation, or the leadership professor can ask about how it

will affect employees, so you cant just say anything without thinking through all of the implications.
In the first semester we had three of these classes. It was really fun to look at business holistically.

In January 2011, HBS announced the addition of Field Immersion Experiences for Leadership
Development (FIELD) as part of the RC. FIELD spans the full academic year and is broken
into three course components, each of which is meant to compliment the schools use of the case

method. Workshops held in interactive, flexible classrooms called hives comprise the FIELD
Foundations: Leadership Intelligence portion, in which students explore their personal leadership
styles and develop team-based skills. The second component, FIELD 2, takes place during J-term

and incorporates a global angle by offering the student teams an immersive experience with emerging

markets. Finally, the culminating portion of the course, FIELD 3, occurs during spring semester and
challenges students to launch their own microbusinesses.

The second-year curriculum is called the Elective Curriculum (EC) because it involves no required
coursesall courses are electives. Note that HBS does not offer concentrations or majors. Students

take five classes per semester and so may choose, for example, to enroll in five finance classes in a
single semester or to take a more diverse set of courses.

4. Pedagogy: Lecture Versus Case Method


Students will likely encounter many different styles of learning during their time at business school, including
participating in simulations, listening to guest speakers, and partaking in hands-on projects, but the two most
common MBA learning styles are case method and lecture.

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mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

Pioneered by HBS, the case method, or case-based learning, requires students to read the story (called a case)
of an either hypothetical or real protagonist who is facing a managerial dilemma. As the student reads, he/she

explores the protagonists dilemma and is provided with various quantitative and qualitative data points that

will facilitate further analysis. (Cases can vary in length but are typically 1020 pages long.) After reading
the entire case, the student typically understands the profundity of the problem and is often asked a simple

question: What would you do? In other words, how would the student act or react if he/she were in the
protagonists place?

After completing his/her analysis using the facts


provided, the student typically meets with the

members of his/her study group or learning team


(if the school in question assigns such teams), and

together the group/team members explore and


critique one anothers ideas and teach those who

may not have been able to progress as far on their


own. Often, though not always, the team will

establish a consensus regarding the actions they


would take in the protagonists place. Then, in

class, the professor acts as facilitator and manages

a discussion of the case throughout the classroom

Students will encounter


many different styles of
learning during their
time at business school,
but the two most common
are case method and
lecture.

session. Class discussions can often become quite

lively, and the professor will guide the class toward


resolving the dilemma. Sometimes, the professor

may ultimately share the protagonists decision and the subsequent resultsor even bring the actual protagonist
into the classroom to discuss the process chosen and the cases outcomes in person.

In short, the case method places the analytical process at the forefront, emphasizing that the problems presented

have no clear-cut right or wrong answers. For a student to disagree with the protagonists chosen patheven

after it has proved to be successfulis not unusual. After all, another approach (or even inaction) may have
produced an even better result.

Note that case-based learning is not specific to one academic discipline. Cases are available in finance, strategy,

operations, accounting, marketing, and still other areas. Further, many cases are interdisciplinary, meaning
that they address more than one skill area at a time, such as requiring students to think about how a financial

decision might affect the operations of a manufacturing company, or the ways in which a marketing decision

may involve significant financial considerations. Importantly, students in case environments are often graded
on their contribution to the class discussion (measured by the level of ones participation in discussions and
analysis, not on the frequency with which one offers correct answers), so the case method is not for those who

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Top Three Teaching Methods1


School

Case Study

Lecture

Team
Project

Experiential
Learning

Simulation

np

np

np

np

np

Columbia Business

40%

38%

15%

Dartmouth Tuck

45%

20%

20%

Duke Fuqua

33%

33%

24%

Harvard Business

80%

10%

5%

Kellogg

30%

28%

25%

Michigan Ross

25%

20%

25%

MIT Sloan

33%

20%

22%

NYU Stern

25%

25%

25%

Stanford GSB

40%

20%

15%

UC-Berkeley Haas

50%

25%

20%

UCLA Anderson

30%

40%

15%

UPenn Wharton

40%

30%

15%

UVA Darden

74%

10%

6%

Yale SOM

40%

33%

10%

Chicago Booth
School

School

According to each schools Bloomberg Businessweek rankings profile, accessed May 2014.

are uncomfortable speaking in classthough it can be incredibly helpful for those who want or need to practice
and build confidence speaking publicly.

Lecture is the method of learning that is familiar to mostthe professor stands in front of the class and explores
a theory or event, facilitating discussion and emphasizing and explaining key learning points. Often, students

have read chapters of a textbook beforehand and have come to class with a foundation in the specific area to be
examined that day. Although the case method gives students a context for a problem, many of those who favor

lecture believe that the case method is too situation specific and prefer a methodical exploration of theory that
they feel can be broadly applied across situations. In lecture classes, the professor and his/her research or theory
are technically paramount, though students still participate, challenge ideas, and debate issues.

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mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

Note that at some schools, professors may alternate between cases and lectures within a single semester of
classes.

HBS pioneered the case method, and its Web site explains that via this method, students find themselves

in the role of the decision maker. There are no simple solutions; yet through the dynamic process of
exchanging perspectives, countering and defending points, and building on each others ideas, students

become adept at analyzing issues, exercising judgment, and making difficult decisionsthe hallmarks
of skillful leadership. Students both learn from and teach their classmates, and although professors

facilitate the discussions, they never provide the answerespecially given that simple or correct
answers rarely exist for the problems presented. In some courses, students might be able to provide more
insight or share more lessons, given their past experiences, but in others, these students will benefit
more from the expertise of their section mates. Everyone is a teacher and everyone is a student.

During their time at HBS, students will participate in more than 500 case discussions. In doing research
for this guide, mbaMission learned that a hallmark of case discussions at HBS is participation by the

case protagonist. Many professors invite case protagonists to class to observe the students discussion,
answer questions, and share their perspective on the real-world business problem they faced and how it

was resolved. Prospective students can learn more about the case study experience by visiting the HBS
Web site (www.hbs.edu/mba/academic-experience/Pages/the-hbs-case-method.aspx).

During their EC year, students can collaborate with professors to write cases for future classes

roughly 350 new cases are produced each year. Approximately 33% of the new cases developed each
year involve management issues that are international (non-U.S. based) in scope.

5. Academic Specializations/Recruitment Focus: Resources and Employers


Schools brands and reputations develop over

time and tend to endure, even when the schools


make efforts to change them. For example, many

applicants still feel that Kellogg is only a marketing

school and that Chicago Booth is only a finance


school, even though both programs boast strengths
in many other areas. Indeed, this is the exact

reason mbaMission started producing these guides

in 2008we wanted applicants to see beyond

Do not merely accept


stereotypes but truly
consider the breadth
and depth of resources
available at each school.

superficial market perceptions. Make sure you are

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25

School

Top Industry for 2013 Graduates

% Entering the Industry

Chicago Booth

Financial Services

35.0%

Columbia

Financial Services

37.9%

Dartmouth Tuck

Financial Services

30.0%

Consulting

31.0%

Harvard

Financial Services

27.0%

Kellogg

Consulting

38.0%

Michigan Ross

Consulting

32.8%

MIT Sloan

Consulting

31.9%

NYU Stern

Investment Banking

30.0%

Stanford

Technology

32.0%

UC-Berkeley Haas

Technology

33.1%

UCLA Anderson

Technology

26.2%

UPenn Wharton

Financial Services

38.5%

Consulting

27.0%

Finance

25.4%

Duke Fuqua

UVA Darden
Yale SOM

not merely accepting stereotypes but are truly considering the breadth and depth of resources available at each
school.

We have dedicated the majority of this guide to exploring the principal professional specializations for which

resources are available at the school, and we would encourage you to fully consider whether the school meets
your academic needs by supplementing the information here with additional context from the schools career

services office, by connecting with the heads of relevant clubs on campus, and perhaps even by reaching out to
alumni in your target industry.

Although most of HBSs 2013 graduates took jobs in the financial services (27%) and consulting (22%)
industries, the school provides a general management education. This is reinforced by the schools

decision to maintain a required first-year curriculum that includes a wide range of courses covering a

variety of subject areas, including accounting, ethics, negotiations, marketing, and finance. Notably,
the percentage of HBS graduates who took jobs in the financial services industry decreased to 31%

for the Class of 2009 after 45% of the Class of 2008 had entered this area. This was likely due to the
reduction in hiring in this industry at the time, and although the percentage of graduates entering

finance did show an uptick in 2010 and 2011 (to 34% and 39%, respectively), it is still clearly lower
than pre-economic crisis levels.

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mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

Top Industries: Harvard

2013

2012

2011

2010

2009

2008

2007

Financial Services

27%

35%

39%

34%

31%

45%

44%

Consulting

22%

25%

24%

24%

26%

20%

21%

Technology

18%

12%

11%

8%

7%

7%

7%

Manufacturing

7%

7%

5%

6%

8%

5%

3%

Consumer Products

6%

3%

5%

6%

5%

3%

5%

In addition, members of HBSs Class of 2013 accepted positions in the functional areas of marketing

(15%), general management (14%), and business development (9%). As a general management school,

HBS has developed a number of targeted programs, called initiatives, that coordinate research efforts
and resources across academic disciplines. These initiatives are as follows:

The Business and the Environment Initiative

The Global Initiative

The Entrepreneurship Initiative


The Healthcare Initiative

The Leadership Initiative

The Social Enterprise Initiative

The Social Enterprise Initiative, for example, encompasses the Social Enterprise Club and its
annual student-run conference, involves nearly 100 professors who conduct research in this study

area, provides financial support for students who work in the field during their summer internship
and after graduation, and includes such courses as Managing Global Health: Applying Behavioral
Economics to Create Impact and Entrepreneurship and Education Reform.

HBS does not publish a list of the leading hirers of its graduates, but the schools roster of recruiting

partners for the 20122013 academic year is incredibly extensive and includes such companies and
organizations as Accenture; the Boston Consulting Group; Coach; Google; DuPont; Ford Motor

Company; Johnson & Johnson; the Environmental Defense Fund; Genentech, Inc.; LinkedIn;
PepsiCo, Inc.; and Disney. (Note: HBS defines a recruiting partner as any company that hired a
student or advertised an open position on the schools online job posting portal, Career Hub.)

6. Alumni Base: Opportunities to Engage


The size and depth of a schools alumni base may be important to you as you seek to break into specific fields or

certain regions/countries. Some schools have had large classes for many years and can therefore boast sizeable
alumni networks, whereas other programs may have pockets of strength in particular parts of the world or

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27

in specific industriesor can claim a smaller but

Some schools boast


sizeable alumni
networks, while others
have pockets of strength
in particular regions or
industries.

tighter-knit and more dedicated alumni network

overall. For example, Dartmouth Tuck has a smaller


absolute number of alumni than most top U.S.
schools but has been touted as having the highest
rate of annual alumni giving.

Although acquiring specific breakdowns of a schools

alumni base is sometimes difficult, you may want to


consider whether the school you are targeting has
alumni clubs in your chosen professional area (i.e.,
some schools have industry-specific alumni groups)
or preferred post-MBA location. Furthermore, if

you are determined to live in a particular city/country/region after graduating, then earning your MBA in or
near that area, if possible, may be a good idea, so that you can more easily connect with alumni while you are
in schoolparticularly if you are going to pursue a niche professional area and do not expect to participate in
on-grounds recruiting.

Nevertheless, keep in mind that on-grounds recruiting allows students to more easily find job opportunities

across the United States and around the world. Indeed, major firms want to maintain relationships with all top
MBA programs and have access to their students. So, for example, Columbia Business School and NYU Stern
are certainly not the only Wall Street feeder schools, just as UC-Berkeley Haas and the Stanford GSB are not
the exclusive feeders for Silicon Valley. Further, technological developments have greatly facilitated outreach,

meaning that alumni are no longer a flight or long drive away, but are now just a phone call, email, or even
Skype session away.

HBS has a particularly large and geographically diverse alumni community, with more than 78,000
living alumni in 167 countries. This includes more than 44,000 living MBA alumni and nearly
31,500 living Executive Education alumni. In addition, more than 40,000 HBS alumni in the alumni

network have indicated in their directory listings that they are available and willing to help students

by providing general career advice and assisting with job searches. HBS alumni stay in touch and
involved with the school and each other through more than 100 HBS alumni clubs in 39 countries.
The alumni community also includes affinity clubs such as the HBS African American Alumni
Association, the HBS Lesbian Gay Bisexual Transgender Alumni Association, and the HBS Green
Business Alumni Association.

In addition, HBS alumni participate in online social networking sites, with alumni groups on

Twitter, Facebook, and LinkedIn, and can subscribe to an alumni-specific RSS feed that provides
announcements about HBS and alumni events all over the world. Some clubs also partner with alumni

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mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

Alumni Base

Schools are listed in order from largest alumni base to smallest within each category.

Note: Some schools include MBA program graduates only in their alumni total; other schools may also include alumni from their part-time, executive,
doctoral, and/or other programs, so totals may not be directly comparable.

organizations from other business schools to host joint events, such as the Annual HBS Health Care/
Wharton Health Care Networking Event, hosted by the HBS Health Industry Alumni Association.

Alumni events range from purely social, such as dinners, happy hours, sporting events, and service
days, to professional, such as industry seminars and discussions with faculty and business leaders

all of which are posted on the alumni events calendar (available online at www.clubhub.hbs.org/
events.html). Recent alumni events have included a backstage tour of the Metropolitan Opera; an All
Ivy + Womens Event, hosted by the HBS Club of Colorado; an alumni volunteer day at the Greater

Chicago Food Depository; a Digital Harvard event hosted at the SXSW festival in Austin, Texas;
an afternoon visit to the New York Stock Exchange; a series of seasonal cocktail mixology classes; a
private evening presentation at New Yorks Museum of Modern Art entitled Inside the Business of

MoMA; a presentation called Business of Fashion: Bloomingdales CEO Shares Leadership Tips

and Strategies for Retail Success; a ski/snowboard trip to Lake Place, New York; and an evening
with the president and CEO of Harvard Management Company.

HBS has leveraged the power of the Internet to help alumni stay connected while simultaneously

staying abreast of cutting-edge research. For example, alumni can subscribe to the Harvard Business

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29

Review channel on YouTube (www.youtube.com/HarvardBusiness), which features videos of


interviews with leading professors (not just from HBS) and executives on such topics as innovation,

strategy, leadership, and people management, provided by Harvard Business Publishing. Alumni
can also watch podcasts on topics ranging from What Weve Learned Since the Financial Crisis

to Consumer Psychology in a Recession. In addition, graduates can subscribe to a weekly email


newsletter or RSS feed from HBS Working Knowledge, a forum that provides information on
innovation in business, offering a first look at management research conducted by HBS faculty
(http://hbswk.hbs.edu/features/podcasts.html).

