There are many factors to consider when weighing various MBA programs. One that can be especially challenging to consider is class size. Some students thrive on a large cohort of classmates, whereas others may enjoy a close-knit experience.
The average full-time MBA program has a graduating class size of about 145 students, according to data collected for Fortune’s ranking of the best MBA programs for 2025. When it comes to the top programs, though, the number of students far exceeds the average. Among the top 10 schools, all have over double the average. Harvard had more than 1000 students in its graduating class of 2024.
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As class size is weighed in conjunction with other program factors, here are three areas of impact to consider:
- Networking
Networking is king in business school. Someone who sits next to you in class or introduces themselves at a happy hour event could soon be a business partner, spouse, or lifelong friend. Networking can also notoriously make or break your job search.
There’s no question that larger cohorts, especially at top business schools, provide a greater opportunity to meet more people. Not only are there simply more students but there is more infrastructure built it to host networking events and other social gatherings. At the same time, smaller cohorts can provide more intimate settings that allow for relationships to be fostered.
Outside of the classroom, clubs and other engagement opportunities are perfect opportunities to meet new people. Again, larger cohorts mean there will not only be more clubs but also more people in each club. HBS, for example, has nearly 100 clubs, such as ones focused on AI, Bitcoin & crypto, and wine & cuisine. Small schools, on the other hand, may have more focused clubs—which can lead to greater bonding experiences.
Cohort size also impacts the size of MBA alumni networks for students to call upon during and after their time as a students. Based on class sizes and the number of Fortune 1000 c-suite executives who are program alumni, Fortune deemed Harvard, the University of Pennsylvania (Wharton), and the University of Chicago as having the best MBA alumni networks. Dartmouth’s Tuck School of Business, which has smaller class sizes, self-proclaims itself to have the “world’s best alumni network” due to its sizable donation participation rate.
Above all, even if a student does not attend a top school does not mean there are no networking opportunities. Every business school has thousands of alumni who are successful in various fields. It comes down to being able to find the right ones who are willing to give back to the younger generation.
- Resource availability
A larger program means student resources like career support and mental health services have more students to work with. Prospective students should research the scale of student support services specifically catered to business school students and whether they are accurately funded to meet students’ needs. Programs may have unique opportunities for you to get help with resume curation, interview practice, and skills development.
- Job opportunities
In terms of jobs, cohort size can be a double-edged sword.
Bigger programs tend to have more world-renowned prestige, meaning your degree and its significance will carry its intended weight. This can help individuals land jobs since employers will know the level of skills you will bring to the table.
Larger programs also mean there are more students with the same degree potentially applying for the same roles—in addition to those who may be applying from other programs. Therefore, it becomes even more imperative for job-seekers to distinguish their application with unique experiences and goals.
The takeaway: class sizes are important but not the end-all-be-all
When it comes to class size, the verdict is that it all depends on your personal preference. If you enjoy being among a large number of intelligent, but competitive, classmates, then a big school has many advantages, especially when it comes to networking and prestige. On the other hand, if you would prefer getting to know a larger percentage of your classmates and building deep connections, then a smaller MBA program could be beneficial.
It’s also important to take all data with a grain of salt and understand that each school has its own set of circumstances. For instance, while HBS has the greatest number of students in its full-time MBA cohort, it is unique because it only has a traditional, full-time MBA program. Other top institutions have students spread across online, part-time, or executive MBA formats who you may have the opportunity to meet.
“The best fit depends on a candidate’s priorities—whether they thrive in big, dynamic environments or prefer closer-knit communities. Reflecting on personal learning preferences and connection-building styles is key to making the right choice,” advises Shaifali Aggarwal, founder and CEO of Ivy Groupe—an admissions consulting firm.
Frequently asked questions
What is the average MBA class size?
The average graduating class size of a full-time MBA program is about 145 students but that can differ depending on the school. Harvard Business School graduates close to 1000 students each year. University of Florida (Warrington) only has about 40 students.
How many classes is a typical MBA?
A typical MBA consists of about 20 different courses, though each program has varying credit requirements.
How big is Harvard MBA class size?
Harvard’s graduating MBA class of 2023 had 991 students. The class of 2024 had 1010 students. The class of 2026, which began courses this year, consists of 930 students.
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