Are you interested in understanding the essence of M7 business schools, the pinnacle of excellence in business education? The term "M7" refers to a select group of seven prestigious business schools renowned globally for their exceptional quality of education and influential alumni networks. But did you know that Indian students make up nearly 30% of all MBA applicants, yet only 9% of the class at prestigious institutions like Harvard, Stanford, and Wharton consists of Indian nationals? So, what steps can you take to enhance your prospects of securing admission to M7 business schools? Join us as we explore the significance, rankings, admission criteria, and insights into the M7 schools transformative impact on careers and industries.
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What are M7 Business Schools?
The M7 Business Schools, also known as the "Magnificent Seven" or "Magic Seven", comprise a prestigious group of elite US business schools renowned for their exceptional quality of education and global reputation. These institutions are considered among the best in the world and have formed an exclusive network to collaborate and share insights on graduate business education.
The list of M7 Business Schools includes:
- Harvard Business School
- Stanford Graduate School of Business
- The Wharton School at the University of Pennsylvania
- Booth School of Business at the University of Chicago
- Columbia Business School
- Kellogg School of Management at Northwestern University
- MIT Sloan School of Management
These schools have consistently ranked at the top of various MBA program rankings and are highly sought after by MBA aspirants worldwide. Each institution within the M7 group offers a unique approach to business education, with renowned faculty, cutting-edge research, and diverse student bodies.
M7 Business Schools provide unparalleled opportunities for their graduates to make significant impacts and lead change in various industries and geographies. The collaborative nature of the M7 network allows students and alumni to access a wide range of resources, including networking events, career opportunities, and industry insights.
To secure admission to an MBA program at an M7 Business School, prospective students must demonstrate academic excellence, leadership potential, and a strong commitment to personal and professional growth. Admissions criteria typically include a combination of standardized test scores, academic transcripts, essays, letters of recommendation, and interviews.
Attending an M7 Business School offers numerous benefits, including access to a prestigious alumni network, unparalleled career opportunities, and a transformative learning experience. Graduates of M7 MBA programs are well-equipped to excel in their careers and make meaningful contributions to the global business community.
Significance of Attending M7 Business Schools
Attending an M7 Business School holds significant value as these institutions are renowned not just for their academic excellence but also for their exceptional faculty.
In fact, some of the world's premier programs are offered by M7 business schools. Opting for an M7 MBA can be a direct route to reaching the pinnacle of success. It often translates to higher average earnings compared to similar MBA programs, access to esteemed professors, opportunities to pivot career trajectories, and membership in esteemed alumni communities, which include influential figures such as presidents and CEOs.
However, it's crucial to note that the designation of M7 isn't formally recognized. It originated from a decision by the deans of these seven institutions to establish an informal network for information exchange and biannual meetings. Despite the informal nature of this grouping, these institutions have maintained their prestige over the years.
While M7 schools undeniably represent top-tier options, there are several other elite institutions beyond this group that may align better with your preferences. Schools like NYU Stern, UVA Darden, UCLA Anderson, and Michigan Ross consistently rank among the top ten across various reputable rankings.
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M7 Business School Rankings
The M7 business schools consistently earn top positions in various MBA program rankings. They have established their reputations through years of nurturing successful graduates, conducting influential research, and fostering robust connections with the business world. These institutions frequently compete for the highly sought-after leading positions in global MBA rankings, underscoring their unwavering commitment to delivering excellence in business education.
Below are the rankings of M7 business schools according to US News and QS Global Rankings for the 2023-2024 period:
|
Universities |
QS World Ranking 2024 |
US News Ranking 2024 |
|---|---|---|
|
3 |
5 |
|
|
1 |
6 |
|
|
2 |
3 |
|
|
14 |
1 |
|
|
7 |
11 |
|
|
12 |
2 |
|
|
6 |
4 |
M7 Business School Acceptance Rate
Exploring the acceptance rates at M7 Business Schools offers valuable insights into the competitiveness of these prestigious institutions. Below, we present a breakdown of class sizes, total applications received, and acceptance rates at each of the M7 schools for the latest academic year:
|
Universities |
Class Size |
Applications |
Acceptance Rate |
|---|---|---|---|
|
Harvard Business School |
1015 |
8264 |
12% |
|
Stanford Graduate School of Business |
424 |
6152 |
6.1% |
|
The Wharton School at the University of Pennsylvania |
877 |
6319 |
13.8% |
|
Booth School of Business at the University of Chicago |
621 |
4352 |
14.2% |
|
Columbia Business School |
844 |
6177 |
13.6% |
|
Kellogg School of Management at Northwestern University |
559 |
4471 |
13% |
|
MIT Sloan School of Management |
484 |
5560 |
8.7% |
GMAT Score Requirement for M7 Business School
It is important to understand the GMAT score requirements at M7 Business Schools to get valuable insights into the academic standards upheld by these prestigious institutions. Below, we present the minimum GMAT scores along with th average GPA required for admission at each of the M7 schools, highlighting the rigorous criteria set for prospective applicants:
|
Universities |
Average GMAT Score |
Average GPA |
|---|---|---|
|
Harvard Business School |
730 |
3.7 |
|
Stanford Graduate School of Business |
737 |
3.76 |
|
The Wharton School at the University of Pennsylvania |
733 |
3.6 |
|
Booth School of Business at the University of Chicago |
729 |
3.6 |
|
Columbia Business School |
729 |
3.6 |
|
Kellogg School of Management at Northwestern University |
729 |
3.7 |
|
MIT Sloan School of Management |
730 |
3.62 |
The mean GMAT score for the incoming class of 2024 at M7 business schools hovers around 730.
