Harvard Business School

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Harvard Business School
Established: 1908
Type: Private
Endowment: US$2.8 Billion [1]
Dean: Jay O. Light
Faculty: ~200
Staff: ~1,100
Students: ~1,800 MBA and ~100 Doctoral
Location: Boston, Massachusetts, USA
Campus: Urban
Website: www.hbs.edu

Harvard Business School, also known as HBS, is a renowned business school in the United States. It is one of the graduate schools of Harvard University.

Founded in 1908, Harvard Business School started with fewer than 100 students. In the 1920s, the class size reached 500 students. In 1926, the School moved from the Cambridge side of the Charles River to its present location in Allston (part of Boston) - hence the custom of faculty and students referring to the rest of Harvard University as "across the river." Women were first admitted to its regular two-year Master in Business Administration program with the Class of 1965. The dean of HBS is Jay O. Light, who was appointed by then University President Lawrence Summers on April 24, 2006.

The school offers a full-time MBA program, doctoral programs, as well as many executive education programs, but does not offer an 'Executive MBA'. The School owns Harvard Business School Publishing, which publishes business books, online management tools, teaching cases and the monthly Harvard Business Review.

Contents

[edit] MBA program

HBS, as seen from across the Charles River. In the background is the steeple of Baker Library.
HBS, as seen from across the Charles River. In the background is the steeple of Baker Library.

Harvard Business School offers a two-year full time MBA program, which consists of one year of mandatory courses (Required Curriculum) and one year of unrestricted course selection (Elective Curriculum). Admission to the MBA program is one of the most selective graduate programs in the world[citation needed], with an admission rate of 15% for the class of 2008[2] The student body is highly international and diverse, with only 63% of students who are citizens of the United States.[3] Women comprise 35% of the class of 2008. [2]

The Required Curriculum consists of two semesters. The first semester focuses primarily on the internal aspects of the company and includes the courses Technology and Operations Management, Marketing, Financial Reporting and Control, Leadership and Organizational Behaviour, and Finance I. The second semester focuses on the external aspects and includes the courses Business, Government, and the International Economy, Strategy, The Entrepreneurial Manager, Negotiations, Finance II, and Leadership and Corporate Accountability. [4][5]

The Elective Curriculum can be chosen from among 96 courses. The diverse selection includes courses such as: Agribusiness, Doing Business in China, Building and Sustaining a Successful Enterprise, Managing in the Information Age, The Moral Leader, Entrepreneurship in Education Reform, Venture Capital and Private Equity, Business at the Base of the Pyramid, Consumer Marketing, Retailing, Power and Influence, Managing Medicine, Supply Chain Management, and Corporate Strategy.[6] The students assign each course a priority and the courses are filled through a lottery system based on student priority and class availability. Elective curriculum students can also complete a field study or independent student research project in lieu of a class. Field studies allow students to work together in a team closely with faculty members to launch a product, develop a new business, or research a real world issue. Independent student research projects provide an opportunity for a student to work with a faculty member to develop deep insights on a particular topic of interest. These options allow students to create a second year curriculum that is aligned with their personal and professional interests.

Current MBA classes have a size of approximately 900 students, divided into ten sections (A-J) of 90 students. Each section takes classes together the first year, with the intention of forming deep social bonds. During the first year, all students are assigned to learning teams of 6 students. These learning teams meet daily throughout the first year to prepare each day's class assignment. Graduation rates are approximately 98%. Teaching is almost exclusively (95%) done through case teaching (also referred to as the Socratic method), where the students prepare teaching cases and discuss them in class, with a professor as moderator and facilitator. There is an Education Representative role in each section whose role it is to develop an appropriate learning environment and effective relationships between the students and faculty and between students themselves given the diversity within the section (students from a broad range of industries, undergraduate schools, ethnic backgrounds, geographies, etc.).

