I will teach you how to bring your life stories to essays faster with F1GMAT's essay guides. Download below or subscribe to F1GMAT's Service and work with me - Atul Jose, Author/Editor/Founding Consultant, F1GMAT(16 Years of helping applicants gain admissions to M7 and Top 30 schools) Harvard MBA Employment Analysis (2023)
A notable 73% actively sought employment, marking a 2% uptick from the previous year. Conversely, 27% opted for alternate paths, with 13% forging entrepreneurial ventures supported by Harvard’s Rock Center, Harvard i-Lab, and Entrepreneurship Club and 11% benefitting from company sponsorship or existing employment.
Median Base salary of $175,000, median signing bonus of $30,000, and a performance bonus of $40,000 maintain the salary standards of the previous year.
Finance, with 33% hiring, and Consulting, with 25% hiring, remain the top two industries. Surprisingly, a robust 11% international placement outpacing the preceding year by 2% indicates that recessionary trends have finally caught up with M7 schools.
Harvard post-MBA Salary – By Industry (2023)
Harvard MBA graduates entering the consulting domain command a 25% share, boasting a median base salary of $192,000, complemented by a $30,000 signing bonus, culminating in the third-highest total salary of $222,000 after the highest salary of $229,000 shared by Investment Banking, despite having 3% hiring rate.
Notably, private equity secures a substantial 17%, offering a median base salary of $185,000 and a $30,000 signing bonus, resulting in the third-highest total compensation of $215,000.
11% of the entire placements of Private Equity are located in Europe, whereas the Northeast US, with 63%, is the hub for PE.
Technology follows Private Equity with a 16% hiring rate and a total salary of $188,050.
42% of placements in Technology lie in Marketing Function and 22% in General management. A notable 7% placement of the Technology industry is made in Europe, 44% in the Northeast US, and 34% in the West US.
Other major industries for the Class of 2023 are Venture Capital, Manufacturing, and Investment Management, each with a 6% hiring rate.
Venture Capital and Investment Management share the same total salary of $195,000, whereas Manufacturing offers $175,000 in total salary.
| By Industry | % Hired | Median Base Salary | Median Signing Bonus | Total Salary |
|---|---|---|---|---|
| Consulting | 25% | $192,000 | $30,000 | $222,000 |
| Consumer Products | 4% | $140,000 | $35,000 | $175,000 |
| Entertainment/Media | 1% | $152,500 | NA | $152,500 |
| Health Care | 5% | $165,000 | $20,000 | $185,000 |
| Venture Capital | 6% | $175,000 | $20,000 | $195,000 |
| Investment Banking | 3% | $175,000 | $54,000 | $229,000 |
| Investment Management/Hedge Fund | 6% | $175,000 | $50,000 | $225,000 |
| Manufacturing | 6% | $150,000 | $25,000 | $175,000 |
| Nonprofit / Government | 5% | $120,000 | NA | $120,000 |
| Private Equity | 17% | $185,000 | $30,000 | $215,000 |
| Technology | 16% | $158,050 | $30,000 | $188,050 |
Related: Harvard post-MBA Salary – By Industry: 2021 VS 2022 VS 2023
Harvard post-MBA Salary – By Function (2023)
In the Harvard MBA class of 2023, Finance emerges as the leading function with 33% of graduates, commanding a median base salary of $175,000 and a substantial $40,000 signing bonus, resulting in the second-highest total salary of $215,000.
The highest international placement of the Finance function is offered in Europe with 7% hirings.
Consulting closely follows, constituting 26% of hires, with a median base salary of $192,000 and a $30,000 signing bonus, summing up to the highest total salary of $222,000.
General management, with 16%, holds the third position with a total salary of $180,000, whereas Marketing, even with a slightly lower hiring rate of 10%, offers a good salary of $202,000.
Strategic planning (7%) and Business Development (6%) are the other major functions offered at the Harvard MBA Program.
10% of each Business Development and General Management placement is offered in Europe.
| By Function | % Hired | Median Base Salary | Bonus | Total Salary |
| Business Development | 6% | $160,000 | $13,750 | $173,750 |
| Consulting | 26% | $192,000 | $30,000 | $222,000 |
| Finance | 33% | $175,000 | $40,000 | $215,000 |
| General Management | 16% | $150,000 | $30,000 | $180,000 |
| Marketing | 10% | $152,500 | $50,000 | $202,000 |
| Strategic Planning | 7% | $170,000 | $20,000 | $190,000 |
Related: Harvard post-MBA Salary – By Function: 2021 VS 2022 VS 2023
Harvard post-MBA Salary - By Location (2023)
In 2023, Harvard MBA graduates continue to find lucrative opportunities across the United States, with the Northeast maintaining its preeminence, claiming 54% of placements. Notably, the West witnesses a slight dip in hires but remains pivotal, contributing to the overall salary landscape.
The South upholds its consistent performance, offering a median base salary of $192,000.
The Midwest sees a slight uptick in both the percentage hired and median base salary.
| By Location | % Hired | Median Base Salary | Bonus | Total Salary |
| Mid-Atlantic | 3% | $175,000 | $35,000 | $210,000 |
| Midwest | 4% | $187,500 | $30,000 | $217,500 |
| Northeast | 54% | $180,000 | $30,000 | $210,000 |
| South | 5% | $192,000 | $30,000 | $222,000 |
| Southwest | 7% | $190,000 | $30,000 | $220,000 |
| West | 16% | $170,000 | $30,000 | $200,000 |
Harvard MBA International Placements (2023)
In 2023, Harvard MBA's international placements have surged to 11%, surpassing the previous year's 9%.
Asia and Europe remain prominent choices, with Asia offering a median base salary of $121,000 and Europe at $145,500 – not even close to the median base salary of $175,000 in the US; an indication that the placements were not by choice but from limited opportunities in the US.
The MBA market has finally witnessed a recession after the financial meltdown of 2008-09.
Top Industries in Asia include Consulting, Technology, PE, and VC, whereas Europe has placements for Technology and Manufacturing industries.
| By International Location | % Hired | Median Base Salary | Bonus | Total Salary |
| Asia | 3% | $121,000 | $40,000 | $161,000 |
| Europe | 5% | $145,500 | $21,000 | $166,500 |
| Australia & Oceania | <1% | NA | NA | NA |
| Canada | <1% | NA | NA | NA |
| Middle East & North Africa | 1% | $140,000 | NA | $140,000 |
| Sub-Saharan Africa | <1% | NA | NA | NA |
| Latin America | <1% | NA | NA | NA |
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