Harvard Business School (finally) released its Class of 2027 profile, reporting a larger class – while application volume declined.

Here's what’s up, what’s down, and what’s the same when compared to the Class of 2026:

The class grew – just a little bit. HBS enrolled 943 students in the Class of 2027 – this is up from 930 in the Class of 2026. The 13-student increase contributes to the largest HBS class since the Class of 2023 (which exceeded 1,000 students).

International student representation grew. International representation increased 2% – from 35% in the Class of 2026 to 37% of the Class of 2027. Students in the Class of 2027 represent 62 countries and 283 universities. Meanwhile, both Stanford GSB and Wharton showed declines in their shares of international students.

GMAT Focus Edition scores were reported – finally! We now have benchmarks on the GMAT FE for HBS: the median total score for the Class of 2027 is 685, with a middle 80% range of 645-735. The median verbal and median quant scores are 86 and 84 respectively. Meanwhile, the median GMAT (classic) score is 730, which is down 10 points from last year. If you’re wondering, a 685 score on the GMAT FE translates to a 730 or 740 on the GMAT 10th edition (according to GMAC’s Concordance Table from July 2025).

The average GPA went up – a bit. The Class of 2026 had an average undergraduate GPA of 3.69, whereas the Class of 2027 averages 3.76. HBS does not compromise on academic performance!

Application volume dropped – slightly. Application volume was down 4.5% from last year – 9,400 apps were submitted to HBS for the Class of 2027 vs. 9,856 for the Class of 2026. While candidates still show interest in the HBS MBA, challenges in the job market may have scared some away this cycle.

The percentage of women in the class dropped. The Class of 2027 is 44% women, which fell 1% from the share of women in the Class of 2026. A single percentage point might seem minor, but it could mean that fewer women are choosing to apply or enroll. HBS isn’t the only school showing this trend: with a more significant decrease, Wharton’s Class of 2027 now has the same percentage of women.

HBS was less… selective? If 943 students enrolled from 9,409 apps… and HBS’s historical yield of 85% stayed the same, the acceptance rate for the Class of 2027 was around 11.8%. We don’t have the exact numbers…. so it’s all speculation until more data is released.

The mix of undergrad majors is (mostly) unchanged. Most HBS students in the Class of 2027 have an engineering degree (24% of the class, up 2% from the Class of 2026), followed by business / commerce (22% of the class, down 2% from the Class of 2026). The same proportion of students have economic degrees (19%), whereas slightly more have a math / physical sciences degree (up 1% from last year). The percentage of students with social sciences degrees dropped 1% from last year (to 11%), and students with arts / humanities degrees remained the same (across 5% of the class).

Pre-MBA industries showed similar consistency. The Class of 2027 is comprised of 19% consultants (from 18% last year). Students with VC backgrounds make up 16% of the class (same as last year), and tech backgrounds make up 13% of the class (up 1% from last year’s class). The percentage of students with backgrounds in financial services remains 10% across the Classes of 2026 and 2027.

The bar is still high for HBS across test scores and academic performance. However, HBS is not immune to market forces, which might explain the drops in application volume and the enrollment of women. As we’ve noted, it’s not the only MBA program seeing these trends.

Let’s boil it down:

Admission to HBS is still incredibly competitive. Test scores remain at the top of the spectrum, and the rise in average undergrad GPAs suggests that academic credentials (still) really matter!

International student enrollment is healthy. In a year when many programs are reporting drops in enrollment, HBS grew its percentage of international students. This news should encourage international students to wrap up and submit their applications.

Your resume and essays are your best opportunity to stand out in a competitive pool. Competitive stats are just part of the equation, but successful candidates will clearly (and succinctly) articulate how they’re business-minded, leadership-focused, and growth-oriented. It’s no small feat, but your task is clear. Good luck!

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