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Among those graduates who are employed full-time, men are more likely to have direct reports, to hold profit-and-loss responsibility, and to be in senior management positions.

Setting aside those measures of success, since not everyone aspires to them, we found that women are less satisfied with their careers.

In the early 1990s Mike Cook, then the CEO of Deloitte & Touche, thought this was why only 10% of partner candidates in his firm were women, even though Deloitte had been hiring equal numbers of men and women for the preceding 10 years.

But when Cook convened a task force to look behind the numbers, he learned that more than 70% of the women who had left the firm were still employed full-time one year later.

Fewer than 10% were out of the workforce to care for young children.

The vast majority of female employees who left Deloitte did not jettison (or even pause in) their careers; they simply went to jobs elsewhere.

A deeper analysis revealed that some prevailing beliefs about why women’s progress has stalled are unsupported.

Yet their ability to realize them has played out very differently according to gender.

We surveyed more than 25,000 HBS graduates altogether; in this article we focus on MBAs, by far the largest proportion.

Because we are primarily interested in the experiences of those who are still in the workplace, we report on Baby Boomers (ages 49–67), Generation X (ages 32–48), and Millennials (ages 26–31), also known as Generation Y.

When reflecting on how they define success today, both men and women cited career-related factors less often—unless they were Millennials, who mentioned those factors with about the same frequency across time.

(This is unsurprising, given that only a few years have elapsed since they graduated, and most of their working lives are still ahead of them.) Today, however, family happiness, relationships, and balancing life and work, along with community service and helping others, are much more on the minds of Generation X and Baby Boomers. A woman in her forties, who left HBS about 20 years ago, told us: “For me, at age 25, success was defined by career success.




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