Boston, US · 21 months · class of 943
Harvard MBA: cost, salary and payback
A class of 943 whose salaries sit close together: half of the graduates who reported pay earned between $160,000 and $192,000.
Paid back after graduation in
4.0 years
Total cost $418,136 · 10-year NPV $300,068
| Tuition and fees, whole program | $183,316 |
| Living budget | $77,320 |
| Salary given up, 21 months | $157,500 |
| Total cost | $418,136 |
| Salary after: median base salary | $185,000 |
| Signing bonus × share receiving it | $17,400 |
| 10-year net present value | $300,068 |
| Return on the cost (present values) | 73% |
US dollars at the ECB rate of the last update. Raises of 5% a year with the MBA and 3% without, discounted at 5%, before tax. How this is calculated.
Fees and budget read on October 13, 2026 · employment: Class of 2025 (school standard) · Built by Radif Partners · Method
- Tuition and fees
- $183,316
- Total cost, salary given up included
- $418,136
- median base salary
- $185,000
- Payback, reference person
- 4.0 years
Harvard Business School charges $169,520 in tuition for its two-year MBA at the 2026-27 rate, $13,796 of fees and health cover, and budgets $77,320 for living costs, for $260,636 before the salary you stop earning. For a person earning $90,000 today, 21 months without pay add $157,500 and the total reaches $418,136; the school publishes no internship pay, so the calculator gives nothing back for the summer. The class of 2025 reported a median base salary of $185,000, which repays that total 4.0 years after graduation and leaves a ten-year net present value of $300,068. Two things set the school apart in the data. Its salaries are tightly grouped, with the middle half spanning only $32,000. And its scholarships are awarded on need alone, averaging $50,000 a year, which changes the real price for many admitted students.
Salaries packed close to the median
Harvard publishes the quartiles of its salaries as well as the median, and they sit close together. Of the 5 schools on this site that publish both quartiles in dollars, Harvard has the second narrowest gap between them. For an applicant, a tight range means the median is a fair guide to the offer a typical graduate takes, rather than an average pulled up by a few large finance packages. A graduate at the lower quartile still reported $160,000.
Finance is the largest destination at 34% of the class, and Harvard splits it finely: 14% in private equity at $188,000, 7% in investment management and hedge funds at $183,000, 6% in investment banking at $175,000 and 4% in venture capital at $200,000, the highest median in the report. Technology took 22% at $178,000, consulting 21% at $190,000, and health care 6% at $160,000. These figures rank Harvard 2 of 39 in our finance ranking and 3 of 40 for technology; by job function it comes first in business development.
Harvard: where the class went
Share of the class
21%
| Salary reported | $190,000 |
| Graduates, about | 198 |
| Payback with that salary | 3.8 years |
Reference person earning $90,000 before the MBA.
Need-based aid and what it does to the bill
Harvard gives no merit scholarships. Awards depend on the family's finances, and the school reports that about half of the class receives one, with an average of $50,000 a year, or about $100,000 over the program, and that a small share receives full tuition. An admitted student with modest savings may therefore pay far less than the $260,636 on the sticker, while one with high income or assets pays it all. The calculator above starts from the full price; the scholarship tool below shows how an award shortens the payback.
Harvard: what a scholarship changes
Payback with the scholarship
3.7 years
| Without it | 4.0 years |
| Total cost with it | $388,136 |
Reference person earning $90,000 before the MBA.
The size of the class, and who is not in the salary
With 943 students in the class of 2027, Harvard is the second largest full-time class on this site. Not all of them look for a job. Founders, sponsored students returning to their employer and those who go on studying sit outside the salary figures, which describe the graduates who sought work and reported their pay. Of those job seekers, 84% accepted an offer within three months. 92% of graduates who took a job stayed in the United States, so the payback above uses an American salary. Across the whole class, our model places Harvard 6 of 40. For the closest comparison, the Harvard and Stanford comparison puts both reports side by side.
Harvard: when the MBA pays back, for your salary
Payback after graduation
4.0 years
| Total cost with the salary given up | $418,136 |
| Salary after (median base salary) | $185,000 |
| 10-year NPV | $300,068 |
Same assumptions as the main calculator; US dollars.
Where Harvard stands in our rankings
- #6 of 40 · Any industry (whole class)
- #15 of 38 · Consulting
- #2 of 39 · Finance, all segments
- #12 of 12 · Investment banking
- #3 of 10 · Private equity
- #3 of 40 · Technology
- #26 of 39 · Working in the United States
Our fit score, reference person earning $90,000 before the MBA (method). Third-party rankings play no part in it.
What the Harvard MBA costs
| Item | Amount |
|---|---|
| Tuition, whole program | $169,520 |
| Mandatory fees | $13,796 |
| Living budget, whole program | $77,320 |
| Salary given up: $90,000 a year for 21 months | $157,500 |
| Total cost, reference person | $418,136 |
Harvard employment report: Class of 2025
| Measure | Value |
|---|---|
| Median base salary | $185,000 |
| Middle half of salaries | $160,000 to $192,000 |
| Signing bonus (median) | $30,000, received by 58% |
| Graduates who accepted an offer within three months | 84% |
Harvard graduates by industry
| Industry, as the school names it | Share | Salary |
|---|---|---|
| investment banking + asset management (Investment Management / Hedge Fund) + Other Financial Services + private equity + venture capital | 34% | not published |
| Technology | 22% | $178,000 |
| Consulting | 21% | $190,000 |
| Entertainment / Media + Services | 6% | not published |
| Health Care | 6% | $160,000 |
| Manufacturing | 5% | $162,000 |
| Nonprofit / Government | 4% | $130,000 |
| Consumer Products | 2% | $146,000 |
| of which investment banking (investment banking) | 6% | $175,000 |
| of which private equity (private equity) | 14% | $188,000 |
| of which venture capital (venture capital) | 4% | $200,000 |
| of which asset management (asset management (Investment Management / Hedge Fund)) | 7% | $183,000 |
Where Harvard graduates went to work
| Region | Share | Salary |
|---|---|---|
| US (US Mid-Atlantic + US Midwest + US Northeast + US South + US Southwest + US West) | 92% | not published |
| Europe | 2% | $145,000 |
| Asia | 3% | $140,000 |
| Middle East (Middle East & North Africa) | 1% | $128,000 |
Harvard graduates by job function
| Function | Share | Salary |
|---|---|---|
| Business Development | 10% | $175,000 |
| Consulting | 21% | $190,000 |
| Finance | 33% | $178,000 |
| General Management | 11% | $170,000 |
| Marketing | 11% | $173,000 |
| Strategic Planning | 9% | $160,000 |
| Other | 4% | $180,000 |
The Harvard class
| Measure | Value |
|---|---|
| International students | 37% |
| Women | 44% |
| Average years of work experience | 4.9 |
| GMAT median | 685 |
| Class size | 943 |