Best business schools in USA - Getting an MBA degree from a reputed business school is a sure shot way of launching a successful management career and putting it on a fast track. This is precisely one of the reasons behind the huge competition among students to get into the top management schools both in thier home country and abroad. While planning to pursue MBA, students face the difficult situation of deciding from a plethora of options before them: should I go abroad to study MBA? What about the USA? Do European schools offer the best options in management study? And then there is the case of students who have already made up their mind and want to know about the best business schools in the USA.
Why choose USA?
As for the question from where a student should do his MBA course, it depends on several factors. Like many a times due to limited resources or to largely ignorant about scholarship programs offered by top management schools, students choose institutes in their home countries. But what is unique about most top management schools in the world today is they have very generous scholarship schemes that take care of virtually every concern of a needy student and help him realize his dream.
Speaking of an MBA degree in the USA, it may be costlier but the benefits far outweigh the costs. Like an MBA pass out from an American B school on an average earns three to four times more than his Indian counterpart. The reason being: the best business schools in the USA offer better exposure to world-class faculty and resources.
Coming to European management schools, the course length is normally between 12-16 months, while most programs in the USA take two years. This means that students in Europe have less time to reflect on what they are learning as the course is more intensive. Another major difference between the two is European schools put more emphasis on classroom teaching, which is suited for students who need frequent tutoring. In contrast, American schools allow students more space to pursue individual areas of interest.
In recent times, European schools are becoming more international in nature, but there is still some gap before they can truly challenge the best business schools in the USA. If we look at the World University Rankings 2015, we will find that that the list is dominated by American universities.
Which are the best business schools in the USA?
The easier part is deciding to study in the USA. The difficult part is figuring out where to study. So to make life easier for prospective students, we bring you a list of the best business schools in the USA.
1. Stanford Graduate School of Business:
Leading the pack of best business schools in the USA is Stanford Graduate School of Business. An acceptance rate of 7%, the lowest in the world, means that it is not only difficult to get into Stanford, but those who manage to do the seemingly impossible start with a base median salary of $125,000 after completing an MBA degree. Some of the recruiters of Stanford include Google, LinkedIn and consulting giant Bain. The school allows its students joint and dual degree options –with close to 20% MBA students utilizing this option.
Stanford MBA degree and class composition at a glance
Seats for International Students
4-year average; no minimum
GMAT and GRE
TOEFL, IELTS & PTE
Letters of Reference
Personal information, activities involved in and awards won
$ 275 Application Fee
The tuition fee for all the categories is $64,050.
Important tests and score requirements:
GMAT range: 740
100 for the internet-based test (iBT)
600 for the paper-based test (PBT)
7.0 overall band score
68 overall score
Application dates: Students can send in their application during any of the three application rounds held every year.
Application Submission date
However, it gets more competitive with every round, meaning it is wiser to apply in the earlier rounds. Key benefits of applying in the first or second round include:
Higher prospects of receiving need-based financial aid
Sufficient time at the student’s disposal to complete recommended quantitative and/or English language coursework before
Opportunity to participate in the Admit Weekend, where students get to meet other students, talk to teachers, and importantly get familiar with the environment (Round 3 applicants can’t avail this opportunity)
2. Harvard Business School:
One of the most reputed business schools in the world, Harvard Business School’s (HBS) academic curriculum focuses on case method to give its students an edge over competitors. The business school, which was founded in 1908, has been ranked the top B school in the world by ranking institutions like Bloomberg, the Financial Times and Business Insider. So getting admission at Harvard is a matter of great pride; the added bonus is students with a Harvard degree are amongst the highest paid as their skill sets are unparalleled. Famous pass outs from Harvard include Jamie Dimon, CEO of JP Morgan Chase; and Jeffrey Immelt, CEO of General Electric.
Harvard MBA degree and class composition at a glance:
4-year undergraduate degree or its equivalent
Application Checklist: The application form must be accompanied by the following materials:
Transcript(s) –Candidates are required to submit the equivalent of US bachelor’s degree from an accredited institution
TOEFL/IELTS/Pearson Test of English
Married/DP with one child
Married/DP with two children
The tuition fee for all the categories is $61,225.
GMAT range: 730
109 on the IBT (Internet-based version only)
Application dates: Students can consult the following chart for application deadline.
Students must note that each round is a separate application process and not a progression of a single application submission process. As such, students need to apply only in one of the rounds for admission. However, for the sake of convenience and some benefits, it is better not to wait for the third round.
