Financials (in millions) 2023 2022 2021 2020 2019
Revenues $1,067 $966 $805 $861 $925
Expenses 1,003 908 779 831 821
Net Operating Surplus 64 58 26 30 104
Capital Investments 31 43 22 43 38
Building Debt Outstanding 22 28 33 40 46
Unrestricted Reserves 247 227 211 174 129
Endowment 5,132 5,086 5,265 4,092 3,985
Total Assets $6,639 $6,603 $6,755 $5,558 $5,420
MBA 2023 2022 2021 2020 2019

Incoming Class

Applications 8,149 8,264 9,773 9,304 9,228
Percent Admitted 14% 15% 13% 13% 12%
Yield 87% 86% 87% 85% 89%
Gender: Female 45% 46% 46% 44% 43%
International Citizenship 39% 38% 37% 33% 35%
US Race / Ethnicity
American Indian / Alaska Native 0% 0.2% 0% 0% 0%
Asian 22% 24% 24% 19% 17%
Black / African American 10% 11% 12% 11% 9%
Hispanic / Latino / Latinx 11% 13% 11% 9% 11%
Multi-Race / Non-Hispanic 6% 4% 4% 6% 5%
Native Hawaiian / Other Pacific Islander 0% 0% 0% 0% 0%
White 50% 48% 47% 53% 57%
Did Not Report / Unknown 1% 1% 1% 1% 1%

All Students

Enrollment 2,024 1,870 1,609 1,877 1,881
Tuition $73,440 $73,440 $73,440 $73,440 $73,440
Average Fellowship Aid Per Student $43,992 $43,805 $43,200 $42,207 $43,350
Doctoral 2023 2022 2021 2020 2019

Incoming Students

Applications 886 896 995 797 748
Percent Admitted 4% 4% 3% 4% 5%
Yield 58% 66% 68% 87% 81%
Gender
Male 39% 37% 50% 48% 43%
Female 57% 63% 50% 48% 57%
Non-binary/ Gender Queer/ Other 4%
2
Did Not Report/ Unknown 0% 0%
International Citizenship 35% 21% 38% 48% 29%
US Race / Ethnicity
1
American Indian / Alaska Native 0% 0% 0% 0% 0%
Asian/ Asian American 22% 21% 15% 20% 24%
Black / African American 4% 11% 0% 4% 0%
Hispanic / Latino / Latinx 9% 5% 0% 0% 5%
Multi-Race / Non-Hispanic 4%
Native Hawaiian / Other Pacific Islander 0%
White 22% 42% 46% 28% 38%
Did Not Report / Unknown 4% 0% 0% 0% 5%

All Students

Enrollment 121 130 129 133 131
Executive Education 2023 2022 2021 2020 2019
Enrollment 12,722 10,575 13,101 10,881 12,605
Gender
Male 68% 68% 68% 70% 72%
Female 32% 32% 32% 30% 28%
Non-binary/ Gender Queer/ Other <1% 0% 0% 0% 0%
Did Not Report/ Unknown <1% 0% 0% 0% 0%
International Citizenship 67% 63% 60% 69% 68%
US Race / Ethnicity
1
American Indian / Alaska Native <1% 0% 0%
Asian/ Asian American 13% 12% 6%
Black / African American 9% 9% 4%
Hispanic / Latino / Latinx 10% 8% 4%
Multi-Race / Non-Hispanic 2% 2% 1%
Native Hawaiian / Other Pacific Islander <1% 0% 0%
White 53% 43% 22%
Prefer not to answer 4% 0%
Did Not Report / Unknown 10% 26% 64%
HBS Online 2023 2022 2021 2020 2019
Enrollment 41,803 40,844 38,725 29,192 19,568
CORe Participants 4,776 5,173 7,687 7,477 5,962
Faculty 2023 2022 2021 2020 2019
Positions (full-time equivalents) 271 272 256 244 233
Positions (headcount) 324 322 293 280
Gender: Female 30% 28% 27% 28% 26%
US Race / Ethnicity
1
American Indian / Alaska Native 0% 0%
2
Asian 19% 19% 19% 19% 19%
Black / African American 5% 3% 3% 4% 3%
Hispanic / Latino / Latinx 3% 2% 2% 2% 2%
Multi-Race / Non-Hispanic 4% 4% 4% 4% 4%
Native Hawaiian / Other Pacific Islander 0%
White 69% 72% 71% 71% 72%
Did Not Report / Unknown 0%
Teaching Materials 601 637 668 676 626
Research Articles on HBR.org 209 296 307 231 177
Books 12 22 16 15 14

