SALTER: student financial aid vital to HBS.
Photo by Stuart Cahill
With little fanfare, The Campaign for Harvard Business School reached the $500 million mark at the end of 2004. The School’s first-ever campaign will continue through its December 2005 conclusion, working hard to achieve all its goals.
“The support of the School’s alumni and friends since we launched the campaign has been nothing short of remarkable,” said Dean Kim B. Clark. “Building on this momentum, we see an opportunity to focus our efforts on two key priorities this year.”
One such priority is MBA fellowships. “Financial aid is vital to the School,” said HBS professor Mal Salter, senior associate dean for External Relations. “Quite simply, fellowships determine who comes here and what they can do when they graduate.” HBS now spends close to $10 million a year on fellowships, which translates to an average of $20,000 over two years for each recipient. This amount is a small fraction of the overall cost associated with attending HBS, which is $125,000 for a single student.
“Decreasing our students’ debt load will open up more career choices in both the public and the private sector,” said Salter, who notes that even with the campaign, the average grant to fellowship students will only be about 25 percent of their total, two-year expenditure. “Long term, raising money to increase fellowship support will continue to be important.”
Another goal is enlarging the number of alumni who make regular, annual gifts to the School. “Many people assume that because HBS is well endowed, annual gifts don’t matter as much. The fact is these unrestricted funds help the School launch new activities like our research centers overseas,” said Salter. Last year, 30 percent of alumni made a gift to HBS, and 60 percent of alumni have made a gift to the School at least once during the campaign. “While this is heartening,” noted Salter, “we have a long way to go to increase the level of annual support.”
HBS, Salter pointed out, is a global enterprise committed to training men and women who will make a significant difference in the organizations and communities they join. “What we do here has a deep and broad impact on society as a whole. The School really is a pioneer. Just look at our current research in entrepreneurship and social enterprise, and our new initiatives in health care, education management, and science-based businesses. In addition, our new first-year course in leadership and corporate accountability is influencing business schools everywhere. The cost of being a pioneer in all these domains is high.”
HBS, he noted, continually strives to improve its offerings to alumni. “We work hard to provide alumni with programs and events that are directly relevant to their personal and professional lives,” Salter said. “Alumni are a crucial part of HBS. Whether they are serving as recruiters, advising students, participating in our travel programs, attending our lifelong learning offerings, or coming to reunions, their involvement strengthens the School.”
In his first eight months as senior associate dean, Salter has met many of the School’s graduates and friends from all parts of the world. “There is great enthusiasm for what we are doing here,” he said with pride. “This is a chance to invest in something that is really important.”
Upcoming Regional Events
Chicago*
Wednesday, March 16, 2005; 11:00 a.m. registration begins
University Club of Chicago
HBS professor Rakesh Khurana will discuss “Irrational Succession: Discussion of CEO Succession in Large Corporations.”
Seattle
Tuesday, March 29, 2005; 4:00 p.m. registration begins
W Seattle Hotel
HBS professor Leslie Perlow will discuss “Rethinking Work and Family: Challenges and Opportunities.”
Washington, D.C.
Thursday, April 21, 2005; 5:30 p.m. registration begins
Ritz-Carlton, Washington, D.C.
HBS professor Stuart Gilson will discuss “Spinning Gold Out of Lead: A Primer on Vulture Investing.”
*The HBS Volunteer Conference will be held in conjunction with this event.
For more information, please contact Kelly MacMillan at 617-495-0872 or kmacmillan@hbs.edu. To register online and learn more: http://campaignevents.hbs.edu.
