Business & Finance

In 2023, for the first time its the school’s history, the Harvard Business School made over 1 Billion dollars of revenue. Just like the Harvard Business School MBA degree, the crown jewel of business education, the school’s economic model is also an embodiment of what a great business looks like. 

Anybody who thinks that the Harvard Business School is only in the education industry must look deeper in the School’s offerings. Unique among Harvard University’s 12 graduate and professional schools, the HBS has a self-sustaining business model, meaning that it doesn’t ask the University for any money. The School operates in the intersection of education, publication, and professional services. Let me explain.

HBS funds its operations with cash from three primary sources: 

1. MBA tuition and fees;
2. Earned income from Harvard Business Publishing (HBP), Executive Education, and HBS Online; and 
3. Philanthropic revenues, including current use gifts and distribution from the endowment.

The HBS only makes about 14% of its total revenue from MBA tuition and fees. On a separate note, the School returns 66 million USD, or 43.4% of that 152 million, back to students in the form of fellowships. Another 27% of the total revenue comes from endowment and gifts. The rest 59% comes from three areas, Harvard Business Publishing (HBP), Executive Education, and HBS Online.

Harvard Business Publishing (HBP)

Harvard Business Publishing is where HBS differentiates itself from other business schools. In 2023, HBP made 310 million USD for the HBS, accounting for around 29% of the School’s total revenue. 

Founded in 1994 as a not-for-profit, independent corporation affiliated to HBS, HBP has over 600 employees across more than ten locations all over the world, from NYC, Boston, to Singapore. The HBP has three business units: HBP Corporate learning, HBP Education, and Harvard Business Review.

Harvard Business Publishing Corporate Learning

The HBP Corporate Learning is in the B2B2C corporate training market. In other words, this BU needs to find corporate clients and close sales. The BU provides in-person, digital, or blended learning experiences to clients, which include large multi-national companies such as Coca-Cola and American Express. Harvard ManageMentor®, a major digital learning offered by HBP Corporate Learning, has 8,810,000 active users in 2023. 

Because I never have the luxury to work for a company that purchases HBP Corporate Learning products, I can only guess that companies purchase licenses, aka accounts from HBP Corporate Learning, as employee/ executive training. Employees can log in to the platform using the licenses purchased and learn from there. Depending on the packages, employees may or may not be able to actually go to Harvard and study in person.

Harvard Business Publishing Education

The Education Unit of HBP monetizes the vast catelog of articles, cases, and other types of intellectual products, not only from the Harvard Business School, but also from other leading business schools around the world. The BU mainly targets educators, i.e. professors from universities looking to enhancing the instruction experiences by using HBS cases. It also provides partnership opportunities on institutional levels if the university desires to collaborate with HBP Education on a higher level. In 2023, there were 17,773,000 cases sold. The cases alone would mount to at least 150 million dollars for the Harvard Business School.

Harvard Business Review

HBR offers articles full of insights and should be read by all business professionals. Unfortunately, these insights are not free; anybody who wants to access HBR will have to pay at least $10 per month, or you are limited to only two articles per month for free. In 2023, on average HBR has 9,902,000 users per month.

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Executive Education

Executive education was the second largest revenue stream for HBS after HBP, bringing in 224 million dollars, or around 21% of the total revenue. The HBS Executive Education provides both B2B and B2C offerings. For example, executives who want to further invest in their business education can choose one of HBS’s topic-focused, regional, or comprehensive leadership programs. Organizations can also engage Executive Education to train their team of executives, probably at a rather high price points.

Harvard Business School Online

In 2023, The HBS Online had an enrollment of 41,803, and made 68 million USD, or 6% of the School’s total revenue. HBS Online offers courses in eight areas.

1. Digital Transformation

There is only one course offering under Digital transformation: Winning with Digital Platforms.

2. Marketing

There is only one course offering under Marketing for HBS Online, which is Digital Marketing Strategy.

