In today’s highly-competitive job market, acquiring an advanced degree is an excellent way to be ahead of your competitors. From technology to consumer products to start-ups, an MBA graduate is a valuable asset in any industry.
Home to the highest number of top-ranked universities and a global leader in STEM courses, USA is one of the best places to pursue an MBA. It has the largest economy in the world, and is considered as the hub for MBA programs and capitalism. The MBA colleges in USA offer fresh perspectives on global businesses and broaden your cultural horizon along with your international business career prospects.
In this blog, we dwell at length about MBA in USA covering the best colleges, popular specialisations, requirements, cost of MBA in USA, admission process, and much more.
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Why Study MBA in USA?
For many professionals, an MBA is the next logical step to advancing their careers. The benefits of an MBA are applicable regardless of the industry you choose. However, keeping in mind the commitment and expense involved, some individuals might rethink the idea of pursuing an MBA in US. If you aspire to work in a managerial capacity, with financial institutions, or who have entrepreneurial aspirations, MBA from the top colleges in USA is the best choice.
Here we have listed some benefits of studying MBA in US:
- MBA USA Ranking: Out of 280 business schools featured in the QS Global MBA Ranking list 2022, 113 are from USA, with Stanford Graduate School of Business occupying the number one position. Such recognition speaks volumes about the quality of B schools in US.
- Professional Awareness: MBA students come in close contact with other students from around 153 countries, having varied work experiences and perspectives on the global economy. They also grow under the guidance of top-notch professors who help expand their knowledge of other industries in the US and abroad.
- Enhanced Earning Potential: MBA graduates in USA can expect a median annual base salary of $150,000 and earn nearly $3 million over the course of 20 years, meaning the ROI as compared to the MBA fees in USA is high. They are offered job opportunities in companies like Apple, the Bill & Melinda Gates Foundation, DuPont, IBM, General Mills, Morgan Stanley, and more.
- Varied Specialisations: MBA colleges in USA offer around 19 MBA specialisations, including Finance, Marketing, Entrepreneurship & Innovation, Human Resource Management, General Management, Health Care Management, and Organisational Effectiveness. The variety of subjects is a major attraction for MBA in USA.
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Types of MBA in USA
Apart from the traditional MBA that is of 2-year duration, MBA colleges in US offer different types on MBAs that you can choose from depending on your need, convenience and affordability. MBA in US can be divided into 5 categories. Let us have a detailed look at each of them:
- Full-time MBA: It is for the students who are willing to leave their job and dedicate their full time to the weekday classes and studying.
- Part-time MBA: It is for those who wish to enhance their career by acquiring managerial skills while still being employed. It is also known as the Evening or Weekend MBA program as the classes are held during the weekends. Alsp, the part-time MBA fees in USA is less, as compared to the full-time MBA cost in USA.
- Executive MBA: It is designed for experienced and working executives, managers, entrepreneurs, and other business leaders.
- Global MBA: It aims at providing international business experience to its students. The classes are conducted in different classroom environments, at times different countries and cultures too.
- Dual MBA: It involves adding another Masters degree to the MBA course.
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Top MBA Colleges in USA
The USA has some of the best MBA universities in the world that are highly ranked and accredited. Many of them also offer STEM MBA in USA through their well-designed courses and curriculum. Apart from enhancing business management skills, STEM MBA in USA also focuses on technical, business and leadership skills.
The list of top 10 MBA colleges in USA is mentioned below:
|
University |
Business School |
QS Global MBA Ranking 2022 |
|
Stanford Graduate School of Business |
1 |
|
|
Harvard Business School |
2 |
|
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Wharton Business School |
2 |
|
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MIT Sloan School of Management |
5 |
|
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Columbia Business School |
9 |
|
|
Haas School of Business |
11 |
|
|
UCLA Anderson School of Management |
15 |
|
|
Kellogg School of Management |
16 |
|
|
Yale School of Management |
18 |
|
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Leonard N. Stern School of Business |
19 |
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MBA Specialisations in USA
As we have already mentioned, USA has a wide range of MBA courses and specialisations. The most popular MBA specialisations amongst international students are discussed below:
Accounting
The MBA in US in accounting aims to produce cutting-edge research in both policy-making and practice. It provides students with the necessary financial knowledge and skills to exercise ethical organizational leadership and sound decision-making in an increasingly complex and interconnected world.
Popular universities to pursue MBA in accounting in USA are:
- Stanford University
- Pace University
- Fitchburg State University
Finance
MBA in finance is one of the most sough-after MBA specialisations in USA. The comprehensive curriculum here seeks to advance complex phenomena involving risk and provide students with a rich and broad program of study. It uses valuation, econometric, and empirical approaches to examine financial phenomena and policy issues.
Popular universities to pursue MBA in finance in USA are:
- Stanford University
- New York University
- Cornell University
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Information Systems
MBA in information systems is all about understanding the impact and implications of information and technology on business strategy, organizational efficiency, and public policy. This program aims to make the world better using tools from data analysis, computer science, economics, philosophy, machine learning, and organizational behaviour.