MBA students at Harvard are graded on a relative curve. In most courses, the grade consists of roughly 50% class participation and 50% final exam or paper. In a few cases (primarily in the RC year), there may be a few brief exercises or a midterm that typically account for no more than 20% of final grade in a given course. The top 15-20% of the class receive "1's" (instead of A's), the middle 70-75% receive "2's", and the bottom 10% receive "3's". If a student receives more than a certain number of "3's" in the first semester of the Required Curriculum, they receive an academic warning. The student is offered help, in the form of academic counseling and tutors to improve their academic performance. The fact that most MBA students at Harvard have been at the top of their classes in undergraduate schools and high schools makes it more competitive. However, it is said that the relationships between students are not as cutthroat as rumored and that it is quite a friendly and collaborative learning environment.[citation needed]


[edit] Academic honors

The top academic honor at Harvard Business School is the Baker Scholar designation (High Distinction), given to the top 5% of the graduating MBA class. In a typical year a Baker Scholar will have achieved "1s" in approximately 70 - 75% of his or her course credits. Students receiving honors (top 20%) in both their first and second years are awarded the MBA degree with Distinction.

The student who receives the highest grades in the first year of the program is awarded the Henry Ford II scholarship and is known as the Ford Scholar. For a typical student to attain this honor, he/she must achieve the highest available grade in each of the eleven MBA classes during the first year of the program. Other academic distinctions include the Thomas M. and Edna E. Wolfe Award, given to recognize scholastic excellence (generally to the student with the highest grade in the class) and the Loeb prize given for the most outstanding performance in finance.

Until 2005, Harvard Business School also awarded the Siebel Scholarship to each of the top five students in the first year of the program (see http://www.siebelscholars.com). However for reasons that were not publicised this was recently withdrawn.

[edit] Student life

Students can join one or more of the more than 75 clubs on campus. The clubs invite speakers to campus, organize trips, social events, and help forming bonds between students of similar interests. The Student Association is the main interface between the MBA student body and the faculty/administration. It is led by a four-person Executive Committee (2 Co-Presidents, CFO and COO). The decision power rests with the Senate, which is composed of one senator from each section (a total of 10), the Executive Committee, and various committees made up of section officers. Intramurals are also a major part of the student life. Flag football, volleyball and soccer are the main intramural sports that are offered. In recent years, a dynasty was born in flag football. Section J went undefeated and won the championship in 2006 and 2007. James Looby was the star of the team.[citation needed]

[edit] Immersion experience

HBS offers immersion programs to supplement in-class room academic experience. These programs are designed to integrate educational objectives with other elements that the student-led treks offer. Through this experience, students are "immersed" in academic, cultural, and organization fieldwork around the world. The program is spans an intensive five to twelve-day during January. The programs offered in 2007-2008 were: China and Vietnam, Europe, Healthcare, India, Middle East, and New Orleans immersions. Supplemental financial aid is available to eligible students.

[edit] The Arthur Rock Center for Entrepreneurship

The Arthur Rock Center for Entrepreneurship was made possible through the extraordinary generosity of pioneering venture capitalist Arthur Rock (MBA 51). In 2003, Rock donated $25 million to HBS to support faculty and their research, fellowships for MBA and doctoral students, entrepreneurship symposia and conferences, and new outreach efforts to extend the impact of the School's work. Excellence in the research and teaching of entrepreneurship has long been an important part of the history of HBS, and Arthur Rock has ensured that the School will continue to produce leading intellectual capital in this field for generations to come. All of HBS's work in the entrepreneurship arena is now under the umbrella of the Rock Center.

[edit] Business Plan Contest

The Harvard Business School (HBS) Business Plan Contest is jointly sponsored by HBS's Arthur Rock Center for Entrepreneurship, the HBS Entrepreneurship Club and the Social Enterprise Club. The contest consists of the "traditional" for-profit track and the "social enterprise" track, for those plans with an explicitly social agenda. The winner of the traditional track contest wins the Dubilier Prize, including $10,000 in cash and $10,000 in in-kind (legal and accounting) services. The winner of the social enterprise track also receives the Peter M. Sacerdote Prize, including $10,000 in cash and $10,000 in in-kind services. Three runners-up from both tracks of the contest are also named, and each receive the Satchu-Burgstone Entrepreneurship Award, including $5,000 in cash and $5,000 in in-kind services. In certain cases, a "specialty plan" prize may be awarded to a plan that may simply require less capital — and be targeting a smaller market, if such a plan is not already among the winners. These winners also receive $5,000 in cash and $5,000 in in-kind services. The contest is now in its 11th year and has had a number of prominent companies among its winners, including Bang Networks in 2000.

