The MBA-to-VC pipeline remains a very real thing. But that path is a little shakier than it once was, according to PitchBook reporting and new academic research.

Harvard placed 50 of its 1,004 MBA graduates into VC roles in 2024, with a median starting salary of $177,500. Stanford placed around 30 from its smaller class. More than 10,000 Harvard, Stanford, and Wharton MBA alumni currently hold senior positions at U.S. VC firms, PitchBook data shows.

The MBA’s grip on venture capital is loosening, however, according to Stanford professor Ilya Strebulaev, who found that 44% of mid-career venture professionals held MBAs in the early 2000s, compared to 32% today.

What’s driving the change? VC has evolved beyond traditional sectors into AI and hardware, where technical experience beats business school credentials, so firms are increasingly scanning talent from companies like OpenAI and SpaceX rather than elite MBA programs. “There is less appetite for MBAs currently,” executive recruiter Will Champagne tells PitchBook.

Students haven’t gotten the memo yet; Stanford’s VC club still boasts 600 members out of the roughly 850 MBA students on campus. They’re paying a steep price, too. Nabbing an MBA at a top program can cost more than $200,000.