The M7 MBA Admissions Landscape: A Shift in Selectivity?
During the 2021-2022 MBA application cycle, just 7,700 candidates secured admission to an M7 business school out of over 40,000 applicants. That fall, around 4,700 enrolled—translating to a 20.3% acceptance rate and a 60.3% yield.
A year later, in 2022-2023, applications to the M7 dipped by roughly 500, while admits climbed past 8,000. This pushed the collective acceptance rate at Harvard, Wharton, Stanford, Columbia, MIT Sloan, Kellogg, and Chicago Booth to 21.8%. In just two years, M7 acceptance rates surged by over a third, up from a meager 16.2%. Meanwhile, yield—the share of admitted students who actually enrolled—declined at five schools, dropping the overall rate to 58.8%.
The takeaway? In two short cycles, M7 acceptance rates jumped 34%, while yield fell 10%. Is this the beginning of a more accessible era for these elite U.S. business schools—among the most prestigious in the world—or just the tail end of a temporary window, like ones we’ve seen before? For now, it certainly seems easier to get into an M7 than it has been in years.
M7 by the Numbers: 2023 Edition
| 2023 Data (2022) | Harvard | Wharton | Columbia | Booth | Kellogg | Stanford | MIT | 2023 Total/Avg (2022) |
|---|---|---|---|---|---|---|---|---|
| Class Size | 938 (1,015) | 874 (877) | 829 (844) | 637 (621) | 529 (503) | 431 (424) | 409 (408) | 4,647/663.9 (4,692/670.3) |
| Acceptance Rate | 13.2% (14.4%) | 24.8% (22.8%) | 22.4% (19.7%) | 32.6% (30.1%) | 33.3% (31.4%) | 8.4% (8.6%) | 17.8% (14.8%) | 21.8% (20.3%) |
| Admits | 1,076 (1,187) | 1,533 (1,442) | 1,215 (1,109) | 1,364 (1,308) | 1,439 (1,316) | 521 (528) | 947 (792) | 8,095/1,156.4 (7,682/1,097.4) |
| Yield | 87.2% (85.5%) | 57.0% (62.0%) | 56.2% (56.7%) | 48.2% (48.5%) | 36.8% (38.2%) | 82.7% (80.3%) | 43.2% (51.5%) | 58.8% (60.3%) |
| Applications | 8,149 (8,264) | 6,193 (6,319) | 5,430 (5,643) | 4,184 (4,352) | 4,316 (4,187) | 6,190 (6,152) | 5,317 (5,349) | 39,779/5,683 (40,266/5,752) |
| Avg GMAT | 740 (730) | 728 (733) | 730 (732) | 728 (729) | 731 (729) | 738 (737) | 730 (730) | 731 – 5 schools (732 – 5 schools) |
| Avg GPA | 3.73 (3.70) | 3.60 (3.60) | 3.50 (3.60) | 3.60 (3.60) | 3.70 (3.70) | 3.77 (3.76) | 3.61 (3.62) | 3.65 – 6 schools (3.66 – 6 schools) |
| Avg GRE | 326 (326) | 324 (324) | N/A (322) | 325 (327) | *326 (N/A) | 328 (327) | N/A (325) | 325.7 – 3 schools (325 – 5 schools) |
| Women | 45% (46%) | 50% (50%) | 44% (44%) | 42% (40%) | 48% (48%) | 46% (44%) | 46% (46%) | 45.9% (45.4%) |
| International | 39% (38%) | 31% (35%) | 47% (51%) | 36% (37%) | 39% (38%) | 36% (37%) | 40% (40%) | 38.3% (39.4%) |
| U.S. Students of Color | 49% | 41% | 43% | 49% | 42% | 50% | 56% | 47.1% |
Source: M7 business schools and U.S. News
*Median
The North Star for MBA Aspirants
The M7 are seven distinct institutions, each with its own strengths, challenges, and areas of expertise. Together, they lead in gender and racial equity, attract top global talent, house elite faculty, and drive groundbreaking research. They also benefit from massive endowments and philanthropy, enabling them to maintain influence in higher education.
