Harvard Business School – All You Need To Know
Located in Boston, Massachusetts, Harvard Business School is the graduate arm of Harvard University. Its establishment took place in 1908. It offers a two-year full-time Master’s programme that focuses on practical experience. Also, it offers management-related doctorate programmes and numerous executive education programmes, together with online programmes. Some of these programmes collaborate with partnering institutions to provide top learning.
The school is one of the top-ranking business schools in the world. Roughly 930 students yearly gain admission into the Harvard Business School. There is more to know about this great institution. As such, we are going to take you to the basic things you need to know about Harvard Business School. Follow us as we unfold the parcel:
All you need to know about Harvard Business School
Harvard Business School is one of the most popular international business schools. It belongs to a group of seven elite business schools, majorly referred to as M7. They are seen as peers and include Booth, Columbia, Kellogg, MIT Sloan. Wharton, Stanford GSB and Harvard.
The mission of Harvard Business School is to train leaders who aim at changing the world. It uses the case-study method to educate students and put them through real-world scenarios. As such, in their first year, the students follow the same course of study. Hence, the curriculum comprises Finance, Financial Reporting, Leadership, etc. However, in their second year, they opt for elective courses. These elective courses include Accounting and Management, Business, Government and the International Community, etc.
As a student of Harvard, you have the right to need-based financial aid. This is offered to about half of the students, meaning that you might be lucky. HBS believes in offering help to students by building a firm academic bedrock. This, as well, helps them to get good jobs at graduation. Students also develop their entrepreneurship skills by attending seminars and other events.
The school does not joke with its alumni community. It has created a bond between its alumni and the corporate world. As a result, many of its alumni have become top leaders and helping to hire other alumni. This, no doubt, strengthens the community.
Admissions are highly competitive at Harvard Business School. For you to be selected, you will need a GPA of not less than 3.7. This is the same as a grade A of around 90 – 92%. Nevertheless, some B-students are offered admission into HBS but this happens by a stroke of luck.
Additionally, you will need a competitive GMAT average score of 620 – 790. That notwithstanding, you need an average work experience of 4.7 years.
The following are the basic admission requirements for international students at Harvard Business School:
- You must have a degree equal to a four-year degree in the USA. In some cases, a three-year degree will suffice.
- You must translate your official transcript into English before you submit it. If you have any unofficial transcript, the school will accept it in the initial application it was written.
- After admission, World Education Service will assess and translate your transcript word by word.
- As an international applicant, you must submit your proof of English Language proficiency if the English language is not your primary language. They include TOEFL/IELTS/PTE scores.
- GRE/GMAT scores
- Two recommendations, essay and interview.
In furtherance of that, you will pay an application fee of 250 USD. Also, the application process takes place online.
What makes Harvard Business School Different?
There are major factors that make Harvard Business School a unique school. Below are some of these factors:
- Large size: the school is one of the largest business schools the world can boast of. You will meet several students with diverse backgrounds. Thus, networking will not be a difficult task for you. In addition, the school boasts of student clubs and elective courses that will cater to your interest. Not to forget, the exposure you gain in HBS helps you to trick life.
- Ranking: HBS is ranked number 5 in the best business schools (tie).
- Case method: you will get practical experience through the case method. That is, you will be able to solve real-world issues. Again, you will be in smaller groups with other students. each group will assess existing establishments, go on field trips and learn intensely in other countries.
- Professors: Harvard Business attracts only the best professors. These professors help to build the quality of the school. Because HBS developed all its cases, most of the professors who wrote the cases handle them. Even at that, the school does not permit them to teach the cases in another school. Thus, each case is unique to only Harvard.
- Your brand: it is undeniable that there is a special logo that associates with Harvard Business School. As a result, it boosts your brand. People see you as someone smart, you know.
Is Harvard Business School Difficult?
To answer the question above, the following facts will be helpful:
- Acceptance rate – 12%
- Average GMAT – 730
- Average GPA – 3.70
- Average years of work experience – 4.7 years
Harvard Business School is keen on hardworking, exceptional students. you must develop taste for success to be able to become a student. Again, you must be passionate and easily get used to the study load at HBS. Therefore, you need some leadership skills and experience. Above all, if you have an interesting story, your chances to gain admission into the school are high. Your story will be valuable to the student body and other students are going to learn from it.
Yearly, Harvard admits nearly 750 students to its MBA programme. It also includes international students and US minorities. Though the very foundation of HBS is diversity, your chances to gain admission into the school are low if you lack the above skills.
Do employers care about a Harvard MBA?
Just for the record, Harvard deserves every accolade it receives. And yes, its alumni count among the top business professionals. They include former CEOS and present C-Level directors. Not to forget, these professionals hold titles as the president, director and chief executives.
More so, Harvard ranks as the number 2 on the US News and World Reports. It also ranks as number one in the world.
