The world of business education is vast, but a select group of elite institutions stands out as the pinnacle of MBA programs. Known as the M7 Business Schools, these seven schools represent the gold standard in business education, attracting the brightest minds and producing some of the most influential leaders globally. This guide provides a rundown of the M7 business schools and everything you need to know about them.
What are the M7 Business Schools and what makes them so great?
The term "M7", which stands for "magnificent" or "magic" 7, refers to a group of seven top-tier business schools in the U.S. They include:
1. Harvard Business School
2. Stanford Graduate School of Business
3. MIT Sloan School of Management
4. The Wharton School at the University of Pennsylvania
5. Northwestern University's Kellogg School of Management
6. University of Chicago's Booth School of Business
7. Columbia Business School
These schools are considered elite due to their rigorous academic programs, world-class faculty, and unparalleled alumni networks. They consistently rank at the top of global MBA rankings, boasting of strong employment outcomes, high salaries, and extensive resources for career development. Moreover, their admissions processes are highly selective, ensuring that only the most qualified candidates are accepted.
List of M7 Business Schools
Here’s a rundown of the M7 business schools, their tuition, class size, average GMAT score, average GPA, average work experience, percentage of women, and percentage of international students in 2024:
1. Harvard Business School (HBS)
Tuition: $152,523
Duration: 2 years
Class Size: 930
Average GMAT Score: 740
Average GPA: 3.69
Average Work Experience: 5 years
Percentage of Women: 45%
Percentage of International Students: 35%
Harvard Business School, located in Boston, Massachusetts, is arguably the most iconic of the M7 schools. Known for pioneering the case study method to teach management, HBS offers a rigorous, immersive learning experience designed to build leadership skills. With an extensive global alumni network and a focus on real-world problem-solving, HBS graduates are equipped to lead in any industry. The school emphasizes its mission to "educate leaders who make a difference in the world," which makes it a top choice for people aspiring to drive significant change.
2. Stanford Graduate School of Business
Tuition: $164,910
Duration: 2 years
Class Size: 424
Average GMAT Score: 737
Average GPA: 3.76
Average Work Experience: 5 years
Percentage of Women: 44%
Percentage of International Students: 39%
Nestled in the heart of Silicon Valley, Stanford GSB is synonymous with innovation and entrepreneurship. Its MBA program encourages students to think big and take calculated risks, providing access to quality research and an entrepreneurial ecosystem. Stanford GSB's small class size fosters close-knit relationships, while its proximity to tech giants offers unmatched networking opportunities.
3. MIT Sloan School of Management
Tuition: $176,100
Duration: 2 years
Class Size: 408
Average GMAT Score: 730
Average GPA: 3.62
Average Work Experience: 5 years
Percentage of Women: 46%
Percentage of International Students: 40%
The MIT Sloan School of Management in Cambridge, Massachusetts, is at the forefront of technological innovation and entrepreneurship. Known for its analytical rigor and focus on solving real-world problems, Sloan attracts students with a passion for innovation and a desire to make an impact. Its strong connections to the broader MIT ecosystem provide unparalleled resources in science, engineering, and technology. Sloan's emphasis on hands-on learning prepares graduates for leadership roles in technology, operations, and beyond.
4. The Wharton School at the University of Pennsylvania
Tuition: $168,660
Duration: 2 years
Class Size: 866
Average GMAT Score: 732
Average GPA: 3.7
Average Work Experience: 5 years
Percentage of Women: 47%
Percentage of International Students: 31%
The Wharton School at the University of Pennsylvania is a powerhouse in finance and analytics. Located in Philadelphia, Wharton offers a comprehensive MBA program with an emphasis on data-driven decision-making and leadership. Its flexible curriculum allows students to tailor their studies across a wide range of industries. Wharton boasts one of the largest business school alumni networks, which opens doors in consulting, finance, and beyond.
5. Northwestern University's Kellogg School of Management
Tuition: $115,936 or $167,220, depending on the duration
Duration: 1 or 2 years
Class Size: 524
Average GMAT Score: 733
Average GPA: 3.7
Average Work Experience: 5 years
Percentage of Women: 50%
Percentage of International Students: 40%
Northwestern University's Kellogg School of Management, located in Evanston, Illinois, is a renowned leader in marketing, and business strategy. Kellogg is known for its collaborative culture and focus on leadership development. With a curriculum that emphasizes analytical skills and interpersonal effectiveness, Kellogg graduates are well-rounded leaders who excel in consulting, technology, and consumer goods.
