Making a difference and making decent pay your first year out of business school need not be mutually exclusive. While many graduating MBAs who accept jobs with nonprofits do so at a relatively lower starting salary than, say, their peers in financial services, Harvard Business School (HBS) offers an attractive incentive for those wishing to serve the public.
As Bloomberg Businessweek reports, of the more than 900 graduating members of HBS’s Class of 2013, 19 will enter the public/nonprofit sector as part of the Leadership Fellows Program—which awards a one-year $50,000 grant to supplement a $45,000 salary from participating organizations. The program has reportedly placed 106 students with 47 organizations since its inception in 2001. At the end of their first year, more than 90% of MBAs in the program should receive offers for permanent positions with such organizations as the U.S. Education Department, the Consumer Financial Protection Bureau, Teach for America, the Environmental Defense Fund and the Lincoln Center for the Performing Arts. So, if you are considering working in the nonprofit sector, you may just be able to “have your cake and eat it, too.”