Harvard Business School (HBS) is one of the world’s leading business institutions, known for its rigorous curriculum, distinguished faculty, and a global alumni network that dominates the corporate world.
Established in 1908, HBS has consistently been ranked among the top business schools, shaping the careers of thousands of business leaders. Some of its most popular programs include the flagship two-year MBA, as well as specialized courses like the Executive MBA, and Harvard’s extensive online courses.
But what do graduates do after earning their coveted degree? Here’s a deep dive into employment trends over the past three years.
Harvard Business School Placement Trends
Each year, a majority of Harvard Business School graduates seek employment, with a notable portion opting for entrepreneurship or other non-traditional paths. The employment trends at Harvard Business School reveal a consistent preference for consulting, particularly in the financial sector, with salaries rising steadily over the past three years.
2021 Placement Trends: High offers and competitive salaries
In 2021, 74% of HBS graduates actively sought employment. Among them, 96% received job offers, and 92% of those accepted the offers. The remaining 23% opted not to seek employment, with 12% being company-sponsored or already employed, 8% pursuing entrepreneurial ventures, and the rest postponing their job searches or continuing their education.
- Consulting dominates: Consulting firms, led by financial consulting, attracted 23% of the graduates, making it the largest employment sector. This was followed by technology at 19%, private equity at 14%, and finance-related functions like investment management and hedge funds.
- Salaries: The median base salary for 2021 graduates was $150,500, with signing bonuses averaging $30,000 (received by 51% of graduates). Performance bonuses, a key motivator for many, were awarded to 65% of graduates, with a median of $37,000.
- Top Functions: Finance (33%) and consulting (25%) dominated the functional areas, reflecting the strong demand for financial expertise among HBS alumni.
2022 Placement Trends: Shift towards entrepreneurship
The year 2022 saw a slight decline in the percentage of students seeking employment, with 71% of the class looking for job opportunities. Of those, 95% received offers, with 90% accepting. The percentage of students opting out of the job market increased to 29%, with entrepreneurship becoming more attractive—13% of graduates started their own businesses, a rise from 2021.
- Consulting Still on Top: Consulting firms continued to be the largest recruiters, employing 26% of the class. Technology maintained its presence with 19%, while private equity hired 15%. The finance domain remained robust, with 33% of the graduates joining roles in finance, making it the most popular functional area for the second consecutive year.
- Rising Salary: The median base salary saw a jump to $175,000, with a consistent signing bonus of $30,000 received by 63% of graduates. Performance bonuses also increased, with 73% of the graduates receiving a median performance bonus of $40,000.
2023 Placement Trends: Stabilization in consulting, surge in general management
By 2023, 73% of HBS graduates sought employment, with 86% receiving offers and 80% accepting. The percentage of those starting their own business held steady at 13%, and the majority of graduates continued to be drawn to financial consulting.
- Consulting and Finance Lead: Consulting hired 25% of the graduates, maintaining its position as the top industry. Private equity and technology followed, accounting for 17% and 16%, respectively. Finance roles remained dominant, with 33% of the class entering this function, reflecting the sustained demand for HBS graduates in finance.
- Compensation Trends: Salaries in 2023 remained strong, with the median base salary stable at $175,000. Signing bonuses remained at $30,000, received by 57% of the class, while performance bonuses stayed at $40,000, with 70% of the class receiving them.
- Emerging Focus on General Management: One noticeable trend in 2023 was the increase in graduates pursuing roles in general management (16%), showing a shift toward leadership and operational roles across industries.
Entrepreneurship is the top choice for HBS graduates who are non-job seekers
Throughout these years, entrepreneurship has remained a strong option for those not seeking traditional employment. In 2021, 8% of the graduates pursued this path, increasing to 13% in both 2022 and 2023. This reflects a growing trend among HBS graduates to innovate and create their own ventures, further reinforcing the school’s role in fostering entrepreneurship.
While consulting has remained the top industry across all three years, it’s worth noting the consistent growth in private equity and technology, as well as the increasing interest in entrepreneurship. The financial sector’s steady demand for HBS talent has also been mirrored in the high median salaries and bonuses offered to graduates.