6. University of Chicago's Booth School of Business
Tuition: $168,396
Duration: 21 months
Class Size: 632
Average GMAT Score: 729
Average GPA: 2.36 - 4.0
Average Work Experience: 5 years
Percentage of Women: 52%
Percentage of International Students: 35%
Located in Chicago, Booth offers one of the most flexible MBA programs, allowing students to design their curriculum based on their interests and career goals. Known for its rigorous academic environment, Booth attracts students who value intellectual challenge and analytical thinking. The school's strong focus on finance, economics, and marketing prepares graduates for leadership roles across various industries.
7. Columbia Business School
Tuition: $168,396
Duration: 2 years
Class Size: 734
Average GMAT Score: 732
Average GPA: 3.6
Average Work Experience: 5 years
Percentage of Women: 44%
Percentage of International Students: 46%
Located in New York City, Columbia Business School provides students with unparalleled access to the world's financial capital. Known for its strong ties to Wall Street and the global business community, CBS offers a unique blend of theoretical knowledge and practical application. The school's "learning by doing" approach, through projects and internships, helps students gain real-world experience. Columbia's diverse community and focus on global business make it a top destination for aspiring leaders in finance, consulting, and entrepreneurship.
M7 Business Schools Ranking
Below is a list of the M7 schools and their different rankings in 2024:
M7 Business Schools Employment Statistics
The table below highlights the median base salary, median signing bonus and percentage of the class that received an offer from the M7 business schools in the class of 2023.
Scholarships Available at M7 Business Schools
Notable scholarships available at the M7 business schools include:
1. Scholarships at Harvard Business School (HBS)
Need-based scholarships: Harvard Business School need-based scholarships are awarded to students based on a demonstrated financial need.
Summer fellowships: Through the HBS Summer Fellowships, students can receive up to $650 per week.
Career support programs: Career support programs provide financial assistance for students who choose careers with lower starting salaries than those of typical MBAs.
Loan forgiveness programs: HBS offers loan forgiveness programs for alumni working as entrepreneurs, managers, or employees in the private sector.
Fellowships: There are a variety of fellowships that offer financial support to eligible students.
For more information about scholarships and financial aids at Harvard Business School, visit their website.
2. Scholarships at Stanford Graduate School of Business
Need-based fellowships: The average Stanford Graduate School of Business need-based fellowship is about $44,000 per year. This fellowship is for students who demonstrate a financial need.
Tillman Scholars Fellowship: This fellowship is offered to military veterans and their spouses. It provides $11,000.
Leadership development programs: These programs provide funding to students based on specific criteria. The two Leadership development programs at Stanford GBS are Knight-Hennessy Scholars Program and BOLD Fellows Fund.
American Association of University Women (AAUW): This scholarship program encourages minority women to pursue an MBA at Stanford Graduate Business School.
External scholarships at Stanford Graduate Business School include:
Bridging the Dream Scholarship
Harvey Fellowship
International Council of Shopping Centers (ICSC) Foundation scholarship
Yellow Ribbon Program (external funding for U.S. Veterans)
For more information about scholarships and financial aids at Stanford Graduate Business School, visit their website.
3. Scholarships at MIT Sloan School of Management
Need-based scholarships: Need-based scholarships at Sloan cover partial to full tuition costs, while fellowships at the school provide students with up to $25,000 in tuition/stipend support.
Merit-based scholarships: MIT: Sloan offers a number of merit based scholarships to outstanding students who demonstrate a financial need. The merit-based scholarships available at Sloan include Dean's Fellowship and the OPEC Fund for International Development (OFID) Scholarship Award. Sloan’s Dean Fellowship recognizes students with exceptional academic and professional achievements, while OFID supports outstanding individuals from developing countries.
MIT Sloan Immediate Needs Fund (INF): This program provides up to $5,000 per year to Master's-level students who encounter a one-time emergency expense.
Eduarda Justo Foundation (Consentino Group) Awards: This award cover full tuition, housing, books and supplies, a round trip ticket to the university, and an initial stipend.
