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

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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:

• 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.
• 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
• 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
• 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.
• 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

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

1. 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. 
2. A minimum work experience of 3 to 4 years.
3. 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. 
4. 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.
5. Two or three letters of recommendation - the actual number depends on the school.
6. Transcripts from previous colleges.
7. Professional references.
8. Statement of Purpose or Answers to essays questions.
9. Resume.
10.  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

• Location: Boston, MA
• Duration of MBA: 2 Years
• 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.

The Annual Tuition Fee, Other Costs, and Living Expenses

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

• Location: Stanford, CA
• Duration of MBA: 2 years
• 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.

The Annual Tuition Fee, Other Costs, and Living Expenses

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

• Location: Philadelphia, PA
• Duration of MBA:  20 months
• 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.

The Annual Tuition Fee, Other Costs, and Living Expenses 

First-Year Budget, 2019-2020

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

• Location: Cambridge, MA
• Duration of MBA:  2 year
• 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. 
The Annual Tuition Fee, Other Costs, and Living Expenses

Academic Year 2019-2020*

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

• Location:  Chicago, IL
• Duration of MBA: 21 months
• 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.
The Annual Tuition Fee, Other Costs, and Living Expenses 

• Tuition - $72,000
• Student Services Fees - $1,248
• Health Insurance (estimated) - $4,600
• Administrative Service Fee - $2,500 (first year only)
• Lifetime Credentials Fee - $75 (a one time fee charged in fall of the first year)
• Books - $684
• Room and Board - $22,185 ($2,465 per month)
• Personal - $2,286
• Transportation - $1,944
• Computer Allowance - $1,300 (first year only)

Financial Aid & Scholarships:

Though finding need-based MBA scholarships in the US is common, Booth is one college that doesn’t provide any. It extends student scholarships and fellowships based on merit. An example is the A.H. Tobaccowala Fellowship meant for Indian students. 
Median Salary: $130,000

Booth, Sloan, Wharton, Stanford, and Harvard are the top-ranked US colleges in the world in descending order. When it comes to MBA schools with maximum international students, Merage, Simon, Columbia Broad, and Katz top the list.

1. Paul Merage School of Business, University of California

• Location: Irvine, CA
• Duration: 2 years
• Global MBA rank by QS: 97

Merage's demand stems from its curricula that concentrate on building leaders meant for the digital world. Besides a 360-degree preparation for business management, the school also furnishes the chance to specialize in Digital Transformation.

Costs Involved: 

An application fee of $150 and a yearly tuition of $52,708.63 are the basic costs an applicant bears.

The Annual Tuition Fee, Other Costs, and Living Expenses

Financial Aid & Scholarships:

All applicants are considered for merit-based scholarships by Merage. 8 in 10 students receive some form of financial aid from the college.
Median Salary: $100,000

2. Simon Business School, University of Rochester 

• Location:  Rochester, New York
• Duration: 22 months
• Global MBA rank by QS: 99

Simon’s MBA focuses on building a robust quantitative base. Candidates learn how to utilize quantitative data to develop insights and then generate ideas from it. It is also one of the few management colleges in America that offers a STEM specialization. This is particularly beneficial for international students as it allows them to stay on for two extra years under the Optional Practical Training if hired for an eligible role.

Costs Involved: 

The non-refundable application fee is $90. Incorporating most of the other expenses, the annual cost of completing an MBA from Simon is $68,644.

Full-Time MBA Program, Rates Based on 2019-2020 Academic Year

• Tuition - $47,000/year
• International Services and Programming Fee - $850/year
• Mandatory Health Fee - $636/year
• Activity Fee - $600/year
• Books - $1,310/year
• Room Board & Transportation - $13,300/year
• Personal Expense - $2500/year
• Health Insurance (Waiver Possible) - $2,448/year

Financial Aid & Scholarships:

80% of all the students enrolled in the full-time program get a merit-based scholarship. The scholarships range from $5,000 to full tuition + $10,000 as a stipend. One example is the Leadership Fellowship, which provides a stipend of up to $10,000. An international student can work part-time for a maximum of 20 hours per week. 
Median Salary: $122,000

3. Columbia Business School, Columbia University

• Location: New York City, New York
• Duration: 2 years
• Global MBA rank by QS: 10

Not only Columbia ranks as one of the top ten MBA colleges in the world, but it also boasts of a huge number of international students, 42% to be exact. Admission here requires an average GMAT score of 732 and work experience of five years.
Being located in New York City, the school leverages world leaders across industries to teach its students. 

