# Harvard Business School Overview

![Harvard Business School](https://www.investopedia.com/thmb/VS0XmuV87JiG3N6UQf8ZMGU8RcQ=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/Harvard-Business-School-Final-098104c54acd44a4ab6e12be7d19e3b1.jpg)

*Founded in 1908, Harvard Business School established the world's first MBA program. — Investopedia / Yurle Villegas*

> **Definition**
>
> The internationally lauded Harvard Business School is the graduate business school of Harvard University.

## What Is Harvard Business School?

Founded in 1908, Harvard Business School admits roughly 1,000 students per year to its acclaimed MBA program. It ranks among the top business schools in the world. Part of Harvard University, the school also offers various other doctoral and executive education programs in addition to its [Master in Business Administration (MBA)](https://www.investopedia.com/terms/m/mba.asp) program. Some are provided in collaboration with partnering institutions such as Harvard Law School and the John F. Kennedy School of Government.

The school is consistently ranked as one of the best business schools in the world. _U.S. News & World Report_ ranks Harvard Business School as the fifth best business school and the _Financial Times_ rates its MBA program as no. 4 in the world.

### Key Takeaways

*   Harvard Business School is principally known for its MBA program, which consistently ranks as one of the best.
*   In addition to its MBA program, the school offers online certificates, an Executive MBA, and doctoral programs.
*   As of 2023, the school has a network of 89,000 living alumni, many of whom are employed in management positions in areas such as finance, management consulting, and professional services.
*   The school is extremely difficult to get into, and those who do and graduate, often take jobs at prestigious companies with high-paying salaries.

## History and Recognition

Harvard Business School was founded in 1908 and established the world's first MBA program. In 1922, the doctoral program and the Harvard Business Review were both founded. The school regularly ranks in the top five graduate business programs internationally and is undoubtedly one of the best-known business schools in the world.

One reason for its substantial [brand recognition](https://www.investopedia.com/terms/b/brand-recognition.asp) is the many books and other publications put forward by the Harvard Business School Publishing Corporation (HBSPC). In addition to publishing the scholarly works of Harvard Business School’s roughly 270 full-time faculty members, the HBSPC is also responsible for publishing the famous Harvard Business Review.

As is typical of the so-called [Ivy League](https://www.investopedia.com/articles/personal-finance/112815/ivy-league-degree-worth-it.asp) universities, Harvard Business School is very selective of who it admits into its program. The school has an acceptance rate of approximately 10%. The doctoral program is typically even more competitive, with a 4% admission rate between 2012 and 2018.

For those students whose applications are accepted, the financial cost of attendance can pose a substantial barrier, with the MBA program costing approximately $115,000 per year for the 2023-2024 school year. Of this, roughly $75,000 is attributable to direct tuition fees while the remainder is due to ancillary costs such as [health insurance](https://www.investopedia.com/terms/h/healthinsurance.asp), course and program materials, rental accommodation, and other living expenses.

## Academic Programs

Harvard Business School offers a variety of programs, including an MBA, Executive MBA, online certificate courses, joint MBA degrees, and doctoral programs. The Ph.D. concentrations are in accounting and management, business economics (includes finance), health policy (management), management, marketing, organizational behavior, strategy, and technology and operations management.

The online certificates are available in the concentrations of business essentials, strategy, leadership and management, finance and accounting, entrepreneurship and innovation, and business in society. The joint MBA degrees are available with the Harvard Kennedy School, the Harvard Graduate School of Arts and Sciences, the Law School, the Medical School, the School of Dental Medicine, and the School of Engineering and Applied Sciences.

## Cost

The total cost for the MBA program for the 2023-2024 academic year is $115,638 for a single individual. This includes tuition, a student health fee, health insurance, course and program materials fee, and nine months of housing, food, transportation, and other living expenses. Tuition alone is $74,910. Note that the MBA program is two years.  

## Alumni of Harvard Business School

The Harvard Business School's stated mission is to educate leaders who make a difference in the world. Some notable alumni include Salman Khan, founder of the self-education website Khan Academy; Meg Whitman, former president and CEO of eBay; James D. Wolfensohn, former president of the [World Bank](https://www.investopedia.com/terms/w/worldbank.asp); Henry Paulson, former U.S. Secretary of the Treasury and CEO of Goldman Sachs; Sheryl Sandberg, COO of Meta (Facebook); Michael Bloomberg, founder and CEO of Bloomberg; Mitt Romney, former Bain & Company CEO and current senator, and George W. Bush, former President of the U.S. Alumni and friends of the school have provided a high level of support for the school throughout its history.

