Harvard Business School spends big money
Business School News Barbara Bierach, August 5th, 2016 / 08-10-2016
Harvard Business School has been investing heavily in a number of strategic projects, reports the Financial Times. Main spending has benefited the MBA course that Harvard created more than a century ago.
Instead of freeing resources towards one-year courses, such as the Masters in Management qualification, Harvard has stayed true to its traditional two-year MBA course catering for those with a few years of career experience which Harvard dean Nitin Nohria described as the “core and soul of the school” in an interview with the Financial Times.
Amongst the spending spree is a new building, a base for executive-level courses named the Ruth Mulan Chu Chao Center (picture), which commemorates the rise of China. It was built with the help of a US$40 million donation from James Si-Cheng Chao, a Chinese-American businessman, and named after his late wife. According to the FT it is the first building at Harvard that is named after a woman which seems fitting given that four of Mr Chao's six daughters went to Harvard.
The heavy investment is also visible in the school accounts writes the paper. According to the FT the school's 2015 fiscal year report showed its costs had on average increased faster than sales over the previous five years, dragging down its operating profit margin from 9.6 per cent to 6.6 per cent.
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