10 Best Schools for MBA in USA
For you to successfully run a business of world-class standard, you need to start with an MBA programme that would help in molding your skills to a great standard. Graduates of the top business schools in the world earn some of the highest salaries in different organizations. MBA in the US is a popular study abroad program and the country is home to some of the best business schools the world could boast of.
MBA holders earn about $87 000 per annum according to PayScale and The Financial Times predicts that the average salary for a recent graduate of a business school could be around $150 000. Both estimates are actually higher than what the average American earns in a year which is around $50 000. This is according to the estimates of the Bureau of Labor Statistics.
The U.S. News and World Report releases a comprehensive ranking of the best business schools in the U.S every year. This is to help aspiring students make their choice based on a variety of factors. These factors include but not limited to peer assessment, employment rates and starting salaries after graduation. According to the U.S News survey, the starting salary is usually in six-figures with high employment rates. These schools, in addition are extremely hard to get into.
The following are the best business schools in USA that could help you achieve your dream of become an MBA holder:
- Stanford Graduate School of Business
First on the list is the MBA program at Stanford with a two-year full-time master’s program that helps students to develop their career vision and the skills to achieve it. This would also help them to discover new ways of thinking that would enable you to overcome your challenge and become a better leader. Students are also required to complete a Global Experience Requirement where they study and work abroad for 10 days. Further to that, you will become a part of a community of leaders (alumni community) whose major focus is to reimagine the industry and impacting the world.
Tuition is $141 180 per annum for the full-time program. The percentage of international students is 43%.
- University of Chicago – Booth Business School
The Booth School of Business at the University of Chicago stands apart for its enduring pursuit of intellectual excellence and dedication to academic freedom and rigorous inquiry. The school creates a learning environment where the students are encouraged o challenge the status quo in order to gain a deeper understanding and smarter solutions to problems facing the global business. The transformative ideas impacted in the students enable them to have a basic understanding of organizations, markets, and decision making. The 21-month MBA program has 13 concentrations to choose from.
Tuition at the University of Chicago Business School is $144 000 per annum with 31 percent international students.
- Michigan Institute of Technology(MIT) – Sloan School of Management
The MIT Sloan School of Management is a 21-month program whose focus is on ‘Action Learning’, which could be interpreted that students would be taught how to develop management and leadership skills in order to help organizations solve real-life puzzles. It is also renowned for its excellence in research and thought leadership.
Tuition is $148 400 with 41 percent international students.
- University of Pennsylvania – Wharton Business School
The school is one of the world’s foremost business schools with a value as high as that of the Ivy League brand and an admission process that is so competitive. At Wharton Business School, students are taught how to manage stress, make critical decisions, and take part in teamwork. The finance program of the school has a long tradition of founders and senior executives in large industries.
In addition, the Wharton Business School at the University of Pennsylvania was the first business school in the US and currently has the largest alumni network in the country with a total membership of close to 100 000. 81% of the graduates of the school are employed within three months of their graduation.
Tuition is $162 756 per year and a 30% of international students. The MBA runs for 21months with 18 majors and a recommended summer internship program.
- Northwestern University – Kellogg Business School
At Kellogg Business School, students are equipped for development in terms of economic value as well as self-knowledge and market insight. In a complex global economy, Kellogg Business School provides the skills and tools that would enable current and future leaders to be positioned for success in the global economy. Furthermore, the school is committed to inspire leaders for growth, help them understand the market, and strengthen their collaborative skills while providing them with opportunities for development.
The program is 21 months and students of Kellogg Business School have the option to choose from the traditional full-time MBA program and a part-time MBA program whose classes take place in the evenings and on Saturdays.
Tuition fee of the school is $143 088 per year with 37 percent international students.
- Harvard University Business School
The MBA program at Harvard Business School is a two-year, full-time program designed with a focus on real-world practice. The 24-month program would enable you to discover your potential through case studies, field projects, tech simulations and introspective exercises. Some departments at the business school include accounting, e-commerce, finance, general management, economics, consulting and entrepreneurship. Students are permitted to work in a team comprising small groups where they evaluate existing organizations, and immersion trips, intense weeks of study in another country over winter breaks.