7. Facilities: Shaping the Academic/Social Experience


When contemplating an MBA program, do not

If a school has not


updated its facilities in
recent years, perhaps
none were needed or
the school has invested
in other aspects of its
program instead.

overlook the schools facilities. In recent years, we


have seen a building boom (an arms race of sorts?)

on MBA campuses, as some schools have gotten


bigger and others have unified disparate areas or
upgraded existing spaces. Some programs boast

on-campus housing or athletic facilities, others

have new green spaces and meeting places, and still


others have updated or added classrooms, theaters,

libraries, and more. Keep in mind, though, that just

because a school has not updated or added to its


facilities in recent years, this does not mean that its

offerings are outdated or subpar; the lack of updates

may simply be because none have been needed or


that the school has invested in other aspects of its

program instead. A campus visit is always the best way to evaluate firsthand what a school has to offer, but we
nonetheless dedicate this space to a discussion of the facilities available at the profiled program.

If you are looking for the traditional Ivy League campus experience, HBS certainly delivers. Some

buildings really do have ivy climbing up the walls! According to students with whom we spoke, most
HBS facilities, including the Spangler Center, the Baker Library/Bloomberg Center, and Shad Hall,
are quite opulent. Those we interviewed for this guide indicated that students tend to spend most of

their time outside class in Spangler. Designed by Robert A.M. Stern Architects, this 121,050 square
foot campus center houses a large student lounge with computer terminals, 29 project rooms with
whiteboards (and some with plasma screen TVs), an auditorium, am dining hall, and The Grille,

which serves meals and snacks. Wireless Internet is accessible throughout the Spangler building,
which also includes a branch of the U.S. Postal Service, an IT Support Services Office, an offshoot of

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mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

the Harvard Coop bookstore, a course materials distribution center, a copy center, and an ATM. The
dining hall serves breakfast, lunch, and dinner and also offers a sandwich bar, salad bar, and coffee
bar as well as an Asian station, complete with sushi chefs who take custom orders.

The classroom buildings and the Spangler Center are within short walking distance of the Class of
1959 Chapel (described later in this section), the health services center in Cumnock Hall, and Shad

HallHBSs fitness center. On the opposite side of campus stands the new seven-story Tata Hall,

which was completed in December 2013 to house the schools Executive Education program. Many

campus buildings are connected by underground tunnels, which allow students to avoid Bostons
severe winter weather when walking from one campus building to another. The library and the
Spangler Center are open to the public, but the gym, which includes tennis, squash, and racquetball

courts; an indoor track; an indoor golf net; and whirlpool, steam, and sauna rooms, is reserved
exclusively for HBS students, partners, and faculty. Shad even offers personal trainers, golf swing

clinics, and ballroom dance lessons. HBS students also have access to all Harvard University athletic
facilities, including Blodgett Pool and Bright Hockey Center.

The HBS library is named for George Baker, the founder of First National Bank of NY (now Citigroup)
and a benefactor of the original HBS campus. The Baker Library/Bloomberg Center contains more

than half a million volumes, subscribes to nearly 4,000 periodicals, and provides students access to
the Harvard University library system, reportedly the largest private library system in the world. You
can experience a virtual tour of the library online or with your iPod or iPhone/iTouch via the HBS
Web site (www.library.hbs.edu/ipodtour/).

The Class of 1959 Chapel, designed by architect Moshe Safdie, was completed in 1992, and, as the

name suggests, was funded by a gift from the Class of 1959. The chapels main building is a striking

cylindrical structure paired with an adjacent glass pyramid, and the grounds boast a tiered garden
and pond. Nondenominational services and concerts are held in the chapel, which also provides busy
HBS students a place for quiet reflection.

8. Rankings and Reputation: Important Metrics or Arbitrary Measures?


Rankings should be viewed with a healthy dose of skepticism, given that they can fluctuate dramatically from
year to year and from publication to publication. For example, if you had relied on the Financial Times rankings

to choose the Yale School of Management as your business school in 2011 because of its position at number
seven, you probably would have been disappointed to see the school then slide down to number 12 just one year

later before rebounding to number nine the following year. Similarly, if you had selected UC-Berkeley Haas in

2004, when it was number 17 in Bloomberg Businessweeks ranking, you would have been delighted to see the
program rise to number eight in 2010 before it slipped out of the top ten again to number 13 in 2012.

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31

Could an MBA programwhich is made up of

The various surveys


should and will provide
some context for your
decision, but resist the
temptation to choose a
school based on rankings
alone.

so many moving partsreally change so much in

just one or two years? Furthermore, how can one


reconcile that UVA Darden stands in the number

four position (among U.S. programs) in The


Economists rankings but is tenth in the Bloomberg

Businessweek survey, 11th in the U.S. News &


World Report rankings, and 15th in the Financial

Times ratingsall at the same time? Or that Duke


Fuqua holds the sixth position in the Bloomberg
Businessweek rankings but is tenth in the Financial

Times survey, 14th in the U.S. News rankings,

and 18th on The Economists list? Or that UPenn


Wharton is number one according to U.S. News and
number three in both Bloomberg Businessweek and

the Financial Times rankings but is only tenth in The Economists survey? Of course, the various surveys should
and likely will provide some context for your decision, but resist the temptation to choose a school based on
rankings alone, because rankings may ultimately betray youpossibly even before you graduate.

One thing to keep in mind, particularly for international students, is that a schools reputation domestically can

be quite different from its reputation abroad. Years ago, mbaMission worked with an international candidate
who was accepted into the MBA programs at Cornell Johnson and Dartmouth Tuck. When this individual

shared the good news with his manager, his manager said, I thought you would have gone to an Ivy League

school like Princeton! Of course, Dartmouth and Cornell are in fact Ivy League institutions, and Princeton

does not even have an MBA programthe managers reaction illustrates how possible misconceptions can arise.
So, after considering an MBA programs strengths, you might factor in that some schools have greater brand

power in certain parts of the world, especially if you plan to live and work abroad after you complete your studies.
We advise you to consider your MBA a long-term investment that will pay dividends throughout your life, and

such an investment should be based on more than a one-time ranking. In fact, most MBAs who are five to ten
years out of school are not even aware what their school is now ranked. Perhaps more importantly, if you were

to ask one whether the schools position in the rankings has any effect on his/her current career, the response
would certainly be an ardent No!

HBS consistently ranks in the top ten, if not the top five, of most popular business school rankings
and is arguably the most prestigious business school in the world. HBS often vies with the Stanford

Graduate School of Business for the top spot in terms of stature, exclusiveness, and rankings.

However, the HBS name is much more widely recognized outside the United States than Stanfords,

perhaps because of HBSs renown or maybe because the school has a larger alumni base. The school

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mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

U.S. Ranking: Harvard

2015

2014

2013

2012

2011

2010

2009

2008

U.S. News & World Report

NA

NA

Bloomberg Businessweek1

NA

NA

[2]

[2]

[2]

Financial Times

NA

NA

The Economist

NA

NA

NA

Bloomberg Businessweek releases its survey every two years (in November), so the numbers in brackets represent carryover from the previous

years ranking.

maintained its high position in the most recent Bloomberg Businessweek rankings, standing at number
two in the United States in 2012, and even rose to the overall number one position in the Financial

Times 2013 rankings, where it stayed in 2014. The school slipped only slightly in The Economists
survey in 2013, moving from fourth to fifth domestically and from fourth to sixth internationally.

In U.S. News & World Reports 2015 assessment of American business schools, HBS once again

maintained its number one position alongside the Stanford GSB and now shares the spot with UPenn
Wharton as well. In addition, the school placed among the top 20 in the following U.S. News specialty

rankings: management (1), nonprofit (3), entrepreneurship (4), international (4), marketing (4),
finance (7), production/operations (8), and supply chain/logistics (15). The 2014 Princeton Review
survey of U.S. MBA programs named HBS number two for Best Professors, number three for Best

Classroom Experience, number three for Top Entrepreneurial Programs, number three for Toughest
to Get Into, number six for Best Career Prospects, and number eight for Best Campus Facilities.

A March 2011 article in the HBS alumni bulletin details the history of business school rankings,

noting that after Businessweek (now Bloomberg Businessweek) published its first MBA survey in 1988,

rankings came to dominate would-be students perceptions of business schools. A chief marketing
and communications officer at HBS is quoted in the article, saying, My feeling is that rankings do
serve a purpose by aggregating information for people who are trying to make a difficult decision

But theres a limit to their usefulness. He adds, I dont believe that a ranking number should ever
drive someones decision about where to go to school.

Perhaps understandably, the students with whom we spoke when updating this guide generally

viewed the schools standing and reputation positively. When asked outright how he felt about HBSs
position in the various rankings, a second year stated simply, Good, adding that the schools brand

was a major factor in his having chosen the program for his MBA. A first-year student we interviewed
was slightly more vehement, declaring, It rocks! She likewise noted that HBSs brand played into
her decision to attend the school and noted that she is very happy with her choice.

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U.S. News & World Report (2015)

Bloomberg Businessweek (2012)

Harvard Business School (tie)

Chicago Booth

Stanford GSB (tie)

Harvard Business School

UPenn Wharton (tie)

UPenn Wharton

Chicago Booth

Stanford GSB

MIT Sloan

Northwestern Kellogg

Northwestern Kellogg

Duke Fuqua

UC-Berkeley Haas

Cornell Johnson

Columbia Business School

Michigan Ross

Dartmouth Tuck

MIT Sloan

10

NYU Stern

10

UVA Darden

11

Michigan Ross (tie)

11

Carnegie Mellon Tepper

11

UVA Darden (tie)

12

Dartmouth Tuck

13

Yale SOM

13

UC-Berkeley Haas

14

Duke Fuqua

14

Columbia Business School

15

UT Austin McCombs

15

Indiana Kelley

16

UCLA Anderson

16

NYU Stern

17

Cornell Johnson

17

UNC-Chapel Hill Kenan-Flagler

18

Carnegie Mellon Tepper

18

UCLA Anderson

19

UNC-Chapel Hill Kenan-Flagler

19

UT Austin McCombs

20

Emory Goizueta

20

Notre Dame Mendoza

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mbaMission: Insiders Guide to Harvard Business School - mbaMission Inc.

1
2
3

Financial Times (2014)1,2

The Economist (2013)1,3

Harvard Business School

Chicago Booth

Stanford GSB

Dartmouth Tuck

UPenn Wharton

UC-Berkeley Haas

Columbia Business School

UVA Darden

MIT Sloan

Harvard Business School

Chicago Booth

NYU Stern

Yale SOM

Stanford GSB

UC-Berkeley Haas

Columbia Business School

Northwestern Kellogg

MIT Sloan

10

Duke Fuqua (tie)

10

UPenn Wharton

10

NYU Stern (tie)

11

Cornell Johnson

12

Dartmouth Tuck

12

UCLA Anderson

13

Michigan Ross

13

Emory Goizueta

14

UCLA Anderson

14

Carnegie Mellon Tepper

15

Cornell Johnson (tie)

15

Northwestern Kellogg

15

UVA Darden (tie)

16

Michigan Ross

17

UNC-Chapel Hill Kenan-Flagler

17

Yale SOM

18

Carnegie Mellon Tepper

18

Duke Fuqua

19

Rice University: Jones

19

UT Austin McCombs

20

Georgetown McDonough

20

OSU Fisher

Excludes international schools and reranks only U.S. schools.


The Financial Times ranks Harvard 1 internationally.
The Economist ranks the Harvard 6 internationally.

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Harvard University
Harvard Business School
Summary
Harvard Business School (HBS) bills itself as a transformational experience for MBA students, and while that

may sound clichd, graduates with whom we spoke attest that HBS delivers. HBS states on its site that its
mission is to educate leaders who make a difference in the world, and the administration appears to take this
responsibility seriously. Although we suspect the school could perhaps rely on its reputation to attract the best
and brightest students and faculty, competition from other top-tier business schools has forced HBS to continue
to provide innovative opportunities and world-class resources to students and alumni.

For instance, in the 20092010 academic year, HBS introduced its January term, or J-term. According to an
article in HBSs student newspaper, The Harbus, that spring, J-term was born in response to the new University-

wide calendar. All Harvard schools now use the same academic calendar. Roughly three weeks in length,
J-term takes place between the first and second semesters.

During J-term, nearly the entire first-year HBS class participates in a Global Immersion experience (formerly

the Immersion Experience Program), the primary component of the FIELD 2 curriculum. After expanding
students international immersion opportunities during the 20092010 academic year, HBS now requires small

teams of first years to develop a product or service proposal in conjunction with a partnering organization in an
emerging market (for more information on these offerings, see the International Business section). The program

commences in October and culminates in an international trek to present the final proposal to the company.
In 2014, students worked with firms in such locations as Argentina, Cambodia, China, India, Turkey, and

Vietnam, and as part of the 2013 immersion experiences, they visited such locations as Brazil, Ghana, Chile,
and Malaysia. Trip destinations in 2012 included Rwanda, Japan, and Singapore.

In addition, the school began sponsoring two- and three-day seminars during J-term. Past faculty-led seminars
have included Leadership: The Hardest Questions, Finding Your Way to What Matters: Self-Awareness for

Effectiveness, Value-Based Health Care Delivery, and Global Futures and the Built Environment. Several
first-year students we interviewed recounted some of the other topics covered in these seminars, including

negotiation, how to structure a sales force, deal valuation, and how to cope with failure. In 2012, the school also
began experimenting with multidisciplinary case discussions for RC students, including several three-hour case
discussions led by three professors from different disciplines, to allow students to explore a business problem
from multiple angles.

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As noted, HBS provides a general management education and has invested in the infrastructure needed to train

well-rounded leaders, rather than developing a program dedicated solely to a specific industry or management
function. For example, the HBS Leadership Initiative fosters research on the subject of leadership and gives

students a forum in which to discuss academic theory and real-world experiences with peers, faculty, alumni,
and business leaders from around the world.

Given that the interests of its faculty and vast student body will likely vary widely and change over time, HBS
offers students the opportunity to participate in customized group Field Study or Individual Student Research

projects. The school has also developed interdisciplinary initiatives that coordinate research on broad areas of
study, such as entrepreneurship, social enterprise, and the global economy.

The Dean
In July 2010, Nitin Nohria became HBSs tenth dean. Nohria, who has been a member of the HBS faculty since
1988, replaced outgoing dean Jay Light, who retired after 40 years with the business school and five as dean.
In a May 2010 Harvard Gazette news article, Harvard president Drew Gilpin Faust described Nohria, who is

also the Richard P. Chapman Professor of Business Administration, as an outstanding scholar, teacher, and
mentor, with a global outlook and an instinct for collaboration across traditional boundaries.