Popular universities to pursue MBA in information systems in USA are:
Marketing
An MBA in marketing at the top MBA colleges in USA focuses on insights and methods from psychology, anthropology, economics, and computer science to understand how market factors and social context influence customer perceptions, decisions, and actions, and drive marketing programs and plans.
Popular universities to pursue MBA in marketing in USA are:
Business Analytics
An MBA in Business Analytics specializes in the systematic analysis of data to reach valid conclusions and decisions. The data here is generated through business operations or statistical sources to evaluate efficiency, cost, and results. Pursuing this specialization enhances your leadership, technical and analytical skills.
Popular universities to pursue MBA in business analytics in USA are:
- University of Arizona
- Pace University
- Gannon University
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Eligibility Criteria for MBA in USA
Fulfilling all eligibility criteria is a must to pursue MBA in USA for Indian students. While the exact set of MBA requirements in USA varies across universities, the basic ones remain the same. Some important eligibility for MBA in USA for Indian students are as follows:
- Undergraduate Degree
- Language Requirement
- Work Experience
- Passport and Visa
Undergraduate Degree
The first eligibility requirement to study MBA in USA is a bachelor's degree or equivalent in a relevant subject. Although different universities have set different qualifying scores based on their programs, a minimum score of 50% in undergraduate degrees is asked by most universities.
Language Requirement
The English proficiency test is mandatory for all international students to get admission to MBA in USA for Indian students. Minimum scores as per the tests for top MBA universities in US are mentioned below:
GMAT/GRE
A GMAT or GRE score is a must to get admission into the best MBA colleges in US. The average GMAT score for MBA in US ranges from 550 to 730. For GRE you must have a minimum score of 310 to 315.
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Work Experience
A minimum of 3 years of work experience is required to study MBA in US. However, some courses like Executive MBA ask for more years of work experience as a mandatory requirement. On the other hand, there are also universities in USA offering MBA in USA without work experience.
Passport and Visa
A valid passport and student visa are a must for all international students to study any course at any university in USA. Do keep in mind to apply for your visa at least 3 months prior to the expected date of travel.
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Documents Required for MBA in USA
There are a number of documents that you need to produce to prove your MBA in USA eligibility. Some of the common document requirements for MBA colleges in USA are mentioned below:
- Transcripts of all educational qualifications
- CV or Resume
- LOR or Letter of Recommendation
- SOP or Statement of Purpose
- Scorecards of IELTS/ TOEFL/ GMAT/ GRE
- Work experience certificate (if applicable)
- Proof of funds
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Now that we covered MBA in USA eligibility, let us move on to the process of applying for an MBA in USA.
How to Apply for MBA in US?
You may complete your application process for MBA in US by following the steps mentioned below:
- Finalize the MBA course that you want to pursue and check for the best university offering that course.
- Visit the official university website and collect all data relating to eligibility and the admission process.
- Upload scanned copies of all the required documents (transcripts, CV, IELTS/TOEFL, GMAT/GRE scorecards)
- Fill the desired application form and pay the fee.
- Go through an interview with the respective university directors. This is a great opportunity to display your soft skills and presence of mind.
- Once you receive the conditional offer letter after clearing your interview, you may book your seat at the particular university.
- Pay your deposit by agreeing to the terms and conditions of the university. The deposit here is non-refundable.
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MBA in USA Without GMAT and Work Experience
Amongst the basic requirements GMAT is one of the most important exams for MBA in USA. As it has been mentioned, the GMAT score for the top MBA courses in USA ranges from 550 to 730. But do you know, there are colleges where you can study MBA in USA without GMAT? The same applies for work experience too, as there are many colleges offering an MBA in USA without work experience. But the question that arises here is: How?
Whether you wish to omit GMAT or work experience, the best way to crack the college of your dreams is to strengthen the other requirements. For instance, for MBA in USA without work experience, you may aim for a high score in your GMAT or GRE, or perform exceptionally well in your undergraduate studies. A well-crafted Statement of Purpose or Letter of Recommendation will also enhance your chances of getting admission to the best MBA colleges in USA.
List of colleges for MBA in USA without GMAT are:
- Florida International University
- University of North Carolina at Chapel Hill
- New York Institute of Technology
List of colleges for MBA in USA without work experience are:
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MBA in USA: Cost of Studying
MBA colleges in USA require considerable financial investment. But the benefits that an MBA in US yields for your career is worth every penny. The overall cost of studying MBA in USA comes under two categories: the USA MBA fees for Indian students and living cost of MBA in USA.
Tuition Fees
The average US MBA fees from the top universities range from $50,000 to $100,000 per year. Therefore, MBA in USA for Indian students average fees is around 3,816,292 INR to 7,618,500 INR per year. The MBA fees vary in accordance with the university, program and specialization you choose. Hence, check the official university websites to get the exact information.
