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The top colleges for MBA in the USA for international students, the cost of studying, and the eligibility requirements are some answers the article provides!
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.
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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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In general, to apply for a full-time two-year MBA in the USA, the requirements are:
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.
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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.
The Annual Tuition Fee, Other Costs, and Living Expenses
Tuition |
$73,440 |
$73,440 |
$73,440 |
$73,440 |
HUHS Student Health Fee - SHF |
$1,206 |
$1,206 |
$1,206 |
$1,206 |
Student Health Insurance Plan (SHIP) |
$3,700 |
$3,700 |
$3,700 |
$3,700 |
HUSHP For Student Spouses/Dependents |
$0 |
$7,178 |
$11,818 |
$13,880 |
Course & Program Material Fee - SHF |
$2,550 |
$2,550 |
$2,550 |
$2,550 |
Room & Utilities (9 Months) |
$1,3940* |
$20,700** |
$27,188*** |
$27,188 |
Living Expenses (9 Months) |
$15,904 |
$19,588 |
$24,768 |
$32,846 |
Total |
$110,740 |
$128,902 |
$144,670 |
$154,810 |
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
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.
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
Tuition |
$73,062 |
$73,062 |
Living Allowance |
$32,712 |
$54,300 |
Book & Supplies |
$1,671 |
$1,671 |
Materials & Program Fee |
$1,191 |
$1,191 |
Transportation |
$1,017 |
$2,034 |
Medical Insurance |
$5,592 |
$5,592 |
Health Fee |
$672 |
$672 |
Total |
$115,917 |
$138,522 |
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
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.
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
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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
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.
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
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
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.
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
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
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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.
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.
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
Books/Supplies |
$2,400 |
$2,400 |
Laptop (first year only) |
$1,800 |
$1,800 |
Living Expenses |
|
|
Room & Board |
$13,786 |
$23,884 |
Transportation |
$2,936 |
$2,936 |
Personal |
$2,797 |
$2,797 |
Estimated Total Annual Costs (including tuition) |
|
|
California Resident |
$68,956.63 |
$79,084.63 |
Non-California Resident |
$76,377.63 |
$86,505.63 |
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
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.
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.
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
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.
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
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
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.
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
Rent & Utilities |
$8,081 |
$8,081 |
$8,081 |
Food |
$3,155 |
$3,155 |
$3,155 |
Transportation |
$4,664 |
$4,664 |
$4,664 |
Personal and Miscellaneous |
$2,000 |
$2,000 |
$2,000 |
Books and Supplies |
$1,500 |
$1,500 |
$1,500 |
Laptop |
$2,000 |
$2,000 |
$2,000 |
Internationl Student Health Insuranse* |
$0 |
$0 |
$1,687 |
Total Student Budget |
$21,400 |
$21,400 |
$23,087 |
Tuition and Required Fees |
$31,824 |
$50,440 |
$50,440 |
COGS Tax: All Graduate Student |
$22 |
$22 |
$22 |
FM Radio Tax: All Degree Student |
$6 |
$6 |
$6 |
State News Tax: all degree students with 6 or more credit hours |
$15 |
$15 |
$15 |
International Students Fee: international students only |
-- |
-- |
$150 |
Total tuition required fees and taxes |
$31,867 |
$50,483 |
$50,633 |
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
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.
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
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
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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
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
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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