Poets&Quants covers the “Magnificent 7” extensively—not just because they’re newsworthy, but because they represent stability in a chaotic MBA landscape. For most applicants, getting into an M7 is life-changing.
Change is constant in business education, but the M7 remains a benchmark of quality. However, with MBA applications down over 8% globally since 2021, these schools now serve as a barometer for the industry’s health.
M7 Applications Over the Years
| School | 2022-2023 Apps | 2021-2022 Apps | 2020-2021 Apps | 2019-2020 Apps | 2018-2019 Apps | 2017-2018 Apps | 2-Year Trend | 6-Year Trend |
|---|---|---|---|---|---|---|---|---|
| Harvard | 8,149 | 8,264 | 9,773 | 9,304 | 9,228 | 9,886 | -115 (1.4%) | -1,737 (17.6%) |
| Wharton | 6,193 | 6,319 | 7,338 | 7,158 | 5,905 | 6,245 | -126 (2.0%) | -52 (0.8%) |
| Columbia | 5,430 | 5,643 | 6,535 | 6,971 | 5,876 | 6,029 | -213 (3.8%) | -599 (9.9%) |
| Booth | 4,184 | 4,352 | 5,037 | 4,909 | 4,433 | 4,289 | -168 (3.9%) | -105 (2.4%) |
| Kellogg | 4,316 | 4,187 | 4,632 | 5,813 | 3,779 | 4,471 | +129 (3.1%) | -155 (3.5%) |
| Stanford | 6,190 | 6,152 | 7,367 | 7,324 | 7,342 | 7,797 | +38 (0.6%) | -1,607 (20.6%) |
| MIT Sloan | 5,317 | 5,349 | 7,112 | 6,350 | 5,200 | 5,560 | -32 (0.6%) | -243 (4.4%) |
Source: M7 business schools and U.S. News
The Origins of the M7
The M7 was born from a secretive meeting of deans years ago, and its influence extends far beyond their biannual gatherings. The framework shapes collaborations across admissions, career services, and even marketing—impacting not just these seven schools but the entire MBA ecosystem.
For applicants, the M7’s annual data releases reveal trends that shape business education. As we await the Class of 2026 profiles, here’s a look at past numbers—offering a glimpse into the elite of the elite.
Gender & Diversity Leadership
The M7 have long been pioneers in gender equity. While Wharton has maintained a 50% female enrollment for three years, six of the seven schools have consistently had at least 40% women in their full-time MBA programs.
They also excel in racial and international diversity. All seven schools report over 40% U.S. students of color, and all but one have at least 36% international students.
Class Sizes Over Time
| School | Class of 2025 | Class of 2024 | Class of 2023 | Class of 2022 | 2-Year Change | 4-Year Change |
|---|---|---|---|---|---|---|
| Harvard | 938 | 1,015 | 1,010 | 732 | -77 (7.6%) | +206 (28.1%) |
| Wharton | 874 | 877 | 897 | 916 | -3 (0.3%) | -42 (4.6%) |
| Columbia | 829 | 844 | 847 | 782 | -15 (1.8%) | +47 (6.0%) |
| Booth | 637 | 621 | 620 | 621 | +16 (2.6%) | +16 (2.6%) |
| Kellogg | 529 | 503 | 508 | 559 | +26 (5.2%) | -30 (5.4%) |
| Stanford | 431 | 424 | 426 | 436 | +7 (1.7%) | -5 (1.1%) |
| MIT Sloan | 409 | 408 | 450 | 484 | +1 (0.2%) | -75 (15.5%) |
The M7 Face Their Own Challenges
When it comes to class profiles, the M7 schools dominate in key areas:
- GMAT scores: Every M7 school averages around 730, with Stanford GSB leading the pack in 2022 at 738.
- GRE scores: Those that report this data all have cumulative scores above 324—a feat few other top 50 U.S. schools can match.
- Undergraduate GPA: All but one have class averages of 3.60 or higher, with Stanford again on top at 3.77.
But the M7 aren’t without their struggles. Like all business schools, they’re feeling the pressure from broader trends in graduate business education. Application numbers tell the story: all seven saw drops between 2021 and 2022, and five declined again from 2022 to 2023. Overall, applications have been falling since the 2017-2018 cycle. Even as four schools reported larger class sizes in 2023, and three have grown their classes over the past four years, total enrollment has shrunk.
