Bob Dylan’s song lyrics capture the meaning behind the statistics Harvard Business School just released in the class profile for its entering class of 2013. It appears Harvard has decided to include fewer finance types in its MBA program, more women and more people from scientific/technical and manufacturing backgrounds.
- Individuals accepted from private equity and venture capital firms fell from 18% to 13%, and those from investment banking and investment management fields went from 14% to 12%.
- 39% of accepted applicants were women, up 3% from the last two years and the highest percentage of women EVER in a Harvard Business School class.
- The median GMAT score has hit a new high –a record 730. Last year’s median was 724, and that score was a record last year.
While these statistics are striking, Harvard’s director of admissions and financial aid, Deirdre Leopold, sent an even more surprising e-mail to round 1 interviewed applicants a day before decisions were released. This e-mail explained, “that the diversity of Harvard’s class was more important than the quality of the candidates in the admission process. ” Hmmm. Retrospectively, it’s clear Leopold was hinting that, “the times, they are a’ changing.”
Other observations in comparing the class of 2013 vs 2012:
- Applications to HBS declined approximately 4%. Every little bit helps, but it’s not a big deal when Harvard’s acceptance rate is 11-12%. See next point.
- Harvard’s yield increased 1% to an eye-popping 90%.
- The average age edged up from 26 to 27. My take on this stat and HBS’ announcement that it will not admit anyone straight from college and without full-time work experience: Harvard’s infatuation with the “early career candidate” is cooling. I predict other schools will follow suit.