Impact investing has grown into a $1 trillion-plus global industry, by some estimates, within two decades. But where does the industry get its talent?
Harvard Business School Professor Shawn A. Cole set out to reverse-engineer the paths of elite MBA graduates working in impact investing. He found that there’s no single route to this field, but many roads go through traditional asset management firms, private equity, and Washington, DC.
Using data from 40,000 job boards and networking sites, Cole and colleagues from the Project on Impact Investing at HBS tracked the professional trajectories of almost 350,000 MBAs. They focused on graduates from the top 25 US business schools ranked by US News and World Report in 2024, narrowing the pool to 832 working in impact investing.
At a time of environmental deregulation, Cole’s research suggests that impact investing opportunities continue to appeal to early MBA graduates. However, retaining this talent may be a challenge: they tend to move on after early experiences in the field.
Cole documents the findings in the May 2025 working paper “Who Ends Up at Jobs in Impact Investing?”, offering insights for both aspiring impact investors and managers seeking to attract talent. The authors highlight that MBA holders have many paths to impact investing beyond consulting and finance.
Cole, the John G. McLean Professor of Business Administration, coauthored the paper with Jonah Zahnd, manager of the Project on Impact Investing, and Marcus Sander, a research assistant.
