MBA in the United States & What it Takes: Top Universities, Eligibility, Cost, and Scholarships

4.6 million students worldwide enrolled to study abroad in 2017. Out of these, 1.1 million were hosted by the United States. Indian students come second to Chinese, with over 196,000 making their way to the nation for further studies. It is safe to say that the US is still THE country of choice for students from India.

 

When it comes to business and management in the US, over 19% of foreign students opted for it making it the second most chosen field of study after engineering.

These high numbers pose the question - why so many people choose to study MBA in the USA? The answer lies in the following three reasons:

 

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  Home to Top MBA Schools: Out of the top 100 business schools in the world, almost 50% of them are in the USA. Just among the top 25 ranked MBAs, 13 are in the country.

   

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  Attractive Employment Prospects: the United States is home to some of the best companies in the world, hence, employment prospects are better for those who attain their MBA in the United States than other places.

   

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  Flexible Academic Programmes: Another reason which makes the US a preferred choice is flexibility of choosing courses of your interest and the interdisciplinary character of US education structure that provides a holistic experience of education.

   

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  Enhanced Career Profile: The US is the Knowledge Capital of the world. A US university tag is definitely going to give you a comparative advantage over others.

   

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  Great Research Environment: According to a report by the National Science Foundation, the total expenditure by the US universities on Research & development in the FY 2016 was 71.83 Billion USD which is the highest in the world. The total R&D spending by the US in 2016 was 511.1 Billion which is 2.744% of GDP (PPP) of the United States.

 

In general, to apply for a full-time two-year MBA in the USA, the requirements are:

 

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  Bachelor’s degree from an accredited U.S. institution or its international equivalent. Most US colleges require 16 years of education before the MBA, which means four years of studies after school. Do note that some colleges accept a three-year degree too. 
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  A minimum work experience of 3 to 4 years.
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  A GMAT or GRE score. The majority of schools take a GMAT score above 600, but if you are applying for the best graduate business schools in the US, then a score above 700 is essential. 
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  Proof of English Proficiency which requires a score of one of these three tests: IELTS, TOEFL, or PTE. The minimum score MBA colleges ask for is 6, 100 iBT, and 68 respectively. For US universities, the TOEFL score above 100 is preferable. If your undergrad was from a university with English as the primary medium of education, then many B Schools will waive off this requirement.
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  Two or three letters of recommendation - the actual number depends on the school.
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  Transcripts from previous colleges.
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  Professional references.
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  Statement of Purpose or Answers to essays questions.
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  Resume.
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  Acing the interview, if shortlisted.

The precise eligibility for MBA in the USA for international students differs from college to college. For instance, the GMAT and TOEFL scores are different for each university, and some institutes may also ask for a video statement or essay.

1. Harvard Business School, Harvard University:

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  Location: Boston, MA

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  Duration of MBA: 2 Years

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  Global MBA rank by QS: 1

 

Having a formidable reputation as a leader in MBA education, the university’s case method courses, tech simulations, and field projects equip the student with the ability to make vital decisions related to the management of a business. Harvard demands a minimum of 109 TOEFL iBT/7.5 IELTS/75 PTE score from applicants. If your application is shortlisted, an interview is conducted. After which the student also needs to submit a post-interview reflection in writing within a day.

Costs Involved:

The application under the 2+2 program is $100, while for non-2+2 applicants, it is $250. Like all other schools for management in the country, the fee is non-refundable and payable through credit card.

 

An Estimated Breakdown of Cost:

Financial Aid & Scholarships:

HBS provides students with need-based Fellowships, some of which cover the entire cost of attendance. On an average, they offer $40,000 per year. The business school also complements these fellowships with other financial aids and external funding for people from specific backgrounds.

 

Median Salary: $140,000

2. Stanford Graduate School of Business, Stanford University:

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  Location: Stanford, CA
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  Duration of MBA: 2 years
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  Global MBA rank by QS: 4th

Stanford offers a general management degree through its full-time residential MBA course. What sets this program apart is the “faculty members who are experts in their fields” and the opportunity to learn from industry leaders. Though Stanford prefers an Indian student to have completed a two-year master’s degree after a three-year graduation, it is not mandatory. The MBA program also doesn’t require work experience for entry. For English proficiency, it asks for 100 iBT, 7.0 or 68 in TOEFL, IELTS or PTE. 

Costs Involved:

Besides the application fee, which is $275, the image below explains the rest of the expenses of a first-year MBA student.

 

An Estimated Breakdown of Cost:

Financial Aid & Scholarships:

The need-based fellowships at Stanford amount to about $35,000 per year, but the college also offers its students full scholarships such as the Stanford Reliance Dhirubhai Fellowship and the Charles P. Bonini Partnership for Diversity Fellowship.

 

Median Salary: $142,000

3. The Wharton School, University of Pennsylvania:

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  Location: Philadelphia, PA
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  Duration of MBA: 20 months
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  Global MBA rank by QS: 6

As per Wharton, the USP of the MBA college is 98,000-strong alumni network that enhances learning and mentoring. Acknowledged as “the finance school,” the Global Modular Courses and Global Immersion Program keep the college in demand. The average TOEFL score they accept is 110.

Costs Involved:

Barring the application fee of $265, the total financial expenditure for the first year of MBA amounts to about $115,000.

 

An Estimated Breakdown of Cost:

 

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  Tuition and Fees (Includes $2,000 Pre-Term Fee): $81,378
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  Room and Board: $22,670
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  Books and Supplies: $1,494
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  Personal, Health and Other Expenses: $9,354
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  Total: $114,896

Financial Aid & Scholarships:

Every student is considered for the Wharton Fellowship Program at the time of admission, two of the fellowships under this program being the Emerging Economy Fellowship and Forte Fellowship. Students have the choice to find additional revenue resources.

 

Median Salary: $135,000

4. Sloan School of Management, Massachusetts Institute of Technology:

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  Location: Cambridge, MA
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  Duration of MBA: 2 year
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  Global MBA rank by QS: 7

MIT Sloan hardly needs an introduction. With faculty members who are also industry practitioners in their fields, the school allows a deep dive into management study, theoretically and practically. Besides the usual requirements for application, Sloan asks for a cover letter and a video statement. 

Costs Involved:

One of the top MBA colleges in the USA with fees of around $118,000 (not including the $250 application fee), MIT Sloan also provides the option to pay the fees in ten installments over the course of the year.

 

An Estimated Breakdown of Cost:

 

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  Tuition: $77,168
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  Total Fees: $2,540
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  Books and Supplies: $2,550
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  Computer (1st year only): $2,000
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  Food: $5,960
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  Personal (includes medical insurance): $6,950
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  Housing: $20,700
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  Transportation: $2,950
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  Total: $118,818

Financial Aid & Scholarships:

Sloan automatically examines students for merit-based fellowships and grants them to exceptional students. An example is the Nath Fellowship. Specific organizations award a few fellowships too, such as McKinsey & Company awards scholarship of $10,000. They necessitate a separate application.

 

Median Salary: $135,000

5. Booth School Of Business, University Of Chicago:

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  Location: Chicago, IL
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  Duration of MBA: 21 months
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  Global MBA rank by QS: 8

Renowned as the most flexible full-time MBA program, the college looks for students with a track record of long-term involvement in activities and community service. They ask for a relatively high GMAT score.

Costs Involved:

A student applying to Booth will need to pay a $250 application fee and an approximate $109,000 per year. Elucidated below is the breakdown of the total.

 

An Estimated Breakdown of Cost:

 

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  Tuition: $72,000
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  Student Services Fees: $1,248
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  Health Insurance (estimated): $4,600
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  Administrativ