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The survey addressed most of the obvious questions any applicant would want to know, including what contribution did a Harvard degree make toward a successful life, how much money does an HBS graduate make 25 years after graduation, and how much personal wealth can a Harvard MBA accumulate in a quarter of a century. The answers are all here as well and they are eye-opening.

MEDIAN NET INCOME: $350,000   MEDIAN NET WORTH: $6 MILLION

For a group that has lived through three recessions, including the worst since the Great Depression, the Class of 1986 is doing pretty well, thank you. The median annual income of a ‘86er last year was $350,000. Slightly more than one in four class members reported annual income of $1 million or more, while 8% of the class said they earned more than $5 million last year.

The median personal net worth for the class was a heady $6 million. But that number only tells a small part of the story. Some 19% of the class reported net worth between $20 million and $100 million. About 4% of the class said their personal net worth exceeded $100 million.

As for other material toys:

• Nearly one in eight (77%) owned a second car.
• Four in ten (42%) owned a vacation home.
• One in four (25%) owned a boat.
• One in ten (10%) owned a full or fractional share of a private airplane.

What about the hard luck cases? About 8% said their personal net worth was below $1 million, with 3% in the under $400,000 bracket. Some 5% said they were making $100,000 or less last year. Asked if the post-2008 recession caused them to “consciously economize or otherwise had a tangible impact on your lifestyle,” only 18% of the class said “yes, meaningfully.” Some 41% answered “yes, somewhat,” while the 40% said “no.”

36% FOUNDED A COMPANY THAT EMPLOYED 25 OR MORE PEOPLE

Very few members of the class are traveling on the rocky ground, to paraphrase a recent Bruce Springsteen song. About 36% of the class founded a company that eventually employed 25 or more people, and an extraordinary 14% have been climbed into the C-suite at a Fortune 1000 company with the title of chief executive, chief financial officer, or another C-position.

How did their lives, 25 years later, match up with their expectations of what would happen? When asked how similar or different has life been from what you expected, only 17% said it was pretty much what they expected. Some 24% said it was “different,” 12% said “extremely different,” and nearly one in ten (9%) checked the box with the statement “What the hell just happened the last 25 years?” The largest single group of the class, 38%, said life has been “reasonably similar with a couple of curve balls.”

PERSONAL LIFE HARDER THAN EXPECTED AT GRADUATION FOR ONE IN FOUR

When asked if life had been harder or easier than expected, only one in ten (10%) of the class said their professional lives have been easier, while 16% thought their personal lives have been easier. A surprising number of Harvard alums believe their lives have been more difficult than they ever imagined. Some 38% said their personal life was harder than expected, while 30% said their professional careers have been harder. (Some 46% said their personal life has so far turned out as expected, along with 59% for their professional life.)

As for the bottom line answer to was the Harvard MBA worth the sacrifice, the class was understandably in agreement that the degree was an important ingredient in its success. Only 1% of the class–three of 271 respondents–believed their Harvard MBA was “not a particularly productive use of my time or money.” Nearly half (48%) described it as “one of the best decisions of my life.” Another 34% said it was a “very important contributor to my career.” Only 13% admitted that going to Harvard for an MBA was “a responsible move professionally but not a big impact on my overall life.” On a less serious note, 3% of the class agreed to the statement “when I meet people who went to Stanford, I am secretly envious.”

What did the class find to be the most valuable part of getting an MBA from Harvard? Some 28% of the alums said the top answer was the “ongoing professional credential” of the degree, while 22% said it was “placement in job after school” and 21% said it was mainly the “education.” About 13% believed the degree’s primary benefit was the “personal self-confidence” it bestowed. One in ten (10%) identified “classmates for social reasons” and 6% said the “network of alumni professionally.” Some 3% said it was “something to drop into cocktail party conversations.”

How much did the degree actually change their lives? Just 8% of the class believes their lives are not at all different by having a Harvard MBA. Some 46%, however, said their lives were “somewhat different,” while 40% said their lives were “materially different” as a result of the degree. Another 5% agreed with the statement “I don’t want to think of my life without HBS.”

EIGHT OF TEN CLASS MEMBERS WOULD HAVE GONE FOR AN MBA ELSEWHERE IF HBS HAD REJECTED THEM

One of the most interesting questions asked of class members was what would they have done if Harvard had turned them down for admission. Eight of ten members of the class (82%) said they would have gotten an MBA from another school. The largest percentage of ’86ers, 27%, said they still would have gone to business school but were uncertain which school they would have attended. However, about 19% said they would have gone to Stanford, 9% to Wharton, 6% each to Chicago Booth and Dartmouth Tuck, 5% to Nothwestern’s Kellogg School, and 4% to MIT Sloan. About 4% of the class said they would have continued to apply to Harvard until accepted.

Politically, the Class of 1986 is the complete opposite of the old adage “Those who are not liberals when young have no heart.  Those who are not conservatives later in life have no head.” The class reported a strong preference for Reagan in 1984 and then Obama in 2008, even compared to popular vote totals. Some 63.5% of the class backed Reagan versus a national popular vote of 58.8%, while some 64.3% backed Obama, versus a popular vote of 52.9%.

Most of the class thinks it was lucky to graduate from Harvard when it did. More than half the class believes that America is not a better place to live or work than it was when they graduated in 1986. Some 21% of the class thought the country was “significantly worse,” while 37% said it was “slightly worse.” One of four of the class, however, had a very different view. About 18% said America was “slightly better” than it was and 7% said it was “significantly better.”

ADVICE: FOLLOW YOUR PASSION, TRUST YOUR GUT, GET DIVORCED NOW!

Five common themes emerged when class members were asked what advice they would give others. The most common was expressed in such quotes as “follow your passion, “the money will work itself out,” “pursue what is most fun to you,” “do what you love” and “enjoy the ride.”

Oddly, though, the second most common theme appeared to be in conflict with the first. “Focus on making money earlier,” advised one ’86er. “Ignore that pursue your passion stuff,” said another. “Make more money,” added one ’86er. “Get promises in writing,” advised another.

A third theme evolved over the importance of picking a spouse. “Be more careful in choosing a spouse,” warned one’ 86er. “If he seems like a jerk, he’s a jerk.” Said others: “Marry someone else…a screwed up marriage screws up everything else.” And finally one obviously burned class member put it simply: “Get divorced now!”

Many members of the class wished they had taken more risks. “Trust your gut….take some career risks…be more ambitious…think big…there is never a good time” were among the comments.

And finally, many alums emphasized the value and importance of family. “Spend time with your children,” advised one. “There is nothing more rewarding than investing in your children,” said another. “Time will fly by and your children’s lives will never be repeated.”