You can learn more about scholarships and financial aid at MIT Sloan by visiting their website.
4. Scholarships at Wharton School
Social Impact Fellowships: For students with leadership experience in the public or not-for-profit sectors.
Forté Fellowships: For students who demonstrate leadership academically, professionally, or creatively, and a commitment to empowering women.
Prism Fellowship: For outstanding LGBTQIA+ MBA students.
ROMBA LGBT+ Fellowship: For out LGBT + students and active allies, with a minimum scholarship of $20,000.
Chapman Taylor Family MBA Fellowship: For students who have served in the Peace Corps.
Judith L. and William G. Bollinger Fellowship: For the top international students in the Wharton MBA.
Moufid Farra Fellowship: To provide financial support to graduate students from Arab League member-countries.
Friends of Israel MBA Fellowship: Full-tuition award for students affiliated with Israel.
Emerging Economy Fellowships: To support students from emerging economies around the world.
Learn more about scholarships, fellowships, and financial aid at Wharton School via their website.
5. Scholarships at Kellogg School of Management
Austin Scholars Program: This scholarship program provides students with generous financial aid and opportunities for leadership development, mentorship, as well as a fellowship.
Finance Fellows: A full-tuition scholarship for candidates in the Two-Year program who are dedicated to making meaningful contributions to the finance industry.
Brodsky Scholarship: This scholarship is granted to one incoming JD-MBA candidate from the Chicagoland area.
Charles J. Schaniel Scholarship: This scholarship is awarded to an exceptional student who has a background or interest in accounting.
David Himmelblau Scholarship: David Himmelblau Scholarship is granted to one student based on overall achievement and academic capacities.
David F. and Margaret T. Grohne Family Foundation Scholarship: This scholarship supports an outstanding candidate in the Two-Year MBA and MMM programs.
Diversity Scholarship: Diversity Scholarship provides funding to outstanding students who are committed to diversity.
Donald P. Jacobs International Scholarships: This scholarship is awarded to outstanding international students in the MMM and Two-Year MBA programs.
Forté Foundation Scholarship: Forté Foundation Scholarship is granted to students who have shown commitment to women and girls via personal mentorship or community involvement.
Glen W. Fawcett Scholarship Fund: This scholarship is granted to a student who is a strong ambassador of Phi Delta Theta Fraternity.
George Terry Trust Award: This scholarship is awarded to an exceptional student who graduated from a U.S.-based university or college.
Hawryluk Scholars Award: For a group of students with interest in healthcare.
Learn more about scholarships, fellowships, and financial aid at Kellogg School of Management by visiting their website.
6. Scholarships at Booth School of Business
Chicago Booth offers students a number of merit-based scholarships. Here’s a list of the awards available:
A. H. Tobaccowala Fellowship
Canfield Private Equity Fellowship
Chicago Booth Opportunity Scholarship
David W. Fox Scholarship
Dennis W. and Jane B. Carlton Fellowship
Distinguished Fellowship
Ehara Scholarship
Forté Foundation Fellowship
Global Innovator Fellowships
He Family Scholarship
Herman Family Fellowship for Women Entrepreneurs
Kilts Fellowship
Marvin Zonis International Scholarship
Ramakrishnan Family Scholarship
Siebel Scholars Program
The Nelson Germanos Fellowship
The University of Chicago Obama Foundation Scholars Program
Zmiewski Scholarship
Yellow Ribbon Program (external funding for U.S. Veterans)
You can learn more about scholarships, fellowships, and financial aid at Booth School of Business by visiting their website.
7. Scholarships at Columbia Business School
Need-based scholarships: Most scholarships at Columbia Business School are need-based and they provide eligible students with up to $30,000.
External Scholarships: There are numerous external programs that offer students full or partial scholarships. Find a list of external funding at this school here.
Visit their website to learn more about scholarships, fellowships, and financial aid at Columbia Business School.
Conclusion
The M7 business schools are synonymous with excellence, providing world-class education, powerful networks, and career opportunities that transform lives. If you're considering an MBA, these schools represent an unparalleled investment in your future. By leveraging available scholarships and other financial aid, you can unlock your full potential at one of these prestigious institutions. Start your MBA journey today!