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M7 Business School Tution Fees
At M7 Business Schools, the cost of attendance for one year falls within the range of USD 80,000 (INR 66,56,140) to USD 95,000 (INR 79,04,170). Taking into account additional expenses like cost of living, it is reasonable to estimate that the total cost of an MBA for one year at an M7 business school ranges between USD 100,000 (INR 83,20,170) to USD 150,000 (INR 124,80,260).
Let us look at the breakdown of the total fees for one year at each of the M7 schools, reflecting the costs associated with attending these top-tier business programs:
|
Universities |
Total fees for 1 year |
|---|---|
|
Harvard Business School |
USD 81,374 (INR 67.70,460) |
|
Stanford Graduate School of Business |
USD 87,096 (INR 72,46,540) |
|
The Wharton School at the University of Pennsylvania |
USD 95,681 (INR 79,60,830) |
|
Booth School of Business at the University of Chicago |
USD 88,211 (INR 73,39,310) |
|
Columbia Business School |
USD 90,392 (INR 75,20,770) |
|
Kellogg School of Management at Northwestern University |
USD 86,801 (INR 72,22,000) |
|
MIT Sloan School of Management |
USD 93,661 (INR 77,92,760) |
Salary After Graduating From M7 Business Schools
M7 business schools consistently achieve high employment rates among their graduates, who secure positions with top-tier companies spanning various industries such as consulting, finance, technology, healthcare, and more. The salaries and signing bonuses offered to M7 MBA graduates are among the highest in the industry.
Here is an overview of the salaries and bonuses received by the class of 2023 at M7 Business Schools:
|
Universities |
Median Salary |
Median Signing Bonus |
Median Performance Bonus |
% of the class that received an offer 3 months after graduation |
|---|---|---|---|---|
|
Harvard Business School |
|
|
|
86% |
|
Stanford Graduate School of Business |
|
|
|
89% |
|
The Wharton School at the University of Pennsylvania |
|
NA |
NA |
97% |
|
Booth School of Business at the University of Chicago |
|
|
NA |
95% |
|
Columbia Business School |
|
|
|
84% |
|
Kellogg School of Management at Northwestern University |
|
|
NA |
94% |
|
MIT Sloan School of Management |
|
|
|
90% |
M7 Employment Opportunities in 3 Big Industries
Let's look at the percentage of graduates from M7 business schools who secure employment opportunities in the three largest industries: Consulting, Financial Services, and Technology.
|
Universities |
Consulting |
Financial Services |
Technology |
|---|---|---|---|
|
Harvard Business School |
25% |
35% |
16% |
|
Stanford Graduate School of Business |
15% |
38% |
24% |
|
The Wharton School at the University of Pennsylvania |
29% |
37% |
13% |
|
Booth School of Business at the University of Chicago |
39% |
33% |
15% |
|
Columbia Business School |
36% |
36% |
11% |
|
Kellogg School of Management at Northwestern University |
42% |
11% |
17% |
|
MIT Sloan School of Management |
34% |
20% |
24% |
Scholarships Available for M7 Business Schools
M7 business school students have access to various MBA scholarships, including need-based, merit-based, diversity, and gender-based external grants. However, the availability and types of funding may vary among each business school.
Harvard MBA scholarships are solely awarded based on financial need; merit-based scholarships are not offered.
Stanford also offers need-based financial aid, with an average fellowship of USD 40,000 (INR 33,28,070) per year and a total award of USD 80,000 (INR 66,56,140). MIT Sloan's merit-based scholarships are primarily determined by academic merit, professional experience, and the ability to enhance the school's reputation.
Prospective students applying to Columbia Business School and Chicago Booth can apply for merit-based scholarships. Additionally, Wharton MBA offers various fellowship options based on admissions applications, considering factors such as academic achievements, community involvement, professional development, and personal background.
From the Desk of Yocket
M7 business schools represent the epitome of excellence in business education, offering unparalleled opportunities for personal and professional growth. While gaining admission to an M7 school is competitive, prospective students can enhance their chances by demonstrating academic prowess, leadership potential, and a strong commitment to success. Aspiring MBA candidates should carefully consider the unique offerings of each M7 institution and align their goals with the school that best suits their aspirations and values.
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