In an October 2010 speech to HBS alumni, Nohria explained that the challenge for the school lay in striking
a balance between continuity and change. Later, having spent time speaking with students, faculty, business

leaders, and alumni, Nohria outlined the following five priorities for his tenure at HBS in a January 2011

Deans Message on the HBS Web site: innovation, intellectual ambition, internationalization, inclusion, and
integration within the university.

He explained, While an easy shorthand is to call these five areas the deans priorities, I want to stress that
I really view them as our priorities; they arise from and are driven by your commitment to the School and

our collective sense of the areas where we think we canindeed, mustmake a difference in the world. He

continued by adding, We can be a School that represents the worlds best thinking, and as a result, attracts

the worlds best people to come and do their best work. We can set a new standard for management education
and reaffirm our commitment to educating leaders who create value for society. This is my hope, and it is to this
endeavor that I will devote my energies.

In a January 2012 Deans Message, Nohria provided an update to the HBS community on the progress

made thus far on his five priorities. He noted that the school has made strides with respect to innovation and

international programs with the January 2011 development of its Field Immersion Experiences for Leadership
Development (FIELD) course, in which students partner and work directly with organizations in emerging

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markets. In addition, the school has increased its international presence with the strengthening of its programs
in India, including a new HBS location in Mumbai.

Nohrias priority of inclusion was addressed with the launch of the Culture and Community Initiative, through

which the school is evaluating its relationship not only with the women in its ranks, but also with other
minorities, such as those based on sexual orientation, race, and even economics. In the realm of improved

integration with Harvard University, Nohria calls the Harvard Innovation Lab the most visible symbol of

our commitment and activity. The lab is a renovated building on campus that provides a location for FIELD
project work and for undergraduate workshops and lectures.

Lastly, Nohria sees the launch of the U.S. Competitiveness Project as part of the schools commitment to
intellectual ambition. The project is intended to increase understanding of competition among businesses in
the United States, with the larger aim of helping companies operate better in the global marketplace. Nohria

concluded his message with a renewed call for innovation at HBS, saying, At the same time, we must have

the courage to innovate. Because todays traditions were, in fact, innovations in their time . We owe it, to the
generations who will follow us, to continue that spirit of exploration and innovation, because it is in this way
that we bring to life the Schools mission of educating leaders who make a difference in the world.

Poets & Quants named Nohria 2012 Dean of the Year in the wake of an unexpected student death that

occurred days before graduation the year prior, in large part because of Nohrias management of the situation

both externally and within the HBS community. The publication praised his empathetic handling of a tragedy
and his bold leadership of the school, adding, As dean of the worlds most powerful and influential school of
business, Nohria has unflinchingly led the school into a new brave era.

Professional Specializations
Consulting
Of HBSs Class of 2013, 22% accepted positions in the consulting industry (down slightly from 25% in 2012
and 24% in both 2011 and 2010). The schools exclusive use of the case method helps train students to think on

their feet, ask insightful questions, and reason through problems with incomplete informationoutstanding

training for management consulting interviews and, indeed, for management consulting itself. By the end of

their RC year alone, HBS students will have participated in two or three case-based discussions every day, five
days a week.

Consulting is a fairly broad field, but many students interested in consulting gravitate toward courses in the
Strategy Unit. HBS offers an average of 15 courses in this unit each year, including Strategies and Technology,

Games of Chance and Strategy, and Corporate Strategy. Classes such as Designing Competitive

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Organizations, Digital Innovation and Transformation, and Reimagining Capitalism: Business and Big
Problems might also interest budding consultants.

Some second-year students sign up for a Field Study opportunity, wherein teams of three to six students

work closely with a sponsoring organization and a faculty advisor to solve a real-world business problem.
Sponsoring organizations can range from small entrepreneurial ventures to large corporations, manufacturers,
or nonprofits. Past sponsors have included Disneyland, BMW, Nike, Childrens Hospital Boston, the African
Communications Group, and the New England Conservatory of Music. Students can also work for a company
or organization to study a specific topic of interest under the close direction of a faculty member as a part of an
Individual Student Research project. This option has reportedly gained popularity in recent years as students

increasingly link independent field-based learning to their career planning and job search. In fact, the HBS

Web site notes that each year, approximately 900 field study or ISR [Individual Student Research] projects are
undertaken by students.

Students interested in learning more about consulting or who need help preparing for case interviews should

have no trouble finding classmates to assist them, given that many incoming students in each new HBS class
tend to have consulting backgrounds. Whats more, the schools Management Consulting Club (MCC) provides
numerous opportunities for students to interact with leaders in the consulting industry, including its Consulting

Career Fair and its Monthly Cocktail Series, in which management consultants speak with club members in an
informal setting. In addition, the MCC Distinguished Speaker Series brings experts in the industry to campus

to discuss trends and opportunities in management consulting and strategic planning. The MCC also conducts

case interview workshops and provides both sample case questions and a career guide for job seekers. The guide
is a reference meant to help students distinguish between firms to decide where they would best fit, and covers
job responsibilities, the recruiting process, and human resource practices.

As we noted earlier, HBS does not make public the number of students who join specific firms, but the schools
list of 20122013 recruiting partners includes Accenture, Bain & Company, Booz & Company, the Boston
Consulting Group, Censeo Consulting Group, L.E.K. Consulting, McKinsey & Company, the Parthenon
Group LLC, and Wellspring Consulting LLC.

Entrepreneurship, Private Equity, and Venture Capital


The topic of management for entrepreneurs is part of the HBS first-year curriculum/RC and a significant

element of the 19 courses in the Entrepreneurship Unit for EC students. Several entrepreneurship courses that
stood out to mbaMission include Entrepreneurial Leadership in Creative Industries, Founders Dilemmas,
and Entrepreneurship and Global Capitalism. Building and Sustaining a Successful Enterprise is another

notable course that has, in the past, been co-taught by strategy and innovation guru Clayton Christensen and
professors Chet Huber, Stephen P. Kaufman, and Derek van Bever.

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The HBS Entrepreneurship Initiative includes a variety of resources dedicated to the study of entrepreneurship
and to supporting students who are interested in starting their own ventures. EC students can submit business

plans for evaluation in the New Venture Competition (formerly called the HBS Business Plan Contest), an

annual event that has been running since 1997; the first-prize winner receives $50,000 in cash plus in-kind
services, and the runner-up receives $25,000 in cash plus in-kind services.

In 2014, approximately 150 teams participated in the schools New Venture Competition. In addition to a
traditional business track, the competition offers a social venture track, which, since its inception in 2001, has

attracted nearly 850 participants and the submission of a total of 277 plans. The social venture track involves
teams that are proposing for-profit, nonprofit, and hybrid business model plans.

The total number of teams competing has risen significantly in the past few years130 teams in 2013 (with
nearly 100 in the business venture track and 37 in the social venture track) and 129 teams in 2012 (with

80 in the business venture track and 49 in the social venture track), versus just 88 teams in 2011 (63 in the

business venture track and 25 in the social venture track). The teams must include at least one HBS student
and are critiqued by judges from fields such as venture capital, law, consulting, social entrepreneurship, and

angel investing. The grand prize winner of the business venture track in 2014 was Alfred, a service layer on
the sharing economy, explains the competitions Web site. Saathia company that makes sanitary pads out of
banana tree fiber for women in Indiawon the social enterprise track.

The previous year (2013), the business track winner was Tauros Engineering, a business that offers new
technology for detecting bridge scour. Bluelight, described on the events Web site as innovative consumer

finance for the base of the pyramid, was the winner of the social enterprise track. In 2012, Vaxess Technologies,

a company that lowered the cost of shipping and storing vaccines by creating a stabilizing strip that eliminates
the need for refrigeration of vaccines, won the business track. A company called eTransitions, a Web-based

reservation platform that connects acute-care patients with long-term skilled nursing facilities, won the social
venture track that year.

In an April 2011 HBS Newsroom press release, Dean Nohria described the New Venture Competition (at the
time still called the HBS Business Plan Contest) as reflecting the amazing talent at this school. The ideas
presented here aim to transform the lives of others, and that is what Harvard Business School is all about.

He later expounded further on the event in a 2012 press release, reflecting, There is an incredibly strong
entrepreneurial spirit among HBS students, which is apparent in the innovative and socially minded business
ideas that are showcased through the contest.

Student-run events regularly bring venture capitalists, attorneys, and entrepreneurs to campus to more deeply
explore issues related to building businesses. For example, the Entrepreneurship Clubone of HBSs larger

student organizations, with more than 600 memberssponsors a Young Presidents Organization (YPO)
dinner and an annual Entrepreneurship Conference. YPO is an elite international organization for young

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business leaders who, in many cases, have founded the companies they run. The YPO event is extremely popular
because it gives attending students the opportunity to dine with high-profile business leaders at some of Bostons
finest restaurants.

The clubs 11th annual Entrepreneurship Conference, themed Rethink Entrepreneurship: Breaking the Myths,
took place in November 2013. The event featured as keynote speakers the founder/CEO of KWL Enterprises,

the co-founder of HubSpot, the co-founder of Crowdtilt, and a former astronaut who is now the co-chair of
artificial intelligence and robotics for NASA. Learning sessions on such topics as How to Go from an Idea to

a Product and Learn How to Start @ School ran concurrently with debate sessions on Entrepreneurship Is

All About the Exit! and Entrepreneurship Is Just Building Another App! Also part of the 2013 conference
was an elevator pitch venture competition hosted by the Entrepreneurship Club, which asked participants,

Are you the next Mark Zuckerberg? Participating students from across the broader university competed for a

cash prize of $2,500, mentorship opportunities, an entrepreneurship networking dinner, a dedicated working
space at the Harvard Innovation Lab, and pro bono legal services to help launch their proposed venture.

The clubs tenth annual Entrepreneurship Conference, in December 2012, explored the theme Dream. Build.

Grow: Lifecycle of a Startup. The events keynotes included the CEO and co-founder of Endeavor, the CEO
and chairman of the executive committee for Inome, the co-CEO of the Internet advertising company OLX,

and the co-founder and CEO of CloudFlare. The conference examined the various steps of a start-ups life
cycle through a series of panel discussions on such topics as The Current and Future Mobil Ecosystem:

From Communications to Analytics, Operational Challenges in a Growing Startup, How to Succeed in


e-Commerce, Term Sheet Negotiations, and Growing Your Core Business.

The previous years conference (March 2012) was themed ICE: Inspire. Create. Execute and welcomed as
keynote speakers a former chairman of Zappos, the co-founder and chief technology officer of Airbnb.com, the

co-founder and chief partnership officer of One Kings Lane, the founder of Endeca, and the CEO and chief
product officer of Zynga. To reflect the different stages of an entrepreneurs path, conference attendees could
designate themselves as either younger wantrepreneurs or more seasoned entrepreneurs. Panel discussions at

the event explored the conferences three main areas of focus: Inspire, Create, and Execute. For example,
the panel My First 12 Months was an Execute panel, while How to Get Started: Young Founders Issues

was a Create panel. The keynote addresses, along with such panels as Innovation in eCommerce, were
included in the Inspire category.

The Entrepreneurship Club also offers a Startup Idea Assessment Contest and a Distinguished Speaker Series.
In addition, each month, the group hosts a number of Start-Up Tribe events, which can range from a meet-up
over food and drinks to more formal panel discussions and Q&A sessions. Examples from past years include

a panel on Start-Ups in the Business of Sports, a Q&A with the founders of the beauty supply company

Birchbox, and a Start-Up Tribe meeting at which Facebook CEO/co-founder Mark Zuckerberg made a special
appearance. In February 2013, the club hosted Startup Weekend: Sensored!, a 54 hourlong event in which

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individuals pitched venture ideas focused on mobile technology and subsequently formed teams to develop their
business models and product designs. The club also sponsored a talk by the founder and chairman of Harvard

Business School Alumni Angels of Greater New York, who is also a partner at ff Venture Capital, and a Most
Common Mistakes of Entrepreneurs Webinar in December 2012.

Previous workshops offered through the Entrepreneurship Club have included Legal Opportunities and
Pitfalls and Visioning Lab, which was designed to help future entrepreneurs determine the kind of venture
they might wish to establish. Students interested in entrepreneurship can also participate in many other Boston-

area events and organizations, such as Mobile Monday Boston and WebInno (http://webinnovatorsgroup.
com), groups for people interested and involved in mobile and Internet innovation.

The Arthur Rock Center for Entrepreneurship at the school supports research, teaching, and course development

in entrepreneurship on campus and at the California Research Center in Silicon Valley. As HBSs first such

off-campus center, the California Research Center facilitates faculty research and case writing in Silicon Valley
and the San Francisco Bay Area. The Rock Center oversees the awarding and distribution of the John F. Lebor

Family Rock Summer Fellowships, which subsidize students salaries during summer internships, allowing

the students to work in smaller entrepreneurial venturesor even on their own start-upswithout the
financial sacrifice they might otherwise face. The goal of the Rock Summer Fellowships, according to the HBS
Entrepreneurship Initiative Web site, is to make up the difference between the compensation, if any, provided

by the companies for which the interning students work and the (approximately) $6,000 in total compensation
the fellowships target.

Of the Class of 2013, 9% accepted jobs in the private equity and leveraged buyouts industry areas after
graduation, and 1% accepted jobs in venture capital (15% and 1%, respectively, in 2012, and 14% and 1% in
2011). Private equity and venture capital courses in the EC year include the frequently oversubscribed Venture

Capital and Private Equity as well as Entrepreneurial Finance and the health carefocused Entrepreneurship
in Healthcare IT and Services. The Venture Capital and Private Equity (VCPE) class involves the VCPE
Game, a graded project in which students are assigned to a three- or four-person team. The teams then act as

private equity firms operating in a simulated market that runs for eight game years and can choose from more

than 9,000 companies in which they may invest. Teams develop strategies, structure investments, negotiate
with other teams to co-invest, and make decisions regarding how best to manage their portfolio.

The VCPE Club helps its members obtain jobs in the industry, developing programs that address students
employment-related concerns and hosting an annual VCPE Conference, which in past years has involved as many

as 550 participants. The VCPE Conference celebrated its 20th year in 2014, welcoming the founder of the Carlyle
Group, the global head of private equity for Blackstone, and the founder of the Social+Capital Partnership as
its keynote speakers. Although the conference did not have a set theme that year, 16 breakout panel discussions

covered a variety of topics relevant to the current state of the industry, including Investing in Europe, Start-Up
Valuations, and Women in Private Equity. The event concluded with a networking reception.

