Best business schools in USA
Updated on Nov 2, 2015 - 6:09 p.m. IST by Manashjyoti #United States of America
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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.

 

Stanford Graduate School of Business1. 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

Duration

Total Seats

Seats for International Students

Work Experience

Study Mode

21 months

410

44%

4-year average; no minimum

Full time

Application checklist:

  • Educational background

  • GMAT and GRE

  • TOEFL, IELTS & PTE

  • Professional Experience

  • Letters of Reference

  • Personal information, activities involved in and awards won

  • Essays

  • $ 275 Application Fee

Cost Summary  

 

Single

On Campus

Single

Off Campus

Married

On Campus

Married

Off Campus

Total Cost

$103,419

$108,483

$120,564

$125,415

The tuition fee for all the categories is $64,050.

Important tests and score requirements:

                                                                      

GMAT/GRE

TOEFL

IELTS

PTE

Score Requirement

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.

 

Round 1

Round 2

Round 3

Application Submission date

22nd September

12th January

5th April

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)

 

Harvard Business School2. 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:

Duration

Total Seats

Seats for International Students

Academic  requirement

Study Mode

2 years

937

318

4-year undergraduate degree or its equivalent

Full time

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

  • GMAT/GRE

  • TOEFL/IELTS/Pearson Test of English

  • Essay

  • Two recommendations

  • Resume

Cost Summary

 

Single

 

Married/DP(Domestic Partner)

Married/DP with one child

Married/DP with two children

Total Cost

$98,400

$114,500

$127,200

$135,400

The tuition fee for all the categories is $61,225.  

Important tests and score requirements:

                                                                      

GMAT/GRE

TOEFL

IELTS

PTE

Score Requirement

GMAT range: 730

109 on the IBT (Internet-based version only)

7.5

75

Application dates: Students can consult the following chart for application deadline.

 

Round 1

Round 2

Round 3

Application Submission date

9th September

6th January

4th April

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.

 

Kellogg School of Management3. 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:  

Duration

Start Date

Total Seats

Seats for International Students

Academic requirement

Study Mode

2 years

Start in September and graduate in June

492

40%

Bachelor’s or equivalent degree from an accredited college

Full time

Course fee: 2015-16 Tuition and estimated first-year expenses

Program

Two-Year MBA

Tuition

$64,059

Room & Board

15,711

Books & Supplies

1,647

Travel

1,329

Personal

3,150

Health Insurance

3,692

Computer Equipment

1,200

Student Life Fee

1,000

Student Activity Fee

225

Student Orientation Fee

1,000

Estimated Expenses

$93,013

Eligibility: Evaluation and Assessment process

The Admissions Committee evaluates a candidate’s:

  • Scholastic ability

  • Personal character certificates

  • Driving force

  • Ability to lead

  • Interpersonal skills

  • Career record

  • Management potential

The assessment process comprises:

  • Personal essays

  • Academic performance

  • GMAT or GRE score

  • Letters of recommendation

  • Resume

  • Interview report

  • Personal essays

  • Video essays

  • TOEFL and IELTS

Important tests and score requirements:

                                                                      

GMAT/GRE

TOEFL

IELTS

PTE

Score Requirement

GMAT average: 724

No minimum requirement

No minimum requirement

Not considered

Application dates: The application of forms is accepted three times every year; please consult the following chart for application deadlines.

 

Round 1

Round 2

Round 3

Application Submission date

22nd September

6th January

6th April

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.

 

University of Chicago Booth School of Business4. 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

Duration

Start Date

Seats for International Students

Academic requirement

Study Mode

21 months

Autumn quarter only

More than 33% of total seats

Undergraduate program or its equivalent

Full time

Course Fee: The estimated total cost of attendance for nine months is $98,085, including tuition fee of $63,980

Application Checklist:

A complete submission form must include the following items:

  • Completed application form with proper personal background

  • Completed essay questions

  • Professional resume

  • Two letters of recommendation

  • Scanned documents of all post-secondary educational institutions attended. (Official documents are requested from admitted students only).

  • GMAT or GRE score

  • TOEFL, IELTS or PTE scores (international applicants only)

  • $250 application fee

Important tests and score requirements:

                                                                      

GMAT/GRE

TOEFL

IELTS

PTE

Score Requirement

GMAT range: 720

600 (Paper test)

104 (iBT)

7

70

Application dates: Applications are accepted three times every year; students should consult the following chart for application deadlines.

 

Round 1

Round 2

Round 3

Application Submission date

17th September

5th January

5th April

Application fee: The application fee for the MBA program is $250.

 

Tuck School of Business5. 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

Duration

Total Seats

Seats for International Students

Professional work experience

Study Mode

2 years

286

32%

5

Full time

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.

Application Checklist:

  • Letters of recommendation

  • Essays

  • GMAT or GRE score

  • TOEFL, IELTS or PTE scores (international applicants only)

  • $225 application fee

Important tests and score requirements:

                                                                      

GMAT/GRE

TOEFL

IELTS

PTE

Score Requirement

GMAT range: 716

No minimum requirement

No minimum requirement

No minimum requirement

Application dates: Applications are accepted four times every year; students can check k the following chart for application deadlines.

