HBS Annual Report 2010
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ANNUAL 2010 08 14 18 Social Responsibility Entrepreneurship Sustainability 04 07 10 12 16 20 MBA Program Doctoral Programs Executive Education Faculty & Research Alumni Publishing Harvard Business School Soldiers Field Boston, Massachusetts 02163 21 26 27 28 Five-Year Summary Statement of Activity & Consolidated Balance Supplemental Information www.hbs.edu Cash Flows Sheet Poised to enter a second century of innovation. { page 1 of 36 } fro m the de an Friends, I am pleased to share with you the 2010 Annual Report for Harvard Business School. As you will see in the pages that follow, it was a better than anticipated year for the School. This resulted partly from belt-tightening efforts that trimmed our expenses substantially from the previous fiscal year, and partly from outstanding results in our Executive Education and Publishing groups, which managed strong contributions even in the face of significant industry-wide challenges. More than anything, though, this was the result of incredible foresight and leadership by the School’s ninth dean, Jay Light, who completed his tenure on June 30th. We all owe Jay a tremendous debt of stability, but its overall strength. Jay and the work of the faculty, as well as gratitude for his stewardship of the was a remarkable leader during diffi - important ongoing work in the areas School. He navigated a path for HBS cult times. of sustainability, community engage - ment, and entrepreneurship, among that protected key priorities, from stu - This year’s report has taken on a others. dent fellowships to faculty research, slightly different format. The School’s while investing strategically in areas financials remain comprehensive In each of these areas, 2 010 brought such as MBA Career & Professional and our Chief Financial Officer, Rick with it new developments both large Development. He rallied everyone in Melnick, provides insight into our eco - and small. In the MBA Program, for the community—staff, faculty, stu - nomic model at a high level and example, in addition to the January dents, and alumni—to think and work expenses and revenues at a more de - Term offerings you'll read about in creatively. And he pushed forward tailed level. In the section in between, the pages that follow, we welcomed on important efforts such as our you’ll find an effort to bring meaning - our first cohort of 2+2 students to global initiative. As a result, I was ful data to life about our key activi - campus over the summer for an in - able to step into the deanship confi - ties, including our educational pro - troduction to HBS and to each other. dent not just in the School’s financial grams, Harvard Business Publishing, This is a remarkable group of individ - { page 2 of 36 } uals who were admitted to the MBA grams are offered in strategic regions This is but a small flavor of the entre - Program while finishing their under - around the world. We will, of course, preneurial activity you'll encounter graduate degrees; they will work for maintain our commitment to our on- on the HBS campus on any given day two years and then join us full-time. campus portfolio, and next year you’ll or week. As I begin my tenure as We also launched a new loan pro - hear more about plans for Tata Hall, Dean, I am excited by the work we gram for our international students— a new state-of-the-art facility encom - are doing and the opportunities a crucial component of ensuring that passing participant living space, ahead of us, and eager to move we always are able to attract the best classrooms, and administrative of - forward on the priorities—innovation students to our campus, regardless fices that we anticipate will be com - in our educational programs, intel - of their need or country of origin— pleted in 2013. lectual ambition, international en - replacing a comparable program gagement, inclusion, and integration 3 that was withdrawn during the eco - Harvard Business Publishing has held with Harvard—we have identified. nomic crisis. steady in a landscape where its peers We truly stand poised to enter a glo - are struggling. Following significant rious second century of innovation In our Doctoral Programs, we contin - upgrades to its technology platform, for the School. ued to increase the number of stu - work to expand its global reach, and