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The theme of the previous years (2013) VCPE Conference was Navigating Change, Discovering Value, and

the event featured panel discussions on such topics as Investing in the Education Sector, Investing in the

Energy Sector, Creating, Operating, and Investing in Search Funds, and Venture Capital in New York.
The keynote speakers were the chairman and CEO of Apollo Global Management, a managing director of

Bain Capital who is also co-owner of the Boston Celtics, and a managing director and co-founder of General
Catalyst Partners. In 2012, the conference explored the topic Discovering New Horizons and panel discussions

covered such issues as Private Equity Investing in Europe, Clean Technology Venture Capital, Founding
the Private Equity Firm, and Angel Investing. High-ranking representatives from the Carlyle Group, Terra
Firma, and New Enterprise Associates served as the events keynotes.

The VCPE Club also organizes a speaker series and provides members with discounts on books and journals,

such as the Wall Street Journal online. In addition, the group organizes career treks to venture capital and private
equity firms in cities around the world. For instance, one first-year student with whom mbaMission spoke

organized a career trek to visit private equity firms in London during J-term. Past VCPE Club speakers include
representatives from Greylock Partners, HIG Capital, TVM Capital, KKR/Capstone, and the Blackstone
Group.

HBSs VCPE recruiting partners for 20122013 included AQR Capital Management, LLC; Foundation

Capital; Highland Capital Partners; Nomura Holding Inc.; and Tiger Eye Capital. HBS also reported that 7%
of the Class of 2013 started their own business upon graduation (7% also in both 2012 and 2011).
Finance
HBS offers 20 EC classes (and two RC classes) in the Finance Unit; however, we learned that some classes
in other units are also popular with students interested in finance, such as Entrepreneurial Management in a
Turnaround Environment in the Entrepreneurship Unit (though this course was not offered in 20132014) and
Business Analysis and Valuation Using Financial Statements in the Accounting and Management Unit. In

addition, courses such as Leading Professional Service Firms in the Organizational Behavior Unit are likely
to be beneficial for students interested in financial services careers. Although HBS is a general management

school, 27% of the Class of 2013 entered jobs in the financial services industrythough this figure has decreased
over the past few years (35% in 2012 and 39% in 2011).

HBSs finance and accounting curriculum offers electives as diverse as Behavioral and Value Investing,

Creating Value in Business and Government (joint with the John F. Kennedy School of Government),
Creating Value Through Corporate Restructuring, and Financial Management of Smaller Firms.

Students interested in finance can also take advantage of the resources offered by the schools Finance Club and

Investment Club. The Finance Club provides an interface between the finance industry, the schools finance
faculty, and HBS students, sponsoring such events as A Day on Wall Street, in which students travel to New

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43

York City for two days to tour investment banks and meet with finance professionals based there for formal

presentations and informal talks. The club also offers Wall Street training sessions throughout the year to help
students learn skills necessary in this field. In addition, the club provides mock interviews for first-year students

and hosts a party each year, cleverly named the Predators Balllikely in reference to Drexel Burnhams annual
junk bond sales conferences in the 1980s, which were known by the same name. A first-year student and
Finance Club member also told mbaMission of the fantastically important and interesting speakers the

club brings to campus, including the former CEO of Merrill Lynch, the CEO of JPMorgan Chase, and the
president of Barclays Capital.

The theme of the clubs 2013 Finance Conference, which attracted more than 300 attendees, was The

Responsible Financier. Opening with a talk by the co-CEO of Audax Group, the event also featured a keynote
address by the former U.S. Secretary of the Treasury. A series of panel discussions examined such topics as

Mergers and Acquisitions, Entrepreneurship in Finance, and Women in Finance. A presentation by the
chairman of Rothschild North America concluded the years event. The 2012 conference was themed Finance
Beyond 2012: Building New Models and offered panels on Mergers and Acquisitions and The Broader

Investment Bank. Serving as keynotes were the founder and executive chairman of Evercore Partners, the
founder and chairman of the Peter J. Solomon Company, and the vice chairman of Jefferies & Company.

In 2011, the event explored the topic Braving the Storm and featured keynote addresses by the managing
director of mergers and acquisitions of Citigroup, the chief investment officer at MetLife, and the global head
of investment banking at Lazard Ltd.

HBSs Investment Club works to improve its more than 400 members understanding of all aspects of
investment management, helping them develop practical investment skills and increasing their access to
career opportunities in the industry. It also sponsors a Distinguished Speaker Series, which has featured the

founder and CEO of the hedge fund Pershing Square Capital Management, the founder and former portfolio

manager of Shumway Capital Partners, a portfolio manager for the Magellan Fund, a hedge fund manager
with Pabrai Investment Funds, the founder of Chilton Investment Company, a hedge fund manager with Tiger
Management, the founder of Perry Capital, the founder of Bridger Management, and the publisher of Grants
Interest Rate Observer.

In April 2014, the club held its annual Investment Conference, whose stated goal is to attract a group of
speakers that represents the highest echelon of investing talent, according to the events Web site. Featured

as a keynote speaker was Seth Klarman, founder and president of the Boston-based investment firm The
Baupost Group and author of Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor

(HarperCollins, 1991)which has such a cult-like following that, now out of print, used copies were listed for

as much as $1,599 on Amazon (as of June 2014). Other keynote speakers were the founder of Third Point and

the co-founder/global chief investment officer of Mount Kellett Capital Management. Two groups of breakout
panel discussions covered such topics as Shareholder Activism, Deep Value, and Credit Investing. The

half-day conference concluded with a networking reception and light refreshments. The previous years (2013)

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event welcomed a managing partner of Shumway Capital, the founder of Abrams Capital Management, and
the founder of Pershing Square Capital Management as keynotes. Panel discussion topics included Investing
in Credit, Approaches to Fundamental Investing, and Allocating Capital.

According to a second-year member of the Investment Club with whom mbaMission spoke, the club is able
to attract such great speakers and event participants in part because of the robust investment management

community in the Boston area. She added that the club invites professionals from firms such as Fidelity to
train students on how to present a stock pitch and that EC club members help RC members practice for

interviews. The Investment Club also sponsors annual job treks to New York City, London, and Asia. Students

we interviewed said that one of the Investment Clubs most popular annual activities is the Warren Buffet Trek,

in which students travel to Omaha to visit the famous investor, share a Coke (one of his favorite drinks) with
him, and ask him about his thoughts on the global economy and his investment philosophy.

In addition, according to a first year we interviewed, members of a subgroup of the Investment Club called

the Alpha Fund meet every two weeks to decide how to invest over $100,000 of Harvards endowment. Any

Investment Club member can pitch a stock idea to the Alpha Fund investment committeewhich usually

comprises 16 students (eight first years and eight second years) with investment management experiencewho

then vote on the proposed idea. Weekly fund meetings generally consist of two to three pitches, after which the
committee takes feedback from those at the meeting before making its decisions.

Students interested in finance can also take advantage of the Exchangea section of the recently remodeled

Baker Library/Bloomberg Center that provides access to real-time business and financial informationwhich
is particularly valuable for students preparing for finance interviews. The Exchange has several Bloomberg
Professional machines (helpful for students who wish to earn Bloomberg certification) as well as eight 42-

inch wall monitors broadcasting content from Bloomberg News, CNN, and other major business and finance
cable news channels. Several international newspapers, including Le Monde (France), the Chinese Peoples Daily
(China), and the Sunday Times of India (India), are also available.

HBSs finance recruiting partners for 20122013 included the American Express Company, Bank of America
Corporation, Barclays Bank PLC, Credit Suisse Group AG, Fidelity Management & Research, Goldman

Sachs, and T. Rowe Price, with a total of 27% of graduates accepting positions in the financial services industry
(9% in private equity and leveraged buyouts, 5% in hedge funds, 5% in investment banking and sales and
trading, 5% in investment management, 3% in other financial services, and 1% in venture capital).
General Management
HBSs dedication to the case method and its required first-year curriculumwhich includes a wide range of
courses covering a variety of subject areas, including accounting, ethics, negotiations, marketing, strategy,
and financeare primary elements of its standing as a general management school. RC courses provide a

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foundation for understanding the basic principles of management, including the qualities of effective managers

and strategies of successful enterprises. For example, Leadership and Organizational Behavior, in Term 1,
examines individuals, teams, and networks and how to develop a vision for the future of an organization and to
motivate various members of the organization. Leadership and Corporate Accountability, in Term 2, uses cases
about complex and challenging managerial decisions to examine the responsibilities of organizational leaders.

The three-part Field Immersion Experiences for Leadership Development, or FIELD, course during the RC
year immerses students in action-based, hands-on work to help develop their leadership skills. This series of

courses involves a team-based project that consists of three modules, the first of which focuses on individual
development and leadership exercises. The second module examines globalization and culminates in a Global

Immersion during J-term. The third module represents the culmination of the course with the development of
a microbusiness.

Approximately 39 faculty members comprise the General Management Unit, which focuses its work in four
interest areas:

Leadership, Values, and Corporate Responsibility

Management Policy and Process

Management Information Systems


Society and Enterprise

Within these areas, the EC year offers roughly 19 elective courses to appeal to those specifically interested in

general management. In General Management: Process and Action, students explore the various arenas in
which a general manager might work (such as retail, start-up, multinational organizations, and manufacturing)
to better understand the role and its responsibilities. The Managing Change course is designed to develop

students practical skills so that they can manage large-scale change within an organization (such as a business
turnaround). Other applicable EC courses include Designing Competitive Organizations, Legal Aspects
of Management, The Moral Leader, and Power and Glory in Turbulent Times: The History of Leadership
from Henry V to Steve Jobs.

Supporting students interested in general management is the General Management and Operations Club,

which offers an annual career fair, a speaker series, and programs designed to strengthen students general
management skills across all industries. The clubs career fair focuses on leadership development programs and

provides networking opportunities with such companies as General Electric, Anheuser-Busch InBev, Volcano,
DuPont, JPMorgan, Sears Holding, Emerson, Intel, and IBM.

In 2013, 14% of HBS graduates accepted positions with a general management function (up from 12% in 2012

and 9% in 2011). Recruiting partners for the year that are known to hire for these types of positions include

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American Express Company, Cisco, Disney, the Dow Chemical Company, General Motors, GlaxoSmithKline,
Infosys Ltd., Virgin America, and Nike, Inc.
Health Care and Biotechnology
Over the past few years, HBS has invested significantly in resources dedicated to the field of health care. The
HBS Healthcare Initiative, established in 2005, is a multidisciplinary program designed to foster innovative

thinking in the health care industry. The initiative includes electives and four one-week immersion programs,

held during the January break, that allow intensive study of the industry through courses, seminars, and visits
to companies, laboratories, and health care facilities.

During J-term, HBS offers an intensive health care seminar titled Value-Based Health Care Delivery. First

held in January 2008, the seminar is led by Professor Michael Porter and is based on the framework laid out
in Porters book Redefining Health Care: Creating Value-Based Competition on Results (with Elizabeth Olmsted

Teisberg; Harvard Business Press, 2006) for diagnosing and solving the problem of competition in the health
care industry. Both HBS and Harvard Medical School students participate in this immersion program, which
involves cases, lectures, and visits to health care organizations to understand the actions required for participants

in the health care system. HBS also offers such resources as career coaches focused on the health care industry, a

proprietary job bank with information on health care internships and full-time jobs, and Health Care Industry
Week, which is a week of panels and presentations that introduce students to different sectors within the health
care industry.

Approximately 72 members of HBSs faculty conduct research in the field of health care and together have

produced 482 health carerelated cases since 2005 that have been used in the schools MBA program. A
considerable number of the cases taught in the first-year curriculum are related to the health care industry, and
while the schools Web site notes that specific courses may vary from year to year, HBS offers several EC classes
that focus specifically on this field, such as the following:

Entrepreneurship in Healthcare IT and Services

Innovating Biomedical Technology

Healthcare Computer Assisted Innovations


Innovating in Healthcare

Managing Global Health Care: Design, Delivery and Evaluation of Global Health Programs
Managing Medicine

In addition, students interested in health care can take a Field Study course, which they can design around a
topic of their choice with assistance from a member of the faculty. Recent health carerelated Field Studies

have focused on quantifying the size of the medical tourism market, redesigning urgent care triage for a major

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academic hospital, and developing a business model for a large multinational pharmaceutical company operating
in China.

In addition, HBS launched its MD/MBA dual-degree program in 2005. Candidates interested in this dual

degree must gain admission to both Harvard Medical School and HBS to participate in this program, so they

should have a sincere interest in becoming a doctor. Conversely, those who simply wish to take health care
courses at the medical school or another Harvard graduate school can do so by cross-registering. HBS students
can also take advantage of the events organized by the Harvard Project for Health Systems Improvement, a
university-wide program launched in 2001 and designed to engage the universitys faculty and students in
nontraditional research and to facilitate knowledge sharing to help improve health care systems.

The schools Healthcare Club, which boasts more than 250 members, sponsors an annual Healthcare

Conference. The theme of the 2014 conference was Redefining Access in Modern Healthcare, and the event
featured as keynote speakers HBSs Senior Associate Dean for External Relations William Sahlman (MBA

55), the CEO/president of the Joslin Diabetes Center, the president of Brigham and Womens Hospital, and
the chairman/CEO/president of Aetna, Inc. Panel discussion topics ranged from Emerging Markets and
Healthcare Finance to Consumer Health and the Affordable Care Act. The daylong event concluded with
a networking reception.

In 2013, the events theme was Consumer-Centric Innovation, and serving as keynotes were the president and
CEO of Weight Watchers International; the U.S. deputy chief of staff for policy; the co-chairman and CEO
of DaVita HealthCare Partners, Inc.; and the president and CEO of GE Healthcare Systems. Specific panel
topics included Healthcare Innovations for Driving Consumers to Action, Re-Evaluating Medical Device

Usage in a Cost-Conscious Environment, How to Sustainably Increase Access to Care in Emerging Markets,
MBA Student Experiences with Chinas Healthcare System, and Healthcare Information Technology Is

Increasing TransparencyCan It Empower You? Featured addresses at the 2012 conferencethemed The
Future of Healthcare: Innovative Business Partnerswere delivered by the president and CEO of Americas

Health Insurance Plans, the president and CEO of Danaher Corporation, and the senior director of Worldwide
Health. Specific panel topics included Devices/Diagnostics: Enabling New Treatment Paradigms, Payor/

Provider: Winning in an Outcomes-Based Future, and Biotech/Pharma: Tailored Therapies: Beyond the
Blockbuster Model.

