Guide to Study MBA in USA
The Master's of Business Administration or MBA in USA is one of the most coveted degrees in business management. The USA is home to the best graduate schools offering world-class MBA programs.
An MBA in USA is generally for two years and costs between USD 170,000 and USD 220,000. MBA programs in the USA are the most expensive, as the United States of America is the birthplace of the MBA program. Graduate schools in America are some of the best in the world for business/management programs.
According to the Global MBA Rankings by the Financial Times, the USA has 51 of the top 100 best business schools in the country. The MBA program was created to provide a scientific and methodological approach to business management/administration. Acquiring an MBA from the USA can fetch employees 100% (and above) increments on their existing salaries. In terms of requirements, candidates will need a 4-year undergraduate degree, TOEFL scores of between 90 and 110 (and above) or an IELTS band score of 6.5 (and above), GMAT/GRE scores, and work experience between 3 and 7 years.
Table of Contents
- Top Universities for MBA in USA
- Why MBA in USA?
- Types of MBA is USA
- Top Specialization for MBA in USA
- Admissions to study MBA in USA
- Cost of Studying MBA in USA
- Scholarships for MBA in USA
- Jobs after MBA in USA
Top Universities for MBA in USA
As mentioned above, the USA is home to 51 of the top 100 universities for MBA in the USA as per the Financial Times Rankings. The table below contains the list of the ten best business schools in the USA, their ranking, and the fees for their MBA programs:
| Business School | FT Rankings | Cost of MBA |
| Harvard Business School | 1 | USD 146,880 |
| University of Pennsylvania, Wharton School | 2 | USD 162,756 |
| Stanford Graduate School of Business | 3 | USD 149,412 |
| MIT Sloan School of Management | 6 | USD 154,336 |
| Columbia Business School | 8 | USD 154,752 |
| University of Chicago, Booth School of Business | 10 | USD 144,000 |
| Northwestern University, Kellogg School of Management | 11 | USD 176,692 |
| Haas School of Business, University of California, Berkeley | 12 | USD 129,304 |
| Yale School of Management | 14 | USD 149,400 |
| Tuck School of Business, Darthmouth College | 16 | USD 155,040 |
Why MBA in USA?
The USA is the birthplace of the MBA program. The North American country is home to more than 50 of the 100 best business schools in the world as per the QS and FT Global Rankings. An MBA from the USA fetches the highest median salaries around the world. The table below shows the salaries that a US MBA fetches in different regions around the world:
| North America | USD 123,900 |
| Western Europe | USD 102,900 |
| Africa & Middle East | USD 88,700 |
| Asia Pacific | USD 90,300 |
| Eastern Europe | USD 72,100 |
| Latin America | USD 80,900 |
| Region | Salary (in USD) |
Types of MBA is USA
Business schools in the USA offer a variety of MBA programs that are comprehensive and diverse but flexible. Given the many option available to students, it may become to difficult to decide which MBA program is best suited for them. Students must keep the following factors in mind while choosing the best MBA program for them:
- Purpose and objectives of doing the MBA course
- Duration of the course and the amount of time a student can devote to the course
- Admission requirements of the course
- Cost of the course
The table below is a comprehensive list of the best MBA programs offered across the various business schools in the USA, along with their type, duration and program schedule, among other things:
| Program | Duration | Top B-Schools | Average Work Experience Required | Schedule |
| Full-time MBA | 1 - 2 years |
|
3+ years | Regular classes |
| Part-time MBA | 3 (or more) years |
|
0 - 3 years | Weekend classes |
| Online MBA | 2 years |
|
0 - 3 years | Flexible |
| Executive MBA | 2 years |
|
8+ years | Weekend classes |
| Early Career MBA | 2 (or more) years |
|
N/A | Regular classes |
| Global MBA | 1 - 2 years |
|
8+ years | Regular classes |
| Certificate Program | 1 - 2 semesters |
|
N/A | Course module completion |
Top Specialization for MBA in USA
Business schools in the USA also offer a wide range of MBA specializations across many domains, and this can also be a deciding factor when selecting an MBA program. The list of some of the most popular MBA specializations are as follows:
- General Management
- International Management
- Management Strategy
- Management Consultancy
- Finance Leadership
- Entrepreneurship
- Marketing
- Operations Management
- IT or Technology Management
Admissions to study MBA in USA
Admissions to the MBA programs in the USA, especially into the top business schools of the country, can be a tedious affair. Given the various programs and variety of business schools offering these programs, students can face difficulties in selecting the institution, figuring out the application process and gathering the required documents for applying to these business schools.