As of 2023, Harvard Business School had 89,000 living alumni collectively representing 173 countries. The most prominent industries in which they work are finance ([venture capital](https://www.investopedia.com/terms/v/venturecapital.asp), investment banking, and investment management), consulting, marketing, and general management.

## How Much Does a Harvard MBA Cost?

For the 2023-2024 academic year, a Harvard MBA costs approximately $115,000. Of this, approximately $75,000 is tuition, with the rest of the costs related to health insurance, books, supplies, and housing.

## What GPA Is Required for Harvard's MBA Program?

Though Harvard does not say it requires a specific GPA for its MBA program, the class of 2024 had an average GPA of 3.70.

## Why Is Harvard Business School So Famous?

Harvard Business School is famous for many reasons. It offers students an exceptional education by some of the brightest people in their fields, the school has a large alumni network of graduates with prominent jobs in almost every industry, the school publishes well-respected research papers, and it is competitive, only accepting those with excellent academic and non-academic profiles.

## The Bottom Line

Harvard Business School is one of the best business schools in the world, and as such, one of the most difficult to get into. It boasts a large and prominent alumni network and regularly publishes well-respected papers on a variety of business topics. The school is very expensive to attend, so prospective students should weigh the costs and benefits before deciding.  

> **Article Sources**
>
> 1.  Harvard Business School. "[History](https://www.hbs.edu/about/history/Pages/default.aspx)."
>     
> 2.  Financial Times. "[Business School Rankings](https://rankings.ft.com/home/masters-in-business-administration)."
>     
> 3.  U.S. News & World Report. "[2023-2024 Best Business Schools](https://www.usnews.com/best-graduate-schools/top-business-schools/mba-rankings)."
>     
> 4.  U.S. News & World Report. "[2023-2024 Best Business Schools](https://www.usnews.com/best-graduate-schools/top-business-schools/mba-rankings)."
>     
> 5.  Harvard Business School. "[Statistics](https://www.hbs.edu/about/statistics/Pages/default.aspx)."
>     
> 6.  Clear Admit. "[Harvard Business School](https://www.clearadmit.com/schools/harvard/)."
>     
> 7.  Harvard Business School. "[Class Profile](https://www.hbs.edu/doctoral/overview/Pages/class-profile.aspx)."
>     
> 8.  Harvard Business School. "[Annual Cost of Attendance](https://www.hbs.edu/mba/financial-aid/tuition-assistance/Pages/cost-of-attendance.aspx)."
>     
> 9.  Harvard Business School. "[Doctoral Programs](https://www.hbs.edu/doctoral/Pages/default.aspx)."
>     
> 10.  Harvard Business School. "[Joint Degree Programs](https://www.hbs.edu/mba/academic-experience/joint-degree-programs/Pages/default.aspx)."
>      
> 11.  Harvard Business School. "[Online](https://online.hbs.edu/?utm_source=hbs&utm_campaign=hbs_web_programs&utm_medium=affiliate)."
>      
> 12.  Harvard Business School. "[Annual Cost of Attendance](https://www.hbs.edu/mba/financial-aid/tuition-assistance/Pages/cost-of-attendance.aspx)."
>      
> 13.  Business Because. "[Harvard Business School Notable Alumni | 18 Famous MBAs](https://www.businessbecause.com/news/notable-alumni/6907/harvard-business-school-notable-alumni)."
>      
> 14.  Harvard Business School. "[Our Mission](https://www.hbs.edu/about/Pages/mission.aspx)."
>      
> 15.  Harvard Business School. "[The Accidental Innovator](https://www.alumni.hbs.edu/stories/Pages/story-bulletin.aspx?num=834)."
>      
> 16.  Harvard Business School. "[James D. Wolfensohn, MBA 1959](https://www.alumni.hbs.edu/stories/Pages/story-bulletin.aspx?num=1996)."
>      
> 17.  Harvard Business School. "[Meg Whitman, MBA 1979](https://www.alumni.hbs.edu/stories/Pages/story-bulletin.aspx?num=1995)."
>      
> 18.  Harvard Business School. "[Fast Facts](https://www.hbs.edu/global/about/Pages/fast-facts.aspx)."
>      
> 19.  Harvard Business School. "[Employment Data](https://www.hbs.edu/recruiting/employment-data/function/Pages/default.aspx)."
>      
> 20.  Harvard Business School. "[Admissions](https://www.hbs.edu/mba/admissions/class-profile/Pages/default.aspx)."