3. Business Essentials

There are three course offerings under Business Essentials:

1. Business Analytics: $1750
2. Economics for Managers: $1750
3. Financial Accounting: $1750

Each course can be taken individually for the price listed. Additionally, you can choose to purchase all three as a bundle, called Credential of Readiness (CORe), for a total of $2500. CORe is probably the most well-known HBS Online offering, as you can see from many executives’ LinkedIn profiles. In 2023 there were a total of 4,776 CORe Participants.

4. Leadership & Management

There are seven courses under Leadership & Management:

1. Leadership Principles: $1750
2. Leadership, Ethics, and Corporate Accountability: $1750
3. Organizational Leadership: $1750
4. Management Essentials: $1750
5. Strategy Execution: $1750
6. Power and Influence for Positive Impact: $1750
7. Negotiation Mastery: $1750

Under this stream, you can also choose to get a Credential of Leadership, Impact, and Management in Business (CLIMB), but for a price higher than all courses individually combined, at $15,000. The reason might be that the Credential track also includes a capstone project, which is not available in any individual course.

5. Entrepreneurship & Innovation

There are six courses found under the Entrepreneurship & Innovation section:

1. Entrepreneurship Essentials: $1750
2. Disruptive Strategy: $1750
3. Design Thinking and Innovation: $1750
4. Launching Tech Ventures: $1750
5. Negotiation Mastery: $1750
6. Winning with Digital Platforms: $1750

No credential is offered under the Entrepreneurship & Innovation stream.

6. Strategy

1. Disruptive Strategy: $1750
2. Business Strategy: $1750
3. Strategy Execution: $1750
4. Sustainable Business Strategy: $1750
5. Global Business: $1750
6. Economics for Managers: $1750

Interestingly, the CLIMB credential is also listed as the go-to course combo under the Strategy stream. You can also find some courses listed under different streams. For example, Economics for Managers is listed under both Strategy and Business Essentials.

7. Finance & Accounting

1. Leading with Finance: $1750
2. Financial Accounting: $1750
3. Sustainable Investing: $1750
4. Alternative Investments: $1750

8. Business in Society

1. Business and Climate Change: $1750
2. Sustainable Business Strategy: $1750
3. Sustainable Investing: $1750
4. Power and Influence for Positive Impact: $1750
5. Global Business: $1750
6. Leadership, Ethics, and Corporate Accountability: $1750

Though it has the Harvard Business School name on it, the HBS Online really functions the same way as any online course product: at its core, it develops courses that can be taken remotely by anybody. The HBS Online also has a blog called Business Insights, and publishes articles on a wide range of topics, from accounting, analytics, to technology and work-life balance. But because it has the Harvard url behind it, these articles are able to take advantage of the high domain authority and rank much higher than any regular business blog, leading to a large amount of traffic to its top funnel. You can also subscribe to its newsletter. The quality of these articles, however, is not impressive (but you can check it out for yourself).

From the HBS website, you can see that “HBS Online revenue decreased 3 percent to $68 million from $70 million in fiscal 2022, as the group continued to navigate the challenges of increased competition and higher learner acquisition costs”. This should alarm anybody interested in selling courses online – including me – that even HBS Online struggles within this competitive market.

One of a Kind Business

The Harvard Business School has one of a kind business model that can dwarf many of the public companies. 

While it may look like MBA students are the main customers of HBS, I’d argue that MBA students are actually “products” of the School. HBS invests heavily on providing great education to the MBA students, including financial investments by providing scholarships and fellowships. These “products” go on to become decision makers in various industries, and they give back to HBS by ways of using their influence on Corporate America: not only will they be more likely to give gifts, subscribe to HBR, etc., but they are also more likely to allocate company budgets to Corporate Learning, one-time Executive Training, or employment of future HBS students, especially because of their ever-increasing decision-making capacities. 

From a risk standpoint, the business model of HBS is considerably stable. In other words, it’s extremely unlikely that all revenue streams will go under at the same time. It has B2B and B2C products, e.g. Corporate Learning and HBR; it has build once, sell multiple times, e.g. HBS Online, as well as high-ticket services, e.g. Executive Education; it makes money from both investment and operations. All revenue streams stem from one core area of strength: the Harvard Business School scholar and research. 

