Harvard Business School, based in Boston, MA offers a fully funded PhD in Business Administration. Students in their PhD programs are encouraged from day one to think of this experience as their first job in business academia—a training ground for a challenging and rewarding career generating rigorous, relevant research that influences practice. All incoming students, regardless of need and background, are awarded a fellowship that includes tuition, single-person health fees, and a living stipend of $43,860. The financial aid program features guaranteed funding for up to five years. All financial aid awards are contingent upon a student’s satisfactory academic progress.