Jonas Martha
The M7 business schools represent the pinnacle of business education globally. These seven schools—Harvard Business School, Stanford Graduate School of Business, Wharton School of the University of Pennsylvania, Columbia Business School, Northwestern University’s Kellogg School of Management, University of Chicago Booth School of Business, and MIT Sloan School of Management—are often referred to as the “Magnificent 7” due to their unparalleled academic excellence, global reputation, and robust alumni networks.
In this blog, we’ll break down what makes these schools so prestigious, how they rank in 2024, their class profiles, and what it takes to gain admission. Whether you’re an aspiring MBA candidate or just curious about elite business education, here’s everything you need to know about the M7 business schools.
What Makes M7 Business Schools So Special?
The M7 group was unofficially formed by the deans of these seven schools, who meet biannually to share insights, best practices, and strategies to elevate their MBA programs continuously. While there are many excellent MBA programs worldwide, the M7 schools are distinctive because they are consistently ranked as the best and maintain a high level of prestige worldwide.
These institutions set themselves apart with rigorous academic programs, an emphasis on leadership, high post-graduate salaries, and vast alumni networks that provide career support for life. Additionally, they are committed to diversity, with international students and professionals from various industries making up a significant portion of their student bodies.
The M7 Business Schools: 2024 Rankings and Overview
1. Harvard Business School (HBS)
- Rank: #5 (U.S. News), #2 (Q.S.)
- Average GMAT: 730
- Average GPA:70
- Class Size: 1,015
- Acceptance Rate:4%
- Median Salary: $175,000
Harvard is renowned for its case-method teaching, which puts students into the shoes of real business leaders facing tough decisions. It also emphasizes leadership development and social impact, with various programs to create future global leaders.
2. Stanford Graduate School of Business (GSB)
- Rank: #6 (U.S. News), #1 (Q.S.)
- Average GMAT: 737
- Average GPA:76
- Class Size: 424
- Acceptance Rate:6%
- Median Salary: $175,000
Located in the heart of Silicon Valley, Stanford GSB is known for its entrepreneurial spirit. The program allows students to explore innovation and leadership, particularly in technology and venture capital. Stanford consistently ranks at the top for entrepreneurship.
3. The Wharton School at the University of Pennsylvania
- Rank: #3 (U.S. News), #3 (Q.S.)
- Average GMAT: 733
- Average GPA:6
- Class Size: 877
- Acceptance Rate:8%
- Median Salary: $175,000
Wharton is world-renowned for its finance programs, producing top talent for investment banking, private equity, and consulting. Its vast network and reputation for analytical rigor set it apart as a leader in global business education.
4. Columbia Business School
- Rank: #11 (U.S. News), #8 (Q.S.)
- Average GMAT: 729
- Average GPA:6
- Class Size: 844
- Acceptance Rate:7%
- Median Salary: $175,000
Columbia’s location in New York City provides students unparalleled access to business leaders and industries, particularly finance and media. Columbia also offers robust entrepreneurship, social enterprise, and healthcare management programs.
5. Northwestern University’s Kellogg School of Management
- Rank: #2 (U.S. News), #14 (Q.S.)
- Average GMAT: 729
- Average GPA:7
- Class Size: 503
- Acceptance Rate:4%
- Median Salary: $175,000
Kellogg is famous for its focus on teamwork, leadership, and marketing. It also strongly emphasizes global perspectives and experiential learning. Kellogg also offers one of the most flexible curriculums, with the option for a one-year MBA.
6. University of Chicago Booth School of Business
- Rank: #1 (U.S. News), #13 (Q.S.)
- Average GMAT: 729
- Average GPA:62
- Class Size: 621
- Acceptance Rate: 30%
- Median Salary: $180,000
Booth is a leader in economics, finance, and quantitative analytics. Its flexible curriculum allows students to tailor their education, with no required core classes, so that they can focus on their career goals from day one.
7. MIT Sloan School of Management
- Rank: #4 (U.S. News), #6 (Q.S.)
- Average GMAT: 730
- Average GPA:62
- Class Size: 408
- Acceptance Rate:8%
- Median Salary: $165,000
Sloan is rooted in data-driven decision-making and innovation and has strong ties to the technology and startup ecosystem. It is the ideal school for aspiring leaders in technology, engineering, and analytics-driven industries.
What Are M7 Business Schools Looking for in Applicants?
To gain admission to an M7 business school, applicants need more than impressive academic credentials. Schools like Harvard, Stanford, and Wharton seek well-rounded individuals who demonstrate leadership potential, a collaborative spirit, and global perspectives.
GMAT/GRE Scores: Successful applicants typically have high GMAT scores (typically 730 and above), but M7 schools also consider GRE scores.
Work Experience: The average incoming student has about five years of professional experience, often in leadership roles.
Diversity: M7 schools prioritize diversity regarding nationality, industry background, and life experiences. On average, about 40% of the class comprises international students.
Extracurriculars: Schools value candidates who have demonstrated leadership outside of work—through volunteer work, clubs, or entrepreneurial ventures.
Employment Statistics for M7 Graduates
The impressive post-graduate employment statistics are among the most appealing aspects of attending an M7 business school. Graduates consistently land roles at top consulting firms, investment banks, tech companies, and other prestigious employers. Here are some 2024 employment highlights:
- Median Starting Salary: $165,000–$180,000
- Median Signing Bonus: $30,000
- Percentage of Class with Offers: Over 95%
The top industries M7 graduates enter include consulting, finance, and technology. Consulting firms like McKinsey & Company, Bain & Company, and Boston Consulting Group are some of the largest employers.
Cost of Attendance for M7 Business Schools
While the value of an M7 MBA is undeniable, it comes with a significant price tag. The cost of attendance (including tuition, fees, and living expenses) typically ranges between $100,000 to $150,000 per year. Here’s a breakdown for 2024:
| School | Tuition | Fees & Living Expenses | Total 1-Year Cost |
| Harvard Business School | $73,440 | $7,934 | $81,374 |
| Stanford GSB | $76,950 | $10,146 | $87,096 |
| Wharton School | $84,874 | $10,807 | $95,681 |
| MIT Sloan | $80,400 | $13,261 | $93,661 |
| Columbia Business School | $80,472 | $9,920 | $90,392 |
| Chicago Booth | $77,841 | $10,370 | $88,211 |
| Kellogg School of Management | $78,276 | $8,525 | $86,801 |
Despite the high cost, most M7 schools offer generous need- and merit-based scholarships. Harvard, for example, provides need-based scholarships averaging $40,000 per year, while MIT Sloan awards merit-based fellowships for academic excellence and leadership potential.
Final Thoughts: Is an M7 MBA Worth It?
If you’re aiming for leadership roles in top-tier companies or aspire to become an entrepreneur, an M7 MBA is a powerful catalyst for career growth. The network, academic rigor, and opportunities for personal development make these programs among the best investments in education.
While M7 business schools are undoubtedly prestigious, they are also highly selective. Building a compelling application that showcases your unique strengths, leadership, and commitment to making an impact is critical to standing out in the competitive admissions process.