[edit] The Healthcare Initiative

The Healthcare Initiative at Harvard Business School, run by Cara Sterling, is a multidisciplinary program dedicated to innovative thinking in the healthcare industry. Launched in 2005, the Initiative brings together the extensive research, thought leadership, and interest in the business and management of healthcare that exists at HBS. The core strengths of HBS, its general management and leadership-focused MBA program, its case method of teaching, and its global reach-coupled with the industry focus provided through the Healthcare Initiative, result in superior educational and career opportunities for aspiring leaders in the healthcare industry.

In addition to the Healthcare Initiative, the student-run Healthcare Club is the second largest--and most active--club at HBS. The mission of the Healthcare Club is to provide a forum for students to learn about the business of healthcare, to interact with other students who are interested in healthcare, and to meet with leaders and key decision makers in the healthcare industry. The current Co-Presidents of the Club are Jon Puz and Justin Silver.

In summary, HBS is the premier MBA Program for aspiring healthcare professionals. For more information on the Club, visit <http://www.hbshealthcareclub.org/>.

[edit] The Global Initiative

Established in 1996, the Global Initiative builds on a legacy of global engagement by supporting the HBS community of faculty, students, and alumni in their work, encouraging a global outlook in research, study, and practice. With its rich heritage of global leadership in management education and research, Harvard Business School (HBS) is deeply rooted in the international economy. Working closely with companies, universities, and governments, the School and its faculty help shape the perspective, knowledge, and insight of managers throughout the world.

To facilitate faculty research and case development on an international scale, Harvard Business School furthered its impact by establishing six Global Research Centers in key regions around the world: Asia-Pacific (Hong Kong and Japan), Europe, India, Latin America, and California. The Global Research Centers strengthen faculty connections with businesses, people, and ideas beyond our borders. This far-reaching network not only is unprecedented in higher education, but also is a vital element in the creation of the School's intellectual capital. At any given time HBS researchers are active in more than 40 countries.

[edit] The Leadership Initiative

A research-based initiative that bridges the gap between leadership theory and practice, the Leadership Initiative at Harvard Business School was created as a catalyst to achieve the School's mission..."to educate leaders who make a difference in the world." Since its inception, HBS has been committed to shaping business leaders with the integrity and capabilities to build world-class organizations. Today, the Leadership Initiative seeks to ensure that HBS remains at the forefront of leadership research and development for the 21st century and beyond.

[edit] The Social Enterprise Initiative

Grounded in Harvard Business School's mission to educate leaders who make a difference in the world, the Social Enterprise Initiative aims to inspire, educate, and support current and emerging leaders in all sectors to apply management skills to create social value. Through an integrated approach to social enterprise-related teaching, research, and activities at HBS, the Social Enterprise Initiative engages with leaders in the nonprofit, for–profit, and public sectors to generate and disseminate practicable resources, tools, and knowledge with the ultimate goal of bettering society.

The Social Enterprise Initiative's strategic objectives range from building the world's best faculty dedicated to social enterprise research and teaching to providing learning experiences that not only increase the effectiveness of social-sector executives, but also tap into the potential for social value creation among our entire community of students and alumni.

The Initiative was formed in 1993 by former Dean John H. McArthur and interested faculty and staff with the initial support of John C. Whitehead (MBA '47), whose career has spanned leadership positions in the private, for–profit, and nonprofit sectors. Subsequent support from numerous alumni has enabled the Social Enterprise Initiative to flourish at the School. The impact of the Social Enterprise Initiative has manifested itself in a number of areas. At HBS, these range from the participation of more than 75 faculty members in social enterprise research and teaching, to the creation of over 400 social enterprise cases and teaching notes by HBS faculty. Social enterprise perspectives are integrated into a broad range of classes and case discussions, reflecting a real-world blending of business and social issues, and courses focusing on social enterprise are incorporated into the curriculum. Additionally, HBS offers a number of career development programs designed to support students and alumni engaged professionally in the social sector.

[edit] Doctoral programs

The mission of Harvard Business School's Doctoral Programs is to develop outstanding scholars for careers in research and teaching at leading business schools and universities.

Flexibility in learning, independence in study, research with deep impact, notable faculty who are leaders in their fields, and the finest resources in academia—these qualities enable Harvard Business School to offer highly regarded doctoral programs.