Each year, the club hosts workshops on various health care factions and offers assistance in interview preparation

specific to different areas in the health care industry. In addition, the clubs mentorship program pairs first-year
students interested in a particular health care sector with second-year students who have experience in that
sector. Further, the club produces The Weekly, a (you guessed it) weekly email newsletter that covers the latest
news on job postings, field studies, and internships in the health care arena.

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Students interested in pursuing careers in health care can sign up to participate in the Student-Alumni Mentor
Program, which is administered jointly by the HBS Healthcare Initiative, the HBS Health Industry Alumni

Association, and the Healthcare Club. As part of this program, alumni working in a variety of sectors in the
health care industry volunteer to serve as mentors, providing students guidance on career choices.

In 2008, HBS established the HBS Life Sciences Fellowship Fund, which provides $20,000 fellowships to ten
incoming MBA students with outstanding credentials in the field of life sciences.

HBS recruiting partners in the health care and biotechnology fields for 20122013 included athenahealth,
Inc.; Amgen, Inc.; Childrens National Medical Center; Johns Hopkins Health System; Bayer AG; Biogen

Idec; DaVita, Inc.; Eli Lilly and Company; Genentech, Inc.; Humana; the World Health Organization; and

Medtronic, Inc. Of the schools Class of 2013, 5% accepted positions in the health care industry (down from 7%
in 2012 but up slightly from 4% in 2011).
International Business
HBS appears to have made significant strides in increasing its reach beyond the United States, with respect
to not only the student body (international students have constituted approximately one-third of each class for

the past seven years), but also the faculty members, their research, the cases used in classes, and the addition
of Global Immersions (discussed later in this section) to the MBA program. The HBS Global Initiative is

one of six such HBS initiatives, which are interdisciplinary umbrella programs that coordinate resources and

research in specific areas of study. Initiatives encompass courses, seminars, scholarships, conferences, and

research. The HBS Global Initiative in particular entails research facilities, internationally focused courses,
Global Immersion projects, and opportunities for individual and group research projects for organizations with
interests outside the United States.

Internationally focused courses include the first-year requirement Business, Government, and the International

Economy and the EC courses Entrepreneurship and Global Capitalism, Managing International Trade and
Investment, and Doing Business in China. Approximately one-half of the HBS faculty conducts research
internationally. The school also has a global network of research centers and offices in Hong Kong, Tokyo,
Buenos Aires, So Paulo, Istanbul, Paris, Mumbai, and Palo Alto. Students can join international Field Study

projects and choose from more than ten international student clubs, from the Africa Business Club to the
Australian and New Zealand Club. Moreover, HBSs global alumni network is quite strong, with 96 alumni
clubs around the world, 83 of which are geographically based.

Most HBS students participate in at least one Career Trek, either in the United States or abroad, while in the

MBA program. Career Treks are trips to cities and countries in which HBS students are interested in working
after graduation. Treks take place at various times throughout the academic year and range in length from one

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or two days to more than a week. Students conceive of and organize the treks, which are sponsored jointly by
the HBS Career Services Office and whichever student club is most closely related to either the treks location

or the kind of companies visited. For example, the HBS Club of Japan would likely help organize the Japan

Trek, while the Entertainment and Media Club might organize the Hollywood Trek. In the past, students

on Career Treks have visited Seattle, New York, the San Francisco Bay Area, London, and Hong Kong, in

addition to various cities in Israel and India. Participating students meet with the leaders of established and
emerging businesses in the area, attend networking events, learn about internship and career opportunities, and
take time to explore the region together.

As mentioned, HBS has established a Global Immersion component of its FIELD 2 curriculum (formerly called
the Immersion Experience Program) that requires teams of students to present project proposals to partnering

organizations abroad during J-term. Students decide their geographical preferences early in the fall semester

and are matched with a firm in an emerging market. A recent HBS graduate who had participated in the global
immersion told mbaMission that most people are able to work with their first or second choices. Although
some projects have been conducted with U.S. firms in recent years, the vast majority entail international travel.
Projects for the partnering firms are typically consumer focused and task students with developing a new

product, service, or strategy. Participants meet before the trip to prepare for the intensive project experience

and regroup after the trip to discuss the lessons learned. Airfare, lodging, and dining expenses for the trips are
reportedly included in tuition.

Global Immersions differ from Career Treks in that the former have educational objectives. FIELD 2 Global
Immersions in 2014 included projects with such firms as Marriott International, Lenovo, and Sichuan Jinjiang

Hotel in China; AirAsia X Berhad, Khind Holdings Berhad, and Hong Leong Bank Berhad in Malaysia; and
LexisNexis, Standard Bank, and Amka Products in South Africa. Immersions in 2013 included partnerships

with such firms as TAM Airlines, Banco Citibank S.A., and Nike, Inc., in Brazil; Glass Egg Digital Media,
InterMedia, and Thien Minh Group in Vietnam; and Atasun Optik, Turkcell, and Finansbank in Turkey.

International firms that recruited at HBS in 20122013 include China Jianyin Investment Co., Ltd.; Ashoka
Arab World; Developing World Markets; the European Bank for Reconstruction and Development; the World

Bank Group; the World Economic Forum; and the World Policy Institute. Of the schools 2013 graduates, 17%
accepted positions outside the United States (down from 20% in 2012 and 21% in 2011).
Marketing
Although HBS offers just 12 marketing-specific classes (including one in the RC curriculum and two FIELD

courses), marketing appears to represent a fairly popular field for the schools MBAs, with 15% of the Class
of 2013 accepting a position with this function (up from 9% in both 2012 and 2011). EC marketing courses
include Digital Marketing Strategy, Business at the Base of the Pyramid, and Retailing.

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One of the less traditional marketing offerings is the Strategic Marketing in Creative Industries class, which

the course description states is meant for students planning careers in industries such as sports, fashion, music,
publishing, media and entertainment, and advertising. A recent alumna told mbaMission that cases used in

this course have focused on the famous New York hot spot Marquee, the Argentine soccer team Boca Juniors,
MGM and Tom Cruise, and el Bulli, a Catalonia-based eatery that Restaurant magazine judged the worlds
best restaurant several years in a row. She also mentioned that the class enjoyed a visit from professional tennis
player Maria Sharapovas agent after completing a related case discussion.

The nearly 300-person Marketing and CPG Club (formerly just the Marketing Club; CPG stands for consumer

packaged goods) brings together faculty, industry speakers, and members of the marketing clubs at other top
business schools and sponsors both an annual conference and a Distinguished Speakers Series. The club also

offers workshops on skills and career development, career panels and recruiting presentations, and ongoing

informal events, such as social mixers, group dinners, and lunches. In the club-sponsored EC-RC marketing
buddy program, first-year students are paired with second-year students to facilitate information exchange and

career advice between classes for the benefit of RC students pursuing positions in the fields of marketing and
consumer packaged goods. The club also offers a Marketing Alumni Mentoring program.

The clubs 2013 Marketing Innovation Conference was themed Innovation and Branding in a Dynamic
World and included among its many speakers the head of strategic communications at Facebook and the

chief marketing officer of Seventh Generation. The 2012 conference (which did not have a specific theme)
welcomed representatives from more than 30 companies, including the Boston Consulting Group, Zynga,

Groupon, American Express, Walgreens, Social Bakers, Equinox, ESPN, Tough Mudder, Anheuser-Busch

InBev, Procter & Gamble, Ideo, General Mills, and LOral. Keynote addresses were presented by General
Mills chief marketing officer and the CEO of ESPN, while panel discussions covered topics such as Shopper
Insight, From Likes to Profit, Digital Marketing, Future of Couponing, and Gamification. The 2011
conference was themed One-to-One Marketing and featured keynote addresses by the chief marketing officer
of Major League Soccer and the founder, president, and CEO of Chobani.

A second-year member of the Luxury Goods and Design Business Club, which also caters to students
interested in marketing careers, explained to mbaMission that the groups mission is to educate the entire HBS
community about retail and luxury goods concepts, challenges, and opportunities. In doing so, the club aims to
build a strong community for its members, serving as their primary link to other students, faculty, and alumni

interested in these industries. The club supports career planning, recruiting, networking, and bringing members

together in social settings. In addition, the club arranges annual Career Treks that take members to New York
City to visit companies there operating in this field, such as Tori Burch, Gucci, and Gilt Groupe.

The group sponsors several events throughout the year, including a student-run charity fashion show, which in
2013 benefited the Massachusetts-based organization Cradles to Crayons. In both 2012 and 2011, the shows

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proceeds went to the Harris Center for Education and Advocacy in Eating Disorders at Massachusetts General

Hospital. The annual event has showcased fashions from such design houses as Ted Baker, Marc Jacobs, Rag
& Bone, DVF, Theory, Bonobos, and Wings and Horns. Attendees at the 2013 show, which was held at

The Estate nightclub, wore their fashionable finest and celebrated afterward at the Models & Bottles party

sponsored by the schools student-led Euro Club. The 2012 event was held at Bijou Nightclub and themed Style
on Your Own Terms.

The Luxury Goods and Design Business Club celebrated its tenth annual Retail and Luxury Goods Conference
in February 2014 with the theme The Consumer Revolution: Redefining Retail and Luxury for the Next

Decade. The CEO of Fifth & Pacific Companies, Inc.; the chief marketing officer/chief digital officer of
Sephora; and the founder/chief designer of the Donna Karan Company gave the events keynote addresses.

The daylong conference also offered five panel discussions that examined such topics as Disrupting Luxury,
Intelligent Growth, and Founders and How They Built Their Brands, in addition to a networking lunch and
cocktail reception.

The 2013 conference featured keynotes from the president and CEO of LVMH Watch & Jewelry North

America, designer Nicole Miller, the CEO of Nicole Miller, and the vice president/chief revenue officer of
Fairfield Fashion Media. Four discussion panels explored Globalization of Retail, Technology and Retail,
Selling Beauty, and Re-Imagining the In-Store Experience. The keynote speakers in 2012 were the founder/

designer/chairman/CEO of BCBGMAXAZRIAGROUP and the president of Frdric Fekkai, LLC, and

panels focused on the themes of Partnerships, Emerging Markets, New Directions, and Innovative
Business Models.

HBSs marketing recruiting partners for 20122013 included the Este Lauder Companies, Inc.; Coach; J.
Crew; Nike, Inc.; Procter & Gamble; and LVMH Moet Hennessy Louis Vuitton, Inc.
Nonprofit/Social Entrepreneurship
With approximately eight social enterprise electives available in 20142015 and related electives drawing

from the areas of entrepreneurship, health care, and real estate, HBS has significant classroom resources
dedicated to the social sector. Electives that may appeal to students pursuing careers in nonprofit and/or social

entrepreneurship include Entrepreneurship and Technology Innovations in Education, Sustainable Cities:

Finance, Design, and Innovation, Business at the Base of the Pyramid, and Reimagining Capitalism.
Second-year students can also cross-register for courses in other Harvard University graduate programs. Of
HBSs Class of 2013, 5% accepted positions in nonprofit/government (3% in both 2012 and 2011).

HBSs Social Enterprise Initiative includes the Social Enterprise Summer Fellowship, an award that helps

support students who accept summer internships with organizations that have a social mission. The program
does not pay students for participating in direct service projects, such as building housing in developing

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countries, but rather funds internships in which students address managerial issues. The fellowship provides

funding of up to $600 a week, and including funding provided by the host organization, each intern can receive
a maximum of $6,000 for the summer.

Alumni working in nonprofits, the public sector, or qualifying for-profit positions can apply to HBSs Loan
Repayment Assistance Program for help in reducing their educational debt repayment burden. In addition, the
HBS Leadership Fellows Program allows graduating students to pursue jobs with nonprofits or public sector

organizations for one year by paying the new MBAs a competitive salary during that time. In 2013, fellows
each earned $45,000 in salary with a matching one-year grant from HBS of $50,000 and worked with such
organizations as Teach for America, the Boston Redevelopment Authority, the U.S. Department of Education,

the City of Sacramento Mayors Office, the Hospital for Special Surgery, the Consumer Financial Protection

Bureau, Harlem Childrens Zone, the Nonprofit Finance Fund, Mercy Corps, and the Environmental Defense
Fund. Other partnering organizations that have employed HBS Leadership Fellows in recent years include the

City of Bostons Mayors Office, Year Up, Grameen America, the World Wildlife Fund, and the Lincoln Center
for the Performing Arts. Since its inception in 2001, the fellowship program has placed a total of 106 graduates
with 47 organizations.

The schools New Venture Competition (formerly the HBS Business Plan Contest) includes a social enterprise

track for students developing business plans for ventures that are intended to create social value. Such ventures
can include nonprofit, for-profit, or hybrid businesses. The first-prize winner of the social enterprise track of the
competition, like the winner of the overall contest, receives $25,000 in cash in addition to in-kind services. In

2014, Saathia company that makes sanitary pads out of banana tree fiber for women in Indiawon the social
enterprise track.

Some HBS Global Immersions have a social mission. For example, as part of the 20132014 Japan Global

Immersion, student teams worked with organizations focused on rebuilding the Tohoku Region in the aftermath
of the 2011 earthquake, tsunami, and Fukushima Daiichi nuclear disaster. Participating students were to
observe and analyze different practices and, says the course description, attempt to identify the links between
strategy and innovation that may be particularly productive in enhancing the rate of rebuilding. Similarly, in

20102011, students participated in initiatives to rebuild parts of New Orleans after the devastation caused by
Hurricane Katrina. Students worked in teams with nine organizations, writing business plans, assessing the

impact of trends in the mortgage market on affordable housing, and helping build houses. Other past Global
Immersions that incorporated social components have involved trips to Haiti, Rwanda, and India.

The HBS Social Enterprise Club (SEC) is one of the largest clubs on campus, with more than 300 members.

The organization states on its Web site that its goal is to inspire and enable students to create social value
through personal and professional pursuits in nonprofit, public, and for-profit organizations. SEC was formed
in 1980 by students who were interested in nonprofit and has grown to include four primary interest groups:
education, international development, social finance, and socially responsible business.

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The 15th annual Social Enterprise Conference, held in March 2014, was themed Reflecting on the Past,

Shaping the Future and welcomed the president of Echoing Green, the president of Kiva, the founder/
CEO of Samasource, and the director of environmental strategy for Patagonia as keynotes. Panel discussions
explored such topics as Scaling Social Capitalism, Entrepreneurship in the Middle East: Challenges and
Opportunities, and Sustainable Businesses to Empower the Poor. New to the conference in 2014 was a

series of IdeaLabs hosted by The Value Web (a global social entrepreneurship network) in which invited teams
of conference participants collaborated with industry executives to solve a real-world strategic problem. The
conference also featured four participatory labs hosted by representatives from Echoing Green and General
Assembly, in addition to case study sessions, a series of skill-building workshops, multiple debate sessions, and
a career fair that attracted more than 1,500 students, alumni, and professionals.

