Harvard Business School released its Class of 2027 profile showing a modest decline in applications to 9,409 from last year’s 9,856, yet admissions remained highly selective with an estimated acceptance rate around 9.6% and an enrolled class of 943 students. HBS officials characterized the change as a stabilization after a pandemic‑era trough and a sharp rebound the prior year. The profile reinforces the persistent competitiveness of top MBA programs even amid broader shocks to graduate‑business applications and labor‑market shifts. Admissions leaders say the school’s recruitment continues to favor applicants demonstrating leadership clarity and sector focus; trustees and career‑services teams should note that yields and employment pipelines remain key metrics that underpin long‑term program reputation and revenue.