Want to know what it’s really like to pursue a Harvard MBA? It’s not just a prestigious degree, but, rather, it is a transformative experience. You get to develop your leadership skills, expand your network, and open doors to a world of opportunities. The Harvard MBA program could be the right path whether your goal is to lead a global corporation, launch your own startup, or make a significant impact.
Although, it’s also important to be realistic. Earning a Harvard MBA is challenging. The environment is demanding, yet, the potential rewards are substantial. This blog will explore the Harvard MBA journey, from the unique curriculum and personal development opportunities to the practical aspects of admissions and financial aid. We’ll provide clear and straightforward information to help you understand what it takes to succeed at Harvard Business School. Interested in learning more? Let’s get started.
What Makes Harvard MBA Special?
Harvard Business School (HBS) provides an MBA that stands out because of its strong lessons, mix of students from all over, and famous teachers. The way the program is set up gives students both book knowledge and real-world skills. This helps students become well-prepared leaders, ready to face tough business problems around the world.
Harvard MBA Curriculum
The Harvard MBA curriculum is divided into two main parts: the Required Curriculum (RC), which is taken in the first year, and the Elective Curriculum (EC), which is taken in the second year.
First Year – Required Curriculum (RC)
In the first year, all students follow the same set of courses. This ensures that everyone has a strong foundation in general management concepts. The goal is to provide students with the essential skills they need to be successful in business leadership roles.
Here are some key courses in the Required Curriculum:
- Finance 1
This course helps students understand how financial decisions impact a firm and its ability to create value. Students learn key concepts in corporate finance, including capital budgeting and risk analysis. - Financial Reporting & Control (FRC)
This course teaches students how accounting helps organizations communicate and manage their financial health. Students learn to read and analyze financial statements, which is crucial for decision-making. - Leadership & Organizational Behavior (LEAD)
The focus of this course is on understanding how to be an effective leader. Students explore team dynamics, individual behaviors, and how to motivate others to achieve goals. The course also teaches strategies for career development. - Marketing
In this course, students learn how to make marketing decisions that align with a company’s overall strategy. They explore topics like consumer behavior, pricing, product policy, and distribution. - Technology & Operations Management (TOM)
Students in this course explore how operations and technology can help a firm maintain its competitive edge. They study product development, process analysis, and the role of information technology. - Strategy
This course teaches students how to formulate effective strategies for businesses. The course focuses on how to create competitive advantage and value for customers, as well as how to manage industry changes. - Data Science & AI for Leaders
As technology continues to impact business, this course provides students with the skills to understand data science and artificial intelligence. Students learn how to use data to make decisions and how to lead organizations using analytics. - Business, Government & the International Economy (BGIE)
In this course, students explore the economic and political factors that affect businesses globally. They learn about trade, exchange rates, foreign investment, and more.
Second Year – Elective Curriculum (EC)
In the second year, students have the freedom to choose from over 100 electives. These electives allow students to dive deeper into specific industries or functions that interest them, such as finance, marketing, or entrepreneurship. Students can also choose field-based learning opportunities that allow them to apply their knowledge in real-world scenarios.
The second year gives students the flexibility to focus on their individual interests and develop expertise in areas they are passionate about.
Learning Methods at Harvard Business School
At Harvard, students don’t just learn theory; they also learn how to apply that knowledge in real-life situations. HBS uses two key teaching methods:
The Case Method
This is the main way students learn at Harvard. In the case method, students are given a detailed case study about a business issue and asked to analyze it. They must then decide on a course of action based on their analysis. The case method helps students develop critical thinking skills and prepares them to make tough decisions as future leaders.
The Field Method
Along with classroom learning, students at Harvard also engage in the Field Method, which includes practical, hands-on experiences. In the Field Immersion Experiences for Leadership Development (FIELD) program, students are paired with real companies to solve business challenges. They work closely with the companies, apply their learning from the classroom, and gain valuable insights.
Joint Degree Programs at Harvard Business School
Harvard offers several joint degree programs in partnership with other schools within the university. These programs allow students to combine the MBA with another degree, like law, medicine, or public policy. Here are some of the joint degrees:
- MS/MBA Biotechnology: Life Sciences – In collaboration with the Harvard Graduate School of Arts & Sciences, this program focuses on life sciences and biotechnology.
- MS/MBA: Engineering Sciences – Partnering with the Harvard School of Engineering & Applied Sciences, this program combines engineering with business leadership.
- MBA/MPP & MBA/MPA-ID – In collaboration with the Harvard Kennedy School, these programs combine business skills with public policy and international development.
- MD/MBA – This program is a joint degree with Harvard Medical School, blending medical expertise with business management skills.
- JD/MBA – In partnership with Harvard Law School, this program combines law and business education for future leaders in both fields.
- MBA/DMD – A collaboration with the Harvard School of Dental Medicine, this joint degree program blends business management with dental medicine.
These joint degree programs are designed for students who want to become experts in their chosen fields while also gaining business leadership skills.
Admissions to the Harvard MBA Program
Harvard Business School looks for students who have a strong academic record, leadership potential, and a desire to make a difference in the world. The admissions process is highly competitive, and the school uses several factors to evaluate applicants, including:
- GMAT or GRE Scores – Most applicants must submit their GMAT or GRE scores. These test scores are one of the factors used to assess an applicant’s academic abilities.
- Work Experience – Harvard values applicants with professional experience. This could be in any industry, as long as the experience demonstrates leadership skills and the ability to contribute to a team.
- Essays and Recommendations – Applicants are asked to write essays that explain why they want to pursue an MBA at Harvard and what their goals are. They also need to submit recommendations from colleagues or supervisors who can speak to their leadership abilities.
- Interviews – The interview is an important part of the admissions process. It helps the admissions team assess how well applicants fit with the Harvard MBA community.
Cost of Attendance for Harvard’s MBA Degree
The cost of attending Harvard’s MBA program is significant but is considered a worthwhile investment. For the 2024-2025 academic year, the total cost of attendance for a single student is around $118,854, which includes tuition, fees, housing, food, and other living expenses.
For married students or those with children, the cost of attendance increases. HBS offers several funding options to help students meet these costs, including scholarships, loans, and fellowships.
Summer Fellowships and Career Support
In addition to scholarships, HBS provides students with career support and exploration funds to help them find opportunities during their summer internships. The school also offers summer fellowships that provide financial assistance for students pursuing certain career paths.
Financial Aid at Harvard Business School
At Harvard, education is considered a shared investment in your future. The school provides generous need-based financial aid to help students pay for their MBA. Here are some key details about financial aid:
Merit-Based Admissions and Need-Based Aid
While admissions are based on merit, financial aid is awarded based on need. Approximately 50% of HBS students receive need-based scholarships. The average need-based scholarship is about $46,000 per year.
How Need Is Determined
The financial aid team at Harvard determines financial need based on several factors, including:
- Gross income from the previous three years
- Assets
- Socioeconomic background
- Undergraduate debt
If students are married or have children, the financial aid team also considers their spouse’s income and assets, as well as their family’s cost of living.
Scholarships and Loans
Harvard offers need-based scholarships that do not need to be repaid. However, students may also need to use personal savings, student loans, or outside funding to cover the full cost of attendance. Employer sponsorships and loans are considered outside scholarships for financial aid purposes, so students who receive these typically won’t qualify for HBS scholarships.