dents we admit, as well as the sup - Regards, investments in its core products— port we provide to them, thanks to including Harvard Business Review , the generous gift of Hansjoerg Wyss. the case collection, and Harvard Even in a difficult job market the ManageMentor—it is solidly posi - placements of our graduates remain tioned to meet future challenges. strong, and in 2 010 six went on to Nitin Nohria teaching positions at top-tier schools. Perhaps less visible, but still exciting, Dean of the Faculty have been advancements in our Executive Education demonstrated that its post-recession trajectory is efforts around sustainability. We firmly positive, with growth in both launched an initiative on business applications and enrollments and a and the environment to bring to - rise in the number of program weeks. gether faculty, students, staff, and An important area of focus during alumni doing work in this increasingly 2010 was global programs—specifi - important arena. And as part of the cally, programs in China and Europe, University’s efforts to reduce green - with the former capitalizing on the house gas emissions 30 percent from new classroom space in the Harvard 2006 levels by 2 016, we installed a Center Shanghai. During the coming 5,200-square-foot “green roof” on year we will add programs in India Shad Hall, and introduced a “Green and Latin America to the portfolio, Corps” of MBA students who pro - and our hope is to reach a steady mote sustainable living through peer- state where at least a few dozen pro - to-peer education. { page 3 of 36 } MBA EDUCATING FUTURE LEADERS for a diverse world begins with recruiting MBA students who bring different experiences, interests, and ambitions to HBS. APPLICATION S, F Y10 (CLASS OF 2 012) 9,524 CITIZENSHIP 10000 70% North America 8000 11% Asia/South Pacific 6000 11% Europe 4000 3% Central/South America 2000 903 4% Africa/Middle East 0 11% ACCEPTANCE RATE Applicants Admitted 1% Oceania STUDENT DEMOGRAPHICS CASE FOCUS, FIRST-YEAR GLOBAL CASES 24% Multi-Regional 36 34 23 33% Asia/South Pacific 31% Europe 7% Africa/Middle East % Women % International % U.S. Ethnic Minority TEST SCORES UNDERGRADUATE INSTITUTIONS PRE-MBA INDUSTRIES REPRESENTED REPRESENTED 550-7 90 S N O I G S GMAT Score Range T T N A I C C R H U I U C G D N T E N O U T T C I 243 R N M A O K I P F E N 710-7 50 M B U A R M O / N E B E C A G E M / T A M R U N H N A S E C A C N M E H O M T T Y Middle 50% GMAT Score Range T S C T R L H E A N A V G T E E I I N L H I H M I T M S MOST FREQUENTLY AVERAGE GPA E V G N N I REPORTED YEARS I T L OF WORK EXPERIENCE U S N O 4 3.67 C { page 4 of 36 } 80% 25% 50% 33% 75% Students who Students who participated MBA graduates who become International cases Students who receive some live on campus in an immersion program entrepreneurs by 15th reunion discussed form of financial assistance UNDERGRADUATE MAJORS 40 30 S 20 E S C E N C / E N G / I E S N R C I I E E S I C R S H T S 10 L E S I T A E E L N O R A N N A I I I U M S C G T A U U O N N S 0% E H B 5 JOB OFFERS IMMERSION EXPERIENCES, 2010 CLASS OF 2009 CLASS OF 2010 Received Offer (3 months after graduation) 91 % 95% Accepted Offer (3 months after graduation) 87 % 90 % HBS PARTNERS JOB POSTINGS 1,02 9 1000 88 0 856 S 460 E 836 C I V R Y E T S I T 750 I U L S F Q A E I O E C C R I E N P V T A A N R N www.hbs.ed u/mba V SCAN CODE TO VISIT O E I I S N F R P R R 500 E / E H H L T T A O O T I D P E I A F C I 0 0 9 9 C 1 1 0 0 E 250 E R – – – – P 9 9 8 8 U T S 0 0 0 0 N N 0 0 0 0 E U 2 2 2 2 V 0 Summer Positions Career Positions { page 5 of 36 } In FY10, HBS identified new opportunities for learning experiences that complement and enhance the MBA curriculum. HBS INAUGURATES JANUARY TERM EVOLVING IXP s MBA Program faculty and students In 2 010, Immersion Experience Pro - Millennium Promise took advantage of the new January grams (IXPs) took place for the first Worked on a Millennium-funded cassava Term to experiment and innovate, time in South America and sub- processing plant for a farmers’ cooper - pursuing options made possible by Saharan Africa. ative; implemented feed-mix trials to the longer break between the fall help chicken farmers apply the most and winter terms resulting from the Peru IXP cost-effective approaches to raising University’s move to a common aca - Is the natural resource curse in - marketable poultry.