One major pain point? Job placement—especially in tech. Twenty years ago, the M7 were at the forefront of MBA hiring in tech. Now, like everyone else, they’re grappling with an industry in turmoil. The M7 are especially exposed because so many of their ideal candidates come from finance and tech—two sectors currently in rough shape. For these applicants, staying put feels safer than risking a shaky post-MBA job market.
Here’s how tech placement has trended at the M7:
M7 Tech Placement (2019-2023)
| School | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Harvard | 16% | 19% | 19% | 19% | 20% |
| Wharton | 13.5% | 19.4% | 17.4% | 16.9% | 16.2% |
| Columbia | 10.8% | 16% | 17% | 19.8% | 13.8% |
| Chicago Booth | 15.5% | 14.9% | 14.9% | 16.3% | 20.7% |
| Kellogg | 17% | 21% | 26% | 25% | 23% |
| Stanford | 24% | 30% | 29% | 28% | 24% |
| MIT Sloan | 24.1% | 22.6% | 25% | 27.6% | 30.7% |
Source: School employment reports
These challenges aren’t unique to the M7—they’re affecting business schools everywhere. How the M7 respond will set the tone for others.
The Cost Barrier
Attending an M7 school isn’t just prestigious—it’s expensive. Tuition, living costs, and other expenses mean a two-year MBA can run anywhere from 250Ktoover250Ktoover300K. The average estimated cost for 2024 was 247,550,upfrom247,550,upfrom241,000 in 2023.
To help, schools are offering more scholarships and aid:
- Harvard now covers full tuition for 10% of admits based on need.
- Stanford and Harvard give average annual awards of 44K−44K−46K to half their MBA students.
- Kellogg says nearly two-thirds of its students qualify for financial aid.
But the reality remains: the M7 are the most elite—and the priciest—business schools in the world.
TUITION AT THE M7: 2023-2024
| School | Tuition 2024 | Tuition 2023 | Y-O-Y Change |
| Harvard | $ 76,410 | $ 74,910 | $1,500 (2.0%) |
| Wharton | $ 84,830 | $ 87,370 | -$2,540 (2.9%) |
| Columbia | $ 88,300 | $ 84,496 | $3,804 (4.5%) |
| Chicago (Booth) | $ 84,198 | $ 80,961 | $3,237 (4.0%) |
| Northwestern (Kellogg) | $ 83,610 | $ 81,015 | $2,595 (3.2%) |
| Stanford GBS | $ 82,455 | $ 79,860 | $2,595 (3.2%) |
| MIT (Sloan) | $ 86,550 | $ 84,200 | $2,350 (2.8%) |
Source: M7 business schools
TOTAL COST AT THE M7: 2023-2024
| School | Total Cost 2024 | Total Cost 2023 | Y-O-Y Change |
| Harvard | $ 118,854 | $ 115,638 | $3,216 (2.8%) |
| Wharton | $ 127,716 | $ 124,476 | $3,240 (2.6%) |
| Columbia | $ 132,258 | $ 127,058 | $5,200 (4.1%) |
| Chicago (Booth) | $ 125,937 | $ 122,160 | $3,777 (3.1%) |
| Northwestern (Kellogg) | $ 125,191 | $ 120,432 | $4,759 (4.0%) |
| Stanford GBS | $ 130,746 | $ 126,465 | $4,281 (3.4%) |
| MIT (Sloan) | $ 126,744 | $ 109,180 | $17,564 (16.1%) |
Source: M7 business schools
ESTIMATED 2-YEAR COST AT THE M7: 2023-2024
| School | Estimated 2-Year Cost 2024 | Estimated 2-Year Cost 2023 | Y-O-Y Change |
| Harvard | $ 234,492 | $ 227,944 | $6,548 (2.9%) |
| Wharton | $ 252,192 | $ 243,044 | $9,148 (3.8%) |
| Columbia | $ 259,316 | $ 249,518 | $9,798 (3.9%) |
| Chicago (Booth) | $ 248,097 | $ 237,622 | $10,475 (4.4%) |
| Northwestern (Kellogg) | $ 245,623 | $ 237,691 | $7,932 (3.3%) |
| Stanford GBS | $ 257,211 | $ 250,854 | $6,357 (2.5%) |
| MIT (Sloan) | $ 235,924 | $ 229,175 | $6,749 (2.9%) |
Hurdles & Silver Linings
If you can swing the cost, an M7 MBA is still a fast track to higher earning power. In 2023:
- Median starting salaries rose at four schools and held steady (at elite levels) at the others.