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function ml_webform_success_14362371() { var $ = ml_jQuery || jQuery; $(‘.ml-subscribe-form-14362371 .row-success’).show(); $(‘.ml-subscribe-form-14362371 .row-form’).hide(); } fetch(“https://assets.mailerlite.com/jsonp/918262/forms/119754241083442421/takel”)

Deciding where to go to college or what to study can be stressful. If you think you or your kids are of CEO caliber, read where the Top 100 CEOs on the Fortune 500 List went to school.

The Learnings:

Go to college. Only Mark Zuckerberg and Michael Dell can get away with it and you ain’t them.

Study either engineering, business, or economics in college. It could be any kind of engineering, such as electrical, mechanical, etc.; accounting and finance, in addition to the good old business administration, all count as business. 

If you want to further increase your chance, study MBA, ideally from a M7 business school.

The Chart:

The Summary:

Where Are They From?

• About 20% of the 100 CEOs are of non-American heritage, with Indian CEOs topping the list at five CEOs. 

Where Did They Go to College?

The colleges these CEOs went to are as diverse as they can be. Most institutions only see one of their distinguished alumni making the top of Corporate America, except:

• Boston College (4): BC actually has the most alumni as CEOs in the top 100 companies, more than any other institutions, seeing Karen S. Lynch, Peter S. Zaffino, Robert B. Ford, and Ernie L. Herrman leading CVS Health, American International Group, Abbott Laboratories, and TJX respectively.
• Harvard (3): Andy Jassy of Amazon, Sarah London of Centene, and Tim Sweeney of Liberty Mutual went to Harvard College for undergrad.
• Cornell (3): Jon Moeller of P&G, Tim Wentworth of Walgreens Boots Alliance, and Craig Desanto of New York Life Insurance went to Cornell for undergrad.
• Texas A&M (3): This might be the most surprising (no offense Texas A&M!). Darren W. Woods of Exxon Mobil, David M. Cordani of Cigna Group, and Bruce D. Broussard of Humana went to Texas A&M for undergrad.
• Dartmouth, University of Kentucky, Ithaca College, Penn State, Air Force Academy, and Iowa State are the only other schools that have more than one (2 to be exact) alumni as CEO of the Top 100 companies.

Almost all but four CEOs have bachelor’s degrees. The exceptions are:

• Mark Zuckerberg, Founder and CEO of Meta. Mark dropped out of Harvard in his sophomore year to pursue the Facebook opportunity full-time.
• Michael S. Dell, Founder and CEO of Dell Technologies. Michael dropped out of University of Texas, Austin in his freshman year to run his business full-time.
• Richard A. Gonzalez, CEO of AbbVie: Richard was educated at the University of Houston in the field of biochemistry, but never received his bachelor’s degree.
• Kevin Murphy, newly appointed CEO of Publix since Jan. 2024: I found nothing on Kevin’s educational background other than a dubious source saying that he went to Hofstra. It’s rare that a CEO will want to cover his college background, so I’m putting Kevin in the category of no college degree.

What Did They Study in College?

Though also diverse, the majors that these CEOs chose back in college have much more commonalities. For the most part, this is a tale of two competing forces, a tale not unfamiliar to most people in the modern workforce, called businesspeople vs. engineers. Including accounting and finance, all business-related majors witness a total of 32 CEOs out of 100. Engineering related majors, including all kinds of engineering disciplines, on the other hand, have a total of 23 CEOs, second most after business. Economics, surprisingly, is the second single most popular major after business, more than accounting or any single type of engineering majors.

Business	16
Economics	12
Accounting	11
Finance	5
Electrical Engineering	8
Mechanical Engineering	5
Chemical Engineering	4
Engineering	2
Industrial Engineering	2
Metallurgical Engineering	1
Petroleum Engineering	1

Note: Though sometimes people like to criticize the usefulness of a business undergraduate degree, a business bachelor’s degree still sees the most CEOs.