Students who apply in the earlier rounds:
Will have more time in hand to apply for visas
Can get more time to fine tune their English proficiency
Are able to complete preliminary course work prior to enrollment, if any
Documents required for the application:
Students need to submit two recommendations online by the application deadline.
A current business resume, which should be uploaded on the online application link
Application fee: The application fee for the MBA program is $250 and is non-refundable.
3. Kellogg School of Management:
Another prominent name that constitutes the cream of best business schools in the USA is the Kellogg School of Management. The school is renowned for its path-breaking thought-leadership programs and innovative approach to business teaching. Students are offered a choice of interesting programs at Kellogg, including full-time two-year and one-year MBA programs. In addition, the school also offers part-time and executive MBA programs.
Kellogg full-time 2-year MBA degree and class composition at a glance:
Start in September and graduate in June
Bachelor’s or equivalent degree from an accredited college
Course fee: 2015-16 Tuition and estimated first-year expenses
Room & Board
Books & Supplies
Student Life Fee
Student Activity Fee
Student Orientation Fee
Eligibility: Evaluation and Assessment process
The Admissions Committee evaluates a candidate’s:
Personal character certificates
Ability to lead
The assessment process comprises:
GMAT or GRE score
Letters of recommendation
TOEFL and IELTS
GMAT average: 724
No minimum requirement
Application dates: The application of forms is accepted three times every year; please consult the following chart for application deadlines.
Students are requested not to wait until the last round to submit their applications as students who apply earlier can be accommodated according to their interview preference. Also, students have more time for visa while applying early.
Application fee: The application fee for the MBA program is $250 and is non refundable.
4. University of Chicago Booth School of Business:
One of the oldest business schools in the United States, Booth School of Business was founded in 1898. With as many as seven faculty members who are Nobel Prize winners, Booth proves that its ideas can change and lead the world. The school offers industry-leading degree and open enrollment programs.
Booth full-time 2-year MBA degree and class composition at a glance:
Autumn quarter only
More than 33% of total seats
Undergraduate program or its equivalent
Course Fee: The estimated total cost of attendance for nine months is $98,085, including tuition fee of $63,980
A complete submission form must include the following items:
Completed application form with proper personal background
Completed essay questions
Two letters of recommendation
Scanned documents of all post-secondary educational institutions attended. (Official documents are requested from admitted students only).
TOEFL, IELTS or PTE scores (international applicants only)
$250 application fee
GMAT range: 720
600 (Paper test)
Application dates: Applications are accepted three times every year; students should consult the following chart for application deadlines.
Application fee: The application fee for the MBA program is $250.
5. Tuck School of Business:
One of best places in the USA to earn an MBA degree, Tuck School of Business is consistently ranked among the best B schools in the world. The school is especially well regarded for its consulting studies and instills integrity and teamwork in its students. In fact, it is mandatory for all its first-year students to complete major projects during which they play the role of consultant for startups and big business houses.
Tuck full-time 2-year MBA degree and class composition at a glance:
Professional work experience
Course fee: The total cost for the class of 2016 and 2017 are respectively $99,655 and $97,425. The tuition fee for both the classes is $64,200.
$225 application fee
GMAT range: 716
Application dates: Applications are accepted four times every year; students can check k the following chart for application deadlines.
Application fee: The application fee for the MBA program is $225.
6. Columbia Business School:
A business school that prides itself being at the very center of business, Columbia Business School is centered in New York, the nerve of global business. Every year, the school receives applications from diverse and entrepreneurial students from across the world anxious to benefit from the access offered by the institute to influential business leaders. Students are trained by renowned faculty members who are masters in their chosen fields. And with many groundbreaking research initiatives cutting across disciplines linked to it, Columbia Business School makes the cut as one of the best business schools in the USA and remains a student’s dream destination.
Columbia full-time 2-year MBA degree and class composition at a glance:
Course fee: The estimated budget for the session 2015-2016 is given below:
Health Services & Insurance
Total First-Year Budget
Transcripts –A bachelor’s degree or equivalent from an accredited institution
Two Letters of recommendation
Essays –Applicants are required to complete one short question and three essays
International students should produce TOEFL, IELTS or PTE scores
GMAT average: 715
Application dates: Students can send their applications according to the following deadlines.