Costs Involved:

Besides the approximate total expense of $111,000 per year, a student also has to shell out a $250 application fee and a $90 International Students & Scholars Office (ISSO) fee every semester. Columbia mentions that “tuition and fees generally increase 3-7% in the second year.”

An Estimated Breakdown of Cost

• Tuition - $74,400
• Mandatory Fees - $3,905
• Health Services & Insurance - $4,332
• Books & Supplies - $900
• Room & Board - $21,375
• Personal Expenses - $6,066
• Total First Year Budget - $110,978*

Financial Aid & Scholarships:

From full to part-tuition, Columbia offers several fellowships that are automatically awarded on a need basis to international students. Two examples are the Columbia Fellows and Board of Overseers Fellowship. The scholarship amount bestowed ranges from $7,500–$30,000.
Median Salary: $130,000

4. Eli Broad College of Business, Michigan State University

• Location: East Lansing, MI
• Duration: 21-month
• Global MBA rank by QS: 58

The full-time MBA class of 2020 constitutes 19% international students, Broad is one of the most popular MBA colleges in the US. It accepts students with an average GMAT score of 668.  Besides the usual criteria for eligibility, the school requires a video essay that demonstrates what the candidate brings to the program. The Supply Chain Management program was ranked 1 by the US news and the institute was ranked no.1 in terms of percentage increase on Pre-MBA salary.

Costs Involved:

At Broad, the total cost includes an application fee of $85, the total tuition fee of $50,633 with taxes, and other expenses amounting to $23,087. Overall, the first year of full-time MBA costs a student $73,720.

An Estimated Breakdown of Cost 

 Financial Aid & Scholarships:

The total money granted by Broad through its merit-based Fellowship is $2.6 million. A single fellowship may offer $2,000 to $31,000 every year to a student.  They also provide Graduate Assistantship to international students, which lightens the financial load by $38,000 per year.
Median Salary: $105,963

5. Joseph M. Katz Graduate School of Business, University of Pittsburgh

• Location: Pittsburgh, PA
• Duration: 2 year
• Global MBA rank by QS: 101 to 110

Katz emphasises on experience-based learning. Under experienced-based learning (EBL), Pitt Business utilizes simulations and case competitions to educate students. Candidates are motivated to take part in Consulting Field Projects by the college for deeper learning.

Costs Involved:

The application to Katz costs $50, and the tuition and related fees for a year are $35,808. The off-campus accommodation amounts over $8,000. 
An Estimated Breakdown of Cost

• Tuition - $15,979
• Professional Development - $15,00
• Activity Fee - $30
• Wellness Fee - $130
• Computing & Network Fee - $175
• Security & Transportation - $90
• Total Per Term - $17,904
• Est. Total Tuition & Fees (4 Terms) - $71,616

Financial Aid & Scholarships:

From $5,000 to complete tuition, Katz has a plethora of merit-based scholarships that necessitate a separate application. On an average, a student gets an award of $10,000-$12,000.
Median Salary: $99,861

1. A Management Consultant:

Assists in improving certain features of the company, such as productivity, management, and prestige of the firm. They identify the issues and help the company in overcoming them. The Management Consultant should not only have the knowledge of business but should also be proficient with computers and mathematics as their job also involves researching, and analyzing data.
Average Salary: $109,658

2. Product Manager:

Usually supervises the aspects of the production of respective product/products. They help in reaching the product goals while maintaining safety and quality standards. They must have leadership skills in problem-solving and can guide and motivate their co-workers.
Average Salary: $82,634

3. Project Manager(general):

Supervise the designated projects for the business entity. They are required to plan and strategize according to the project goals and timeline. The project manager manages the project team by giving the direction and the required support. They also manage the budgetary expectations of the respective project.
Average Salary: $83,480

While determining the MBA college in the US on the basis of rank or popularity is a sound decision, other factors should be kept in mind too. Before picking a school, think over what MBA specialization you prefer, and if the college is the best for it. Furthermore, do not forget to consider the cost (expenses borne) and return (salary earned) element. 

Note: We’ve limited the scope of the article to a full-time MBA. The total cost of studying is generally more than the estimate. Each college only shows base salary and doesn’t incorporate signing bonus and other compensations.

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