Harvard has paid nearly পাঁচ 5 million in tuition fees to its MBA students for canceled courses abroad. Despite the losses, especially in executive education, the school was black in the last financial year.
Harvard Business School has reimbursed its MBA students $ 4.7 million in tuition fees for the canceled FIELD Global Emerson course, for which all students must travel to a worldwide partner company. She supported her students with the cost of purchasing technical equipment to be able to participate in online classes. And it has tripled its summer fellowship program and paid extra to 750 students. Usually only 250 students who do their internship in social sector or start-up get it. However, due to the Corona epidemic, many summer internships, which usually last several months and are well paid, have been canceled. The numbers come from the school’s new annual report.
About half of the 1,877 MBA students receive scholarships, which on average cover about half of the annual tuition. They are currently, 73,440 per academic year, or 6 146,880 for a two-year course. About 26 percent of tuition – more than 35 million – was awarded as scholarships in FY20. Overall, the Business School spent $ 40 million in fiscal year MBA Fellowships. Last year it was 38 million.
As a result, revenue from MBA tuition dropped from $ 140 million to $ 136 million. The level of financial support of students during the epidemic may also seem unusual for top schools in the United States, but this is due to the huge donations and financial stability of Harvard Business School.
Revenue for the fiscal year 2020, which ended in June, fell seven percent or $ 64 million to $ 861 million. Grants have also halved from $ 150 million to $ 75 million. Despite this, Harvard posted black and $ 30 million operating profit. The foundation’s assets have grown from 0 4.0 billion to 1 4.1 billion.
Like all business schools, executive education was particularly affected by the epidemic. First, programs in international locations in the Middle East and Asia were canceled, and later on campus in the United States. Then, in June, the school switched to online programs. Still, revenue fell $ 76 million to $ 146 million. Last year it was ২ 222 million. This means that the income from executive education is only 17 percent of the total income. Last year it was 24 percent.
In contrast, the operating surplus from online offers has doubled to $ 10.2 million. Revenue rose 35 percent from $ 43 million to $ 58 million.