Meet MIT Sloan School of Management’s MBA Class Of 2024

A CLASS PROFILE

You could describe the 2021-2022 application cycle as a return to normal. For the past two years, MIT Sloan has enjoyed record applications, headlined by the 7,112 applications the school received last year. This year, the number returned to 5,349 applications – or roughly equivalent to the number received for spots in the Classes of 2021 and 2020. With fewer applications, the class size also shrunk to 408 students – numbers that were again more in line with past classes.

Beyond a smaller application pool and class size, the Class of 2024’s profile is rather similar to past classes. The median 730 GMAT matches four of the previous five classes. You could say the same for its 690-760 GMAT range in the mid-80%   Still, the 3.62 average GPA tops the past five classes.  The 158-169 range for Quant GRE scores also fits MIT Sloan’s five-year pattern, as does its 157-168 Verbal range. That said, the class is 46% female, the highest mark over this same five-year period. Another 40% of the class is composed of international students, with the class hailing from 63 countries overall.

Professionally, the class boasts five years of work experience. Finance Services and Consulting each account for 23% of the class, followed by Technology (14%), Government, Education, and Non-Profit (14%), Healthcare (6%), Energy (4%), Manufacturing (3%), Consumer Goods (3%), and Automotive and Defense (2%). As undergrads, 29% majored in Engineering. Another 23% hold Business-related degrees. Economics majors make up 17% of the class. The remainder includes Math and Science (15%), Social Sciences (10%), Computer Sciences (2%), and the Humanities (2%).

POPULAR WITH EMPLOYERS AND ALUMNI ALIKE

There are other numbers to watch beyond the class profile. For one,  Sloan placed 95.9% of its 2021 graduates within three months of graduation – at testament to the appeal of its students. By the same token, the school notched the 3rd-highest Alumni Recommendation score in the 2022 Financial Times MBA ranking. For the trifecta, when business school deans and MBA directors were surveyed by U.S. News & World Report, Sloan ranked #1 for Business Analytics, Information System, Production and Operations, and Project Management. On top of that, the school finished 2nd for Supply Chain, 3rd for Entrepreneurship, and 5th for Finance.

When it comes to lifetime value of a Sloan MBA, grads rake in $2.64 million over their careers after graduation, 4th-best among American MBA programs.

Entrepreneurship is a discipline that is particular popular at MIT Sloan. According to P&Q research, the school boasts the highest percentage of MBA students who are part of an entrepreneurship club – 69.6%. In addition 22.78% of the Sloan electives are devoted to entrepreneurship. From 2017-2021, a Sloan student-founded company, Iterative Scopes, raked in over $193 million dollars – ranking it among the ten-best MBA startups over that period.

BEANTOWN BACKING

The school certainly offers a number of advantages. You could start with Boston, which has emerged as a startup hub, particularly in the areas of life sciences and advanced manufacturing and robotics. Founders can also tap into a deep pool of young talent, as the region includes 60 higher education institutions that cater to over 152,000 students. From 2019-2021, early-stage funding for Boston area startups reached $8.7 billion dollars, with total VC funding topping $51 billion dollars over the period (in an ecosystem valued at $266 billion according to Startup Genome). Closer to campus, aside from expertise and capital, MIT MBAs also benefit from a wide support network to state-of-the-art facilities.

“MIT Sloan has an unmatched entrepreneurial culture,” notes Obianuju Nsofor,”and this is evidenced by current students, its alumni body, and the wealth of available resources – the Martin Trust Center for MIT Entrepreneurship, MIT Delta V, MIT Venture Mentoring Service, MIT $100K Entrepreneurship Competition, and the Legatum Center, amongst others. As someone who previously worked in venture capital, MIT Sloan’s MBA program felt like a natural choice.”

As MBA students, Jon Acquaviva (’21) and two classmates launched Pelicargo, a logistics-tech firm devoted to air cargo. He found the atmosphere at Sloan conducive to launching a long-term venture.

“MIT is truly a special place – the entrepreneurial ecosystem here is like a massive planet with its own gravitational force pulling in experts and enthusiasts from every corner of the world,” Acquaviva tells P&Q. I came to MIT with a latent interest in entrepreneurship but really felt I would use my MBA to get a promotion or a new job. That lasted for a month or two at best, as I quickly found myself pulled into the ecosystem and brainstorming ventures with my classmates and professors. I ultimately pitched an iteration of our Pelicargo business in the flagship entrepreneurship course New Enterprises here at MIT and that led to our founding team creation and our structured approach to launching the venture.”

Another Sloan advantage? Think faculty. Acquaviva lauds the legendary Bill Aulet for his energy and inspiration, while also crediting him for providing a structured approach for evaluating variables like customers, industries, and solutions. However, Acquaviva reserved his highest praise for Yossi Sheffi, his advisor as Pelicargo developed during the accelerator Delta V.

“His main messages were always around keeping it simple and to not be afraid of taking risks. Through his guidance we simplified what we intended to do for our minimum product and also how we explained our business. The key idea was that we first need a business that works and makes sense from the transaction level before we even begin thinking about how we operate at scale.”

