DEFINITION of 'Harvard Business School'
Harvard Business School is one of the top U.S. business schools. It is located at Harvard University in Boston, Massachusetts, where it functions as Harvard's graduate school of business. It was founded in 1908 and is widely considered to be one of the world's best graduate business schools. The school also owns Harvard Business School Publishing Corporation, which publishes numerous business books, business cases and the Harvard Business Review.
BREAKING DOWN 'Harvard Business School'
The admissions process at Harvard Business School is one of the most highly competitive graduate business schools in the country. The Harvard Business School offers a full-time MBA program, doctoral programs and numerous executive education programs. The school also offers joint degree programs with other Harvard schools, including the John F. Kennedy School of Government and Harvard Law School. In 2016, 9,543 people applied for the school's MBA program, of which 12% were admitted, while in 2014, 4% of the 792 people who applied for the school's doctoral program were admitted. The total enrollment was approximately 1,870 students, and the average cost for a full year of tuition was about $61,000.
As of 2016, Harvard Business School's faculty consists of 234 full-time equivalent positions, and its total staff numbers number more than 1,400. The school is often cited as a pioneer in research, with faculty members authoring numerous books, essays and articles for business and other publications.
Harvard Business School Alumni
The Harvard Business School's stated mission is to educate leaders who make a difference in the world. Some notable alumni include Jeffrey R. Immelt, chairman and CEO of General Electric; Meg Whitman, former president and CEO of eBay; and James D. Wolfensohn, former president of the World Bank. Alumni and friends of the school have provided a high level of support for the school throughout its history.
As of 2014, more than 107,000 people have graduated from Harvard Business School, with more than 76,000 living alumni, about one-third of whom reside outside the United States. About one-fourth of the school's graduates work in the field of finance, with an additional one-fourth working in professional services.
Harvard Business School Rankings
Harvard Business School consistently ranks at or near the top of rankings of leading business schools. It was ranked first in the United States by U.S. News and World Report in 2016 and by Bloomberg in 2015. Poets & Quants, an aggregator of school rankings, ranked Harvard Business School first in its 2015 ranking of MBA programs in the United States.