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ESRogs comments on Competent Elites - Less Wrong
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Notes:
1) HBS's latest incoming class has a median GMAT score of 730 (http://www.hbs.edu/mba/admissi... )
2) Mensa, which is supposed to represent the top 2% of the population, accepts a GMAT score above the 95th %-ile as qualification for membership (http://www.us.mensa.org/join/t... )
3) A GMAT score of 730 is at the 96th %-ile (http://www.testmasters.net/Gma... )
Putting it all together, the median HBS student is at about the 98th %-ile in IQ. So the 'top decile' estimate is off by a factor of 5.