The average tuitions fees for various MBA programs at the top 5 business schools in USA is mentioned below:
|
Business Schools |
Average Annual Tuition Fees |
|
Standford Graduate School of Business |
$76,950/ 63,00,000 INR |
|
Harvard Business School |
$73,440/ 60,00,000 INR |
|
Wharton Business School |
$83,830/ 68,00,000 INR |
|
MIT Sloan School of Management |
$90,000/ 73,00,000 INR |
|
Columbia Business School |
$90,000/ 73,00,000 INR |
Cost of Living
Your lifestyle determines the cost of living in USA as an international student. On average, the inclusive (accommodation, food, stationery, entertainment, miscellaneous) cost is around $10,000 to $20,000 per year.
A detailed cost of living for MBA in USA for Indian students as well as other international students is mentioned below:
|
Particular |
Average Cost Per Year |
|
Apartment housing including utilities |
$17,200/ 14,00,000 INR |
|
Food |
$6,500/ 5,32,000 INR |
|
Dormitory housing |
$7,588 - $11,914/ 8,00,000 INR |
|
Food for dormitory residents |
$2,487/ 2,00,000 INR |
|
Books and supplies |
$900/ 80,000 INR |
|
Miscellaneous |
$6,700/ 5,48,000 INR |
MBA in USA: Scholarships for International Students
There are many ways to fund your MBA US like federal student aid, state student aid, student loans, saving plans, scholarships, etc. To talk of scholarships to study MBA in US, there are plenty of them, offered by schools, employers, individuals, private companies, communities, religious groups, and organizations(social and professional). They are mostly merit-based, need-based or diversity-oriented.
Some popular scholarships for MBA in US are discussed below:
|
Scholarship Name |
About/ Awarded to |
|
Social Impact Scholarship |
Meritorious financially backward students at Boston University Questrom School of Business who seek to use core business management skills to address society’s most challenging humanitarian and social problems. Amount/ Benefit: $10,000 to full tuition fees |
|
J. N. Tata Endowment Awards |
One-time loan scholarship to Indians studying in US offered at the beginning of an academic year for full-time postgraduate /PhD/ postdoctoral/ research fellowships studies, in all fields. Amount/Benefit: $1,300 - $13,150 |
|
Wharton Academic Excellence Scholarship |
Domestic and international students who achieve the highest academic performance (GPA) during their second and third semester of the MBA program at Wharton Business School. Amount/Benefit: $10,000 |
|
Dr. Bruce I. Jacobs Scholars in Quantitative Finance |
Second year MBA students with high GPA majoring in Quantitative Finance at Wharton Business School. He/she must complete a total of 9 credits in the first year of their MBA. Amount/ Benefit: $25,000 |
|
The International Peace Scholarship |
Female international students looking to study any course including MBA at UCLA Anderson School of Management. It is a merit-based scholarship. Amount/ Benefit: $10,000 |
|
Dean’s Scholarship |
Candidates with outstanding professional, academic, and personal qualities pursuing an MBA from Boston University Questrom School of Business. Both domestic and international candidates will be considered for this scholarship. Amount/ Benefit: $10,000 to full tuition fees |
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MBA Jobs and Salary in USA
MBA in US offers wide range of courses and specializations that are up-to-date with the current trends in business, management and technology. After completing your MBA USA, you will be capable enough to take up responsible and high-paying jobs in different sectors. Keeping in mind the worldwide reputation of MBA colleges in USA, the graduates are highly sought after by top companies like:
- Apple
- Microsoft
- HCL
- Amazon
- Deloitte
Some of the top jobs after MBA in US and their salaries are mentioned below:
|
Job Title |
Average Annual Salary |
|
IT Manager |
$57,000 - $92,000 |
|
Senior Financial Analyst |
$67,000 - $125,000 |
|
Financial Analyst |
$51,000 - $88,000 |
|
Business and Data Analyst |
$40,000 - $90,000 |
|
Human Resources Specialist |
$40,000 - $75,000 |
|
Systems Administrator |
$46,000 - $92,000 |
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An MBA in US equips students with the skills in marketing, finance and entrepreneurship. It prepares students for responsible positions in a rapidly changing world. If you are aspiring to study MBA abroad, the business schools in USA is indeed the perfect choice. For any guidance in reaching the best US MBA college of your dreams get in touch with our counselors at Yocket now!
Frequently Asked Question about MBA in US
Ques. What is the MBA duration in USA?
Ans. The general MBA duration in USA is 2 years. But there are also some MBA programs that are covered in a duration of 1 year.
Ques. What is the eligibility for MBA in USA for Indian students?
Ans. The basic MBA requirements in USA include:
- Undergraduate degree
- IELTS, TOEFL, PTE scorecards
- GMAT or GRE scorecards
- Work Experience
- Passport and student visa
Ques. What are the MBA specializations in USA?
Ans. Apart from the ones that we discussed above, other MBA specializations in USA include:
- Healthcare Management
- General Management
- Human Resources
- Project Management
- International Business
Ques. How is the MBA USA ranking?
Ans. 113 business schools in USA are ranked in the QS World University Ranking list 2022. The MBA universities in USA are highly ranked, recognized and ranked all over the world.
Ques. What are the top MBA colleges in USA?
Ans. The top universities for MBA in USA are: