SO JUST HOW DID THE 'MAGNIFICENT 7' (M7) FAIR IN 2020, THE YEAR OF COVID19? PRETTY GOOD ACTUALLY!
Updated: Nov 23, 2022
Feb 2 2021
"They say if you can make it New York, you can make it anywhere!
They ALSO say if you get into an M7 business school, you are pretty much set for the future too!"
The Magnificent Seven (M7) - Harvard Business School, Stanford GSB, UPenn Wharton, Northwestern Kellogg, MIT Sloan, Columbia GSB, Chicago Booth - is a group of super-elite business schools in the United States which recognize each other as peers and are regarded as the world's best MBA programs. The M7 was originally formed many years ago as an informal gathering of the top b-school Deans. Its purpose was to form an exclusive network of top-tier business schools whereby member institutions could exchange information and best practices twice a year. Over the years, these meetings/gathering have evolved to include private meeting/conferences between these presitigious institutions. Today, the M7 continues to have a profound influence in the global business world. Of the CEOs leading the Fortune 500 companies, 82 CEOs are alumni of an M7 business school.
So how did these fabulous schools do in 2020, during the worst pandemic in modern history? Surprisingly well all things considering!
(1) Applications were up at all M7 schools during 2020 by 14.6% from the prior year application cycle - admissions criteria became more relaxed (GMAT/GRE waivers), deadlines were extended, and there was a general sense of more understanding and though from the MBA Admissions teams to the thousands of candidates around the world who may be suffering directly from the pandemic. Incoming MBA class sizes grew at every M7 school with an average size of 650 MBA students, except Harvard which is seen as an outlier event.
“We enrolled a smaller class of 732 students this year as a result of the deferral option we offered incoming students as they navigated the onset of the pandemic. The data presented in the Class Profile reflect these 732 enrolled students. Students who deferred will be represented in the Class Profile when they enroll over the next two years." - Chad Losee, Managing Director at Harvard Business Admissions
(2) Another added benefit is M7 schools saw an increase in salary/pay immediately post graduation in 2020, with a median MBA salary of $170,000 and a signing bonus of $30,000! THAT'S $200,000 ALL IN!
(3) 2020 job offers also showed a relatively steady trend from the prior year, with all M7 schools showing >90% in full-time job offers within 3 months of graduation. Northwestern Kellogg was the highest with 95% of the MBA class having job offers at graduation!
“As I reflect on the employment outcomes for our 2Y MBA Class of 2020, one thing is indisputable — this past year was an incredible display of resilience, collaboration, and creativity. Despite significant disruption to virtually every industry, including a complete pivot to how companies recruit and interview, I’m incredibly proud to say that 95% of Kellogg’s 2Y MBA class received job offers and 93% of the class accepted job offers within three months of graduating. Among our international 2Y MBA grads in particular, 96% received job offers and 93% accepted job offers within three months of graduating...To see this success during such a disruptive year is an incredible testament to the strength of the Kellogg network, our longstanding and diverse relationships with employers, and the resiliency of our students.” - Liza Kirkpatrick, Managing Director at Northwestern Kellogg Career Management Center
(4) All M7 schools had excellent financial aid programs and options for incoming students in 2020!