Top Universities in the USA to Study MBA

Top Universities in USA to Study MBA: The Master of Business Administration, or MBA, is a globally recognised degree that prepares students for future careers. It emphasises the development of both industry-specific knowledge and high-demand soft skills such as leadership, empathy, and interpersonal skills.

An MBA from a top university in USA can help you advance your professional career across sectors and functional units. US universities offer MBA programmes in several specialisations, such as Finance Leadership, International Management, Consulting, Technology Management, Entrepreneurship, and more.  

A regular full-time MBA programme’s duration is around two years. Some of the top universities in USA to study MBA studies also offer accelerated MBA programmes that last a year or a year and a half. Aside from this, there are also part-time and executive MBA programmes. To help students locate the top universities in USA to study MBA, we have included some of the options in this blog. Students may look at the costs, rankings, and locations of these top colleges in the USA that offer MBA programmes.

Highlights of an MBA in USA

Here are the top highlights of studying for an MBA in the United States:

Why Study MBA in USA?

The USA is home to the most sought-after business school destinations, with home to top business-focused schools across the globe. An increasing number of employers are preferring students with a business-focused degree. The shift in preference is due to the fact that MBA graduates are better prepared for the fast-paced world of business. Also, an MBA degree fast tracks a person's career to a well-paid job. There are many advantages to pursuing an MBA in USA. Some of the major advantages are listed below.

• Top Ranking Business Schools: Another advantage of an MBA from the USA is the quality of the B-schools. Most of them in the USA are ranked among the top universities for MBA in the world. These universities provide a comprehensive introduction to the world of business and also teach how to leave a strong impact on it.

• Highly Developed Infrastructure: State of art facilities, unmatched academic experience, vast alumni network and world-class faculty members make the US business schools highly cherished for an MBA degree. The highly developed infrastructure helps students to develop their potential both personally and professionally.

• Good Placement Opportunities: Placements provided at US universities after completion of an MBA programme are way better than other popular study abroad destinations. The two most popular sectors that MBA graduates in the US are likely to explore include technology and consulting, in which jobs have been exponentially thriving.

• Scope of High Salary: According to the 2021 Corporate Recruiters Survey conducted by GMAC, top US companies offer an all-time high median starting salary of USD115,000 to fresh MBA graduates. The salary estimates show that investing in an MBA course pays off with time. An MBA graduate can earn USD 3 million more than a normal bachelor's degree holder.

• Simple Admission Process: The admission process for business education in many countries is very difficult, which leads students to prefer the USA to other countries. However, the GMAT/GRE scores are a determining factor in admission to US business schools.

• Good Industry Connections: Business schools in the USA have very good connections with international and domestic companies in the world. They have connections with firms in key industries such as healthcare, technology, consulting, consumer goods, financial services, media, energy and the environment. It also has a focus on industries which have a high social impact.

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Types of MBA in USA

There are several types of MBA in USA that students might choose to pursue. A few of the several goals to pursue an MBA degree are to gain new knowledge and skills, change careers, advance in present careers or build strong professional networks. An MBA is a powerful way to demonstrate knowledge and experience. Though each type of MBA provides knowledge and understanding of business, which one should students choose to get the maximum benefits? Here is a brief detail of types of MBA in USA:

Two-Years Full Time MBA

Two years MBA is the most common type of MBA offered in USA schools. The course helps to understand fundamental business skills and dive deep into specialised topics. The first year of the course includes core subjects whereas year two will help to choose elective modules. Also, students get extensive opportunities to gain experience during business internships and projects. The US schools provide opportunities for summer internships between years one and two which can help in getting full-time jobs upon graduation. The top universities providing 2 years full time MBA are Harvard Business School, Stanford School of Business, University of Chicago Booth, MIT Sloan and Columbia University.

One Year Full Time MBA

The one year MBA packs the two years course into an intensive and accelerated programme. Students will get opportunities to focus on core business fundamentals and also have time to specialise in subjects however less time can be dedicated to electives and specialisations. One year MBA is suitable for those who want to add experience to their existing career paths. One year MBA is offered by Northwestern University, University of Pittsburgh, University of Southern California, Cornell University and University of Florida.

Part Time MBA

For those who want to study MBA but do not have time to spare for full time MBA course can opt for part time MBA. Part time MBA helps to tailor a program as per the students schedule and is extremely flexible. Often the degree takes an extended time to complete. It may take around 3 to 5 years to finish. Students have the option of studying at their own pace with classes in the evenings or during weekends. The business schools in USA providing part time MBA are University of Chicago, University of California, Berkeley, New York University, Carnegie Mellon University and University of Michigan.