It is recommended that applications start their planning process at least one year and a half before the semester they wish to enrol in. This can give them ample time to get their application particulars in order and have enough for their visa application to be processed successfully.
The first aspect of admissions a student should understand is the application processes across the preferred business schools.
Applications to study MBA in USA
Most business schools in the USA require their applicants to take standardized tests as part of the eligibility requirement, and these tests take up a lot of time. Hence, the applicant must keep a window of 1 to 2 years to plan and execute their MBA pursuits.
The general application process takes place in 3 stages:
- Pre-Application: Students must attempt the standardized tests and gather all the required documents for the application.
- Application: Students must submit their filled-in applications and upload all the necessary documents.
- Post-Application: Students must submit additional documents, pay the fees upon receiving their acceptance letter
Application Rounds
For most business schools, their application process is divided into different rounds, which will have their requirements that applicants will have to meet within a certain deadline. For this reason, applicants must keep track of these deadlines and meet each requirement smoothly.
Admission Interview
Most business schools also have an interview round as part of the admissions process once a student has completed all the other prerequisites. The interview process serves as the final round in the admissions process, where an applicant’s core competencies are assessed personally.
Eligibility for MBA in USA
Considering that the admissions process into the MBA programs at Business schools in the USA is tedious and highly competitive, students must begin their preparation process well in advance. This includes knowing, among other things, the eligibility criteria for the MBA programs. In addition, there is a general eligibility requirement that applicants must be aware of, and is mentioned in the points below:
- A minimum of 16 years of education, i.e. 10 + 2 + 4 years in total
- A good GMAT score (or GRE as an equivalent at some B-schools)
- For non-native English speaking international applicants; submission of TOEFL (90 and above) or IELTS (6.0 and above) scores as proof of English language proficiency
- Relevant work experience, the requirement of which may vary across the different universities and programs offered
University-specific Eligibility
The table below consists of the various eligibility requirements of the MBA programs offered at the top business schools in the USA:
| Business School | GPA Requirement (Average) | TOEFL/ IELTS/ PTE Requirement | GMAT Requirements | Work Experience Requirements (Average) |
| Harvard Business School | 3.70 |
|
730 | 4.7 years |
| Stanford Graduate School of Business | 3.70 |
|
734 | 4.6 years |
| University of Pennsylvania - The Wharton School | 3.60 |
|
732 | 5 years |
| MIT - Sloan School of Management | 3.60 |
|
730 | 5 years |
| Northwestern University - Kellogg School of Management | 3.60 |
|
730 | 5 years |
| Yale School of Management | 3.60 | Not required (Verbal GMAT or GRE score is sufficient) | 720 | 5 years |
| Columbia Business School | 3.60 | Not required (Verbal GMAT or GRE score is sufficient) | 727 | 5 years |
Study MBA in USA without GMAT
There used to be a time where it was close to impossible to get admissions into an MBA program without GMAT scores. These days, however, plenty of business schools accept students without the requirement on their part to produce relevant GMAT scores. The programs mentioned below are MBA courses offered by reputed business schools where students do not require a GMAT score for admissions:
| B-School | Type of MBA | Requirement in place of GMAT |
| Sawyer Business School | Executive MBA | 7 years of work experience |
| Hult International Business School | 1-year MBA | HIBS assessment test |
| Alfred Learner College of Business & Economics | MBA |
|
| College of Business at Florida International University | Professional MBA |
|
| Kellogg School of Management | Executive MBA |
|
| Marshall School of Business | Executive MBA |
|
Documents required for MBA application
During their planning process, applicants need to make a list of all the documents required as per the requirements of the MBA programs in the B-schools of their preference. The list of documents required are generally as follows:
- Scanned copies of all the transcripts from previous institutions (in the English language).