Tuition at Harvard University Business School is $146 880 per annum with 37% international students.
- Yale University Business School
All students offering MBA program at the Yale University Business School must complete the Leadership Development Program and fulfill a global studies requirement, of which one of them involves a trip overseas. Students are mandated to take electives in both years at the school. They could also get involved in several academic centers including the Center for Business and Environment and the Center for Customer Insights.
Tuition at Yale University Business School is $139 000 with 44% international students.
- Columbia University Business School
Through the full-time MBA program, the faculty teaches a ground-breaking and transformative curriculum that inspires leaders to create business opportunities in any environment they found themselves. The focal point of the school is to ensure that developing leaders and enterprise builders who create values for their organization and the global world receive an adequate education. The program comprises over 200 electives and over 4000 graduate-level courses and career-focused concentrations.
The tuition is $143 088 per year for full-time studies, with 87.40 percent of the students being employed at graduation.
- University of California, Los Angeles (UCLA) – Anderson School of Management
The UCLA Anderson School of Management is a 22-month MBA that aims at thought leadership, return on investment and employability. The program revolves around nine courses, long-term projects, and elective classes. Students are also burdened to fulfill a global requirement as part of the degree.
The tuition for the program is $130 228 with 31% of international students.
- The University of California – Haas School of Business
Haas School of Business at the University of California is a 21-month program with a curriculum designed to accommodate 12 core courses and a selection of electives. The MBA at Haas scored greatly for thought leadership, employability, and return on investment. Students are required to complete an ‘Applied Innovation’ requirement that helps in shaping their leadership skills through experiential learning and teamwork.
Tuition is $119 622 per year, with 35% international students.
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Eligibility Criteria for Pursuing an MBA in USA
Most of the schools in the USA mandate that the student must have a minimum of 16 years of education, meaning that students must complete a graduate degree before enrolling in the program. Students who have already pursued a master’s degree are also eligible to apply.
Here are the basic or general requirements for pursuing an MBA in the USA:
- A four-year bachelor degree
- GMAT score of over 600
- Proof of English Proficiency (TOEFL or IELTS)
- Minimum of three years of work experience. Some universities offer admission to students with no work experience, but it is advisable to have one as it gives you an edge over applicants with none.
International students who wish to study in the USA are mandated to obtain a valid USA student visa. It is advisable to contact the US Embassy in your home country and find out the process for applying for US student visa.
An F1 student visa is granted for study purposes and it allows students to pursue their degree program at all levels. They could also stay back for up to one year after completing their graduate studies and if they want to stay for a longer period for work purposes, they could apply for a work visa.
For a visa interview, you need to carry the following essentials:
- A valid passport and previously issued passport
- Recent passport with a white background (50mm x 50mm)
- DS-160 confirmation page with barcode
- HDFC visa application fee receipt
- VFS appointment letter
- SEVIS receipt and l- 120.
Having an MBA certificate would give you an edge over competitors in the job market. The way of imparting knowledge to students has far improved as more and more students travel abroad to the US to acquire foreign education. English language plays a very crucial role in deciding international mobility and also opens doors for better career prospects after graduation.
In addition, most of the schools in the USA offer scholarships to their applicants. You will need to visit the school website for more information on that. Most popular MBA specializations include consulting, finance, entrepreneurship, operations management, and information systems/information technology. Top careers after completing MBA programs include management roles, corporate finance as well as finance and economics. Pursuing an MBA degree does not guarantee success, but specializing in one area is a great criterion for success. So, you need a specific skill-set to focus on in order to guide your choice of industry to work after graduation. Also put into consideration the growth of the industry, job opportunities, and remuneration package.
The skills are developed based on real-world approaches and actual business scenarios. MBA students are also taught how to survive and thrive even in a complex business environment. This helps them to learn in a practical environment. Networking is also learned in this regard. As an international student, you will be able to learn the nitty-gritty of business from an international standpoint.