The USA is one of the most sought-after destinations for studying abroad! MBAs are super popular right now, especially among international students. As per the Open Doors Report on international students, 26% of all international students in the USA pursue a degree in MBA!
The USA is one of the best places to pursue an MBA. It is home to the highest number of top-ranked universities and a global leader in STEM courses. It has the largest economy in the world and is considered as the hub for MBA programs and capitalism. As per the U.S. Commerce Department’s Bureau of Economic Analysis (BEA), the economy added 2.7 million jobs in 2023. The MBA colleges in the USA offer fresh perspectives on global businesses and broaden your cultural horizon along with your international business career prospects.
Just like in India, an MBA in the US takes 2 years and prepares you for management and executive roles. You might be surprised to learn that you can also pursue an MBA in just 12-18 months! But be warned: it’s also one of the most expensive degrees you can get, with tuition fees ranging from INR 50 lakhs to INR 1 crore for top universities.
If the cost is making you sweat, don’t worry; the investment is worth it! Scholarships are available to help you ease the financial burden. Scholarships are out there; you just have to find them. And that’s where Yocket Premium comes in. Yocket Premium gives you dedicated, unbiased counselling at every step of your study abroad journey. With our experienced team by your side, finding the best universities for an MBA and getting scholarships becomes easy. Reach out to Yocket experts today!
Know About STEM MBA in the USA
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 the US. If you aspire to work in a managerial capacity, with financial institutions, or have entrepreneurial aspirations, an MBA from the top colleges in the USA is the best choice.
Here we have listed some benefits of studying MBA in the US:
- MBA USA Ranking: Out of 280 business schools featured in the QS Global MBA Ranking list 2024, 113 are from the USA, with Stanford Graduate School of Business occupying the number one position. Such recognition speaks volumes about the quality of B schools in the 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 the USA can expect a median annual base salary of $150,000 (INR 1,25,07,030) and earn nearly $3 million (INR 25,01,40,750) over 20 years, meaning the ROI as compared to the MBA fees in the USA is high. They 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 the USA offer around 19 MBA specializations, 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 an MBA in the USA.
Types of MBA in USA
Apart from the traditional MBA that is of 2-year duration, MBA colleges in the US offer different types of MBAs that you can choose depending on your need, convenience, and affordability. MBA in the 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: This 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. Also, the part-time MBA fees in the USA are less, as compared to the full-time MBA cost in the 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.
: Cheapest MBA Colleges in USA
Top MBA Colleges in the 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 MBAs in the USA through their well-designed courses and curriculum. Apart from enhancing business management skills, STEM MBA in the USA also focuses on technical, business, and leadership skills.
The list of the top 10 MBA colleges in the USA is mentioned below:
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Business School in the USA |
QS Global MBA Ranking 2024 |
|---|---|
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1 |
|
|
2 |
|
|
3 |
|
|
6 |
|
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7 |
|
|
12 |
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13 |
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14 |
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15 |
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16 |
: All About Executive MBA in USA
Let us look at the top 5 universities for MBA in the USA in detail.
1. Stanford Graduate School of Business
It was established in 1925 to provide high-quality, value-driven management education. It has established an international name through its innovative programs. It provides a one-year Stanford Sloan Master's Program for executives in mid-career, a two-year MBA Program aimed at preparing business leaders, and a Ph.D. Program for aspiring scholars, Executive Education programs for seasoned managers, and Faculty research initiatives.
|
QS MBA Ranking 2024 |
1 |
|
5 |
|
|
Average Fees Per Year |
USD 55,200 (INR 46,02,590) |
|
Popular Programs |
|
2. Wharton Business School
Established in 1881, the University of Pennsylvania - Wharton Business School was the world's first undergraduate business school. With over 5000 undergraduate, MBA, Executive MBA, and PhD students, it is home to ten academic departments and twenty research centres.
|
QS MBA Ranking 2024 |
2 |
|
12 |
|
|
Average Fees Per Year |
USD 47,668 (INR 39,74,570) |
|
Popular Programs |
|
3. Harvard Business School
Harvard Business School is an ambition of every student who wants to get an MBA in the United States. The school provides numerous executive education programs, a full-time MBA program, and doctorate programs. It is frequently listed as one of the top business schools in the world and the US. It provides more than 80 executive education programs, eight full-time doctorate programs, and a two-year residential MBA program.