7. Wharton School:
The oldest business school in the USA, Wharton is also the second largest after Harvard and amongst the best business schools in the USA. Founded in 1881, it boasts of the largest faculty in the country and presents budding MBA professionals global opportunities, great scope of cultural engagement and innovative leadership building prospects. Students at the B school get to interact with a network that is global and dynamic in nature –Wharton has a 93,000 strong alumni. Further, the MBA program is very flexible and helps students succeed anywhere in the world.
Wharton full-time 2-year MBA degree and class composition at a glance:
Mean: 5 years
Course fee: The cost of attending the course is given below:
Academic Year 2015-2016
Tuition and Fees
(Includes $2,000 Pre-Term fee)
Room and Board
Books and Supplies
Essays –The Admission Committee evaluates a candidate’s professional and personal level
$265 application fee
No minimum score required
(GMAT mean score: 730)
(Average score in Fall 2012 -633/110)
Application dates: Applications are accepted three times every year; students are requested to consult the following chart for application deadlines.
Application fee: The application fee for the MBA program is $265.
8. Haas School of Business:
The second oldest business school in the United States, it has been frequently contributing new ideas and imparting knowledge in all business areas. Haas School of Business offers management education to around 2,200 graduate and undergraduate students, carefully selected from across the world, every year. The mission statement of the school is to create leaders who would redefine how business is done. Haas also frequently tops the ranking list of best business in the USA compiled by Forbes and other agencies, making it a magnet for potential students.
Haas full-time 2-year MBA degree and class composition at a glance:
Course fee: The cost of attending the course for non-residents for the academic year 2014-15 was $57,220.50, making it amongst the most reasonable of any top MBA program.
Two professional letters of recommendation
GMAT/GRE score report
$200 application fee
No minimum acceptable score
(Median GMAT: 720)
7 (on a 9-point scale)
Application fee: The application fee for the MBA program is $200.
9. Samuel Curtis Johnson Graduate School of Management:
There are many reasons why Samuel Curtis Johnson Graduate School of Management finds itself amongst the best business schools in the USA. To begin with, it has one of the most extensive resources of any school –which is well complemented by its performance-learning approach. It can fall back upon its Cornell connections to provide students access to its extensive research, teaching and alumni resources. To add to that the school has an intense, collaborative community which is instrumental in cultivating team skills in students.
Samuel Curtis Johnson Graduate School of Management full-time 2-year MBA degree and class composition at a glance:
Full-time exp. not required (most students have 2-5 years exp.)
Course fee: The tuition fee for the full program is $119,500 (Average increase in tuition fee per academic year 2-4%)
Two essays (a third one is optional)
List of activities engaged in
One letter of professional recommendation (second is optional)
Transcripts of academic degrees
GMAT or GRE score report
English Language Exam score report for international students whose native language isn’t English (TOEFL, IELTS, or the Pearson Test of English)
Application fee of $200
GMAT (Median): 700
Application dates: The application process is conducted in four rounds. Students must note that each round is a separate event and not a progression of a single application process, i.e. , students can submit application during any of the four rounds. It is, however, advisable not to leave till the last few rounds to submit applications.
10. MIT Sloan School of Management:
One of the leading and best business schools in the USA, MIT Sloan School of Management prepares future leaders who are capable of making significant and important changes in the world and simultaneously contribute towards furthering management practices. Students at MIT Sloan not only learn the theories of management, but they are taught how to lead a team and manage complex organization. Equipped with key skills, many students even go on to start their own companies. The faculty of MIT Sloan is frequently engaged in groundbreaking research in diverse and critical fields like finance and policy, innovation and entrepreneurship and technology.
MIT Sloan full-time 2-year MBA degree and class composition at a glance:
Tuition and expenses:
Budget for the academic year 2015-16
Computer (1st Year Only)
Personal (Incl. Medical Insurance)*
Transcripts from all courses that are part of a degree
TOEFL, IELTS, or the Pearson Test of English score
Application fee of $250 USD
No minimum score
(Median GMAT: 710)
The English language ability of the candidate is measured through personal interviews and by evaluating the verbal sections of the GMAT and GRE.
Application dates: The application process is conducted in three rounds. Students must note that each round is a separate event and not a progression of a single application process, i.e. , students can submit application during any round. However to avoid last minute rushes, it is a good idea to apply in the first two rounds.
Stay tuned to www.studyabroad.careers360.com for more stories on MBA
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