Executive MBA

Executive MBA is targeted at mid-career professionals who are taking opting to take the next step in their leadership careers. The E-MBA seeks experience on the part of students and mostly requires five years of experience before applying. The course is taught part-time often during weekends and evenings. The students can continue working and implementing the knowledge and skills immediately in the organisation in which they are working. Students can study executive MBA or E-MBA at Wharton, University of Chicago Booth, MIT Sloan, Yale School of Management and Northwestern University Kellogg.

STEM MBA

A STEM MBA offers business education with STEM applications. The curriculum is analytical and data-informed which prepares students for business careers in technology and analytics. This MBA programme blends foundational business disciplines with expertise in science, engineering and technology. Also, the STEM MBA in USA gets extended Optional Practical Training (OPT) where international students get the opportunity to stay back in the country for three years. STEM-designated MBA track is taught at Emory Business School, Darden School of Business, Michigan Ross, Kelley School of Business and Tuck Business School.

Top Universities to Study MBA in the USA

The best business schools help students to gain the right balance of hard and soft skills, along with teamwork opportunities, networking events and capstone projects. Here are some of the top universities to study MBA in USA are provided in the table below:

Cost of MBA in USA

The US is one of the costliest places to pursue an MBA yet the return on investment is worth the expenses. The cost of an MBA in USA not only includes the tuition fees at the universities but also several pre-arrival and post-arrival expenses to the country. Students need to pay for standardised tests, visa tickets, flight fares, accommodation costs, living expenses and other miscellaneous costs. Here let us look at the average tuition fees at some of the top business schools in USA.

Note: The tuition fees in INR may vary due to fluctuations in currency rates.

Average GMAT Scores for MBA in USA

Taking the GMAT exam is an important criterion for US business schools. A high GMAT score indicates the academic readiness of the student and promises success in the business programme. Students are often confused about what their target GMAT score should be. Well, it is generally the average score of the incoming batch in the business school one wishes to take admitted to. Therefore, It is essential to note the average GMAT scores for top MBA colleges in USA to set the target score.

Admission Process for Studying MBA in USA

Students who are planning to study MBA in the USA are advised to check the admission process of that particular university before applying. The admission process can also help the students to handpick some of the institutions from the list. Check the necessary requirements such as eligibility criteria and application to study MBA in the USA provided below.

Eligibility Criteria for Studying MBA in the USA

Most of the colleges and universities in the USA enrol students who have completed at least 16 years of education. Therefore, students who are interested in pursuing an MBA in the USA must have completed an undergraduate degree after schooling. Those who have completed a master's degree in any discipline may also apply for an MBA in the USA. Besides this, there are some additional requirements to pursue an MBA in the USA:

• Applicant should have completed 15 to 16 years of education.

• Must have completed four years of bachelor's degree

• Candidate should demonstrate English Proficiency (TOEFL/IELTS)

• Must have a good GPA score.

• GMAT score of over 600 or GRE score of above 300.

• Some universities ask for at least 2-3 years of work experience. However, candidates with no work experience can also apply for admission.

Documents Required to Study MBA in USA

Candidates will have to submit some additional documents while applying for MBA admission to US universities. Some of the documents are listed below:

• Letters of Recommendation from former professors/others

• Scorecard of the university/institution-level entrance test

• Mark sheet of the qualifying Examination

• Cover letter elaborating on your achievements

• Academic resume

• Statement of Purpose (SOP) explaining why you want to study in a specific college

• Work experience certificate

• MBA essays

Application Process to Study MBA in USA

Most of the universities in the USA have divided their admission process into multiple rounds. Students will have to fulfil the requirements in each round to get selected for the next round. They are advised to keep track of the schedule so that they do not miss any dates. The admission process is divided into three rounds for most of the universities, as provided below.

• Pre-application: It involves collecting all necessary documents and appearing for the standardized test. Students can either take the GMAT or GRE and any of the language tests.

• Application: It involves completing the application form and uploading admission prerequisites. They must carefully submit all the required documents for completing the admission process. An application fee has to be paid. Once the application round is completed, students will be called for an interview through invitation. Finally, students who successfully complete all the rounds will be selected for admission.

• Post-application: It involves submitting all required documents and fees to confirm the seat.

Salary After MBA in USA

An MBA is not only the gateway to higher executive positions but also involves higher salaries than non-management roles. US News report finds that the graduates of business schools which have sterling academic reputations are paid a triple salary and bonuses than students of lower-grade business schools. The average base salary among MBA grads in 2021 was USD 95,370. MBA graduates also receive performance bonuses for meeting their targets and may also get a share in stocks. The weighted salary of some of the popular US business schools are given below:

For decades MBA in the USA is known to develop the skills in students that are required for the modern-day business world. Today it is easier to find universities and programmes that train students in critical and strategic thinking, problem-solving and the ability to adapt in a constantly challenging and dynamic environment.

In case you have further doubts related to admission to MBA at top US universities, please reach out to us at abroad@collegedekho.com.