The 2013 conference was presented in conjunction with the Harvard Kennedy School of Government and
brought together students, practitioners, and representatives from organizations in the space to focus on three

themes of social change: creating, connecting, and committing. Keynote speakers were the founder and CEO

of Change.org, the founder and CEO of Acumen Fund, and the co-founder and CEO of Social Finance, Inc.
The conference also offered a business plan competition, 25 different panels, workshops, a career fair, and

various networking opportunities. Workshops examined such issues as Scaling Up Social Impact, Strategic
Networking: How to Find Your #1 Contact at the Conference, and Impact Investing: Measuring Social and

Financial Returns. A speed networking session and a reception showcasing the business plan competition
entrees concluded the event.

In 2012, the conference featured a keynote panel moderated by the co-founder and CEO of FEED, the creator

of TenInThree.com, and the founder and CEO of Fenugreen. Other event offerings that year included a Due
Diligence Boot Camp, the premiere of the documentary Who Cares?, multiple speakers, 21 different panels, a

business plan competition, a career fair, various workshops, networking opportunities, and keynote addresses

from the president and CEO of the Skoll Global Threats Fund, the president of the Rockefeller Foundation,

the co-founder and senior partner of Generation Investment Management, and the chairman and CEO of
AshokaInnovators for the Public.

The 200-member-strong Energy and Environment Club (formerly the Greentech and Sustainability Club)
indicates on its site that its mission is to develop the next generation of leaders in the Energy and Environment

sectors by providing a forum for education on energy- and environment-related issues and to act as a kind of
liaison between HBS and the environment and energy sectors.

Each fall, the club hosts an energy symposium. The theme of the October 2013 symposium, which attracted

more than 300 attendees and 50 speakers, was Responsibly Creating Value in Todays Global Energy
Environment. An opening roundtable discussion on Strategic Shifts in the Oil and Gas Industry featured

representatives from Cameron International, Emerson Electric, and Suncor Energy. The vice chairman of HIS

Inc. gave the events lunch keynote address, and three sets of breakout panel discussions explored such topics

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as Energy Policy: Comparing and Contrasting the EU and North American Policy Landscape, Renewable
Energy: The Impact of Distributive Solar on Utilities, and Private Equity: Financing the Next Wave of

Energy Infrastructure. A closing roundtable discussion, titled Business and Government in the Energy

Sector, welcomed expert panelists from The Boston Consulting Group, the World Resources Institute, and the
Marcellus Shale Coalition. The symposiums annual Energy Start-Up Showcase allowed representatives from
cleantech firms to interact with conference attendees, investors, and industry representatives.

The previous years (2012) conference, themed Navigating a Constantly Evolving Energy Landscape, featured

the CEO of Duke Energy, the CEO of Recurrent Energy, a partner at Boston Consulting Group, a partner at
North Bridge Venture Partners, the deputy director of commercialization for the Advanced Research Projects

AgencyEnergy, and the CEO of Laredo Petroleum as its keynote speakers. Panel discussion topics ranged

from Renewable Energy to Venture Capital to Energy Policy. The 2011 symposium was themed Dialogue
for a Brighter Future, and the keynote presenters were a principal at McKinsey & Company and the founder,

chairman, and CEO of Suntech. Panel discussions explored the topics Future of Transportation, Young
Entrepreneurs in Energy, and Global Energy Policy.

Every April, the club hosts Green Week, which involves keynote speakers, panels, movies, and cleantech
discussions about environmentally friendly technology and welcomes representatives from venture capital firms
alongside MBA and PhD students. Other social enterprise events have included Social Enterprise 101, a

presentation providing an overview of social enterprise in public, private, and nonprofit sectors; an exploration of

possible MBA career paths; field trips to LEED-certified buildings; advice on how to approach the job search;
films; panels; displays and demonstrations related to recycling and composting on campus; and information on
available HBS resources for those interested in the field.

HBS recruiting partners in this area for 20122013 included the Clinton Health Access Initiative; the Bill &
Melinda Gates Foundation; the Charter School Growth Fund; the International Youth Foundation; Oxfam
America, Inc.; Planned Parenthood Federation of America, Inc.; and the Wildlife Conservation Society.

Notable Professors and Unsung Heroes


Rawi Abdelal (Business Government and the International Economy): Rawi Abdelal is the Joseph C. Wilson

Professor of Business Administration and chair of the RC. In addition to teaching, he serves as a faculty associate
at Harvards Weatherhead Center for International Affairs, an international research center that facilitates

individual academic research as well as intellectual dialogue among scholars and practicing experts. Abdelal also
serves on the executive committee of the Davis Center for Russian and Eurasian Studies. His first book, National

Purpose in the World Economy: Post-Soviet States in Comparative Perspective (Cornell University Press, 2001), won
the 2002 Shulman Prize for outstanding monograph dealing with the international relations, foreign policy, or
foreign-policy decision making of any former Soviet Union or Eastern European state. That same yearand

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again in 2013he received the Robert F. Greenhill Award, which is presented to outstanding members of the
HBS community who are making significant contributions to the school. Moreover, in 2004, he was awarded
the Student Associations Faculty Award for outstanding teaching in the RC.

Abdelal is a student favorite, we were told by those we interviewed, because of his willingness to spend time
with students outside the classroom (even those who are not in his section), explaining macroeconomic concepts

that can be difficult to grasp. He is also known for incorporating unusual references from literature and popular

culture into his class discussions. He has made allusions to Shakespeare, the movie Fight Club, and even rapper
Jay-Zs song Blue Magic to help explain complex topics.

Ramon Casadesus-Masanell (Competing Through Business Models and Strategy): Ramon Casadesus-

Masanells Competing Through Business Models course is an elective that, according to a second-year student
we interviewed, is typically oversubscribed. The second year noted that students must rank it among their top

five course choices to have a shot at getting in, adding, People enjoyed him so much they were willing to
sign up for his 8:30 a.m. class. As a part of the course, Casadesus-Masanell teaches cases on many industries,

including airlines, consumer packaged goods, and manufacturing. A recent graduate we interviewed mentioned

that Casadesus-Masanell keeps cases fresh and includes interesting business models such as Betfair (an online
betting Web site), Greenpeace, and Osho (the spiritual guru).

Students told mbaMission they love his teaching style, which they describe as incredibly engaging and high

energysometimes he even jumps up on tables or runs quickly around the classroom. He pushes students in a
good, even-tempered way, and leverages technology well, incorporating video and game simulations into case
discussions. Casadesus-Masanell also serves as associate editor of the Journal of Economics and Management
Strategy, Management Science, and the Spanish Economic Review.

Clayton Christensen (MBA 79, DBA 92) (Building and Sustaining a Successful Enterprise): With research

interests in the areas of technology management and innovation management, Clayton Christensen joined the
HBS faculty in 1992, after having co-founded CPS Technologies (where he was chairman and president) in

1984, working as a consultant for Boston Consulting Group (19791984), and serving as a White House Fellow

(19821983). Christensens Building and Sustaining a Successful Enterprise course is an elective he designed

that shows students how to manage a successful company using theories of strategy and innovation to better

understand which tools may be effective in various business situations. Students address such questions as How
can I beat powerful competitors? and How can we create and sustain a motivated group of employees?

In 2010, Christensen, who is the author of numerous booksincluding The Innovators Dilemma: The Revolutionary
Book that Will Change the Way You Do Business (Harvard Business Review Press, 1997), The Innovators Solution:
Creating and Sustaining Successful Growth (Harvard Business School Press, 2003), and Disrupting Class: How
Disruptive Innovation Will Change the Way the World Learns (McGraw-Hill, 2008)received an Extraordinary

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Teaching Award from the HBS Class of 2010 as well as a Lifetime Achievement Award. Christiansen was
counted among the Worlds 50 Best Business School Professors by Poets & Quants in October 2012. In
addition, Thinkers 50, a ranking released every two years by the consulting group Crainer Dearlove, named
Christensen the Worlds Most Influential Business Thinker in both 2011 and 2013.

Paul Marshall (MBA 60) (Entrepreneurial Management in a Turnaround Environment with Senior Lecturer

J. Bruce Harreld): According to a second year we interviewed, Paul Marshalls Entrepreneurial Management

in a Turnaround Environment course is always oversubscribed, and the course description indicates that it is
designed for students who are interested in becoming turnaround professionals, being president or CEO of a

company, joining a start-up, or starting a search fund. The second-year student added that the primary reason
for the courses popularity, though, is Marshall himself, who has twice received the HBS Faculty Award from
the RC class (in 1998 and 1999). In 2009, Marshall was named an honorary professor at Xiamen University in
Xiamen, China.

Marshall has also been a practitioner, having served as chairman and CEO of Rochester Shoe Tree Company,

managing the company during a four-year turnaround and implementing a major reorganization and cost
reduction programhis leadership helped improve the companys profitability in the face of declining sales.
Students find his course so enjoyable because, according to one second year with whom we spoke, Marshall tells

it like it is. The first half of the course is very numbers intensive, but the second half introduces cases that focus

on issues of strategy and people leadership in turnaround situations. Marshall has also served as course head
for the RC class The Entrepreneurial Manager and taught the EC course Running and Growing the Small

Company. In 2011, Marshall won both the Charles M. Williams Award for teaching excellence and the title of
Outstanding Professor of the Year, awarded by the HBS Class of 2011.

Youngme Moon (Consumer Marketing): Having received the HBS Faculty Award for teaching excellence

(voted on by students) from the RC class in 2002 and the Faculty Award from the EC Class in 2005 and 2007,
Youngme Moon is also the inaugural recipient of the 20022003 Hellman Faculty Fellowship for distinction
in research. Moon teaches two sections of the Consumer Marketing elective, both of which are typically

oversubscribed, according to a recent alumna we interviewed. Her work has been published in the Harvard
Business Review, the Journal of Consumer Research, the Journal of Consumer Psychology, the Journal of Experimental
Psychology, and the Journal of Applied Social Psychology.

Moons 2010 book Different: Escaping the Competitive Herd (Crown Business) is described on her Web site as
showing how to succeed in a world where conformity reigns ... but exceptions rule. Students told mbaMission

they enjoy Moons Consumer Marketing class because of the sometimes counterintuitive ideas she presents
in it, including explanations of hostile brands such as Harley Davidson and of IKEAs reverse positioning,
as well as discussions of innovative marketing models, such as (Product)Red and BMW Films. She was also
described as being extremely friendly and accessible, even going out for casual dinners with students.

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Michael E. Porter (MBA 71) (Microeconomics of Competitiveness: Firms, Clusters and Economic

Development): Generally recognized as the father of the modern strategy field, according to the HBS Web site,
Michael Porter is director of the schools Institute for Strategy and Competitiveness. Porters Microeconomics

of Competitiveness course is offered through the institute and is open to all graduate students at Harvard, Tufts,
and MIT. The course reportedly differs from most MBA offerings in that it focuses on economic development
rather than management, involves longer sessions, requires more reading assignments, and concludes with a
team project rather than a final exam.

Porter, who received his PhD from Harvard University in 1973, has studied competition in the health care system

and coauthored the book Redefining Health Care: Creating Value-Based Competition on Results (Harvard Business

Review Press, 2006). Other titles by Porter include Competitive Strategy: Techniques for Analyzing Industries and
Competitors (Free Press, 1998), Competitive Advantage: Creating and Sustaining Superior Performance (Free Press,

1998), and On Competition, Updated and Expanded Edition (Harvard Business School Press, 2008). In 2000,
Porter received the highest recognition awarded to a Harvard faculty member when he was appointed as the

Bishop William Lawrence University Professor, and in 2008, the U.S. Department of Commerce granted him

its first-ever Lifetime Achievement Award. In 2013, Thinkers50, a ranking released every two years by the
consulting firm Crainer Dearlove, named Porter one of the Worlds Most Influential Business Thinkers.

Social/Community Life
The HBS Show: First presented in 1974, the HBS Show is a popular student-run comedy production that

follows in the tradition of Harvard Colleges Hasty Pudding Show and Harvard Law Schools Parody. This
extremely well-attended show is a major production that pokes fun at life at HBS, incorporating jokingbut

good-naturedreferences to case protagonists, professors, administrators, and the recruiting process. A spouse
of one HBS student who helped organize the 2012 production wrote in her blog, It was a great outlet for

business school students to roast their own schoolthe whole performance was based on The Godfather but with
a zillion HBS inside jokes thrown in.

Featured among the HBS Show film productions in 2013 was a parody of Mean Girls titled Mean Boys and
Girls, which depicted humorous cliques of business school students. An April 2013 article in The Harbus

describes that years production as being about a new student who, upon arriving at HBS, is shocked at what
she uncovers a strange reality where fully grown students play games, plan theme parties, and have developed
an inexplicable affinity for their section alphabet letter.

Holidazzle and the Newport Ball: Formal events are reportedly a big part of HBS social life. As the
name suggests, Holidazzle is HBSs annual holiday party, which takes place in early December and attracts

approximately 1,700 MBA students and family members. According to the HBS Students Association, it is
the business schools longest-running event, and starts with RC section dinners followed by drinks (open bar)

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and dancing. The Newport Ballwhich a second year described to us at mbaMission as simply an amazing

experienceis held each spring in tony Newport, Rhode Island, which is just a short drive from Boston.
Students attending the ball enjoy dinner and dancing at a Newport mansion and typically stay for the entire

weekend, touring the citys historically preserved estates, such as The Breakers, Rosecliff, and Marble House,
built by titans of the gilded age.

Partners and Families: HBS claims on its site that close to 30% of its students have registered partners, and
roughly 15% have children. Partners can register with MBA Student and Academic Services for the MBA
Partner Program and/or join the Partners Club, which helps significant others integrate into life at HBS,

providing opportunities to meet socially, attend HBS-sponsored partner events, join HBS clubs, and enjoy

campus services. HBS partners receive email accounts and identification cards as well as access to the Partners
Web site and Career Services. Crimson Kids is the portion of the Partners Club devoted to children, and it

organizes activities such as play groups and seasonal parties, and also publishes a PDF with information on
resources necessary to family life, such as hospitals, day care options, kid-friendly attractions, and schools.

Section Olympics: In the spring of the first year, sections compete against one another in the Section
Olympics. This one-day event, which is not at all academic, includes activities such as Twinkie-eating contests,
three-legged races, Pictionary, egg races, and dodge ball games. Prizes for the winners include bragging rights.

Section Olympics also marks the culmination of a yearlong sports competition between RC and EC sections
for the coveted Student Association Cup, which is described on the schools Web site as the epitome of athletic
success at HBS.