- Signing bonuses stayed flat but remain among the highest for any MBA program.
- Total compensation (including bonuses, stock, etc.) grew at four schools.
For a financially savvy grad, paying off the degree should take no more than five years.
But there are clouds on the horizon. In 2023, for the first time in years, M7 grads had to work harder to land jobs. Placement rates dipped—even Harvard, Columbia, and Stanford saw numbers in the low 80s. Still, these slumps likely won’t last.
Pay & Placement (2022-2023)
| Stats | Harvard | Wharton | Columbia | Booth | Kellogg | Stanford | MIT |
| 2023 Median Base Salary (2022) | $175,000 ($175,000) | $175,000 ($175,000) | $175,000 ($175,000) | $180,000 ($175,000) | $175,000 ($164,000) | $182,500 ($175,000) | $170,000 ($165,000) |
| 2023 Median Signing Bonus (2022) | $30,000 ($30,000) | N/A (N/A) | $30,000 ($30,000) | $33,000 ($30,000) | $30,000 ($30,000) | $30,000 ($30,000) | $30,000 ($30,000) |
| 2023 Median Total Compensation (2022) | $220,100 ($223,100) | N/A (N/A) | $201,780 ($203,252) | $203,430 ($196,600) | $200,500 ($191,100) | $231,200 ($218,350) | $217,780 ($204,700) |
| 2023 Job Offers at 3 Months (2022) | 86% (95%) | 97.2% (99.8%) | 84% (95%) | 95.6% (94.3%) | 94.5% (98.5%) | 89% (93%) | 90.2% (96.6%) |
| 2023 Job Accepts 3 Months (2022) | 80% (90%) | 92.3% (99.5%) | 81% (92%) | 94.3% (96.3%) | 91.9% (97.3%) | 82% (84%) | 86.9% (94.4%) |
Where M7 Grads Go
So where do these MBAs end up? Some trends stay predictable:
- Finance still rules at Harvard, Wharton, and Columbia.
- Consulting dominates at Booth and Kellogg.
But there are surprises:
- At Stanford, finance actually outpaces tech.
- At MIT Sloan, consulting comes first, with tech edging out finance for second.
Which schools produce the most entrepreneurs? Which send the most into healthcare? Check out the 2023 class distribution below (with 2022 numbers for comparison).
Industry Choices of M7 Grads (2022-2023)
| Class of 2023 (2022) | Harvard | Wharton | Columbia | Booth | Kellogg | Stanford | MIT |
| Consulting | 25% (26%) | 28.8% (24.0%) | 36.3% (33.6%) | 38.6% (35.5%) | 42% (40%) | 15% (15%) | 33.7% (31.2%) |
| Finance | 35% (34%) | 37.3% (38.6%) | 35.7% (36.9%) | 32.6% (35.1%) | 22% (16%) | 38% (33%) | 19.9% (22.6%) |
| Tech | 16% (19%) | 13.5% (19.4%) | 10.8% (14.1%) | 15.5% (14.9%) | 17% (21%) | 24% (30%) | 24.1% (22.6%) |
| Consumer Products/Retail | 4% (4%) | 0.9% (1.6%) | 4.0% (3.5%) | 3.6% (2.9%) | 7% (10%) | 3% (2%) | 2.7% (3.6%) |
| Health | 5% (5%) | 5.4% (5.6%) | 2.6% (2.6%) | 2.8% (4.1%) | 3% (4%) | 4% (5%) | 5.8% (6.8%) |
| Manufacturing | 6% (5%) | 1.3% (1.3%) | 0.9% (3.2%) | 0.6% (0.4%) | 2% (2%) | N/A (0%) | 4.5% (2%) |
| Energy | N/A (N/A) | 1.3% (1%) | N/A (N/A) | 1.4% (0.06%) | 1% (<1%) | 3% (2%) | 2.7% (2%) |
| Media/Entertainment | 1% (3%) | 1.3% (1.3%) | 2.0% (1.9%) | 0.4% (0.04%) | 1% (1%) | 2% (5%) | 1.4% (2%) |
| Nonprofit | 5% (3%) | N/A (1.3%) | 1.6% (1.4%) | 0.4% (0.4%) | 1% (1%) | 1% (1%) | 0.7% (1.2%) |
| Entrepreneurship | 13% (14%) | 3.3% (N/A) | 2.8% (N/A) | 4.1% (3%) | 2.6% (1.5%) | 25% (19%) | 8.3% (10.3%) |
Insights from the M7: What Makes These Schools Stand Out
The M7 by the Numbers: What It Takes to Get In & What It Means for Your Life
“Our faculty bring a powerful mix of research-driven insights, theoretical foundations, and hands-on expertise into the classroom.”