Did They Have Advanced Degrees Post College?

62 out of 100 CEOs have some sort of advanced degrees. Out of the 62 advanced degree holders, 44 are MBA degree holders. The MBA group is by far the single biggest on the list, showing a common path taken by CEOs across different industries. There are a total of 9 doctorate degree holders, including PHD, JD, and MD, and 9 M.S. degree holders.

MBA	44
MS	9
PHD	4
JD	4
MD	1

Which Business Schools Did the CEOs Get Their MBAs From?

Harvard Business School again demonstrates its exceptional impact on Corporate America. With 7 CEO alumni, the HBS tops the list of business schools with the most CEO. University of Chicago’s Booth School of Business comes in second, with 3 alumni. The so-called M7 business schools collectively have showcased their dominance against other businesses in this game. With a total of 18 CEO alumni, six of the seven M7 business schools score more than one CEO in the Top 100 Fortune 500 Companies. The only outlier, MIT’s Sloan School of Management, has no CEO alumni at all in the top 100.

• The M7 Business Schools:
  • Harvard Business School (7)
  • Chicago Booth (3)
  • Stanford GSB (2)
  • Wharton (2)
  • Columbia Business School (2)
  • Kellogg School of Management, Northwestern University (2)

UCLA Anderson, Michigan Ross, NYU Stern, and Esade Business School are the only other business schools that score more than one (2 to be exact) CEO. Among these four, Michigan Ross and NYU Stern are commonly referred to a group of US business schools called T15, while UCLA Anderson belongs to T20. However, no other T15 or T20 schools have more than one CEO.

T15 Schools with Top 100 Company CEOs:

1. Ross School of Business, University of Michigan: Vivek Sankaran, Albertsons CEO; Robert D. Isom, American Airlines Group CEO
2. Stern School of Business, New York University: Charles W. Scharf, Wells Fargo CEO; Peter S. Zaffino, AIG CEO
3. Fuqua School of Business, Duke University: Tim Cook, Apple CEO
4. Haas School of Business, UC Berkeley: Robert B. Ford, Abbott Laboratories CEO
5. Johnson School of Business, Cornell University: Jon R. Moeller, Procter & Gamble CEO

T20 Schools with Top 100 Company CEOs:

1. UCLA Anderson School of Management: Jim Farley, Ford Motor CEO; John T. Stankey, AT&T CEO
2. Tepper School of Business, Carnegie Mellon University: Ted Decker, Home Depot CEO
3. McCombs School of Business, University of Texas, Austin: Raj Subramaniam, FedEx CEO
4. Goizueta Business School, Emory University: Marvin R. Ellison, Lowe’s CEO

The rest business schools:

1. Esade Business School
2. INSEAD
3. University of Tulsa’s College of Business
4. Questrom School of Business, Boston University
5. University of Hartford
6. Our Lady of the Lake University
7. University of Uppsala
8. University of Houston
9. Whitman School of Management, Syracuse University
10. University of Nevada Las Vegas
11. Manhattan College
12. University of Maine
13. University of Wisconsin – Madison

This is the final breakdown of the number of business schools attended by the Top 100 CEOs:

M7	18
T15	7
T20	5
Other ranked – Questrom School of Business, Boston University (USnews 51)	1
International	4
Other unranked	9

The Disclaimer:

This is a not to say that you should definitely invest in an MBA education. The average age of these 100 CEOs is 60, which means that the majority of them went to business schools in the 1990s. There were far fewer MBAs then, and those with an MBA were likely in much higher demand.

The Limitations:

• There might be personnel changes, i.e. some CEOs might have retired, changed jobs, or switched roles into chairman, so you need to research further if you want the most updated info.
• EMBA is NOT differentiated from MBA when I was conducting the research. Instead, it’s blended in the MBA category as a whole.
• If someone has multiple advanced degrees, only their highest degree is represented in the table. For example, if someone has an MS and an MBA, only their MBA is included. Or, if someone has an MBA and a JD, only their JD is included, and so on.

I found the list of all Fortune 500 companies here in case you are interested.