Faculty Leadership

Positions (headcount) 45 46 44 47 46
Gender: Female 27% 24% 25% 23% 15%
US Race / Ethnicity
American Indian / Alaska Native 0%
Asian 20% 17% 20% 17% 26%
Black / African American 2% 2% 2% 4% 0%
Hispanic / Latino / Latinx 0% 0% 0% 0% 2%
Multi-Race / Non-Hispanic 11% 13% 2% 2% 2%
Native Hawaiian / Other Pacific Islander 0%
White 64% 67% 75% 77% 70%
Did Not Report / Unknown 0%
Staff 2023 2022 2021 2020 2019
1,454 1,325 1,289 1,232 1,229
Gender
Male 34% 34% 35% 35% 35%
Female 65% 65% 65% 65% 65%
Non-binary/ Gender Queer/ Other 1% <1% <1% <1% <1%
Did Not Report/ Unknown 0% 0% 0% 0% 0%
US Race / Ethnicity
1
American Indian / Alaska Native 0% 0% 0% <1% <1%
Asian / Asian American 11% 11% 11% 11% 10%
Black / African American 6% 5% 5% 4% 4%
Hispanic / Latino / Latinx 8% 7% 6% 6% 6%
Multi-Race / Non-Hispanic 2% 2% 2% 2% 1%
Native Hawaiian / Other Pacific Islander 0% 0% 0% <1% <1%
White 73% 74% 76% 77% 79%
Did Not Report / Unknown 0% 0% 0% 0% 0%

Staff Leadership

6
Positions (headcount)
2
106 94 83 78
Gender: Female 55% 55% 59% 55%
US Race / Ethnicity
1
American Indian / Alaska Native 0% 0% 0% 0%
Asian / Asian American 5% 4% 4% 3%
Black / African American 5% 2% 3% 1%
Hispanic / Latino / Latinx 1% 1% 1% 1%
Multi-Race / Non-Hispanic 0% 0% 0% 0%
Native Hawaiian / Other Pacific Islander 0% 0% 0% 0%
White 90% 93% 93% 95%
Did Not Report / Unknown 0% 0% 0% 0%
Publishing 2023 2022 2021 2020 2019
Cases Sold 17,773,000 16,726,000 15,392,000 15,209,000 14,539,000
Harvard ManageMentor Active Users 8,810,000 7,384,000 6,061,000 5,037,000 2,837,000
HBR.org Average Monthly Users 9,902,000 11,239,000 11,787,000 9,956,000 6,916,000
Sustainability CY2022 CY2021 CY2020 CY2019 CY2018
(metric tons of CO2 equivalent) 10,547 9,098 9,103 11,562 11,614
138,198,893 121,948,442 122,569,467 150,713,824 152,538,748
48,244 32,735 40,754 51,025 48,626
357.48 204 196 394 357
  1. US Race/Ethnicity is only collected for US citizens and permanent residents. Per federal guidelines, people who identify as Hispanic, Latino, or Latinx and any other race are represented as Hispanic, Latino, or Latinx only. People who identify with two or more races other than Hispanic, Latino, or Latinx are represented as Multi-Race , Non-Hispanic only.
  2. Dashes represent that data is not available.
  3. Doctoral US Race/Ethnicity numbers do not total 100% because ethnicity is presented as % of total entering class but only represents US students.
  4. Executive Education Gender is reported for Open Enrollment Programs only, not all programs.
  5. Staff headcount includes employees classified as administrative & professional (exempt); research associates; internal post docs; service & trade hourly employed by Harvard Business School (HBS); and support staff (non-exempt). It does not include Harvard Business Publishing staff or HBS employees located outside the US.
  6. Staff Leadership is defined as all department heads and managers in the 60–64 paygrades.
  7. GHG Emissions is calculated using the location-based reporting methodology and Harvard University follows The Climate Registry (TCR) General Reporting Protocol for the Voluntary Greenhouse Gas (GHG) Reporting Program. The GHG inventory consists of direct emissions from onsite fuel combustion (Scope 1) and indirect emissions from purchased electricity (Scope 2) sources.

    • In addition to the reduced occupancy impacting the % reduction, it was also impacted by the increased ventilation to help reduce disease transmission (which increases GHG emissions).

    • Harvard University calculates its GHG emissions factor, but there is a delay in getting current grid data to feed into that calculation.

  8. Energy includes steam and electricity from Harvard’s Blackstone Steam Plant, electricity from the grid, electricity from our solar panels (solar renewable energy credits [SRECs], which represent the environmental benefit, are sold to the Harvard Utility to meet its state renewable energy requirements), natural gas used in boilers, cogeneration units and kitchens, along with diesel used in backup generators.

    • In addition to the reduced occupancy impacting the % reduction, it was also impacted by the increased ventilation to help reduce risk of disease transmission (which increases energy use).

  9. Water represents the total water withdrawal from our water utility for irrigation, domestic, kitchen and chilled water plant cooling tower needs.

    • In addition to the reduced occupancy impacting the % reduction, CY2021 was extremely rainy so irrigation needs were significantly down. We had nearly double the inches of rainfall we typically see across the irrigating season.

  10. Municipal Solid Waste is the trash hauled from buildings from typical campus operations. It does not include construction waste, recycling, electronic waste, waste disposed of as part of contracted services, or anaerobic digestion for organics streams.