*”For over a century, Columbia Business School has been molding leaders who shape industries. What sets us apart? We merge core management principles with cutting-edge data science and real-time business intelligence, equipping students with unmatched expertise in fields like digital innovation, entrepreneurship, finance, and climate strategy. Our curriculum evolves alongside industry trends, ensuring students master both fundamentals and specialized knowledge. Our professors are world-class, blending academic research with real-world experience. Plus, being in the heart of global business and backed by a 50,000+ alumni network, our graduates are out there making an impact.
If you want a business school that’s forward-thinking and committed to your success, Columbia is the place to be.
Key aspects of our leadership training include hands-on workshops, one-on-one coaching, and team-driven projects. We also offer immersive leadership programs and executive mentorship to boost students’ career readiness. Our faculty—recognized experts across disciplines—bring a dynamic mix of research, theory, and practical insight to every lesson.
Our prestigious centers, like the Sanford C. Bernstein & Co. Center for Leadership and Ethics, extend learning beyond the classroom through events, networking, mentorship, and more.”*
Harvard Business School: Educating Leaders Who Change the World
Rupal Gadhia, Director of MBA Admissions and Financial Aid, HBS
“We educate leaders who make a difference in the world.”
*”We’re making an HBS MBA more accessible. In 2022, we introduced full-tuition fellowships for 10% of our students—those with the greatest financial need. We also automatically waive application fees for anyone earning $65,000 or less annually. If you don’t qualify automatically, you can still request a need-based waiver.
We’re also expanding global programming because today’s leaders must thrive in an international landscape. In the FIELD course, first-year students spend 10 days abroad working with local companies on new product ideas. Second-year students can take an Immersive Field Course (IFC), culminating in a 10-14 day global immersion. Past locations include Tokyo, Accra, and Milan.
Our mission drives everything we do: We educate leaders who make a difference in the world. Business must play a key role in tackling today’s biggest challenges.
It all starts in the classroom, where students analyze up to 500 cases over two years. At HBS, learning and community go hand in hand. The case method thrives on debate—students from diverse backgrounds share perspectives, challenge ideas, and leave with fresh insights.
Beyond academics, our tight-knit campus and supportive alumni network create a community of bold thinkers. What stands out most from my time here? How classmates went above and beyond to help each other succeed—and how, even decades later, our alumni network remains incredibly connected.”*
Wharton: Flexibility at Its Core
Blair Mannix, Director of MBA Admissions, The Wharton School
“The Wharton experience is all about choice.”
*”What makes Wharton unique? Flexibility. Our curriculum balances core business fundamentals with incredible freedom—21 majors, 200+ electives, and courses spanning case studies, lectures, and simulations. Students can study across two campuses (Philadelphia and San Francisco), tailoring their MBA to their goals.
We dive deep into business’s role in sustainability through majors like Business, Energy, Environment, and Sustainability (BEES) and Environmental, Social, and Governance Factors for Business (ESGB). The student-led Wharton Sustainable Business Club (SBC) also expands opportunities in this space.