Thank Goodness Its Friday! (TGIF): Better known as simply TGIF, Thank Goodness Its Friday! is an HBS

tradition in which students get together to enjoy beverages and snacks at the Spangler Grille each Friday at
3:00 p.m. TGIF happy hour events sometimes involve themes, such as the Earth Week TGIF, which offeres
sustainably produced food and beverages and a trivia game testing students green knowledge.

Treks: Career Treks are an integral part of the HBS culture and allow groups of students to network with

governmental, corporate, and nonprofit representatives in particular geographic areas. These optional trips take
place during the fall and winter semesters as well as during the January break and range in length from two days
to over a week. Past treks have included trips to the Dominican Republic, Saudi Arabia, and Japan as well as

the WesTrek to the San Francisco Bay Area. In addition to attending alumni panels, meeting with government
officials, and visiting companies, participating students take time to relax, explore, and simply enjoy their stay.

Treks are particularly important for students looking for a job through personal connections and for those
seeking employment with smaller, or foreign, organizations that may not be able to participate in traditional

on-campus recruiting. Treks are organized by student clubs, often with the support of the school and corporate
sponsorship of events, such as a lunch or happy hour.

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Academic Summary
Curriculum: During the first/RC year, students must all take the same courses. In the second/EC year, students
can individually choose their courses.

The RC consists of the following 13 courses:


Term 1

FIELD Foundations: Leadership Intelligence

Finance I






Term 2

FIELD 2: Global Intelligence (extends into J-term)


Financial Reporting and Control

Leadership and Organizational Behavior


Marketing

Technology and Operations Management

Business, Government, and the International Economy

FIELD 3: Integrative Intelligence

The Entrepreneurial Manager


Finance II

Leadership and Corporate Accountability


Strategy

Students cannot waive courses within the RC, regardless of their level of experience.
HBS requires that students complete 20 courses to graduate and offers approximately 120 electives. Students
may also take courses at other Harvard University graduate schools, at the Sloan School of Business at the

Massachusetts Institute of Technology, and at the Fletcher School of Law and Diplomacy at Tufts University. In
their second year, students may cross-register for up to two courses at one of these affiliated schools toward their
MBA degree requirements. Some students elect to cross-register for enrichment purposes onlyfor example, to
take a language class at Harvard College.

Grade Disclosure Policy: Students can choose to disclose grades to companies if they wish. Recently, as the

job market has tightened, some students have reportedly been asked for their grades in finance and accounting
classes. Requests for grades appear to be associated primarily with finance job searches.
Majors: HBS does not offer majors.

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Research Centers:

Arthur Rock Center for Entrepreneurship

California Research Center

Asia-Pacific Research Center (Hong Kong)


Europe Research Center (Paris)
Harvard Center Shanghai

India Research Center (Mumbai)

Institute for Strategy and Competitiveness


Istanbul Research Center

Japan Research Center (Tokyo)

Latin America Research Center (Buenos Aires)

Teaching Method: The HBS teaching method is primarily case study, though second-year students can also

sign up for individual Independent Study or small group Field Study courses. Bloomberg Businessweeks profile of
HBS indicates that the top three teaching methods used at the school are case study (80%), team project (10%),
and experiential learning (5%).
Total Full-Time Faculty: 265

Admissions Basics
Those interested in applying to HBS should read the blog written by HBS Managing Director of MBA
Admissions and Financial Aid Dee Leopold (www.hbs.edu/mba/admissions/blog.html). Leopolds blog

entries provide valuable information about the admissions process and timely updates on changes at HBS.
Applicants can also email questions directly to the admissions committee as a part of the directors blog, and
Leopold has even posted answers to some of the questions she frequently receives on her blog.

Application Process: Applicants can begin the HBS admissions process by introducing themselves to

the school, which is done by completing an online form (available at https://hbs.askadmissions.net/


emtinterestpage.aspx?ip=introduceyourself). This in turn allows HBS to provide applicants not only with

the schools official application materials but also with HBS news and invitations to admissions events on

campus and around the world. In addition, candidates can elect to learn more about what HBS has to offer to
those interested in particular programs, such as the 2+2 Program (described more fully later in this section), the
Entrepreneurship Initiative, and joint degree programs.

Applicants should also consider subscribing to admissions and financial aid podcastswhich can be done

online at http://video.hbs.edu/rss/4_HBS-10087-10427_VPOD.xmlto receive more detailed information


on these processes.

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HBS will not accept supplemental information, including additional letters of recommendation, after a candidate

has formally submitted his/her application and the deadline has passed. Applications are read by members
of the HBS admissions board, who extend some interview requests via email (interviews are mandatory for
admission at HBS). Applicants can login to their personal account on the decision date for each round to learn
whether they were accepted, rejected, or waitlisted. Students are not involved in any part of the admissions

process, and in fact, the HBS admissions committee has noted in the admissions blog that it discourages
letters of recommendation from current HBS students, which it believes might be viewed as an advantage for
applicants who have friends at the school.

In response to what the admissions committee perceives as anxiety regarding the notification process, in

2010, HBS shifted its method of notifying candidates about interview invitations and admissions denials. In
an October 2011 blog post, Leopold noted that letters would be mailed to applicants containing either an

invitation to interview, an offer to remain on the waitlist, or a denial of admission. Leopold explained, While

no one applies hoping for a deny decision, we have heard you say that the worst case is extended uncertainty.
We think that getting the news out is helpful so that denied candidates can redirect energy toward Round
2 applications to other schools. All applications will be reviewed at least twice before any decision is made.

The school generally receives between 7,000 and 10,000 applications for approximately 900 spots in a given
year, and it notes on its Web site that it cannot provide feedback to rejected applicants.

The 2+2 Program: In February 2008, HBS launched its 2+2 Program, an innovative initiative that provides

talented college students the opportunity to apply for HBS admission during the summer after their junior year.

HBS is open, if not eager, to admit young candidates with fewer years of work experience than other programs
typically demand. If admitted to the program, candidates are required to work for two years and attend an HBS
Summer Program before entering the schools full-time MBA program. The application requirements for the

2+2 Program are the same as for the standard full-time MBA application. In a March 2009 admissions podcast,

Kerry McLaughlin, the assistant director of MBA admissions, stated that starting in 2009, applicants may

submit their GMAT or GRE (Graduate Record Examination) scores. Given that college students applying to

the 2+2 Program will likely not have had significant professional experience, these applicants should emphasize
any entrepreneurial endeavors and significant leadership activities. Students not admitted to the 2+2 Program
are free to apply through the regular MBA process in their senior year of college or later.

Admissions Rounds: HBS makes roughly the same number of admissions offers in Rounds 1 and 2, though
the school typically receives a smaller number of applications in Round 1. When asked on her blog whether

applicants have a better chance of being admitted in Round 1 than in subsequent rounds, Leopold responded,

Not if you are compromising the quality of your application in order to rush to meet the deadline. It takes
a significant amount of time to complete the written application, not to mention allowing your recommenders
enough time to be thoughtful and thorough in their assessment. The deadlines to apply for residence halls

and university-associated housingand for non-HBS fellowshipsprecede the Round 3 deadline, so the

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school recommends that applicants take these factors into consideration when timing the submission of their
application materials.

Fewer spots are available in Round 3, but acceptances are of course still given in this round. Applying early

within a round confers no advantage for the applicant, because the admissions board does not begin reading
applications for a round until after the deadline for the round has passed. Regarding whether candidates should

apply in Round 3, Leopold wrote in a February 2014 blog entry, We manage the selection process to ensure

that there are always spots open for the candidates we want. Are there as many spots open as in Rounds 1
and 2? No. Are there as many applicants? No. Do I think a strong candidate has a fair shot? Yes. Similarly,
in a February 2011 post, Leopold stated, Although we have admitted about 90% of the class by this time, we

alwaysALWAYSsee enough interesting Round 3 applicants to want to do it again. Leopold went on to


describe who should NOT apply in Round 3 by laying out the following criteria:
DONT apply to HBS in Round 3 if

You are an international candidate and have serious concerns about the likelihood of getting a visa in
a timely manner. (Weve seen this happen and it may cause you serious stress and uncertainty about
whether you will be able to get here in time for term start-up.)

You are expecting an Admit Welcome Weekend to enable you to meet future classmates. (We dont
have one.)

You are counting on getting on-campus housing. (Youll have missed the lottery. On campus
housing COULD work out for you, but you may need to find other options.)

You are using this as a trial application and are hoping for feedback on this application to increase
your chances of success next year. (Cant do it.)

GMAT/GPA Cutoffs: HBS has no GMAT or GPA cutoffs and stipulates no ideal score or average. Applicants

are evaluated on a holistic basis, and all their attributes are taken into consideration (e.g., work experience,
community/leadership activities).

Word Limits: Admissions committee members generally expect candidates to adhere to any guidelines provided

with respect to word count. As Leopold explained in a January 2010 blog post, Your essays do not get cut off
if you go over the word limit. That being said, after reading many, many essays, we have a good feel for whether

an essay is going over the limit. I think its fair to say that we expect a candidate to be able to edit effectively, but
dont stress over a few extra words.

International Quotas: HBS does not have any specific quotas by country or industry. Student numbers by
country fluctuate each year; however, the proportion of the incoming class made up of international students
has remained consistent at approximately one-third for the past seven years.

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Community Leadership: HBS seeks well-rounded candidates, so applicants who are too busy for activities

outside work will likely have a difficult time competing with other candidates who can demonstrate strong
grades, community leadership, and professional accomplishments. No right number of community
engagements exists, however, and quality trumps quantity. Students should not be hesitant about discussing
faith-based community involvement.

Unemployment/Layoffs: With regard to whether unemployed candidates are at a disadvantage in the


application process, Leopold told mbaMission that except for tell the truth and make sure all time is accounted

for, she had no specific advice regarding how to handle periods of unemployment. Applicants should, she said,
try to think of us as reasonable and understanding people.

Recommendations: HBS requires two letters of recommendation. Recommendation letters will be accepted
up to 48 hours after each round deadline. After 48 hours, the application will be moved to the next round.

Recommendations from a current supervisor are advised but not required. If an applicant does not provide a
recommendation from a current supervisor, the admissions committee asks that the applicant explain why not
in the Additional Information section of the application.

Peer recommendations and those from family memberssuch as in the case of a family businesscan provide

challenges to an applicant by appearing to be unobjective. However, Leopold recognizes the value of both. She
notes in an August 2011 blog post that peer recommendations can be very important if you are trying to tell

us about a venture that you started in college and beyond, adding, We like the family business perspective
in the classroom, so please dont let this detail deter you. Leopold described the type of recommendations the
Admissions Office prefers on her blog in September 2011, saying, We like recommenders who take the time to

answer the questions we ask ... and who use more verbs to tell us about what theyve seen you do vs. adjectives
to describe you in abstract ways.

Campus Visits: Visiting the campus and attending a class may be helpful in providing you with a true

understanding of the HBS culture and the case method, but doing so will not affect your chances of gaining
admission. Visitors are asked to provide their names only to track attendance trends and to ensure that the school

is appropriately staffed so that visitors can be attended to. The admissions committee strongly recommends that

those who are unable to visit the school watch the Inside the HBS Case Method video available online (www.
hbs.edu/videos/inside-the-case-method.html).

The admissions committee seems to feel that a campus visit is more about what the applicant can gain from
his/her on-campus time than what the school can learn about the applicant. To that end, Leopold wrote in an

August 2010 blog post, Visiting campus has absolutely no impact on how your application is reviewed. It may
have a gigantic impact on how enthusiastic you are about USthats where the value-added comes into play.

Applying to business school(s) is expensive and stressful. The last thing you need is to make it a scavenger hunt in

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which you need have visited campus checked off the list. So ... the message is: We welcome you to visit HBS
but dont think of this as a command performance. Leopold later confirmed this stance in a 2012 post, saying,

As weve said before, we love to welcome visitors to class, but a visit in no way influences our evaluation process.
We recommend that applicants review the HBS class visit schedule and contact the school about reserving a

spot in an RC class (http://www.hbs.edu/mba/visit/Pages/default.aspx). Applicants must be registered to

attend a class, and visits may not be scheduled more than one month in advance. Attending a class is particularly
helpful for applicants who are unfamiliar with the case method. As mentioned earlier, if a class visit is not

possible, applicants should strongly consider viewing the online Inside the HBS Case Method video (www.

hbs.edu/videos/inside-the-case-method.html). In 20112012, the school started opening a limited number


of EC (second year) classes each year for visiting candidates to observe.

For those who are able to visit the HBS campus, the school offers group information sessions in which members
of the admissions staff provide an overview of the MBA program and answer questions, daily student-led
campus tours, and a weekly Womens Student Association Lunch Program, in which applicants can have lunch
with female HBS students and can informally discuss these students experience thus far at the school.

Interviews: Interviews are mandatory for admission at HBS. Even though all accepted candidates will have
been interviewed, an interview is not a guarantee of acceptance. Virtually all admitted students will have been

interviewed; however, some interviewed applicants may be rejected or placed on the waitlist. All interviews

are by invitation only, at the discretion of the admissions board. If you are invited for an interview, you must
participate to complete the application process. Interviews are conducted by a member of the MBA admissions
board or by a member of the schools small alumni interviewing network.

Applicants may be interviewed on campus, over the phone, via Skype, or in a hub city in the United States or
abroad, based on the number of applicants from a particular region. During the 20132014 application season,
interviews were conducted in London, Paris, Shanghai, Mumbai, Dubai, Sao Paulo, Santiago, Palo Alto, and

New York City. The timing of a candidates interview invitation has no bearing on his/her chances of admission.

Said Leopold in a January 2011 blog post, There is no systemor hidden messageto the order in which
interview invitations are issued, i.e. no connection whatsoever to the strength of your candidacy, time at which

you submitted your application, geography, industry, etc. All interviews, regardless of who conducts them,
receive equal weight in the evaluation process.

Although interviews are very important, they remain just one element of a persons application. Unlike
other schools, HBS tends to tailor interviews specifically to each applicant. You can be sure that the person

interviewing you will have read your application in full and will have thoughtful, probing questions about

your experiences. In a May 2011 interview with mbaMission, Leopold noted that generally 50%60% of
interviewees are admitted.

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All interviewed applicants are now required to submit a written reflection within 24 hours of their interview,

answering the question Youve just had your HBS interview. Tell us about it. How well did we get to know
you? In a June 2012 admissions blog post, Leopold expounded on this feedback element of the HBS application

process, explaining, This is NOT another essay. We want your response to be much more like an email. Why?
In the Real World, it is unlikely that you will be given months and months to craft essays of any sort. It just
doesnt happen. In the Real World, it is almost a sure thing that you will be asked to write emails summarizing

meetings and giving your opinion in a short time frame. Since HBS tries to be as close to practice as possible,
this shift from essays to more real time writing feels appropriate.