|
QS MBA Ranking 2024 |
3 |
|
4 |
|
|
Average Fees Per Year |
USD 76,410 (INR 63,71,080) |
|
Popular Programs |
|
4. MIT Sloan School of Management
The Massachusetts Institute of Technology (MIT) was founded in 1914 with the goal of providing engineers with business training. Top students from more than 60 countries can choose from a variety of cutting-edge research opportunities and management courses at the MIT Sloan School of Management. Here, academic staff and students collaborate with business or nonprofit partners to find solutions to real-world problems.
|
QS MBA Ranking 2024 |
6 |
|
1 |
|
|
Average Fees Per Year |
USD 82,000 (INR 68,37,180) |
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Popular Programs |
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5. Columbia Business School
Columbia Business School was established in 1916 to give graduate and undergraduate students professional preparation and business training. It's one of the six Ivy League business schools and among the best business schools. It offers Ph.D., MBA, and Executive MBA programs in addition to its non-degree Executive Education programs, which give corporate managers and executives a competitive advantage.
|
QS MBA Ranking 2024 |
7 |
|
23 |
|
|
Average Fees Per Year |
USD 84,496 (INR 70,45,300) |
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Popular Programs |
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MBA Specialisations in the USA
As we have already mentioned, the USA has a wide range of MBA courses and specialisations. The most popular MBA specialisations amongst international students are discussed below:
1. Accounting
The MBA in the 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 organisational leadership and sound decision-making in an increasingly complex and interconnected world.
Popular universities to pursue an MBA in accounting in the USA are:
2. Finance
MBA in finance is one of the most sought-after MBA specialisations in the 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 an MBA in finance in the USA are:
- Stanford University
- New York University
- Cornell University
3. Information Systems
MBA in information systems is all about understanding the impact and implications of information and technology on business strategy, organisational efficiency, and public policy. This program aims to make the world better using tools from data analysis, computer science, economics, philosophy, machine learning, and organisational behaviour.
Popular universities to pursue an MBA in information systems in the USA are:
4. Marketing
An MBA in marketing at the top MBA colleges in the 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 an MBA in marketing in the USA are:
5. Business Analytics
An MBA in Business Analytics specialises 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 specialisation enhances your leadership, technical, and analytical skills.
Popular universities to pursue an MBA in business analytics in the USA are:
- The University of Arizona
- Pace University
- Gannon University
MBA in Healthcare Management in the USA
Eligibility & Admission Criteria for MBA in USA
Fulfilling all eligibility criteria is a must to pursue an MBA in the USA for Indian students. While the exact set of MBA requirements in the USA varies across universities, the basic ones remain the same. Some important eligibility for MBA in the USA for Indian students are as follows:
1. Undergraduate Degree
The first eligibility requirement to study an MBA in the 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.
2. Language Requirement
The English proficiency test is mandatory for all international students to get admission to an MBA in the USA for Indian students. Minimum scores as per the tests for top MBA universities in the US are mentioned below:
3. GMAT/GRE
A GMAT or GRE score is a must to get admission into the best MBA colleges in the US. The average GMAT score for MBA in the US ranges from 550 to 730. For GRE you must have a minimum score of 310 to 315.
4. Work Experience
A minimum of 3 years of work experience is required to study MBA in the 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 the USA offering an MBA in the USA without work experience.
5. Passport and Visa
A valid passport and student visa are a must for all international students to study any course at any university in the USA. Do keep in mind to apply for your visa at least 3 months before the expected date of travel.
6. 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.
7. 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.
Suggested: MBA in USA Without GMAT
Documents Required for MBA in USA
There are several documents that you need to produce to prove your MBA in USA eligibility. Some of the common document requirements for MBA colleges in the 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
How to Write an SOP for an MBA in the USA?
Now that we covered MBA in USA eligibility, let us move on to the process of applying for an MBA in the USA.
How to Apply for MBA in USA?
You may complete your application process for an MBA in the 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 out 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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Know More About Studying MBA Abroad |
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Cost of Studying MBA in the USA
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 for MBA in USA
The average MBA fees from the top universities in the USA range from $50,000 to $100,000 per year. Therefore, the fees for MBA in USA for Indian students comes around INR 38 Lakhs to 76 Lakhs per year.
The MBA fees vary by the university, program, and specialization you choose. Hence, check the official university websites to get the exact information.
