Harvard Business School Enrolls Largest Class Ever

While this past year's economic turmoil may have sparked debates about the merits of earning an MBA, Harvard Business School announced last week that next year's class will be its largest ever.

According to a class profile posted on the MBA Admissions Office's Web site, the incoming Class of 2011 currently has 942 enrolled students, 42 more than last year's entering class. The Business School received 9,093 applications—its second-highest total ever—which corresponds to a 12 percent acceptance rate. The school also reported a yield rate of 89 percent.

Deirdre C. Leopold, Managing Director of MBA Admissions and Financial Aid, said that the numbers are preliminary and that she expects enrollment to settle between 930 to 940 by the time classes begin in the fall.

Leopold attributed the increase in applications partly to the uncertain economic times, but she said she didn't believe the financial crisis fully accounted for the spike.

"The MBA degree is now a way to make a difference," she said. "Some people see the MBA as a way to ride out the financial crisis, but they will learn broader skills and gain different attitudes. The world will look different when it comes back [from recession], and [students] will be equipped for new industries."

The Business School also announced that applications for admission to its 2+2 program—now in its second year—increased by 34 percent, from 631 to 844. The current rising college seniors accepted into that program will work for two years after graduation before entering HBS as members of the Class of 2014.

The Business School has significantly increased its marketing for the 2+2 program, particularly for students in subjects not typically associated with business education. During the past year, the admissions office gave presentations at 58 colleges around the country in an effort to attract students with backgrounds such as science, engineering, and non-profit organizations.

106 students were admitted to the 2+2 program last year, and Leopold has said that she does not anticipate that number to increase for this fall.

Leopold said that HBS Dean Jay O. Light's office made the decision to accept more students for the Class of 2011.

"Given the high number of high-quality applicants, we decided to take advantage of that by slightly increasing the number of people admitted to the MBA program," said HBS spokesman James E. Aisner '68.

Of the incoming class, 35 percent of students came from jobs in investment banking, venture capital, and other financial sectors, according to the class profile posted online. Another 23 percent worked in consulting. 47 percent of the entering students graduated college within the last three years, but only one member of the current incoming class comes directly from college.

Leopold said that despite the increase in students, HBS will keep the number of sections for the incoming class at 10, with each expanding slightly. Upon entrance, each HBS student is placed into a section of roughly 90 classmates, with whom they attend all their first-year classes.

Still, Sanford Kreisberg, an independent admissions consultant and author of the "HBS Guru" blog, said that he believes the increase signals an intent to add an 11th section soon.

"This increase in class size means they are pretty much committed to another section, if not next year, then when 2+2 arrives," Kreisberg said. "The increase seems intended as a way to get to the next section."

In an interview in late April, Light said that the Business School considered adding a section in 2008, but decided against it after evaluating many factors, including the strength of the job market.

The School should have no trouble accommodating more students, Leopold said, adding that the current classrooms are equipped to handle larger classes.

—Staff writer William N. White can be reached at wwhite@fas.harvard.edu.