The Waitlist: Leopold explained on her blog in October 2011, All those invited to join our waitlist are

candidates whom we would like to further consider. The waitlist is not ranked, and the admissions committee
reviews applications on the waitlist as space becomes available. To clarify, waitlisted applicants have been
evaluated and found to be capable of succeeding at HBS; however, the admissions committee must later select

a subset of waitlisted applicants based on their ability to help round out or strengthen the class. In a May 2011
interview with mbaMission, Leopold said, We ask that waitlisters not send additional material. We actively

communicate with this group, and there are periodic opportunities for them to keep us informed of their
activities and plans. Leopold also stated in an October 2013 blog post, The waitlist is an active category, and
every year we admit in the range of 5075 waitlisters into the class.

Financial Aid: Admission to HBS is need blind, but HBS Fellowships are awarded based on student need.
According to Bloomberg Businessweeks profile of HBS, 61% of students receive an average of approximately

$30,725 in scholarships. The school assumes that students will take on a loan before any fellowship is awarded.
The average MBA debt for the Class of 2013 was $73,926.

All MBA candidates are eligible for Harvard Universitys Restricted Fellowships, which are awarded based
on a candidates birthplace, residency status, citizenship ancestry, and schools attended. For example, HBS

Fellowships are available to students with experience with the nonprofit organization Junior Achievement,

students from Canada, students planning to pursue science-related careers, and students demonstrating
nonprofit leadership. Eligibility for restricted scholarships is very specific, so candidates should carefully read
the eligibility criteria before applying.

Additional fellowship opportunities exist for MBA students who are pursuing joint degrees at Harvard
University in education, public health, or government. The Zuckerman Fellowship is open to U.S. citizens who

have, or are pursuing, a graduate degree in business, law, or medicine who want to earn an additional degree
from the Harvard Graduate School of Education, the Harvard Kennedy School (HKS), or the Harvard School
of Public Health.

The George Family Foundation Fellowships are for students who are enrolled in the concurrent program offered
through HBS and the HKS, providing grants of $10,000. The David Rubenstein Fellowship provides one

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years tuition, fees, and summer internship support for up to 20 HKS/HBS joint degree students per year for
five years. Rubenstein Fellows also receive a $5,000 stipend for a summer internship in either the nonprofit or
public sector.

Reapplicants: Reapplicants are required to submit the entire HBS application again. The school does not offer
a separate reapplicant application. Reapplicants should be sure to address the ways in which their candidacy
has changed since the previous time they applied, such as having a clearer career vision, an improved GMAT

score, or additional leadership experiences. Leopold responded to questions about reapplicants in a September

2009 blog post, saying, We reserve the right to review a reapplicants previous application, but we dont always
do so, which is why we generally suggest that reapplicants focus on new informationwe really do like to give
you a chance to start fresh!

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Appendix
HBS Facts and Figures
Note: Facts and figures in this section are prone to change. Currently, conflicts may exist between the schools publications
and its Web pages. Applicants are urged to recheck facts and figures for the most up-to-date information.

Basics
Year Established: 1908

Location: Boston, Massachusetts


Dean: Nitin Nohria (2010)

Managing Director of MBA Admissions and Financial Aid: Deirdre Dee Leopold (2006)
Programs:

Full-Time MBA

PhD

Executive Education

Joint Degrees:




MBA/MPP with the Kennedy School of Government

MBA/MPA-ID (Masters in Public Administration/International Development) with the Kennedy


School of Government

JD/MBA with Harvard Law School

MD/MBA with Harvard Medical School

DMD/MBA with the Harvard School of Dental Medicine

Living Alumni: 78,000 (includes both Full-Time MBA and Executive Education programs)

Class Profile (Class of 2015)


Applications: 9,315
Enrollment: 932

Percent Admitted: 12%


Yield: 89%

Median GMAT: 730

GMAT Range: 550780

Average Age at Entry: 27

Female Representation: 41%

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U.S. Ethnic Minority Representation: 25%

International Representation (includes permanent residents): 34%


Countries Represented: 60

Tuition: $58,875 per year, plus fees

Employment Statistics (Class of 2013)


Median Base Salary: $120,000

Median Signing Bonus: $25,000


Graduates accepted positions in the following industries:

Financial Services: 27%

Hedge Funds: 5%

Investment Management: 5%

Internet Services: 6%

Software: 3%

E-Commerce: 5%

Consumer Electronics: 2%
Other Technology: 1%

Telecommunications: 1%

Equipment/Hardware/Networking: <1%

Manufacturing: 7%

Energy/Extractive Minerals: 2%

Other Manufacturing: 2%

Venture Capital: 1%

Other Financial Services: 3%

Technology: 18%

Investment Banking/Sales and Trading: 5%

Consulting: 22%

Private Equity/Leveraged Buyouts: 9%

Highly Diversified: 2%

Aero/Auto/Transport Equipment: <1%


Clean Tech: <1%

Consumer Products: 6%
Health Care: 5%

Health-Related Services: 3%

Biomedical/Pharmaceutical: 2%

Nonprofit/Government: 5%

Nonprofit: 4%

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Government: 2%

Entertainment/Media: 4%

Services (including Real Estate): 3%


Retail: 2%

Graduates accepted positions in the following functions:


Finance: 26%

Investment Banking: 5%

Venture Capital/Private Equity/Leveraged Buyouts: 9%

General Management: 14%

General Management: 7%

Leadership Development: 2%

Project Management: 2%
Logistics: <1%

Other General Management: <1%

Brand/Product Management: 11%

Sales: 1%

General Marketing: 3%
Communications: <1%

Business Development: 9%
Other: 7%

Other: 3%

Real Estate: 1%

Manufacturing/Operations: 3%

Marketing: 15%

Other Finance: 4%

Consulting: 23%

Investment Management/Hedge Funds: 9%

Purchasing: 1%

Research and Development: <1%


Human Resources: <1%

Product Development: <1%

Strategic Planning: 7%

Graduates accepted positions in the following locations:


United States: 83%

Northeast: 38%

New York City: 20%


Boston: 11%

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New England (excluding Boston): 3%

Other Northeast: 3%

West: 24%

CaliforniaBay Area: 16%

CaliforniaLos Angeles: 4%
Pacific Northwest: 3%
CaliforniaOther: 1%

Other West: <1%

Midwest: 8%

Chicago: 4%

Other Midwest: 3%

Mid-Atlantic: 5%

Washington, DC: 3%

Other Mid-Atlantic: 1%

South: 5%

Other South: 3%
Atlanta: 2%

Southwest: 5%
Texas: 4%

Other Southwest: <1%


International: 17%

Europe: 8%

England: 5%

Other Europe: 3%

Asia: 3%

India: 1%

China: <1%

Hong Kong, SAR: <1%


Other Asia: <1%

Canada: 1%

South America: 1%

Middle East and North Africa: 1%


Brazil: <1%

Other South America: <1%

Central America and the Caribbean: <1%


Sub-Saharan Africa: <1%

www.mbamission.com

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Major Employers: HBS offers an extensive list of recruiting partnersdefined as a company that posted an

available position and/or hired an HBS studentfor the 20122013 academic year (available at www.hbs.

edu/recruiting/mba/data-and-statistics/recruiting-partners.html) but does not publish the names of major


employers.

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Bibliography
Publications
The Best 295 Business Schools. Princeton Review. 2014 edition. October 8, 2013.
www.princetonreview.com/business-school-rankings.aspx

Best Business Schools 2011 Rankings. U.S. News & World Report. March 15, 2011.

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-business-schools/
mba-rankings

The Best Business Schools 2012. Bloomberg Businessweek. November 15, 2012. www.businessweek.com/
articles/2012-11-15/the-best-business-schools-2012

Best Business Schools 2013 Rankings. U.S. News & World Report. March 13, 2012.

http://premium.usnews.com/best-graduate-schools/top-business-schools/mba-rankings
Best Business Schools 2014 Rankings. U.S. News & World Report. March 12, 2013.

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-business-schools/
mba-rankings

Best Business Schools 2015. U.S. News & World Report. March 11, 2014.

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-business-schools/
mba-rankings

The Best U.S. Business Schools 2010. Bloomberg Businessweek. November 11, 2010. www.businessweek.com/
bschools/content/nov2010/bs20101110_255552.htm

Byrne, John A. 2012 Dean of the Year: Harvards Nitin Nohria. Poets & Quants. January 7, 2013.
http://poetsandquants.com/2013/01/07/2012-dean-of-the-year-harvards-nitin-nohria/

Carter, Andrea. Worlds 50 Best Business School Professors. Poets & Quants. October 29, 2012.
http://poetsandquants.com/2012/10/29/worlds-50-best-business-school-professors/

Global MBA Rankings 2011. Financial Times. January 31, 2011. http://rankings.ft.com/
businessschoolrankings/global-mba-rankings-2011

Global MBA Rankings 2012. Financial Times. January 30, 2012. http://rankings.ft.com/
businessschoolrankings/global-mba-rankings-2012

Global MBA Rankings 2013. Financial Times. January 28, 2013. http://rankings.ft.com/
businessschoolrankings/global-mba-ranking-2013

Global MBA Rankings 2014. Financial Times. January 26, 2014. http://rankings.ft.com/
businessschoolrankings/global-mba-ranking-2014

Harvard Business School Launches January Term Program. HBS Communications press release. January
13, 2010. www.hbs.edu/news/releases/januaryterm.html

Harvard Business School Holds 15th Annual Business Plan Contest. HBS Communications press release.
April 28, 2011. www.hbs.edu/news/releases/2011businessplancontest.html

www.mbamission.com

73

Harvard Business School Holds 16th Annual Business Plan Contest. HBS Communications press release.
April 25, 2012. www.hbs.edu/news/releases/businessplancontest2012.html

Harvard University: Harvard Business School. Bloomberg Businessweek. Full-time MBA Program Profile.
Accessed June 5, 2014. www.businessweek.com/bschools/rankings/full_time_mba_profiles/harvard.
html

Harvard University Housing Estimated Rent Ranges. March 3, 2011. www.huhousing.harvard.edu/


DocumentManager/rent_ranges_1.pdf

Kelleher, Caren. Reflections from my J-Term. The Harbus. February 16, 2010. No longer available online.
Loving Boston. Steph Loves Chris blog. April 17, 2012. http://stephloveschris.com/

MBA Recruiting 20102011: Harvard Business School Career Report. Boston, MA: Harvard Business School,
2010. www.hbs.edu/recruiting/mba/docs/HBS_Career_Report.pdf

MBA Recruiting 20112012: Harvard Business School Career Report. Boston, MA: Harvard Business School,
2011. www.hbs.edu/recruiting/mba/docs/HBS_CPD_final.pdf

Minnis, Alexandra. A Short History of the HBS Show. The Harbus. April 7, 2013. www.harbus.org/2013/
a-short-history-of-the-hbs-show/

Nitin Nohria Named Next Dean of Harvard Business School. Harvard Gazette. May 4, 2010.

http://news.harvard.edu/gazette/story/2010/05/nitin-nohria-named-next-dean-of-harvard-businessschool/

The Definitive Listing of the Worlds Top 50 Business Thinkers. Thinkers 50. November 2011.
www.thinkers50.com/results/2011

Thompson, Roger. New Dean Sets Five Priorities for HBS. Working Knowledge. December 20, 2010.
http://hbswk.hbs.edu/item/6543.html

Thompson, Roger. The Rankings Game. HBS Alumni Bulletin. March 2011. www.alumni.hbs.edu/
bulletin/2011/march/rankings.html

Which MBA? 2011 Full-Time MBA Ranking. The Economist. October 13, 2011. www.economist.com/
whichmba/full-time-mba-ranking

Which MBA? 2012 Full-Time MBA Ranking. The Economist. October 4, 2012. www.economist.com/
whichmba/full-time-mba-ranking

Which MBA? 2013 Full-Time MBA Ranking. The Economist. October 12, 2013. www.economist.com/
whichmba/full-time-mba-ranking?term_node_tid_depth=All

Zhou, Adelyn. HBS WesTrek and Tech/ Startup Resources. Live, Learn and Explore personal blog.
November 27, 2011. http://adelynzhou.com/?p=318

Web Sites
Career Fair General Management & Leadership Development Programs, 2011:

www.mitsloantech.com/2011/09/career-fair-general-management-leadership-development-programs/
Harvard Business School: www.hbs.edu

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Harvard Business School Admissions Directors blog: www.hbs.edu/mba/admissions/blog.html

Harvard Business School Admissions Podcasts: http://video.hbs.edu/rss/4_HBS-10087-10427_VPOD.xml


Harvard Business School Alumni Clubs and Associations: www.clubhub.hbs.org

Harvard Business School Employment Data: www.hbs.edu/recruiting/mba/data-and-statistics/employmentstatistics.html

Harvard Business School Finance Conference: www.hbsfinanceconference.com


Harvard Business School Healthcare Club: www.hbshealthcareclub.org

Harvard Business School Marketing Conference: http://hbsmarketingconference.squarespace.com


Harvard Business School Retail and Luxury Goods Conference: www.hbsrlgconference.com

Harvard Business School Social Enterprise Conference: http://socialenterpriseconference.org


Harvard Business School Social Enterprise Club: www.socialenterpriseclub.org/sec/home/
Harvard Business School Social Enterprise Alumni Club: www.hbs-seaa.org

Harvard Business School Venture Capital and Private Equity Club: www.hbsvcpe.com

Harvard Business School Venture Capital and Private Equity Conference: http://hbsvcpeconference.com
Youngme Moon Personal Web Site: www.youngmemoon.com

Interviews and Other


Coordinator, Rock Center for Entrepreneurship. Personal Interview. April 13, 2012.

Director of Programs, HBS Social Enterprise Initiative. Personal Interview. April 13, 2012.
HBS Alumna. Personal Interview. February 27, 2010.

HBS First-Year Student. Personal Interview. March 2, 2010.


HBS First-Year Student. Personal Interview. March 2, 2010.
HBS First-Year Student. Personal Interview. March 7, 2010.

HBS Second-Year Student. Email Exchange. March 28, 2013.

HBS Second-Year Student. Personal Interview. March 16, 2011.


HBS Second-Year Student. Personal Interview. April 1, 2011.

HBS Second-Year Student. Personal Interview. April 13, 2012.

HBS Managing Director of MBA Admissions and Financial Aid. Personal Interview. May 27, 2011.
mbaMission Student Survey. Online via SurveyMonkey.com. December 5, 2012.

www.mbamission.com

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info@mbamission.com
646-485-8844

Skype: mbaMission

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