Leadership development is key. The McNulty Leadership Program offers research-backed training, from intense global treks to one-on-one executive coaching. Students also lead through clubs, conferences, and extracurriculars.”*
Kellogg: Shaping Leaders for a Changing World
Emily Haydon, Assistant Dean of Admissions and Financial Aid, Northwestern Kellogg
“We develop leaders who thrive amid change.”
*”Kellogg constantly evolves its curriculum to prepare tomorrow’s leaders. Our students gain a rare mix of analytical, creative, and social intelligence—essential in today’s complex business world.
What truly sets us apart? Our collaborative, inclusive culture. We seek students who take risks, drive impact, and embody ‘high-impact, low-ego’ leadership.
Our focus? Cultivating leaders who navigate change with creativity and collaboration. This mindset fuels success in both professional and personal realms.”*
Undergraduate Majors of M7 MBA Classes (2024 & 2025)
| Harvard Class of 2025 (Class of 2024) | Wharton Class of 2025 (Class of 2024) | Columbia Class of 2025 (Class of 2024) | Booth Class of 2025 (Class of 2024) | Kellogg Class of 2025 (Class of 2024) | Stanford Class of 2025 (Class of 2024) | MIT Sloan Class of 2025 (Class of 2024) |
| Engineering: 25% (28%) | Humanities: 40% (34%) | Business: 35% (37%) | Business: 26% (25%) | Economics/Business: 50% (49%) | Business/Commerce/Econ: 41% (45%) | Engineering: 33% (29%) |
| Business/Commerce: 22% (24%) | Business: 27% (32%) | Economics: 20% (18%) | Economics: 20% (25%) | STEM: 38% (35%) | Engineering, Math & Natural Sciences: 41% (38%) | Economics: 18% (17%) |
| Economics: 21% (19%) | STEM: 33% (34%) | Engineering: 17% (15%) | Engineering: 25% (24%) | Humanities: 25% (21%) | Humanities, Social Sciences: 18% (24%) | Business: 16% (23%) |
| Math/Physical Science: 17% (14%) | Social Sciences: 11% (13%) | Liberal Arts: 14% (13%) | Math & Science: 12% (15%) | |||
| Social Sciences: 12% (10%) | Humanities: 6% (6%) | Physical Sciences: 8% (9%) | Social Science: 5% (10%) | |||
| Arts/Humanities: 4% (5%) | Sciences: 8% (7%) | Other: 6% (4%) | Other: 6% (1%) | |||
| Technology: 2% (2%) | Law 1% (N/A) | Humanities: 3% (2%) | ||||
| Other: 1% (N/A) | Computer Science: 6% (2%) | |||||
Chicago Booth: Flexibility Built for Success
Starr Marcello, Deputy Dean, Chicago Booth
“Choice is woven into every part of our program.”
*”Booth is the world’s top academic business school—transforming lives through rigorous learning, global networks, and unparalleled support. Our flexible approach lets students tailor their journey, from housing in downtown Chicago to leadership development.
Nobel-winning faculty blend groundbreaking research with inspiring teaching. Graduates leave ready to innovate and lead at every career stage.
We also prioritize sustainability, with courses like Navigating the ESG Landscape and hands-on labs where students tackle real-world projects.”*
Stanford GSB: Leadership as a Craft
Paul Oyer, Associate Dean, Stanford GSB
“Our culture fuels teamwork and innovation.”
*”What makes Stanford unique? We treat leadership as a craft—balancing logic and intuition. Our curriculum doesn’t just teach management; it hones leadership skills through experience and reflection.
Collaboration is key. Students engage with world-class faculty and global leaders, building relationships that last long after graduation.”*
MIT Sloan: Learning by Doing
Tara Walor, Assistant Dean of Student Services, MIT Sloan
“Our students turn theory into action.”
*”MIT Sloan now offers seven certificates—from Business Analytics to Sustainability—letting students specialize while gaining hands-on experience.
Our Action Learning Labs embody MIT’s Mind and Hand motto. Students solve real business challenges worldwide, refining leadership skills in the process.”*