Despite all this, it could be unfair and just inaccurate to claim that employers only care about a Harvard MBA. However, we can say it is better to have a Harvard MBA and this depends on what you see as better. For instance, it may not be easy to maintain a work-life-school balance while enrolled in Harvard. So, you decide how you view the case.
In summary, while employers might appreciate a Harvard degree, you may have to add other criteria to impress them.
How to Get into Harvard Business School
To apply to Harvard Business School, the following steps are necessary:
- Written application: you are to submit your written application. Most especially, you will need to submit your resume, transcript and GRE/GMAT score. Likewise, you may need to submit your TOEFL/IELTS/PTE score as an international student. Not to forget, the application fee is $250.
- Interview: once you submit your application fee, the admission committee reviews each of your applications cautiously. If you meet the basic requirements, they may invite you for an interview.
- Post-interview reflection: after the interview, you will need to submit a written reflection of the interview. This is to be done within 24 hours. Again, you must submit it online.
How much Does It Cost to Attend Harvard Business School?
The annual cost of attending HBS include both direct and indirect expenses. The direct expenses include tuition and fees; they are charged directly to your student bills. The indirect expenses are the living expenses and they are more flexible.
In summary, the annual cost of attending the Harvard Business School is assumed to be a total of 9 months per academic year. Luckily, you may receive a combination of need-based scholarships, complementary fellowships and student loans.
Below is the 2021-2022 cost of attending Harvard Business School for a single student:
- Tuition – $73,440
- HUHS student health fee (SHF) – $1,242
- Student health insurance plan (SHIP) – $4,040
- Course and programme materials fee – $2,550
- Room and utilities for 9 months – $14,330 ($1,593 per month)
- Living expenses for 9 months – $15,930 ($1,770 per month)
- Computer – $1,500
Total – $113,042
The school runs an academic year of 9 months. As such, the HBS dorm runs for a 9-month lease per year. however, this is not so in off-campus housing. Therefore, off-campus housing requires that you pay a rent of 12 months. Hence, you will need to put an additional three months’ rent in your catalogue if you are to live off-campus. Additionally, this means you will also budget for utilities and monthly expenses.
- Federal Student Aid: As stated by the federal regulations, your eligibility for federal loans is based on your total annual cost of attendance.
- Health insurance: You must apply for health insurance coverage. The Student Health Fee (SHF) is compulsory and cannot be waived. Nevertheless, if you have another health insurance plan that is comparable to Student Health Insurance Plan (SHIP), the SHIP portion of your fee might be waived.
- Optional Activities: Harvard Business School has several activities on campus. Interestingly, you have the chance to take part in any of them. However, we cannot pinpoint the specific cost for individual activity. Therefore, you must prepare ahead to make room for such. Possibly, you could plan additional saving for optional activities.
What about the Harvard Business School Online Courses?
Previously HBX, Harvard Business School Online is an online learning platform. HBS established it in 2014 to host online students. Initial programmes include Credential Readiness (CORe) and Disruptive Strategy with Clayton Christensen.
In case you are wondering if it is worth taking the HBS Online, there have been testimonies surrounding it. For instance, a study of closely 1000 students taking by City Square Associates revealed that 80% of the students said that taking the online course bettered their individual lives. In the same vein, about 25% said that they received a raise after taking the course.
If you are new to Harvard Business School Online, you will need to set up an account before starting your application. Similarly, there is no special documentation for it.
Furthermore, each online course lasts between 4 to 8 weeks. Also, it costs between $450 and $950. Interestingly, HBS Online does not offer any degree. Again, they have no plans to do so any moment soon.
However, the acceptance rate is very high when compared to full-time MBA programmes. The online courses are not alternates to obtaining a degree. But then, you can earn points that could count towards earning a degree.
Some of the courses include Leadership and Management, Entrepreneurship and Innovation, Finance and Accounting, Analytics, etc.
The flexible programme has three major features which are:
- Active: just because it is online does not mean you will be passive in the class. You will engage in new activity always. Besides, they are very interesting and you wouldn’t want to miss any moment.
- Social: just like a physical school, you will have the chance to interact with your peers. Moreover, you will exchange ideas, offer input and seek out the best from your mates. In the end, each person’s experience counts.
- Case-based: you will have some experience as in real-world learning. Cases help to bring lessons to life. That is, you will learn under top business leaders. In essence, you will learn firsthand what challenges they faced.
What else? Harvard Business School Online gives you all the experience you will need to excel in your field.
See also Best Schools for MBA in Finance
Conclusively, becoming a Harvard product does not come cheap. As a result, you must be prepared right from high school if you must scale through. You must give yourself the best possible chances by following the instructions.
Further to that, you need to start your application early. Put in your best to prove to the admission committee that you are an excellent fit for the school. Above all, there is no one-size-fits-all way to get into Harvard Business School.