EXPERIENTIAL LEARNING IN ACTION

Entrepreneurship also ranks among the most popular Action Learning Labs at Sloan. For over 60 years, these labs have been one avenue for MIT Sloan to deliver on its learning-by-doing philosophy. Here, students can choose from over two dozen labs, which cover both disciplines (Analytics, Finance, Sustainability, Digital Product Management, Healthcare) and regions (China, Israel, Southeast Asia, United States). During the elective, students head to the field, partnering with host organizations to gain experience in tackling multi-faceted challenges in a team environment. For example, in the USA Lab, a student team partnered with the Hutchinson Community Foundation. In the project, the team devised strategies to revitalize the downtown and create amenities like housing to attract young families to the Kansas town. In contrast, during the Analytics Lab, students worked alongside the United Nations’ Department of Peacekeeping Operations, pairing machine learning models and satellite imagery to locate landmines and explosives.

The Action Learning Labs are a marquee attraction for prospective Sloanies. And Grant Windom has his sights set on the Enterprise Management Lab (EM-Lab). “Taking place during the first semester, EM-Lab gives students a unique opportunity to partner with host companies and get hands-on experience during a project focused on marketing, operations, and/or strategy. I’m excited about EM-Lab because it will allow me to apply classroom learning to real business challenges during my first semester of business school.”

Alas, many Sloan students can’t stop at one lab. That includes Obianuju Nsofor, who plans to take both the Global Entrepreneurship Lab and the Digital Product Management Lab. “At Sloan, I will be steeped in an environment that not only values but encourages one to learn more about the tools and approaches that help and support innovation, along with being more of an innovator,” she tells P&Q. “In addition, I believe both labs will provide me with a broader set of fundamental business skills that extends to more mature and technology-driven companies.”

Action Learning Labs aren’t the only unique wrinkle to the Sloan MBA. The program also includes the Sloan Intensive Period (SIP). Held in October and March, SIP represents a hard stop to MBA courses. For a week, student take micro courses to hone skills and engage in reflection in areas ranging from ethics to creativity. In January, the second semester launches with an Independent Activities Period (IAP). A month-long, the IAP is a period where students can work on projects, complete internships, or even engage in school-related travel. While the IAP eases students back in after the holidays, it also provides them with the time and freedom to pursue the passions that will deliver the highest return. Indeed, Sloan’s flexible structure is cited by students as one of the school’s biggest assets.

MIT Sloan’s MBA programming is unique among other top programs in terms of flexibility and “customization of the curriculum,” explains Grant Windom. “After the first semester, referred to as the “core semester,” Sloan allows its students to pursue classes that interest them the most and support their career goals. There are also several tracks and certificates available to help students design their academic journey. This was important to me as I wanted the ability to tailor and optimize my MBA experience with courses that would help me the most in my post-MBA career.”

AN INTERVIEW WITH ASSISTANT DEAN MAURA HERSON

What’s coming up at Sloan? How will it benefit MBA students and applicants alike? This fall, P&Q reached out to Maura Herson, Assistant Dean of the MBA Program at MIT Sloan School of Management. Here are her insights on the future of the Sloan MBA.

P&Q: What are the two most exciting developments at your program in the past year and how will they enrich the MBA experience for current and future MBAs?

Herson: “(1.) MIT Sloan has launched its Digital Product Management Certificate program that aggregates a variety of courses and product management club activities into a formal pathway for students interested in pursuing a career in technical product management. (2.) The MBA program is also reviving its study tour program, which gives students the opportunity to develop up to three geographically topical courses that include a 10-14 day immersion travel experience.  Pre-pandemic, these trips included, among others, explorations of cryptocurrency in Europe, microfinance in Africa, and education in South America.”

P&Q: If you were giving a campus tour, what is the first place you’d take an MBA applicant? Why is that so important to the MBA experience? 

Herson: “The E62 cafeteria. On any given day, you will find this space alive with people chatting with classmates and faculty, working on team assignments, planning conferences and other extracurricular activities – all in a variety of languages.  The two-story windows look out onto an open patio and lawn, with a beautiful panoramic view of the Charles River and the Boston skyline. The energy of the space reflects the dynamic exchange of ideas, deepening of relationships, and the vibrancy of our global community.”

P&Q: What is the most innovative thing you have introduced into the MBA program in recent years? How has it been a game changer for your program?

Herson: “We introduced a new Core intensive class: 15.002 Leadership Challenges for an Inclusive World that focuses on leadership and DEI, and related management issues. Students engage in a three-day series of workshops, activities, and lectures that focus on the challenges of being a values-driven leader. Students learn how to recognize and address systemic bias and understand the ethical responsibilities of both individuals and organizations as they develop into principled and innovative leaders. While each of these elements have existed in the curriculum separately, merging them into a single course allows students to experience the interconnectedness of the topics in a new way.”

Next Page: Profiles of 9 MIT Sloan First-Years