What's Happening at Harvard in 2023?
More financial assistance means more diversity
HBS declared in August 2022 that it would pay all tuition and course fees for 10% of its students with the highest financial need. HBS also increased their assistance for middle-income students.
The Class of 2024 consists of 1,015 full-time pupils, and tuition is $73,440 per year; therefore, HBS is forgoing $7,4 million per year. The expense of the school's MBA program last year was the lowest among Ivy League and M7 institutions, placing it 13th out of the Top 25 schools. The annual tuition at Wharton is $84,874, a rise of $10,374 over the previous three years. In comparison, this makes HBS a bargain!
Currently, the school gives approximately $42,000 in annual support to MBA students, with half of each cohort getting some type of financial assistance. HBS allocates $45 million per year to pay MBA fellowship funding. While financial aid does not cover yearly living costs (approximately $31,000), it does bring in a diverse group of students and enhances the learning process.
Diversity and the Case Method
Diversity is an important part of what makes the case method of teaching at HBS so special. The success of a case depends on students who come from different places and have had different kinds of experiences. In other words, HBS uses financial assistance as a tool to maintain the unique conversations that lead to deeper insights and more comprehensive solutions. It's a quiet investment that keeps students interested and open-minded.
According to Matthew Weinzierl, senior associate dean of the HBS MBA program, “Affordability is of paramount importance because it enables people from all backgrounds, experiences, and interests to enroll at HBS. Our case-based approach to teaching and learning relies heavily on exposing HBS students to a wide variety of perspectives because we’re preparing them to be leaders in organizations and in a world marked by vast human difference and diversity.”
Case Study's 100th Anniversary
In 2022, HBS marked the 100th year that the case study had been a part of the program. In short, cases are stories about real business problems that are meant to teach students through repetition and how to approach and solve problems like a C-suite executive. Over time, classes learn how to ask the right questions to find out what's really going on and what's most important, such as weight options, tradeoffs, and long-term effects on different groups. They also learn how to set plans and priorities and persuade classmates who often have very different ideas.
Chad Losee has chosen to depart this year
Chad Losee, managing head of HBS' MBA admissions and financial assistance, declared his departure in 2022. This year, Losee will be going to Yale University to head up their strategy. Controversially, Losee removed the round three admissions deadline, supposedly eliminating a pathway for applicants who have traditionally come from non-traditional backgrounds.
So, who will take Losee's place? Will it be a more experienced applicant, such as Shari Hubert, assistant dean of admissions at Duke Fuqua, who has nearly two decades of hiring and admissions leadership experience? Or someone else? At such a prestigious institution, the choice could have a subtle impact on who gets admitted and why. Certainly something to keep an eye on in 2023.