Here are the average tuition fees for the top 5 business schools in the USA:
|
Business Schools |
Average Annual Tuition Fees |
|---|---|
|
Standford Graduate School of Business |
USD 55,200 (INR 46,02,590) |
|
Harvard Business School |
USD 76,410 (INR 63,71,080) |
|
Wharton Business School |
USD 47,668 (INR 39,74,570) |
|
MIT Sloan School of Management |
USD 82,000 (INR 68,37,180) |
|
Columbia Business School |
USD 84,496 (INR 70,45,300) |
Cost of Living in USA
Your lifestyle determines the cost of living in the USA as an international student. On average, the inclusive (accommodation, food, stationery, entertainment, miscellaneous) cost is around $10,000 (INR 8,33,800) to $20,000 (INR 16,67,600) per year.
A detailed cost of living for an MBA in the USA for Indian students as well as other international students is mentioned below:
|
Particular |
Average Cost Per Year |
|---|---|
|
Apartment housing including utilities |
$17,200/ INR 14,00,000 |
|
Food |
$6,500/ INR 5,32,000 |
|
Dormitory housing |
$7,588 - $11,914/ INR 632690-INR 8,00,000 |
|
Food for dormitory residents |
$2,487/ INR 2,00,000 |
|
Books and supplies |
$900/ INR 80,000 |
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Miscellaneous |
$6,700/ INR 5,48,000 |
MBA in USA Without GMAT & Work Experience
Amongst the basic requirements, the GMAT is one of the most important exams for an MBA in the USA. As it has been mentioned, the GMAT score for the top MBA courses in the USA ranges from 550 to 730. But do you know, that there are colleges where you can study MBA in the USA without a GMAT? The same applies to work experience too, as many colleges are offering an MBA in the 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 an MBA in the USA without work experience, you may aim for a high score on 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 the USA.
A list of colleges for MBA in the USA without GMAT are:
- Florida International University
- University of North Carolina at Chapel Hill
- New York Institute of Technology
A list of colleges for MBA in the USA without work experience are:
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Confused if you’ll score your dream university? Know how well you stand a chance with Yocket’s College Finder Tool! |
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 the 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 the 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 (INR 8,33,800) to full tuition fees |
|
J. N. Tata Endowment Awards |
One-time loan scholarship to Indians studying in the 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 (INR 1,08,400-INR 10,96,450) |
|
Wharton Academic Excellence Scholarship |
Domestic and international students who achieve the highest academic performance (GPA) during their second and third semesters of the MBA program at Wharton Business School. Amount/Benefit: $10,000 (INR 8,33,800) |
|
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 (INR 20,84,510) |
|
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 (INR 8,33,800) |
|
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 (INR 8,33,800) to full tuition fees |
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Job Scope and Salary After MBA in USA
MBA in the US offers a wide range of courses and specializations that are up-to-date with the current trends in business, management, and technology. After completing your MBA in the 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 the USA, the graduates are highly sought after by top companies like:
- Apple
- Microsoft
- HCL
- Amazon
- Deloitte
Some of the top jobs after an MBA in the US and their salaries are mentioned below:
|
Job Title |
Average Annual Salary |
|---|---|
|
IT Manager |
$57,000 - $92,000 (INR 47,52,670-INR 76,70,980) |
|
Senior Financial Analyst |
$67,000 - $125,000 (INR 55,86,470-INR 1,04,22,530) |
|
Financial Analyst |
$51,000 - $88,000 (INR 42,52,390-INR 73,37,460) |
|
Business and Data Analyst |
$40,000 - $90,000 (INR 33,35,210-INR 75,04,220) |
|
Human Resources Specialist |
$40,000 - $75,000 (INR 33,35,210-INR 62,53,520) |
|
Systems Administrator |
$46,000 - $92,000 (INR 38,35,490-INR 76,70,980) |
Jobs and Salaries after MBA in the USA
An MBA in the US equips students with 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 the USA are 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!
From the Desk of Yocket
MBA is one of the most popular courses pursued by international students. Over the years, the USA has been a prominent choice for many reasons that we discussed above. Out of 250,389 students studying for an MBA worldwide during the 2020-2021 academic year, 155,996 are at U.S. business schools. Now, even though you are fully informed about the MBA in the USA, its eligibility criteria, and the costs involved, juggling everything alone might get overwhelming.
Wondering which affordable universities in the USA best suit your academic requirements? Reach out to our Yocket professionals and resolve all your queries, alongside receiving a thorough profile evaluation and end-to-end assistance on everything studying abroad. Book A 15-minute Consultation Call Today!