Where we are going next (Veterans of HBS Class of 2011)

We didn't know each other when we started, but we moved forward with confidence and we quickly bonded. What was true for our general class was even more true for the veterans of the HBS Class of 2011.

Despite drastically different backgrounds; from Naval intelligence to Marine infantry, those of us from different corners of the military quickly united as we attempted to navigate through what to many of us was some of the most unknown terrain we had ever faced.

The uncertainty did not preclude success however, and our small group of veterans claimed two Baker Scholar Awards (awarded to top 5% of HBS) and several awards of Distinction, including one of the handful of Dean's Awards given to students who demonstrate exceptional leadership and contribution to the school while on campus. In short, the veteran community did not only do well, it thrived.

For those of you curious where the Class of 2011 veterans are heading, I've compiled the following data for you:


Industry/Function: The most popular destination is consulting, a favorite blogging topic of mine. Of those going to consulting, 4 are going to McKinsey, 2 to Bain, 1 to BCG, and 1 to Deloitte. There are also 8 going into finance, with 5 going into investment banking, 2 into investment management, and 1 directly into private equity. General Management, Bus/Corp Dev round out most of the others, while a few are breaking ground into their own niches in real estate and startups. One AFAA member is receiving $6m from a VC to start his own materials science company. Others are seeking similar funding to start other business, though the vast majority chose to pursue a traditional post-MBA position. In general, I think it's fair to say nearly everybody got exactly the industry and function they sought. See my previous post on "So What Does Business Mean Anyway?" for a beginner's guide to the recruitment process.

Geography: While the industry/function is not completely out of alignment with the general HBS class, the geography is noticeably different. Across all of HBS, New York City is by far the most common destination for US citizens, while London tends to be the most common destination for international students, or at least it certainly appears that way. That is largely because those cities are the financials hubs for their respective continents, and more HBS students enter finance after business school than do their veteran counterparts. Our #1 location, Washington DC, is not too much of a surprise, considering the natural draw to political and government interest by those who served. San Francisco was a popular destination in general this year due to internet/tech jobs, and the military pool was no exception from the trend. Also in general, a lot more military end up in Southern cities such as Atlanta, Houston, and Dallas.

General Notes: It should be noted that those are are still in the "TBD" category are there by choice. One veteran turned down a position that would most likely pay over $300k/year and is seeking entrepreneurial ventures instead. In broader terms, I don't know anybody in my class who tried but did not receive a top job offer. However, given the wide array of options and tensions associated with all of them, it doesn't mean that students did not have plenty of anxiety about recruiting and which job would be their first civilian position.

Salary: I don't have official numbers, but I'll make approximations. I only do so not because it is something to boast about, but because I still hear from so many military veterans who are concerned about the financial implications of not having income for two years and question whether they can afford to go to business school. For one thing, the Post 9/11 GI Bill makes a huge dent in school costs, and second of all, a school like HBS simply pays for itself. The average total annual compensation (signing bonus, salary, annual bonus, etc.) the first year for my veteran peers is around $175k-$200k/year, and of course, it only goes up from there. That said, don't let the numbers fool you. For many, the job hours are brutal, the work only marginally fulfilling, and for quite a few us who previously led under the greatest of stakes, many would rather be at the point of the spear one last time. That said, nearly everyone is excited about what the future holds, how our careers will unfold, and we are unbelievably grateful for the opportunities that HBS has given us.