- Scores of the standardized tests required for MBA programs must be sent to B-schools in the USA from the testing agency.
- A minimum of two recommendation letters (one academic and one professional)
- An updated highlighting overall work experience and skills
- A cover letter highlighting achievements
- An SOP which is two pages or 1000 words long
Cost of Studying MBA in USA
Studying for an MBA in the USA can be an expensive affair. Applicants have to account for the various expenses apart from the tuition fees of the MBA program, like housing expenditure, living expenses and miscellaneous costs.
For the sake of convenience, it is better to segregate the expenses into the following categories:
Pre-Arrival Costs
The pre-arrival costs will entail the student visa application fees, the cost of the various standardized tests, and the visa category fee. The pre-arrival costs are as follows:
| Particulars | Cost |
| Student visa application fee | USD 510 |
| TOEFL fee | USD 240 |
| IELTS fee | USD 200 |
| GRE fee | USD 190 |
| SEVIS fee |
|
Tuition Fees for Indian students
On average, the cost of studying an MBA for Indian students will amount to anywhere between USD 45,000 (INR 32.9 lakhs) and USD 80,000 (INR 58.5 lakhs). For the top B-schools, the fees for an MBA program will cross USD 120,000 (INR 87.8 lakhs).
There are a list of reputed business schools that offer affordable MBA programs in the USA. The names of these B-schools are as follows:
- Dowling College
- Cameron University
- Southeast Missouri State University
- St. Cloud State University
- Worcester State University
- Minnesota State University
- Missouri State University
- Cambridge College
Cheapest MBAs in USA
The table below contains the list of the cheapest MBA programs among the top B-schools in the country:
| B-School | Duration of MBA program | Cost |
| University of Florida - Warrington College of Business | 2 years | USD 61,260 |
| Iowa State University | 2 years | USD 29,524 |
| University of Buffalo | 2 years | USD 59,842 |
| Lamar University | 2 years | USD 28,810 |
Cost of Accommodation
Accommodation is not cheap in the USA, especially if a student opts for on-campus accommodation. However, cheaper options are always available, and the costs vary from region to region. On average, students spend between USD 6,000 and USD 14,000 on accommodation per year in the USA.
Living Expenses
Apart from housing expenditure, students will have to account for the day-to-day living expenses in the USA. A breakdown of the living expenses have been detailed in the table below:
Scholarships for MBA in USA
Considering that studying for an MBA in the USA is expensive, there are always options besides ‘cheaper universities’ in the form of financial aid. Financial aid may be in the form of grants or scholarships in US graduate schools. The top scholarships offered by prominent B-schools to international students are as follows:
- Harvard Business School Scholarship: This scholarship offers USD 40,000 in financial aid to the student.
- McComb’s Scholarships and Fellowships: This scholarship ranges from awarding USD 2,000 to completely waiving the tuition fees.
The list of scholarships for MBA in the USA that Indian students can seek are as follows:
- Stanford Reliance Dhirubhai Fellowship: This scholarships for Indian students covers 80% of tuition fees for an MBA at Stanford Graduate School of Business School.
- Chicago Booth School Scholarships
- Akhtar Ali H. Tobaccowaala: This scholarship offers USD 1 million for an Indian student for the MBA program at the University of Chicago - Booth School of Business.
- Ramakrishnan Family Scholarship: This scholarship offers USD 25,000 a year to three Indian students looking to study for an MBA at the University of Chicago - Booth School of Business.
Jobs after MBA in USA
An MBA from the USA is one of the most prestigious business degrees that one can acquire. Having an MBA from the USA can give a candidate a serious edge in the job market. Some of the best companies recruit them into top leadership and administration positions within the management hierarchy. A breakdown of the recruiting companies and top salaries for an MBA in the USA are as follows:
| Companies | Average Salary (per year) |
| McKinsey & Co. | USD 160,000 |
| Bain & Co. | USD 145,000 |
| Apple | USD 135,000 |
| JP Morgan | USD 125,000 |
| Goldman Sachs | USD 125,000 |
| Amazon | USD 121,000 |
| Ernst & Young | USD 104,000 |
| KPMG | USD 96,000 |
| Deloitte | USD 94,000 |
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