To ensure a solid foundation in management, all students (without an MBA degree) are required to take at least five courses in the MBA curriculum. A deep knowledge of management practice—not only in general, but also specific to a student's area of specialization—is a critical component of business doctoral education. These courses provide a valuable source of research topics and institutional knowledge that will be important for future research and teaching success in business schools. At the same time, a broad knowledge of business ensures that students fully appreciate the interdependencies and complexity of management problems and may introduce them to the possibility of interdisciplinary research.

All students are admitted for full-time degree programs, beginning in September. Students, however, may begin the program in July, conducting research with an HBS faculty member. A minimum of two years in residence is required, and it is expected that students will complete their program in four to five years. Students typically spend two to two-and-a-half years on course work, and another two years on their dissertation.

[edit] Executive education

In addition to Master's and Doctoral degrees, the Harvard Business School (HBS) offers non-degree executive programs which confer alumni status to graduates:

Other Executive Education programs at HBS also award certificates to attendees, but do not confer alumni status (an exception is the Program for Leadership Development, which also confers HBS alumni status if 10 extra days of HBS executive education are completed).

[edit] Campus

Hawes Hall at Harvard Business School.
Hawes Hall at Harvard Business School.

The Harvard Business School campus is located in Allston, across the Charles River from the main Harvard campus in Cambridge. Many of the buildings have red-brick exteriors, as do many buildings in Harvard Yard. HBS maintains a number of facilities, including a sports center and The Class of 1959 Chapel, that are dedicated for the exclusive use of its community. A series of underground tunnels connects the basements of nearly every building on the campus, with the noticeable exception of the more recent student housing facilities that are SFP (Soldier Field Park) and OWA (One Western Avenue) buildings. Spangler Hall is widely considered HBS' main building with student lounges, meeting rooms, administrative offices and dining facilities. Most classrooms are located in Aldrich and Hawes, most of which are 100-student "amphi-theatre" rooms with approximately five rows in a half circle. This design facilitates the teaching of the case method. Baker Library was reopened in 2005 after several years of renovation. The new building features student study spaces as well as faculty offices. The fitness center is located in Shad Hall, across from Morgan Hall, which houses the majority of the faculty. Shad Hall is also the location of the Computer Lab for Experimental Research (CLER) where many business research studies are conducted. Closest to Charles River are MacArthur Hall and Baker Hall, which accommodate the Executive Education programs, and several student dormitories.

[edit] Academic units

The school's faculty are divided into ten academic units: Accounting and Management; Business, Government and the International Economy; Entrepreneurial Management; Finance; General Management; Marketing; Negotiation, Organizations & Markets; Organizational Behavior; Strategy; and Technology and Operations Management.

[edit] Admission

HBS looks for candidates who exhibit leadership potential, capacity for intellectual growth, and the drive to make a difference in their community. The school aims to attract students representing a wide range of interests, perspectives and experiences as reflected by its highly diverse student body. Each year students represent more than seventy countries and a wide range of backgrounds ranging from professional sports, medicine and military to consulting and investment banking.

To be considered for admission, a candidate must have successfully completed the following:

  • A degree program at an accredited U.S. four-year undergraduate college/university or its equivalent; and the Graduate Management Admission Test (GMAT) exam,
  • The application for the MBA class entering consists of responses to the application essay questions,
  • A resume, recommendations, academic history, GMAT scores, TOEFL or IELTS score, if applicable, and nonrefundable U.S. $235 application fee.
  • There is no minimum work experience required although at least two years is strongly recommended.

[edit] Notable Harvard Business School students

 This section does not cite any references or sources. (June 2006)
Please help improve this section by adding citations to reliable sources. Unverifiable material may be challenged and removed.

See also: List of Harvard University people

[edit] Notable alumni (MBA and executive programs)

[edit] See also

[edit] References

  1. ^ Harvard Business School 2006 Annual Report [1]
  2. ^ a b Harvard Business School Website: MBA Program Statistics [2].
  3. ^ Harvard Business School Website: Class Profile [3]
  4. ^ Harvard Business School Website: Required Curriculum Term 1 [4]
  5. ^ Harvard Business School Website: Required Curriculum Term 2 [5]
  6. ^ Harvard Business School Website: Elective Curriculum Courses[6]

[edit] Sources

  • Cruikshank, Jeffrey L. (1987). A Delicate Experiment: The Harvard Business School, 1908-1945. Boston, MA: Harvard Business School Press. ISBN 087584135X. 

[edit] External links

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