 

Early Action

November Round

January Round

April Round

Application Submission date

7th October

4th November

6th January

4th April

Application fee: The application fee for the MBA program is $225.

 

Columbia Business School6. 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

Duration

Total Enrollments

Seats for International Students

Study Mode

2 years

762

42%

Full time

Course fee: The estimated budget for the session 2015-2016 is given below:

Estimated Budget

Tuition

$65,988

Mandatory Fees

$3,661

Health Services & Insurance

$3,733

Books & Supplies

$904

Room & Board

$20,700

Personal Expenses

$4,838

Total First-Year Budget

$99,824*

 Application Checklist:

  • 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

  • GPA

  • GMAT or GRE score

  • International students should produce TOEFL, IELTS or PTE scores

  • $250 application fee

Important tests and score requirements:

                                                                      

GMAT/GRE

TOEFL

IELTS

PTE

Score Requirement

GMAT average: 715

No minimum requirement

No minimum requirement

No minimum requirement

Application dates: Students can send their applications according to the following deadlines.

 

First Round

Second Round

Application Submission date

16th January

16th August

Application fee: The application fee for the MBA program is $250.

 

Wharton School7. 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

Duration

Total Enrollments

Seats for International Students

Work Experience

Study Mode

20 months

861

32%

Mean: 5 years

Full time

Course fee: The cost of attending the course is given below:

Academic Year 2015-2016

Tuition and Fees

(Includes $2,000 Pre-Term fee)

$70,870

Health Insurance

$3,390

Room and Board

$20,626

Books and Supplies

$1,300

Miscellaneous

$4,268

Total

$100,454

Application checklist:

  • Background information

  • Essays –The Admission Committee evaluates a candidate’s professional and personal level

  • Transcripts

  • Two letters of recommendation

  • GMAT/GRE

  • TOEFL

  • Resume

  • $265 application fee

Important tests and score requirements:

                                                                      

GMAT/GRE

TOEFL/iTOEFL

IELTS

PTE

Score Requirement

No minimum score required

(GMAT mean  score: 730)

No minimum requirement

(Average score  in Fall 2012 -633/110)

Not accepted

Not accepted

Application dates: Applications are accepted three times every year; students are requested to consult the following chart for application deadlines.

 

Round 1

Round 2

Round 3

Application Submission date

29th September

5th January

30th March

Application fee: The application fee for the MBA program is $265.

 

Haas School of Business8. 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

Duration

Total Enrollments

Seats for International Students

Work Experience

Study Mode

2 years

246

40%

5 years

Full time

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.

Application checklist:

  • Background information

  • Admissions Essays

  • University Transcripts

  • Two professional letters of recommendation

  • GMAT/GRE score report

  • TOEFL/IELTS

  • Current Resume

  • $200 application fee

Important tests and score requirements:

                                                                      

GMAT/GRE

TOEFL/iTOEFL

IELTS

PTE

Score Requirement

No minimum acceptable score

(Median GMAT: 720)

90 (iBT)

230 (CBT)

570 (PBT)

7 (on a 9-point scale)

Not accepted

Application dates: Applications are accepted three times every year; students are requested to consult the following chart for application deadlines.

 

Round 1

Round 2

Round 3

Application Submission date

1st October

7th January

31st March

Application fee: The application fee for the MBA program is $200.

 

Samuel Curtis Johnson Graduate School of Management9. 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:    

Duration

Total Enrollments

Start Date

Work Experience

Seats for International Students

Study Mode

21 months

274

Early August

Full-time exp. not required (most students have 2-5 years exp.)

35%

Full time

Course fee: The tuition fee for the full program is $119,500 (Average increase in tuition fee per academic year 2-4%)  

Application checklist:

  • Resume

  • 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

Important tests and score requirements:

                                                                      

GMAT/GRE

TOEFL/PTE

IELTS

GPA

Score Requirement

GMAT (Median): 700

No minimum requirement

Not available

Not available

Median: 3.37

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.

 

Round 1

Round 2

Round 3

Round 4

Application Submission date

1st October

17th November

15th January

17th March

MIT Sloan School of Management10. 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:    

Duration

Total Enrollments

International Students

Work Experience

Study Mode

2 years

402

38%

5 years

Full time

Tuition and expenses:

Budget for the academic year 2015-16

Tuition and Fees

$65,750

Books and Supplies

$2,200

Computer (1st Year Only)

$2,000

Personal (Incl. Medical Insurance)*

$5,580

Housing

$14,850

Transportation

$2,740

Total

$98,014

Application checklist:

  • Resume

  • Essay

  • Two letters of recommendation

  • Transcripts from all courses that are part of a degree

  • GMAT or GRE score report

  • TOEFL, IELTS, or the Pearson Test of English score

  • Application fee of $250 USD

Important tests and score requirements:

                                                                      

GMAT/GRE

TOEFL

IELTS

PTE

Score Requirement

No minimum score

(Median GMAT: 710)

Not required

Not required

Not required

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.

 

Round 1

Round 2

Round 3

Application Submission date

17th September

14th January

11th April

Stay tuned to www.studyabroad.careers360.com for more stories on MBA

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